Commerce Bancshares (CBSH) Tops Q3 EPS by 7c, Revenues Miss

Commerce Bancshares (NASDAQ: CBSH) reported Q3 EPS of $1.03, $0.07 better than the analyst estimate of $0.96. Revenue for the quarter came in at $331.47 million versus the consensus estimate of $334.19 million.

In announcing these results, John W. Kemper, CEO, said, “We are pleased to report record earnings driven by a strong economy, higher interest rates and growth in our fee-based businesses. Net interest income grew $3.8 million this quarter, excluding non-recurring equity dividends received in both the current and prior quarters, as the yield on our loan portfolio grew 10 basis points while funding costs remained mostly stable. Compared to the same period last year, fee income grew 5.8%, driven mainly by increases in bank card, trust and deposit fee income. Although total average loan balances were flat with the prior quarter, we continued to see growth in our construction and personal real estate loan portfolios. Also, patient health care and consumer credit card balances showed solid growth this quarter. Average deposits declined $135.6 million this quarter, but our strong liquidity has allowed us to be strategic in managing our overall funding costs.”

For earnings history and earnings-related data on Commerce Bancshares (CBSH) click here.

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