Business
Commerce Bancshares, Inc. Reports Second Quarter Earnings Per Share of $.96
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Commerce Bancshares, Inc. announced earnings of $.96 per share for the three months ended June 30, 2022, compared to
About this update from Commerce Bancshares, Inc.
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nCommerce Bancshares, Inc. announced earnings of $.96 per share for the three months ended June 30, 2022, compared to $1.32 per share in the same quarter last year and $.97 per share in the first quarter of 2022. Net income for the second quarter of 2022 amounted to $115.8 million, compared to $162.3 million in the second quarter of 2021 and $118.2 million in the prior quarter.\n\nFor the six months ended June 30, 2022, earnings per share totaled $1.93, compared to $2.38 for the first six months of 2021. Net income amounted to $233.9 million for the six months ended June 30, 2022, compared to $293.3 million in the comparable period last year. For the year to date, the return on average assets was 1.35%, and the return on average equity was 15.28%.\n\n“Against the backdrop of an uncertain economy, we are pleased with our second quarter performance,” said John Kemper, Chief Executive Officer. “Consumer and commercial spending remain at healthy levels, despite supply chain impacts, inflation, and geopolitical challenges. Our balance sheet has been well-positioned for rising rates, which resulted in an expansion in net interest margin this quarter.”\n\n“Capital levels and credit quality metrics remain very strong and we have ample liquidity to meet the increased loan demand across our markets.”\n\nSecond Quarter 2022 Financial Highlights:\n\n\nNet interest income was $232.4 million, a $23.6 million increase over the prior quarter. Net interest margin increased 34 basis points to 2.79%.\n\n\n\nNon-interest income totaled $139.4 million, an increase of $7.7 million compared to the prior quarter.\n\n\n\nNon-interest expense totaled $213.5 million, an increase of $7.9 million compared to the prior quarter.\n\n\n\nAverage loan balances totaled $15.5 billion, an increase of $262.4 million, or 1.7%, from the prior quarter.\n\n\n\nTotal average available for sale debt securities decreased 4.4%, or $654.6 million, over the prior quarter to $14.3 billion, at fair value. Purchases of securities during the quarter totaled $73.8 million, with a weighted average yield of approximately 3.03%.\n\n\n\nCompared to the prior quarter, average deposits declined $622.5 million, or 2.1%. The average rate paid on interest bearing deposits was 7 basis points.\n\n\n\nThe ratio of annualized net loan charge-offs to average...