Business
Commerce Bancshares, Inc. Reports Second Quarter Earnings Per Share of $1.02
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Commerce Bancshares, Inc. announced earnings of $1.02 per share for the three months ended June 30, 2023, compared to
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerce Bancshares, Inc. announced earnings of $1.02 per share for the three months ended June 30, 2023, compared to $.92 per share in the same quarter last year and $.95 per share in the first quarter of 2023. Net income for the second quarter of 2023 amounted to $127.8 million, compared to $115.8 million in the second quarter of 2022 and $119.5 million in the prior quarter.\n\n\nFor the six months ended June 30, 2023, earnings per share totaled $1.97, compared to $1.84 for the first six months of 2022. Net income amounted to $247.2 million for the six months ended June 30, 2023, compared to $233.9 million in the comparable period last year. For the year to date, the return on average assets was 1.55%, and the return on average equity was 18.78%.\n\n\n“Commerce delivered strong results in the second quarter,” said John Kemper, President and Chief Executive Officer. “Against a backdrop of elevated interest rates, the Company produced record revenues, showing strength in both our net interest and non-interest income categories. These results reflect the ability of our diversified business model to perform across economic cycles. Our low loan-to-deposit ratio positioned us to meet loan demand across our footprint and provided opportunities for our teams to welcome new customer relationships.”\n\n\nOn deposit balances, Kemper added, “Our customer deposits increased during the quarter, helping to accommodate loan growth. On top of this, the Company took steps to add short-term brokered deposit funding, increasing our liquidity cushion in the wake of the first quarter’s industry disruption. This short-term liquidity build impacted our net interest margin but was neutral to net interest income and reflects our conservative posture in times of economic uncertainty.\n\n\nWe are confident in our liquidity and capital levels, and credit performance remains excellent.”\n\n\nSecond Quarter 2023 Financial Highlights:\n\n\n\nNet interest income was $249.5 million, a $2.1 million decrease from the prior quarter. The net yield on interest earning assets decreased 14 basis points to 3.12%.\n\n\n\n\nNon-interest income totaled $147.6 million, an increase of $8.2 million compared to the same quarter last year.\n\n\n\n\nNon-interest expense totaled $227.6 million, an increase of $14.1 million compared to the s...