merce Bancshares(US:CBSH)2025-01-22 14:29Financial Performance - Fourth quarter earnings per share were $1.01, up from $0.79 in the same quarter last year, and consistent with the previous quarter[1]. - Net income for the fourth quarter reached $136.1 million, compared to $109.2 million in Q4 2023 and $138.0 million in Q3 2024[1]. - Net income attributable to Commerce Bancshares, Inc. for Q3 2024 was $136,108,000, compared to $112,663,000 in Q3 2023, marking an increase of 20.9%[14]. - For the quarter ended December 31, 2024, net income was $136.1 million, a decrease from $138.0 million in the previous quarter but an increase from $109.2 million year-over-year[27]. Income and Revenue - Net interest income was $266.6 million, a $4.3 million increase from the prior quarter, with a net yield on interest-earning assets of 3.49%[5]. - Non-interest income totaled $155.4 million, an increase of $10.6 million over the same quarter last year, with trust fees growing by 14.6%[5]. - Non-interest income amounted to $155.4 million, a 7.3% increase year-over-year but a decrease of $3.6 million compared to the prior quarter[36]. - Net interest income for the three months ended September 30, 2024, was $266,647,000, an increase from $248,999,000 in the same period last year, representing a growth of 7.1%[14]. Assets and Deposits - Total average deposits increased by $588.1 million, or 2.4%, compared to the prior quarter, with an average rate paid on interest-bearing deposits of 1.87%[7]. - Total assets at December 31, 2024, were $32.0 billion, an increase of $503.0 million, or 1.6%, over the prior quarter[7]. - Total assets as of September 30, 2024, were $31,996,627,000, a slight increase from $31,701,061,000 year-over-year[18]. - Total deposits rose to $24,938,846 thousand, compared to $24,350,733 thousand in the previous quarter, indicating a growth of 2.41%[20]. Loans and Credit - The allowance for credit losses on loans increased by $1.9 million to $162.7 million, with a ratio of 0.95% of total loans[7]. - The provision for credit losses increased to $13,508,000 in Q3 2024 from $5,879,000 in Q3 2023, indicating a rise of 129.5%[14]. - Net loans stood at $16,909,432 thousand, reflecting a slight increase from $16,867,862 thousand in the prior quarter[20]. - Net loan charge-offs in Q4 2024 amounted to $10.7 million, an increase from $9.6 million in the prior quarter and $8.0 million in the same period last year, with an annualized charge-off ratio of 0.25%[46]. Expenses and Efficiency - Non-interest expense decreased by $15.5 million, or 6.2%, compared to the same quarter last year, totaling $235.7 million[5]. - The efficiency ratio improved to 55.77% in Q3 2024 from 63.80% in Q3 2023, indicating better cost management[14][15]. - Salaries and employee benefits expense increased by $6.4 million, or 4.3%, compared to the same quarter last year[43]. - Deposit insurance expense decreased by $17.1 million compared to the same period last year, primarily due to a $16.0 million accrual for a one-time special assessment by the FDIC in the prior year[44]. Shareholder Returns - The Company distributed a 5% stock dividend and paid a cash dividend of $0.27 per common share, reflecting a 5.1% increase over the same period last year[51]. - The Company purchased 683,528 shares of treasury stock at an average price of $67.88 during the current quarter[51]. Forward-Looking Statements - Forward-looking statements indicate that actual results may differ materially from expectations due to significant risks and uncertainties[52].