Commerce Bancshares, Inc. said in a filing that it earned $1.10 per share for the second quarter of 2026, up from $1.09 a year earlier, as net interest margin widened and fee income grew.
The Kansas City-based bank holding company reported net income of $159.8 million for the quarter ended June 30, 2026, compared with $152.5 million in the same quarter last year and $141.6 million in the first quarter of 2026, according to the filing.
For the six months ended June 30, 2026, earnings per share totaled $2.06, versus $2.02 in the first half of 2025, with net income of $301.4 million compared to $284.1 million a year earlier, the filing said. Year-to-date return on average assets was 1.73% and return on average equity was 13.96%.
CEO John Kemper said in the filing that the company delivered a strong quarter with expanding net interest margin, solid loan growth, lower funding costs and strong credit quality, driving a quarterly return on average assets of 1.84%. Net interest income rose to $315.1 million, a $15.2 million increase over the prior quarter, as the net yield on interest earning assets climbed 18 basis points to 3.77%, the filing said.
Non-interest income totaled $183.8 million, up $8.0 million, or 4.5%, from the prior quarter, with trust fees growing $15.9 million, or 28.7%, over the same period last year and bank card fees up $2.5 million, or 5.6%, over the prior quarter, according to the filing. Non-interest expense rose to $297.1 million, a 2.0% increase over the prior quarter.
The filing disclosed that investment securities gains included a $105.4 million gain on Visa Inc. stock and a $97.7 million loss tied to the repositioning of a portion of the company's available-for-sale debt securities portfolio, including the sale of its Treasury inflation-protected securities. Kemper said this repositioning increases the portfolio's overall yield and supports a more durable net interest margin over time.
During the quarter, the company repurchased approximately 2.1 million shares of common stock for $110 million at an average price of $53.03, the filing said. Total assets stood at $35.3 billion on June 30, 2026, a decrease of $448.1 million from the prior quarter, while assets under administration grew $3.1 billion, or 3.4%, over the prior quarter.
$CBSHNet sentiment—Mentions · 30d—View on the dashboard