Commerce Bancshares Q2 EPS $1.02, net income $127.8M; deposits up 4.8% QoQ

COMMERCE BANCSHARES INC /MO/

2023-Q2 EPS reported $1.97

Diluted EPS of $1.02 vs $0.92 YoY; net income $127.8M vs $115.8M YoY.
Revenue $397.1M (record); net interest income $249.5M, down $2.1M QoQ; net yield 3.12% (-14bp QoQ).
Period-end deposits $25.87B, up $1.2B (4.8%) vs March 31; avg loan balances $16.67B, +1.6% QoQ.
Non-interest income $147.6M, +$8.2M YoY; non-interest expense $227.6M, +$14.1M YoY.
Annualized net charge-off ratio 0.16%; ACL to loans 0.94%; non-accrual loans 0.04% of total loans.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

COMMERCE BANCSHARES INC /MO/ reported Second Quarter 2023 results: revenue 397,143, net income $127,789, EPS $1.02.

Period: Second Quarter 2023
Revenue: 397,143
Net income: $127,789
EPS: $1.02
Result: reported results

Exact text from the filing

2023 Jun. 30, 2022 FINANCIAL SUMMARY Net interest income $249,538 $251,623 $232,385 $501,161 $441,171 Non-interest income 147,605 137,612 139,427 285,217 271,196 Total revenue 397,143 389,235 371,812 786,378 712,367 Investment securities gains (losses) 3,392 (306) 1,029 3,086 8,192 Provision for credit losses 6,471 11,456 7,162 17,927 (2,696) Non-interest

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

COMMERCE BANCSHARES INC /MO/ reported the six months ended June 30, 2023 results: revenue 786,378, net income $247,241, EPS $1.97.

Period: the six months ended June 30, 2023
Revenue: 786,378
Net income: $247,241
EPS: $1.97
Result: reported results

Exact text from the filing

SUMMARY Net interest income $249,538 $251,623 $232,385 $501,161 $441,171 Non-interest income 147,605 137,612 139,427 285,217 271,196 Total revenue 397,143 389,235 371,812 786,378 712,367 Investment securities gains (losses) 3,392 (306) 1,029 3,086 8,192 Provision for credit losses 6,471 11,456 7,162 17,927 (2,696) Non-interest expense 227,611 224,107

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51 earnings releases filed in the last 30 days. Browse all earnings releases →

COMMERCE BANCSHARES INC /MO/ filing history →

Source: SEC EDGAR

accession 0000022356-23-000046

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