Commerce Bancshares Q3 EPS $1.07, up from $0.92 YoY; trust fees +11.1%

COMMERCE BANCSHARES INC /MO/

2024-Q3 EPS reported $3.00

EPS $1.07 (diluted) vs $0.92 YoY; net income $138M, up 14.4% from $120.6M in Q3 2023.
Net interest income $262.4M, virtually flat QoQ; net yield on earning assets 3.50% (-5 bps QoQ).
Trust fees grew 11.1% YoY to $54.7M; non-interest income 37.7% of total revenue.
Credit quality remains excellent: non-accrual loans 0.11% of total loans, net charge-offs 0.22% annualized.
Tangible common equity ratio 10.47% (up from 9.82% prior Q); book value per share $26.90, +9.9% QoQ.

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