Commerce Bancshares, Inc. (NASDAQ:CBSH) posted its third quarter earnings results on Tuesday 20th October 2020 before market open.
Commerce Bancshares, Inc. posted quarterly income of $ 0.11 per share, from the revenue of $ 345.53 million
The consensus estimate are $ 0.70 income per share from revenues of $ 333.87 million.
The third quarter financial report outlined, earnings missed street analysts by $ 0.59 or 84.29 percent, where as revenues outshined analysts estimates by $ 11.66 million or 3.49 percent.
Commerce Bancshares, Inc. projected third quarter earnings outlook in a range of per share, and revenues outlook between .
On the other hand, The quarterly earnings dropped 88.17 percent compared with the same quarter last year, at the same time revenues developed 2.76 percent versus third quarter of last year.
John Kemper, Chief Executive Officer, said, We are pleased to report a healthy rebound in earnings this quarter. Net income grew significantly compared to the second quarter, driven by low provision expense and by increases in net interest income, fee income, and investment securities gains. Compared to the prior quarter, net interest income grew $12.9 million supported by our larger balance sheet and historically low funding costs.
