Business
Commerce Bancshares, Inc. Reports Fourth Quarter Earnings Per Share Of $1.04
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Commerce Bancshares, Inc. announced earnings of $1.04 per share for the three months ended December 31, 2022, compared to
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerce Bancshares, Inc. announced earnings of $1.04 per share for the three months ended December 31, 2022, compared to $.90 per share in the same quarter last year and $.97 per share in the third quarter of 2022. Net income for the fourth quarter of 2022 amounted to $131.6 million, compared to $114.9 million in the fourth quarter of 2021 and $122.8 million in the prior quarter.\n\n“The company delivered strong results in the fourth quarter,” said John Kemper, President and Chief Executive Officer. “Loan growth, margin expansion, and resilient fee-based income all contributed to record quarterly revenue. Taking stock of where we are and looking ahead into 2023, the strength of our deposit franchise and our long-term, conservative and disciplined approach to credit and capital management position us well in an uncertain environment.\n\n“Our results would not be possible without our talented team members and their unwavering commitment to our purpose and culture. Our results are a reflection of the way our team works collaboratively, communicates, and strives toward the shared goal of helping our customers focus on what matters most.”\n\nFourth Quarter 2022 Financial Highlights:\n\n\nNet interest income was $254.6 million, an $8.3 million increase over the prior quarter. The net yield on interest earning assets increased 17 basis points to 3.18%.\n\n\n\nNon-interest income totaled $136.8 million, a decrease of $1.7 million compared to the prior quarter.\n\n\n\nNon-interest expense totaled $216.7 million, an increase of $3.9 million compared to the prior quarter.\n\n\n\nAverage loan balances totaled $15.9 billion, an increase of $239.0 million, or 1.5%, over the prior quarter.\n\n\n\nTotal average available for sale debt securities decreased 7.9%, or $1.1 billion, from the prior quarter to $12.4 billion, at fair value. Purchases of securities during the quarter totaled $145.3 million, with a weighted average yield of approximately 5.05%.\n\n\n\nAverage deposits declined $1.1 billion, or 4.1%, from the prior quarter. The average rate paid on interest bearing deposits was .40%.\n\n\n\nThe ratio of annualized net loan charge-offs to average loans was .14% compared to .12% in the prior quarter.\n\n\n\nNon-accrual loans totaled $8.3 million compared to $7.2 million in the prior quarter. Non-accrua...