Commerce Bancshares Beats Third-Quarter Earnings Estimate by 1 Cent

Commerce Bancshares, Inc. delivered third-quarter GAAP earnings of $1.08 per share, beating estimates by 1 cent, while revenue grew from a year earlier but missed expectations. Revenue reached $494.3 million, up 12.1% from the year-earlier quarter. The total was $1.93 million below estimates. Net interest income fell $6.2 million from the second quarter to $308.9 million. The net yield on interest-earning assets declined six basis points to 3.71%. Noninterest income moved in the other direction, rising $1.6 million, or 0.9%, from the second quarter to $185.5 million. It accounted for 37.5% of total revenue.

Source: TokenPost