Commerce Bancshares Inc · Q2 2022 earnings

Briefing

Commerce Bancshares, Inc. reported earnings of $.96 per share for the three months ended June 30, 2022.

Commerce Bancshares, Inc. reported a net income of $115.8 million, or $.96 per share, for the second quarter of 2022. The results reflect an increase in net interest income and non-interest income, offset by an increase in the provision for credit losses and higher non-interest expense.

• Net interest income was $232.4 million, a $23.6 million increase over the prior quarter with net interest margin increasing 34 basis points to 2.79%.
• Non-interest income totaled $139.4 million, an increase of $7.7 million compared to the prior quarter.
• Average loan balances totaled $15.5 billion, an increase of $262.4 million, or 1.7%, from the prior quarter.
• Total assets at June 30, 2022 were $33.4 billion, a decrease of $1.6 billion, or 4.4%, from the prior quarter.

Headline financials

Revenue & EPS history

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.