Commerce Bank Q3 2022 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. announced earnings of $1.02 per share for the three months ended September 30, 2022, compared to $.99 per share in the same quarter last year. Net income for the third quarter of 2022 amounted to $122.8 million, compared to $122.6 million in the third quarter of 2021.
Net interest income was $246.4 million, a $14.0 million increase over the prior quarter, with the net interest margin increasing 22 basis points to 3.01%.
Non-interest income totaled $138.5 million, a decrease of $913 thousand compared to the prior quarter.
Average loan balances totaled $15.6 billion, an increase of $160.4 million, or 1.0%, over the prior quarter.
Total assets at September 30, 2022 were $32.6 billion, a decrease of $832.8 million, or 2.5%, from the prior quarter.
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.