Commerce Bancshares (CBSH) Misses Q3 EPS by 2c
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Commerce Bancshares (NASDAQ: CBSH) reported Q3 EPS of $0.68, $0.02 worse than the analyst estimate of $0.70.
In announcing these results, David W. Kemper, Chairman and CEO, said, “This quarter top line revenue grew 6% compared to the same period last year, with this growth coming from both net interest income and fees. The increase in fees resulted mainly from higher commercial card, deposit, and trust fee income, while loan and sweep fees also showed good growth. The increase in net interest income continues to be driven by overall growth in average loans and higher overall earning assets. Average loans increased $118.1 million this quarter mainly from higher commercial real estate and construction lending and growth in consumer loan balances. Average deposits declined slightly this quarter, and funding costs remained low. Non-interest expense for the quarter totaled $181.2 million, up $4.2 million compared to the previous quarter, mainly reflecting additional investments in staffing, occupancy, and information technology costs.”
Mr. Kemper continued, “The current credit environment remains excellent as net loan charge-offs totaled $6.6 million this quarter, compared to $7.5 million in the previous quarter and $8.4 million in the third quarter of 2015. The decrease in net loan charge-offs compared to the previous quarter was largely due to continued commercial loan recoveries, which totaled $2.5 million compared to $1.6 million in the prior quarter. During the current quarter, the provision for loan losses totaled $7.3 million, or $700 thousand higher than net loan charge-offs, but was $2.0 million less than in the prior quarter. The allowance for loan losses increased to $154.5 million at September 30, 2016, or 1.17% of period end loans. Total non-performing assets decreased $9.5 million from the previous quarter to $16.6 million this quarter.”
For earnings history and earnings-related data on Commerce Bancshares (CBSH) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share
- Vince Holding (VNCE) Misses Q3 EPS by 1c, Sales Miss; Guides FY Sales Below the Street
- Ferrellgas Partners (FGP) Tops Q1 EPS by 6c
Create E-mail Alert Related CategoriesEarnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!