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Missouri-based Commerce Bancshares Q4'18 net income climbs YOY

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Missouri-based Commerce Bancshares Q4'18 net income climbs YOY

Kansas City, Mo.-based Commerce Bancshares Inc. reported net income available to common shareholders of $107.4 million, or 96 cents per share, for the fourth quarter of 2018, up from net income of $92.1 million, or 82 cents per share, in the 2017 fourth quarter.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the 2018 fourth quarter was 94 cents.

Total loans climbed 1% from the prior quarter and increased 1% year over year to $14.14 billion.

Total deposits ticked up 1% from the third quarter and were relatively flat from the year-ago period to $20.32 billion.

During the fourth quarter of 2018, Commerce Bancshares recorded non-recurring income totaling $2.9 million, or $2.3 million net of tax. This included a net gain of $7.7 million from the disposition of several branch properties, net securities losses of $7.3 million, and discrete interest and dividends of $2.5 million from the company's private equity investments, net of minority interest.

The company recorded net securities losses of $7.1 million in the most recent quarter, compared to net securities gains of $4.3 million in the prior quarter and $27.2 million in the fourth quarter of 2017. The company also recorded securities losses of $10.1 million during the 2018 fourth quarter as it sold securities, mainly U.S. Treasury securities, with a book value of $523.9 million. Gains of $3.1 million, realized and fair value adjustments, were also recorded on the company's private equity portfolio in the most recent quarter.

For full year 2018, the company reported net income available to common shareholders of $424.5 million, or $3.78, compared to net income of $310.4 million, or $2.76 per share, in the previous year.