Commerce Bancshares Q1 EPS $0.97, down from $1.06 YoY; net interest margin expands

COMMERCE BANCSHARES INC /MO/

2022-Q1 EPS reported $0.97

Net income $118.2M ($0.97 diluted EPS) vs $131.0M ($1.06) in Q1 2021 and $114.9M ($0.94) in Q4 2021.
Net interest margin rose 2 bps to 2.45%; average loans up $130.1M QoQ to $15.2B.
Non-interest income fell $15.9M QoQ to $131.8M; net securities gains $7.2M vs net losses $9.7M prior quarter.
Net charge-off ratio 0.12%; non-accrual loans 0.05% of total loans; allowance for credit losses to loans at 0.87%.
Repurchased 795,387 shares at avg $70.22; quarterly dividend raised to $0.265/share from $0.25.

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