Commerce Bank Q4 2023 Earnings Report
Key Takeaways
Commerce Bancshares, Inc. reported a net income of $109.2 million, with earnings per share of $0.84 for the fourth quarter of 2023. The results reflect the strength of the core deposit base and contributions from non-interest income categories. Net interest income was generally flat, while the net interest margin expanded.
Earnings per share were reported at $0.84, compared to $1.00 in the same quarter last year.
Net income for the fourth quarter of 2023 was $109.2 million, a decrease from $131.6 million in the fourth quarter of 2022.
Net interest income was $248.4 million, remaining relatively flat compared to the previous quarter, with a net yield on interest-earning assets of 3.17%.
Deposit growth across three business segments amounted to $674 million, resulting in a period-end net deposit increase of $273 million.
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.