WASHINGTON (dpa-AFX) - Commerce Bancshares, Inc. (CBSH) reported fourth-quarter net income attributable to Commerce Bancshares of $61.5 million versus $61.92 million a year earlier. Earnings were $0.69 per share, higher than $0.67 per share last year. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share. Analysts' estimates typically exclude special items. Net interest income was up to $161.76 million from $160.68 million a year ago. Total non-interest income fell to $94.04 million from the previous year's $110.45 million. Analysts estimated revenues of $263.01 million. Provision for loan losses dropped to $12.14 million from $21.65 million in the prior-year quarter. David Kemper, Chairman and CEO, said, 'We are pleased to report record earnings in 2011, which was achieved despite a difficult operating environment of weak loan demand and record low interest rates. ...During the fourth quarter, net interest income grew slightly on continued strong core deposit growth. While loan growth remains soft, we saw some increased demand for both auto and commercial real estate loans this quarter. Also during the quarter, we reached a settlement totaling $18.3 million in a class action lawsuit regarding debit overdraft transactions, which resulted in an additional charge this quarter of $7.4 million pre-tax.'
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