Commerce Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 18, 2023 at 07:40 am EDT
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Commerce Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 248.55 million compared to USD 246.37 million a year ago. Net income was USD 120.6 million compared to USD 122.82 million a year ago. Basic earnings per share from continuing operations was USD 0.9143 compared to USD 0.9238 a year ago. Diluted earnings per share from continuing operations was USD 0.9143 compared to USD 0.9238 a year ago.
For the nine months, net interest income was USD 749.71 million compared to USD 687.54 million a year ago. Net income was USD 367.84 million compared to USD 356.77 million a year ago. Basic earnings per share from continuing operations was USD 2.8 compared to USD 2.6762 a year ago. Diluted earnings per share from continuing operations was USD 2.7905 compared to USD 2.6762 a year ago.
Commerce Bancshares, Inc. is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in the general banking business, providing a range of retail, mortgage banking, corporate, investment, trust, and asset management products and services. It operates over 257 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado. The Company's segments include Commercial, Consumer and Wealth. The Commercial segment offers corporate lending, merchant and commercial bank card products, payment solutions, leasing, and international services, as well as business and government deposit, investment, institutional brokerage and others. The Consumer segment includes the retail branch network, consumer installment lending, personal mortgage banking, and consumer debit and credit bank card activities. The Wealth segment provides traditional trust and estate planning services, consumer brokerage services, and advisory and discretionary investment portfolio management services.