Commerce Bank Q1 2020 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. announced earnings of $.44 per common share for the three months ended March 31, 2020. Net income attributable to Commerce Bancshares, Inc. for the first quarter of 2020 amounted to $51.9 million. The results were impacted by charges stemming from COVID-19 and the resulting economic outlook.
Earnings per share were $.44, down from $.81 in the same quarter last year.
Net income attributable to Commerce Bancshares, Inc. amounted to $51.9 million, compared to $97.1 million in the first quarter of 2019.
The provision for credit losses was increased to recognize expected future losses on loans and unfunded lending commitments.
Unrealized losses were recognized on the portfolio of private equity investments.
Commerce Bank
Commerce Bank
Forward Guidance
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements.