Commerce Bancshares, Inc. has reported its fourth quarter earnings for the period ending December 31, 2024. The company announced earnings of $1.01 per share, which is an increase from the same quarter last year when it reported earnings of $0.79 per share. This also represents a stable performance compared to the third quarter of 2024, where it reported earnings of $1.01 per share.
The net income for the fourth quarter of 2024 amounted to $136.1 million, compared to $109.2 million in the fourth quarter of 2023 and $138.0 million in the prior quarter.
Net interest income was $266.6 million, which is a $4.3 million increase over the prior quarter. The net yield on interest-earning assets decreased one basis point to 3.49%.
Non-interest income totaled $155.4 million, showing an increase of $10.6 million over the same quarter last year. Trust fees were particularly strong, experiencing continued growth, up 14.6% over the same period last year.
The total average deposits increased $588.1 million, or 2.4%, compared to the prior quarter. The average rate paid on interest-bearing deposits in the current quarter was 1.87%.
Credit quality remains excellent with non-accrual loans at .11% of total loans, remaining flat when compared to the last two quarters.
Book value per share increased 14.5% compared to the same period last year, and the tangible common equity to tangible assets ratio grew 107 basis points to 9.92%.
The market has reacted to these announcements by moving the company's shares 0.8% to a price of $66.02. If you want to know more, read the company's complete 8-K report here.
