EX-99 4 ex99-2.txt EXHIBIT 99.2
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Linked September 30, June 30, Quarter September 30, ------------------------------------------------------------- (dollars in thousands) 2003 2003 % Change 2002 % Change ------------------------------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $775,696 $1,013,885 (23)% $740,604 5 % Federal funds sold 0 0 0 87,900 (100) ------------------------------------------------------------- Cash and cash equivalents 775,696 1,013,885 (23) 828,504 (6) Loans held for sale 94,596 91,285 4 66,612 42 Trading securities 220,433 209,451 5 197,386 12 Securities available for sale 10,416,934 10,259,811 2 7,093,561 47 Securities held to maturity 2,102,235 841,752 150 898,532 134 Loans: Commercial real estate: Owner-occupied 1,535,906 1,486,464 3 1,316,737 17 Investor developer 1,087,956 981,657 11 892,422 22 Residential construction 125,652 113,931 10 115,440 9 ------------------------------------------------------------- 2,749,514 2,582,052 6 2,324,599 18 Commercial loans: Term 887,687 897,252 (1) 745,069 19 Line of credit 840,736 787,084 7 606,814 39 Demand 1,080 1,512 (29) 348 210 ------------------------------------------------------------- 1,729,503 1,685,848 3 1,352,231 28 Consumer: Mortgages (1-4 family residential) 842,321 676,350 25 568,931 48 Installment 140,337 135,750 3 147,126 (5) Home equity 1,306,462 1,239,553 5 1,098,098 19 Credit lines 55,931 59,070 (5) 51,641 8 ------------------------------------------------------------- 2,345,051 2,110,723 11 1,865,796 26 ------------------------------------------------------------- Total loans 6,824,068 6,378,623 7 5,542,626 23 ------------------------------------------------------------- Less allowance for loan losses 103,592 99,318 4 85,479 21 ------------------------------------------------------------- 6,720,476 6,279,305 7 5,457,147 23 Bank premises and equipment, net 754,253 701,246 8 524,870 44 Other assets 274,546 440,577 (38) 307,657 (11) ------------------------------------------------------------- $21,359,169 $19,837,312 8 % $15,374,269 39 % ============================================================= Liabilities Deposits: Demand: Interest-bearing $7,622,949 $6,616,309 15 % $5,162,886 48 % Noninterest-bearing 4,323,354 4,185,186 3 3,060,273 41 Savings 4,175,377 3,786,798 10 2,705,202 54 Time 3,433,417 3,198,789 7 2,951,275 16 ------------------------------------------------------------- Total deposits 19,555,097 17,787,082 10 13,879,636 41 --------- -------- Other borrowed money 155,849 507,975 (69) 142,468 9 Other liabilities 213,661 331,765 (36) 281,099 (24) Trust Capital Securities - Commerce Capital Trust I 0 0 0 0 0 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 0 200,000 0 Long-term debt 0 0 0 0 0 ------------------------------------------------------------- 20,124,607 18,826,822 7 14,503,203 39 Stockholders' Common stock 75,806 69,921 8 67,488 12 Equity Capital in excess of par or stated value 824,255 591,060 39 512,081 61 Retained earnings 303,221 265,239 14 169,125 79 Accumulated other comprehensive income 36,523 89,515 (59) 123,993 (71) ------------------------------------------------------------- 1,239,805 1,015,735 22 872,687 42 Less treasury stock, at cost 5,243 5,245 (0) 1,621 223 ------------------------------------------------------------- Total stockholders' equity 1,234,562 1,010,490 22 871,066 42 ------------------------------------------------------------- $21,359,169 $19,837,312 8 % $15,374,269 39 % =============================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ----------------------------------------------------------------------------------------------------------------------------- (dollars in thousands) September 30, June 30, 2003 ------------------------------------------------------------- 2003 Actual $ Change % Change ----------------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $775,696 $1,013,885 ($238,189) (23)% Federal funds sold 0 0 0 0 ------------------------------------------------------------- Cash and cash equivalents 775,696 1,013,885 (238,189) (23) Loans held for sale 94,596 91,285 3,311 4 Trading securities 220,433 209,451 10,982 5 Securities available for sale 10,416,934 10,259,811 157,123 2 Securities held to maturity 2,102,235 841,752 1,260,483 150 Loans 6,824,068 6,378,623 445,445 7 Less allowance for loan losses 103,592 99,318 4,274 4 ------------------------------------------------------------- 6,720,476 6,279,305 441,171 7 Reserve % 1.52% 1.56% Bank premises and equipment, net 754,253 701,246 53,007 8 Other assets 274,546 440,577 (166,031) (38) ------------------------------------------------------------- $21,359,169 $19,837,312 $1,521,857 8 % ============================================================= Liabilities Deposits: Demand: Interest-bearing $7,622,949 $6,616,309 $1,006,640 15 % Noninterest-bearing 4,323,354 4,185,186 138,168 3 Savings 4,175,377 3,786,798 388,579 10 Time 3,433,417 3,198,789 234,628 7 ------------------------------------------------------------- Total deposits 19,555,097 17,787,082 1,768,015 10 Core deposits 18,595,755 17,002,324 1,593,431 9 Total other liabilities 569,510 1,039,740 (470,230) (45) ------------------------------------------------------------- 20,124,607 18,826,822 1,297,785 7 Stockholders' Equity 1,234,562 1,010,490 224,072 22 ------------------------------------------------------------- $21,359,169 $19,837,312 $1,521,857 8 % ============================================================= ----------------------------------------------------------------------------------------------------------- (dollars in thousands) September 30, 2002 ------------------------------------------- Actual $ Change % Change ----------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $740,604 $35,092 5 % Federal funds sold 87,900 (87,900) (100) ------------------------------------------- Cash and cash equivalents 828,504 (52,808) (6) Loans held for sale 66,612 27,984 42 Trading securities 197,386 23,047 12 Securities available for sale 7,093,561 3,323,373 47 Securities held to maturity 898,532 1,203,703 134 Loans 5,542,626 1,281,442 23 Less allowance for loan losses 85,479 18,113 21 ------------------------------------------- 5,457,147 1,263,329 23 Reserve % 1.54% Bank premises and equipment, net 524,870 229,383 44 Other assets 307,657 (33,111) (11) ------------------------------------------- $15,374,269 $5,984,900 39 % =========================================== Liabilities Deposits: Demand: Interest-bearing $5,162,886 $2,460,063 48 % Noninterest-bearing 3,060,273 1,263,081 41 Savings 2,705,202 1,470,175 54 Time 2,951,275 482,142 16 ------------------------------------------- Total deposits 13,879,636 5,675,461 41 Core deposits 12,896,204 5,699,551 44 Total other liabilities 623,567 (54,057) (9) ------------------------------------------- 14,503,203 5,621,404 39 Stockholders' Equity 871,066 363,496 42 ------------------------------------------- $15,374,269 $5,984,900 39 % ===========================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ----------------------------------------------------------------------------------------------------------------------- September 30, December 31, ------------------------------- (dollars in thousands) 2003 2002 ----------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $775,696 $811,434 Federal funds sold 0 0 ------------------------------- Cash and cash equivalents 775,696 811,434 Loans held for sale 94,596 96,920 Trading securities 220,433 326,479 Securities available for sale 10,416,934 7,806,779 Securities held to maturity 2,102,235 763,026 (market value 09/03-$2,090,082; 12/02-$791,889) Loans 6,824,068 5,822,589 Less allowance for loan losses 103,592 90,733 ------------------------------- 6,720,476 5,731,856 Bank premises and equipment, net 754,253 580,818 Other assets 274,546 286,669 ------------------------------- $21,359,169 $16,403,981 =============================== Liabilities Deposits: Demand: Interest-bearing $7,622,949 $5,635,351 Noninterest-bearing 4,323,354 3,243,091 Savings 4,175,377 2,861,677 Time 3,433,417 2,808,722 ------------------------------- Total deposits 19,555,097 14,548,841 Other borrowed money 155,849 391,641 Other liabilities 213,661 345,489 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 ------------------------------- 20,124,607 15,485,971 Stockholders' Common stock, 75,805,917 shares issued (68,043,171 shares in 2002) 75,806 68,043 Equity Capital in excess of par or stated value 824,255 538,795 Retained earnings 303,221 199,604 Accumulated other comprehensive income 36,523 113,614 ------------------------------- 1,239,805 920,056 Less treasury stock, at cost, 286,218 shares (209,794 shares in 2002) 5,243 2,046 ------------------------------- Total stockholders' equity 1,234,562 918,010 ------------------------------- $21,359,169 $16,403,981 ===============================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) --------------------------------------------------------------------------------------------------------------------------------- Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------- ------------------------------------ (dollars in thousands, except per share amounts) 2003 2002 % Change 2003 2002 % Change ------------------------------------------------------------------------------------------ ------------------------------------ Interest Interest and fees on loans $98,889 $91,843 8 % $287,558 $260,625 10 % income Interest on investments 134,984 104,528 29 371,743 292,038 27 Other interest 28 404 (93) 205 684 (70) ------------------------------------ ------------------------------------ Total interest income 233,901 196,775 19 659,506 553,347 19 ------------------------------------ ------------------------------------ Interest Interest on deposits: expense Demand 12,090 14,504 (17) 36,448 42,119 (13) Savings 6,890 7,912 (13) 19,999 23,123 (14) Time 16,682 20,374 (18) 50,915 63,193 (19) ------------------------------------ ------------------------------------ Total interest on deposits 35,662 42,790 (17) 107,362 128,435 (16) Interest on other borrowed money 1,110 403 175 2,342 1,111 111 Interest on long-term debt 3,020 3,028 (0) 9,060 10,542 (14) ------------------------------------ ------------------------------------ Total interest expense 39,792 46,221 (14) 118,764 140,088 (15) ------------------------------------ ------------------------------------ Net interest income 194,109 150,554 29 540,742 413,259 31 Provision for loan losses 7,250 8,000 (9) 21,050 25,150 (16) ------------------------------------ ------------------------------------ Net interest income after provision for loan losses 186,859 142,554 31 519,692 388,109 34 Noninterest Deposit charges and service fees 41,500 33,802 23 115,107 94,394 22 income Other operating income 41,976 35,830 17 126,724 92,857 36 Net investment securities gains 1,682 0 0 2,763 0 0 ------------------------------------ ------------------------------------ Total noninterest income 85,158 69,632 22 244,594 187,251 31 ------------------------------------ ------------------------------------ Total Revenues 279,267 220,186 27 785,336 600,510 31 Noninterest Salaries and benefits 92,732 74,164 25 261,152 198,487 32 expense Occupancy 24,760 15,215 63 67,943 40,396 68 Furniture and equipment 21,770 17,012 28 63,552 47,705 33 Office 9,906 8,173 21 28,325 22,543 26 Marketing 9,412 7,850 20 23,886 18,823 27 Other 38,732 32,414 19 112,253 90,335 24 ------------------------------------ ------------------------------------ Total noninterest expenses 197,312 154,828 27 557,111 418,289 33 ------------------------------------ ------------------------------------ Income before income taxes 74,705 57,358 30 207,175 157,071 32 Provision for federal and state income taxes 25,231 19,669 28 69,494 52,830 32 ------------------------------------ ------------------------------------ Net income $49,474 $37,689 31 % $137,681 $104,241 32 % ==================================== ==================================== Net income per common and common equivalent share: Basic $0.70 $0.56 25 % $1.98 $1.56 27 % ------------------------------------ ------------------------------------ Diluted $0.67 $0.53 26 $1.90 $1.47 29 ------------------------------------ ------------------------------------ Average common and common equivalent shares outstanding: Basic 70,787 67,065 6 69,442 66,541 4 ------------------------------------ ------------------------------------ Diluted 73,926 71,084 4 72,614 70,704 3 ------------------------------------ ------------------------------------ Cash dividends, common stock $0.17 $0.15 10 % $0.50 $0.45 10 % ==================================== ====================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) ------------------------------------------------------------------------------------------------------------------------------- Three Months Ended ------------------------------------------------------------------------- September 30, June 30, September 30, ------------------------------------------------------------------------- (dollars in thousands, except per share amounts) 2003 2003 % Change 2002 % Change ------------------------------------------------------------------------------------------------------------------------------- Interest Interest and fees on loans $98,889 $95,548 3 % $91,843 8 % income Interest on investments 134,984 123,098 10 104,528 29 Other interest 28 98 (71) 404 (93) ------------------------------------------ ------------------------- Total interest income 233,901 218,744 7 196,775 19 ------------------------------------------ ------------------------- Interest Interest on deposits: expense Demand 12,090 11,961 1 14,504 (17) Savings 6,890 6,754 2 7,912 (13) Time 16,682 17,387 (4) 20,374 (18) ------------------------------------------ ------------------------- Total interest on deposits 35,662 36,102 (1) 42,790 (17) Interest on other borrowed money 1,110 318 249 403 175 Interest on long-term debt 3,020 3,020 0 3,028 (0) ------------------------------------------ ------------------------- Total interest expense 39,792 39,440 1 46,221 (14) ------------------------------------------ ------------------------- Net interest income 194,109 179,304 8 150,554 29 Provision for loan losses 7,250 6,900 5 8,000 (9) ------------------------------------------ ------------------------- Net interest income after provision for loan losses 186,859 172,404 8 142,554 31 Noninterest Deposit charges and service fees 41,500 38,765 7 33,802 23 income Other operating income 41,976 43,388 (3) 35,830 17 Net investment securities gains 1,682 1,217 38 0 0 ------------------------------------------ ------------------------- Total noninterest income 85,158 83,370 2 69,632 22 ------------------------------------------ ------------------------- Total Revenues 279,267 262,674 6 220,186 27 Noninterest Salaries and benefits 92,732 86,338 7 74,164 25 expense Occupancy 24,760 22,695 9 15,215 63 Furniture and equipment 21,770 20,556 6 17,012 28 Office 9,906 9,233 7 8,173 21 Marketing 9,412 9,198 2 7,850 20 Other 38,732 39,658 (2) 32,414 19 ------------------------------------------ ------------------------- Total noninterest expenses 197,312 187,678 5 154,828 27 ------------------------------------------ ------------------------- Income before income taxes 74,705 68,096 10 57,358 30 Provision for federal and state income taxes 25,231 22,779 11 19,669 28 ------------------------------------------ ------------------------- Net income $49,474 $45,317 9 % $37,689 31 % ========================================== ========================= Net income per common and common equivalent share: Basic $0.70 $0.65 8 % $0.56 25 % ------------------------------------------ ------------------------- Diluted $0.67 $0.63 6 $0.53 26 ------------------------------------------ ------------------------- Average common and common equivalent shares outstanding: Basic 70,787 69,193 2 67,065 6 ------------------------------------------ ------------------------- Diluted 73,926 72,128 2 71,084 4 ------------------------------------------ ------------------------- Cash dividends, common stock $0.17 $0.16 3 % $0.15 10 % ========================================== ========================= Return on average assets 0.96 % 0.98 % 1.05 % Return on average equity 21.17 17.91 17.95
Commerce Bancorp, Inc. Selected Consolidated Financial Data (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------ -------------------------------------- 2003 2002 % Change 2003 2002 % Change --------- ------------ --------- ----------- ---------- ---------- (dollars and shares in thousands) (dollars and shares in thousands) Income Statement Data: Net interest income $194,109 $150,554 29 % $540,742 $413,259 31 % Provision for loan losses 7,250 8,000 (9) 21,050 25,150 (16) Noninterest income 85,158 69,632 22 244,594 187,251 31 Total revenues 279,267 220,186 + 27 785,336 600,510 + 31 Noninterest expense 197,312 154,828 27 557,111 418,289 33 Net income 49,474 37,689 + 31 137,681 104,241 + 32 Per Share Data: Net income - Basic $0.70 $0.56 25 % $1.98 $1.56 27 % Net income - Diluted 0.67 0.53 + 26 1.90 1.47 + 29 Book value - Basic $16.35 $12.95 26 % Book value - Diluted 15.69 12.19 + 29 Revenue per share - Diluted $15.11 $12.39 + 22 % $14.42 $11.32 + 27 % Weighted Average Shares Outstanding: Basic 70,787 67,065 69,442 66,541 Diluted 73,926 71,084 72,614 70,704 Balance Sheet Data: Total assets $21,359,169 $15,374,269 + 39 % Loans (net) 6,720,476 5,457,147 23 Allowance for loan losses 103,592 85,479 21 Securities available for sale 10,416,934 7,093,561 47 Securities held to maturity 2,102,235 898,532 134 Total deposits 19,555,097 13,879,636 41 Core deposits 18,595,755 12,896,204 44 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 - Stockholders' equity 1,234,562 871,066 + 42 Capital: Stockholders' equity to total assets 5.78 % 5.67 % Risk-based capital ratios: Tier I 12.82 11.54 Total capital 13.78 12.59 Leverage ratio 6.68 6.59 Performance Ratios: Cost of funds 0.85 % 1.40 % 0.94 % 1.57 % Net interest margin 4.21 4.65 4.39 4.74 Return on average assets 0.96 1.05 0.98 1.06 Return on average total stockholders' equity 21.17 17.95 18.97 18.59
The following summary presents information regarding non-performing loans and assets as of September 30, 2003 and the preceding four quarters (dollar amounts in thousands). September 30, June 30, March 31, December 31, September 30, 2003 2003 2003 2002 2002 ---------------- --------------- --------------- ---------------- --------------- Non-accrual loans: Commercial $7,295 $7,049 $4,874 $5,412 $7,213 Consumer 8,295 9,517 9,860 6,326 5,512 Real estate: Construction - - - 131 131 Mortgage 7,502 5,970 4,249 2,299 2,389 ---------------- --------------- --------------- ---------------- --------------- Total non-accrual loans 23,092 22,536 18,983 14,168 15,245 ---------------- --------------- --------------- ---------------- --------------- Restructured loans: Commercial 2 3 4 5 6 Consumer - - - Real estate: Construction - - - Mortgage - - - ---------------- --------------- --------------- ---------------- --------------- Total restructured loans 2 3 4 5 6 ---------------- --------------- --------------- ---------------- --------------- Total non-performing loans 23,094 22,539 18,987 14,173 15,251 ---------------- --------------- --------------- ---------------- --------------- Other real estate 1,670 1,540 3,553 3,589 2,367 ---------------- --------------- --------------- ---------------- --------------- Total non-performing assets 24,764 24,079 22,540 17,762 17,618 ---------------- --------------- --------------- ---------------- --------------- Loans past due 90 days or more and still accruing 649 434 376 620 900 ---------------- --------------- --------------- ---------------- --------------- Total non-performing assets and loans past due 90 days or more $25,413 $24,513 $22,916 $18,382 $18,518 ================ =============== =============== ================ =============== Total non-performing loans as a percentage of total period-end loans 0.34% 0.35% 0.32% 0.24% 0.28% Total non-performing assets as a percentage of total period-end assets 0.12% 0.12% 0.13% 0.11% 0.11% Total non-performing assets and loans past due 90 days or more as a percentage of total period-end assets 0.12% 0.12% 0.13% 0.11% 0.12% Allowance for loan losses as a percentage of total non-performing loans 449% 441% 499% 640% 560% Allowance for loan losses as a percentage of total period-end loans 1.52% 1.56% 1.58% 1.56% 1.54% Total non-performing assets and loans past due 90 days or more as a percentage of stockholders' equity and allowance for loan losses 2% 2% 2% 2% 2%
The following table presents, for the periods indicated, an analysis of the allowance for loan losses and other related data: (dollar amounts in thousands) Three Months Ended Nine Months Ended Year ---------------------------- ---------------------------- Ended 09/30/03 09/30/02 09/30/03 09/30/02 12/31/02 ----------- ---------- ----------- ---------- -------------- Balance at beginning of period $99,318 $80,098 $90,733 $66,981 $66,981 Provisions charged to operating expenses 7,250 8,000 21,050 25,150 33,150 ------------ ---------- ------------ ---------- -------------- 106,568 88,098 111,783 92,131 100,131 Recoveries on loans charged-off: Commercial 111 52 456 457 815 Consumer 239 61 516 281 339 Commercial real estate - 22 - 23 176 ------------ ---------- ------------ ---------- -------------- Total recoveries 350 135 972 761 1,330 Loans charged-off: Commercial (1,608) (1,926) (4,673) (4,987) (7,181) Consumer (1,684) (828) (4,439) (2,393) (3,514) Commercial real estate (34) - (51) (33) (33) ------------ ---------- ------------ ---------- -------------- Total charge-offs (3,326) (2,754) (9,163) (7,413) (10,728) ------------ ---------- ------------ ---------- -------------- Net charge-offs (2,976) (2,619) (8,191) (6,652) (9,398) ------------ ---------- ------------ ---------- -------------- Balance at end of period $103,592 $85,479 $103,592 $85,479 $90,733 ============ ========== ============ ========== ============== Net charge-offs as a percentage of average loans outstanding 0.18 % 0.19 % 0.17 % 0.17 % 0.18 % Net Reserve Additions $4,274 $5,381 $12,859 $18,498 $23,752
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income (unaudited) ----------------------------------------------------------------------------------------------- September 2003 June 2003 September 2002 --------------------------- ------------------------------ ------------------------------ Average Average Average Average Average Average Balance Interest Rate Balance Interest Rate Balance Interest Rate --------------------------- ------------------------------ ------------------------------ (dollars in thousands) Earning Assets ------------------------------------ Investment securities Taxable $11,605,502 $131,158 4.48 % $10,026,080 $119,147 4.77 % $7,281,082 $102,306 5.57 % Tax-exempt 229,566 3,771 6.52 192,892 3,689 7.67 88,711 1,325 5.92 Trading 155,541 2,115 5.40 158,297 2,389 6.05 168,668 2,095 4.93 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total investment securities 11,990,609 137,044 4.53 10,377,269 125,225 4.84 7,538,461 105,726 5.56 Federal funds sold 10,641 28 1.04 32,095 97 1.21 95,341 403 1.68 Loans Commercial mortgages 2,520,594 39,189 6.17 2,319,945 37,156 6.42 2,131,809 36,868 6.86 Commercial 1,612,069 21,968 5.41 1,552,400 21,587 5.58 1,253,565 19,230 6.09 Consumer 2,262,426 34,309 6.02 2,109,143 33,336 6.34 1,865,040 33,252 7.07 Tax-exempt 271,436 5,266 7.70 264,737 5,338 8.09 178,956 3,835 8.50 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total loans 6,666,525 100,732 5.99 6,246,225 97,417 6.26 5,429,370 93,185 6.81 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total earning assets $18,667,775 $237,804 5.06 % $16,655,589 $222,739 5.36 % $13,063,172 $199,314 6.05 % ============ ============ ============ Sources of Funds ------------------------------------ Interest-bearing liabilities Regular savings $3,938,114 $6,889 0.69 % $3,477,229 $6,755 0.78 % $2,498,700 $7,912 1.26 % Interest checking accounts 484,279 874 0.72 437,455 734 0.67 352,234 1,031 1.16 Money market plus 6,808,745 11,216 0.65 5,989,878 11,226 0.75 4,389,903 13,472 1.22 Time deposits 2,470,306 13,849 2.22 2,313,690 14,093 2.44 1,958,165 15,021 3.04 Public funds 813,271 2,834 1.38 878,005 3,294 1.50 1,001,570 5,353 2.12 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits 14,514,715 35,662 0.97 13,096,257 36,102 1.11 10,200,572 42,789 1.66 Other borrowed money 727,128 1,111 0.61 278,780 318 0.46 99,819 403 1.60 Long-term debt 200,000 3,020 5.99 200,000 3,020 6.06 200,000 3,029 6.01 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits and interest-bearing liabilities 15,441,843 39,793 1.02 13,575,037 39,440 1.17 10,500,391 46,221 1.75 Noninterest-bearing funds (net) 3,225,932 3,080,552 2,562,781 ----------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total sources to fund earning assets $18,667,775 39,793 0.85 $16,655,589 39,440 0.95 $13,063,172 46,221 1.40 ============ --------- ----- ============ -------- ----- ============ -------- ------ Net interest income and margin tax-equivalent basis $198,011 4.21 % $183,299 4.41 % $153,093 4.65 % ========= ===== ======== ===== ======== ====== Other Balances ------------------------------------ Cash and due from banks $971,495 $945,600 $671,394 Other assets 1,180,451 994,784 708,005 Total assets 20,717,697 18,498,841 14,359,739 Total deposits 18,611,894 16,734,886 12,970,854 Demand deposits (noninterest-bearing) 4,097,179 3,638,629 2,770,282 Other liabilities 243,799 273,183 248,999 Stockholders' equity 934,876 1,011,992 840,067 Allowance for loan losses 102,024 97,132 82,832 Notes -Weighted average yields on tax-exempt obligations have been computed on a tax-equivalent basis assuming a federal tax rate of 35%. -Non-accrual loans have been included in the average loan balance. -Consumer loans include mortgage loans held for sale.
Commerce Bancorp, Inc. and Subsidiaries Detail of Selected Balance Sheet Accounts (unaudited) --------------------------------------------------------------------------------------------------------------------- (dollars in thousands) September 30, June 30, December 31, ------------------------------------------------------------- 2003 2003 2002 --------------------------------------------------------------------------------------------------------------------- Bank Premises and Equipment Land $ 175,890 $ 156,342 $ 123,880 Buildings 324,107 297,320 247,508 Leasehold Improvements 71,065 62,443 43,130 Furniture, Fixtures & Equipment 318,266 304,581 265,712 Capital Leases 124 124 124 ------------------------------------------------------------- 889,452 820,810 680,354 Less: Accumulated Depreciation (231,034) (217,708) (181,165) ------------------------------------------------------------- 658,418 603,102 499,189 Premises and Equipment In Progress 95,835 98,144 81,629 ------------------------------------------------------------- Total Bank premises and equipment, net $ 754,253 $ 701,246 $ 580,818 ============================================================= Other Assets Goodwill & Intangible Assets $ 10,007 $ 10,155 $ 8,570 Other Real Estate 1,670 1,540 3,589 Overdrafts 24,851 23,115 25,994 Accrued Interest 96,333 74,226 67,758 Prepaid Expenses 21,888 21,753 11,500 Other Investments 24,178 26,055 19,037 HBCU - Black College Program - 77,342 75,196 Receivable for Unsettled Trades - 125,742 - Operating Leased Equipment 18,140 14,990 12,826 Bankers Acceptances Sold 9,380 8,433 - Trust Preferred Issuance Costs 5,128 5,173 5,263 Bank Owned Life Insurance - Acquired 5,255 5,201 5,083 Accounts Receivable - Commerce Insurance 27,041 28,240 22,872 Other Assets - Commerce Capital Markets 17,190 11,223 6,301 Other Miscellaneous Assets 13,485 7,389 22,680 ------------------------------------------------------------- Total Other Assets $ 274,546 $ 440,577 $ 286,669 =============================================================