Commerce Bank Q3 2024 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. reported earnings of $1.07 per share for the third quarter of 2024, compared to $0.92 per share in the same quarter last year. Net income for the third quarter of 2024 amounted to $138.0 million, compared to $120.6 million in the third quarter of 2023.
Net interest margin, excluding the impact of inflation income on treasury bonds, expanded four basis points from the prior quarter.
Interest bearing deposit costs continue to flatten, increasing just one basis point this quarter when compared to the previous quarter, while average deposits increased slightly.
Trust fees were strong and experienced continued growth, up 11.1% over the same period last year.
Credit quality remains excellent, and the company continues to maintain strong levels of capital.
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.