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Jun 30, 2024
Commerce Bank Q2 2024 Earnings Report
Commerce Bancshares, Inc. reported strong earnings for the second quarter of 2024, driven by an expanding net interest margin, solid fee income, and well-controlled expenses.
Key Takeaways
Commerce Bancshares, Inc. announced earnings of $1.07 per share for the three months ended June 30, 2024. Net income for the second quarter of 2024 amounted to $139.6 million. Our net interest margin expanded 22 basis points this quarter. Trust fees and deposit account fees were up 10.6% and 11.9%, respectively, over the same period last year.
Earnings per share reached $1.07, compared to $0.97 in the same quarter last year.
Net income for the quarter totaled $139.6 million, up from $127.8 million in the second quarter of 2023.
Net interest margin expanded by 22 basis points.
Trust fees and deposit account fees increased by 10.6% and 11.9%, respectively, compared to the same period last year.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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