Commerce Bancshares (NASDAQ: CBSH) reported Q1 EPS of $0.85, $0.06 worse than the analyst estimate of $0.91. Revenue for the quarter came in at $324.73 million versus the consensus estimate of $336.2 million.

In announcing these results, John Kemper, Chief Executive Officer, said, “While the U.S. economy remained solid and profits this quarter were strong at our Bank, we experienced only modest growth in average loans, driven mainly by the commercial category. Consumer lending was seasonally lower, especially in auto and consumer credit card loans. Net interest income declined compared to the prior quarter but included several non-recurring items recorded in the prior quarter. Adjusted for these items and income on our inflation bonds, our net yield on earning assets continued to grow, resulting from increased loan yields, while deposit costs grew modestly. Fee income totaled $121.2 million this quarter and reflected year-over-year growth in trust, cash sweep and mortgage banking revenue, but was partly offset by lower net bank card fees. The increase in non-interest expense compared to last year was mainly due to higher salaries and benefits, but included several non-recurring items and reflected a core growth rate of 3.2%."

Mr. Kemper continued, “This quarter net loan charge-offs totaled $11.7 million, compared to $12.1 million in the prior quarter and $10.4 million in the first quarter of 2018, as the overall credit environment remained favorable. The ratio of annualized net loan charge-offs to average loans was .34% in both the current and prior quarters and was .30% in the first quarter of last year. Net loan charge-offs on commercial loans declined $1.1 million from the previous quarter and remained low, while net loan charge-offs on personal banking loans increased $737 thousand to $11.3 million, mostly the result of higher consumer credit card losses. During the current quarter, the provision for loan losses exceeded net loan charge-offs by $750 thousand and totaled $12.5 million. The allowance for loan losses amounted to $160.7 million at March 31, 2019, or 1.14% of period end loans. Non-performing assets totaled $12.9 million this quarter and remained at very low levels."

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