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Commerce Bancshares reports higher loan loss provision, lower NIM in Q4'19

Kansas City, Mo.-based Commerce Bancshares Inc. reported net income available to common shareholders of $104.6 million, or 93 cents per share, for the fourth quarter of 2019, down from net income of $107.4 million, or 91 cents per share, in the 2018 fourth quarter.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the 2019 fourth quarter was 87 cents.

Net interest margin declined seven basis points to 3.36%, mainly due to lower rates on loans.

Total loans at the end of the fourth quarter of 2019 were $14.74 billion, compared to $14.46 billion at the end of the previous quarter and $14.14 billion at the end of the fourth quarter of 2018.

Total deposits at the end of the fourth quarter stood at $20.52 billion, compared to $20.31 billion at the end of the previous quarter and $20.32 billion at the end of the year-ago quarter.

Provision for loan losses was $15.2 million in the fourth quarter, compared with $11.0 million in the previous quarter and $12.3 million in the year-ago quarter.

For full year 2019, the company reported net income available to common shareholders of $412.2 million, or $3.58 per share, compared to $424.5 million, or $3.60 per share, in 2018

The S&P Global Market Intelligence consensus GAAP EPS estimate for full year 2019 was $3.53.