merce Bancshares(CBSH) - 2024 Q1 - Quarterly Results

Earnings Performance - First quarter earnings per share were $0.86, an increase from$ 0.84 in the previous quarter[12] - Net income attributable to Commerce Bancshares, Inc. was $112.7 million, compared to$ 109.2 million in the previous quarter[12] - Net income for Q1 2024 was $112.7 million, compared to$ 119.5 million in Q1 2023 and $109.2 million in Q4 2023[17] - For the quarter ended March 31, 2024, net income was$ 112.7 million, an increase from $109.2 million in the previous quarter but a decrease from$ 119.5 million in the same quarter last year[64] Revenue and Income Sources - Total revenue for Q1 2024 was $397.8 million, up from$ 389.2 million in Q1 2023[26] - Non-interest income totaled $148.8 million, up$ 11.2 million or 8.1% compared to the same quarter last year[4] - Non-interest income accounted for 37.4% of total revenue, with trust fees growing by $5.8 million or 12.7% year-over-year[18][20] - Non-interest income included a 12.7% increase in trust fees, totaling an increase of$ 5.8 million over the same period last year[42] Expenses and Efficiency - Total non-interest expense was $245.7 million, an increase of$ 21.6 million compared to the same quarter last year[5] - Non-interest expense for Q1 2024 was $245.7 million, compared to$ 224.1 million in Q1 2023[26] - The efficiency ratio improved to 61.67%, down from 63.80% in the previous quarter[12] - The efficiency ratio improved to 61.67% from 57.49% in the same quarter last year[26] Asset and Deposit Trends - Total average deposits decreased by $759.5 million, or 3.0%, compared to the prior quarter[7] - Total assets as of March 31, 2024, were$ 30.4 billion, a decrease of $1.3 billion or 4.2% from the prior quarter[8] - Total deposits fell to$ 24,449,970 thousand, down from $25,248,972 thousand a year ago, indicating a decrease of 3.2%[58] - Total average deposits decreased by$ 759.5 million this quarter compared to the previous quarter, primarily due to lower average demand deposits of $420.1 million and lower average certificates of deposit of$ 364.2 million[81] Loan Performance - Average loan balances remained flat at $17.1 billion compared to the prior quarter[21] - Total loans increased to$ 17,080,067 thousand, up from $16,403,876 thousand a year ago, representing a growth of 4.1%[58] - Net loans reached$ 16,918,176 thousand, compared to $16,253,759 thousand in the same quarter last year, reflecting a year-over-year increase of 4.1%[58] - The annualized net loan charge-offs on average consumer credit card loans were 4.60%, compared to 3.72% in the previous quarter[45] Interest Income and Yield - Net interest income after credit losses was$ 244.2 million, an increase from $242.5 million in the previous quarter[12] - Net interest income for Q1 2024 amounted to$ 249.0 million, an increase of $578 thousand compared to the previous quarter, with a net yield on earning assets increasing to 3.33% from 3.17%[38] - The net yield on interest-earning assets increased by 16 basis points to 3.33% compared to the previous quarter[64] - The average yield (FTE) on the loan portfolio increased by 12 basis points to 6.27% this quarter[85] Shareholder Returns - The company paid a cash dividend of$ 0.27 per common share, representing a 5.1% increase over the same period last year[80] - The company purchased 806,217 shares of treasury stock at an average price of $52.13 during the current quarter[80] Tax and Securities - The effective tax rate for the Company was 21.9% in the current quarter, down from 22.8% in the previous quarter[45] - The Company recorded net securities losses of$ 259 thousand in the current quarter, compared to gains of $7.6 million in the prior quarter[43]