Commerce tops 4Q profit forecasts
Commerce Bancshares beats 4Q earnings expectations, misses revenue forecasts
KANSAS CITY, Mo. (AP) _ Commerce Bancshares Inc. (CBSH) on Wednesday reported fourth-quarter net income of $71.6 million.
The Kansas City, Missouri-based bank said it had earnings of 68 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The bank holding company posted revenue of $301 million in the period. Its adjusted revenue was $292.7 million, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $297.4 million.
For the year, the company reported profit of $275.4 million, or $2.61 per share. Revenue was reported as $1.15 billion.
Commerce shares have dropped slightly more than 3 percent since the beginning of the year. The stock has increased 49 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBSH at https://www.zacks.com/ap/CBSH
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Keywords: Commerce Bancshares, Earnings Report
