Commerce Bancshares (NASDAQ:CBSH) announced today that its first-quarter net income reached $131.6 million, translating to earnings of 98 cents per share.
These results surpassed the average estimate of 93 cents per share projected by six analysts surveyed by Zacks Investment Research.
The Kansas City-based bank holding company also reported strong revenue figures for the period.
Revenue totalled $523.3 million, while revenue net of interest expense came in at $428.1 million.
This figure also exceeded Wall Street forecasts, with three analysts surveyed by Zacks anticipating $415.9 million.
Despite the positive earnings report, Commerce Bancshares' stock has experienced a slight downturn this year, declining nearly 6% since January.
However, the stock has shown significant growth over the past year, with an increase of 15%.