Commerce Bancshares Q2 EPS $0.96, down 27% YoY; NIM expands 34 bps to 2.79%

COMMERCE BANCSHARES INC /MO/

2022-Q2 EPS reported $1.93

EPS $0.96 vs $1.32 in Q2 2021 and $0.97 in Q1 2022; net income $115.8M, down 29% YoY.
Net interest income $232.4M, up $23.6M QoQ; net interest margin 2.79% vs 2.45% prior quarter.
Average loans increased $262.4M QoQ to $15.5B; average deposits declined $622.5M QoQ to $28.7B.
Non-accrual loans remain low at $7.9M, 0.05% of total loans; allowance for credit losses ratio 0.88%.
Purchased 846,223 shares at avg $67.77 in Q2; cash dividend maintained at $0.265 per share.

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