Commerce Bank Q1 2024 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. announced a strong financial performance for the first quarter of 2024, with earnings per share of $.86 and net income of $112.7 million. The results reflect fundamental strength, a diversified business model, and the ability to perform well through economic cycles. Net interest income grew slightly, and the net interest margin expanded. Liquidity and capital levels remain robust, and credit performance remains excellent.
Net interest income was $249.0 million, a slight increase over the prior quarter.
Non-interest income totaled $148.8 million, an increase compared to the same quarter last year.
Trust fees grew by $5.8 million, primarily due to higher private client fees.
Non-accrual loans were at .03% of total loans, down from the first quarter of last year.
Commerce Bank
Commerce Bank
Commerce Bank Revenue by Segment
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.