Commerce Bank Q1 2023 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. reported first quarter earnings with earnings per share of $0.95 and net income of $119.5 million. The company saw an increase in average loan balances and a decrease in average deposits. The net yield on interest earning assets increased to 3.26%.
Earnings per share were $.95, compared to $.92 in the same quarter last year.
Net income for the first quarter amounted to $119.5 million, compared to $118.2 million in the first quarter of 2022.
Net interest income was $251.6 million, a $3.0 million decrease from the prior quarter.
Non-interest income totaled $137.6 million, an increase of $5.8 million compared to the same quarter last year.
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.