Commerce Bank Q4 2020 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. reported a strong fourth quarter, with earnings per share of $1.11 and net income of $129.9 million. The company saw improvements in economic conditions and a decrease in the allowance for credit losses. Fee-based businesses rebounded, and loan fees and sales increased significantly, driven by mortgage banking.
Earnings per share reached $1.11, up from $0.88 in the same quarter last year.
Net income was $129.9 million, compared to $106.9 million in the fourth quarter of 2019.
Return on average assets was 1.63%, and return on average equity was 15.49%.
Loan fees and sales increased 161% compared to the fourth quarter of 2019.
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.