Commerce Bancshares Q2 EPS $1.07 vs $0.97 YoY; net interest margin expands 22 bps to 3.55%

COMMERCE BANCSHARES INC /MO/

2024-Q2 EPS reported $1.93

Net income $139.6M ($1.07 diluted EPS) vs $127.8M ($0.97) in Q2 2023; total revenue $414.5M.
Net interest margin rose 22 bps QoQ to 3.55%; NII $262.2M, up $13.3M from Q1 2024.
Trust fees +10.6% YoY to $52.3M; deposit account fees +11.9% to $25.3M.
Non-accrual loans just 11 bps of total loans; net charge-off ratio 0.23% annualized.
Tier 1 leverage ratio 12.13%; book value $24.48, up 19.4% YoY.

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