Commerce Bancshares, Inc. Reports First Quarter Earnings Per Share of $1.11
Commerce Bancshares, Inc. reported earnings of $1.11 per share for Q1 2021, a substantial increase from $0.42 in Q1 2020. Net income rose to $131.0 million, up from $51.9 million year-over-year. The return on average assets reached 1.63%, and the efficiency ratio improved to 56.4%. Notably, non-interest income grew due to increased fees in trust, mortgage banking, and capital markets. Total assets stood at $33.3 billion with deposits increasing by $898.6 million. The company also raised its quarterly dividend to $0.263 per share, a 2.1% increase.
- Earnings per share increased to $1.11, up from $0.42 YoY.
- Net income rose to $131.0 million compared to $51.9 million YoY.
- Non-interest income accounted for 40% of total revenue.
- Total assets reached $33.3 billion.
- Quarterly dividend increased by 2.1% to $0.263 per share.
- Average business loan balances declined by $47.4 million.
- Net loan charge-offs totaled $10.0 million, higher than previous quarter.
- Commercial loan charge-offs increased compared to prior quarter.
Insights
Analyzing...
Commerce Bancshares, Inc. announced earnings of
In announcing these results, John Kemper, Chief Executive Officer, said, “This quarter we continued to see strong performance from our fee-based businesses, which are healthy and accounted for
Mr. Kemper continued, “This quarter, net loan charge-offs totaled
Total assets at March 31, 2021 were
Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line.
This financial news release, including management's discussion of first quarter results, is posted to the Company's web site at www.commercebank.com.
COMMERCE BANCSHARES, INC. and SUBSIDIARIES FINANCIAL HIGHLIGHTS |
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For the Three Months Ended |
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(Unaudited) (Dollars in thousands, except per share data) |
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
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FINANCIAL SUMMARY |
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Net interest income |
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FAQWhat are the earnings results for Commerce Bancshares (CBSH) in Q1 2021?
Commerce Bancshares reported earnings of $1.11 per share for Q1 2021.
What was the net income for CBSH in the first quarter of 2021?
The net income for Commerce Bancshares in Q1 2021 was $131.0 million.
How did CBSH's non-interest income perform in Q1 2021?
Non-interest income for CBSH increased and accounted for 40% of total revenue.
What was the dividend declared by Commerce Bancshares in Q1 2021?
CBSH declared a quarterly dividend of $0.263 per share, a 2.1% increase.
How much did total assets grow for CBSH in Q1 2021?
Total assets for Commerce Bancshares grew to $33.3 billion in Q1 2021.
Commerce Bancs
NASDAQ:CBSHCBSH RankingsCBSH Latest NewsCBSH Stock Data
8.33B
130.49M
2.54%
73.84%
1.72%
Banks - Regional
State Commercial Banks
United States
KANSAS CITY
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