Commerce Bancshares reports Q3 EPS 68c, consensus 70c
Reports Q3 revenue $290.56M, consensus $296.49M. For the quarter, the return on average assets was 1.12%, the return on average common equity was 11.0%, and the efficiency ratio was 62.3%. Total assets at September 30, 2016 were $24.7 billion, total loans were $13.2 billion, and total deposits were $20.2 billion. David W. Kemper, Chairman and CEO, said, "The current credit environment remains excellent as net loan charge-offs totaled $6.6 million this quarter, compared to $7.5 million in the previous quarter and $8.4 million in the third quarter of 2015. The decrease in net loan charge-offs compared to the previous quarter was largely due to continued commercial loan recoveries, which totaled $2.5 million compared to $1.6 million in the prior quarter. During the current quarter, the provision for loan losses totaled $7.3 million, or $700 thousand higher than net loan charge-offs, but was $2.0 million less than in the prior quarter. The allowance for loan losses increased to $154.5 million at September 30, 2016, or 1.17% of period end loans. Total non-performing assets decreased $9.5 million from the previous quarter to $16.6 million this quarter."