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Commerce Bancshares reports surge in Q1 earnings

Commerce Bancshares has reported a net income of $64.2 million for the first quarter ended March 31, 2008, compared to net income of $51.5 million for the comparable period in 2007.

Earnings stood at $0.89 per share for the period, an increase of 27.1% compared to $0.70 per share in the same period of 2007.

The return on average assets for the quarter was 1.6% with an efficiency ratio of 60.1%. Total assets were $16.8 billion, total loans were $11.3 billion, and total deposits were $12.6 billion as at March 31, 2008.

David Kemper, chairman and CEO of Commerce Bancshares, said: Despite a difficult economic environment, we were pleased to report revenue growth of 8% this quarter compared to the same period last year. These higher revenues were the result of a 7% increase in our net interest income coupled with continued solid growth in non-interest income.