Commerce Bancshares Q3 EPS beats, helped by loan growth
CBSH•Commerce Bancshares reported Q3 adjusted EPS of $1.08, above the $1.07 analyst estimate, while revenue of $494.34 million slightly missed the $497.59 million estimate. Net income was $154.99 million, and the company repurchased about 1.9 million shares.
1. Quarterly results
Commerce Bancshares reported Q3 adjusted EPS of $1.08, compared with the $1.07 analyst estimate. Revenue was $494.34 million, slightly below the $497.59 million estimate, while net income of $154.99 million topped the $152.05 million estimate.
2. Factors and outlook
The company said broad-based loan growth, led by commercial and wealth segments, supported results. Higher trust, bank card and deposit fees contributed to non-interest income, and the company said credit quality remained excellent, with low net loan charge-offs. It repurchased about 1.9 million shares and provided no specific guidance for future quarters or the full year.
