Commerce Bancshares Q1 2023 EPS $0.95, net income $119.5M, deposits decline 5.1% QoQ

COMMERCE BANCSHARES INC /MO/

2023-Q1 EPS reported $0.95

EPS $0.95 vs $0.92 YoY and $1.05 Q4 2022; net income $119.5M vs $118.2M YoY.
Net interest income $251.6M, down $3.0M QoQ; net yield on earning assets 3.26%, up 8 bps.
Average deposits fell $1.4B (5.1%) QoQ; average loans grew $518.9M (3.3%).
Allowance for credit losses on loans ratio rose to 0.96% from 0.92%; net charge-offs 0.17% annualized.
Dividend increased to $0.27/share from $0.252; repurchased 547K shares at avg $65.93.

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