Commerce Bank Q3 2021 Earnings Report

Commerce Bancshares, Inc. experienced a decrease in net income, primarily due to an increase in the provision for credit losses, higher non-interest expense, and lower investment securities gains, which was partly offset by higher net interest income and lower income tax expense.

Key Takeaways

Commerce Bancshares, Inc. reported earnings of $1.05 per share for the three months ended September 30, 2021. Net income attributable to Commerce Bancshares, Inc. for the third quarter of 2021 amounted to $122.6 million. The return on average assets was 1.40%, the return on average equity was 13.74% and the efficiency ratio was 59.9%.

Earnings per share were $1.05 for the three months ended September 30, 2021, compared to $1.06 in the same quarter last year.

Net income for the third quarter of 2021 was $122.6 million, compared to $132.4 million in the third quarter of 2020.

Trust fees grew 20.1% compared to the same quarter last year.

Net loan charge-offs totaled $3.7 million, compared to $7.6 million in the third quarter of 2020.