Commerce Bank Q4 2019 Earnings Report
Key Takeaways
Commerce Bancshares reported a strong fourth quarter with earnings per share of $0.93 and net income of $106.9 million. The company benefited from strength in the economy and financial markets, experiencing loan growth and an increase in fee income, which included a one-time gain from the sale of its corporate trust business. However, net interest income contracted slightly due to declining interest rates.
Earnings per share were $.93, consistent with the prior quarter but slightly above the $.91 reported in the same quarter last year.
Net income attributable to Commerce Bancshares, Inc. amounted to $106.9 million.
The company experienced 4% annualized average loan growth, driven by commercial and industrial loans, and residential mortgage loans.
Fee income totaled $143.5 million, including a one-time gain from the sale of the corporate trust business; excluding this, trust fees grew 8.7% year-over-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.