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NEW YORK (TheStreet) -- Commerce Bancshares (CBSH) - Get Commerce Bancshares, Inc. Report shares closed trading up 1.5% to $42.51 on Monday after the bank holding company reported its first quarter earnings results before the opening bell today.

The Kansas City, MO-based company reported first quarter earnings of $61.1 million, or 61 cents per diluted share on an adjusted basis, on revenue of $252.6 million. Analysts on average were expecting the company to report earnings of 58 cents per share on revenue of $263.5 million.

The company reported that average loans grew by 5% or $142 million annualized while average deposits grew by 6% or $279 million over the same period last year.

"Our new mortgage banking initiative, which began this quarter, also generated good growth in new fees. Non-interest expense decreased $6.3 million from the previous quarter and was up 1% compared with the prior year," the company said.

The company's shares are down slightly in after-hours trading today, 0.12% to $42.46.

TheStreet Ratings team rates COMMERCE BANCSHARES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate COMMERCE BANCSHARES INC (CBSH) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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