Commerce Bancshares Q2 EPS $1.38 vs $0.32 YoY; reserve release boosts earnings

COMMERCE BANCSHARES INC /MO/

2021-Q2 EPS reported $2.49

Net income $162.3M ($1.38 EPS) vs $39.9M ($0.32) in Q2 2020; provision for credit losses negative $45.7M (release).
Return on avg assets 1.93%, ROE 19.12%; net yield on earning assets 2.60%, down 11 bps QoQ.
Average loans fell $342.5M QoQ due to PPP forgiveness; average deposits grew $1.2B (4.6%).
Credit quality improved: net charge-offs $699K (0.02% annualized); non-performing assets halved to $11.4M.
Cash dividend raised 2.1% to $0.263/share; bought back 181,252 shares in quarter.

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