EX-99 4 exhibit99-2.txt EXHIBIT 99.2
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ December 31, September 30, Linked Quarter December 31, --------------------------------------------------------------------- (dollars in thousands) 2003 2003 Change 2002 % Change ------------------------------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $910,092 $775,696 17 % $811,434 12 % Federal funds sold 0 0 0 0 0 ------------------------------------------------------------------------ Cash and cash equivalents 910,092 775,696 17 811,434 12 Loans held for sale 42,769 94,596 (55) 96,920 (56) Trading securities 170,458 220,433 (23) 326,479 (48) Securities available for sale 10,650,655 10,416,934 2 7,806,779 36 Securities held to maturity 2,490,484 2,102,235 18 763,026 226 Loans: Commercial real estate: Investor developer 1,167,672 1,087,956 7 885,276 32 Residential construction 142,567 125,652 13 102,080 40 ------------------------------------------------------------------------ 1,310,239 1,213,608 8 987,356 33 Commercial loans: Term 1,027,526 887,687 16 842,869 22 Line of credit 959,158 840,736 14 683,640 40 Demand 1,077 1,080 (0) 317 240 ------------------------------------------------------------------------ 1,987,761 1,729,503 15 1,526,826 30 Owner-occupied 1,619,079 1,535,906 5 1,345,306 20 ------------------------------------------------------------------------ 3,606,840 3,265,409 10 2,872,132 26 Consumer: Mortgages (1-4 family residential) 918,686 842,321 9 626,652 47 Installment 138,437 140,337 (1) 140,493 (1) Home equity 1,405,795 1,306,462 8 1,139,589 23 Credit lines 60,579 55,931 8 56,367 7 ------------------------------------------------------------------------ 2,523,497 2,345,051 8 1,963,101 29 ------------------------------------------------------------------------ Total loans 7,440,576 6,824,068 9 5,822,589 28 ------------------------------------------------------------------------ Less allowance for loan losses 112,057 103,592 8 90,733 24 ------------------------------------------------------------------------ 7,328,519 6,720,476 9 5,731,856 28 Bank premises and equipment, net 811,451 754,253 8 580,818 40 Other assets 307,752 274,546 12 286,669 7 ------------------------------------------------------------------------ $22,712,180 $21,359,169 6 % $16,403,981 38 % ======================================================================== Liabilities Deposits: Demand: Noninterest-bearing $4,574,714 $4,323,354 6 % $3,243,091 41 % Interest-bearing 8,574,297 7,622,949 12 5,635,351 52 Savings 4,222,282 4,175,377 1 2,861,677 48 Time 3,330,107 3,433,417 (3) 2,808,722 19 ------------------------------------------------------------------------ Total deposits 20,701,400 19,555,097 6 14,548,841 42 Other borrowed money 311,510 155,849 100 391,641 (20) Other liabilities 221,982 213,661 4 345,489 (36) 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 ------------------------------------------------------------------------ 21,434,892 20,124,607 7 15,485,971 38 Stockholders' Equity Common stock 76,869 75,806 1 68,043 13 Capital in excess of par or stated value 866,095 824,255 5 538,795 61 Retained earnings 347,365 303,221 15 199,604 74 Accumulated other comprehensive income (3,702) 36,523 (110) 113,614 (103) ------------------------------------------------------------------------ 1,286,627 1,239,805 4 920,056 40 Less treasury stock, at cost 9,339 5,243 78 2,046 356 ------------------------------------------------------------------------ Total stockholders' equity 1,277,288 1,234,562 3 918,010 39 ------------------------------------------------------------------------ $22,712,180 $21,359,169 6 % $16,403,981 38 % ========================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ (dollars in thousands) December 31, September 30, 2003 December 31, 2002 -------------------------------------------------------------------------------------- 2003 Actual $ Change % Change Actual $ Change Change ------------------------------------------------------------------------------------------------------------------------------------ Cash and due from banks $ 910,092 $ 775,696 $ 134,396 17 % $ 811,434 $ 98,658 12 % Federal funds sold 0 0 0 0 0 0 0 --------------------------------------------------------------------------------------- Cash and cash equivalents 910,092 775,696 134,396 17 811,434 98,658 12 Loans held for sale 42,769 94,596 (51,827) (55) 96,920 (54,151) (56) Trading securities 170,458 220,433 (49,975) (23) 326,479 (156,021) (48) Securities available for sale 10,650,655 10,416,934 233,721 2 7,806,779 2,843,876 36 Securities held to maturity 2,490,484 2,102,235 388,249 18 763,026 1,727,458 226 Loans 7,440,576 6,824,068 616,508 9 5,822,589 1,617,987 28 Less allowance for loan losses 112,057 103,592 8,465 8 90,733 21,324 24 --------------------------------------------------------------------------------------- 7,328,519 6,720,476 608,043 9 5,731,856 1,596,663 28 Reserve % 1.51% 1.52% 1.56% Bank premises and equipment, net 811,451 754,253 57,198 8 580,818 230,633 40 Other assets 307,752 274,546 33,206 12 286,669 21,083 7 --------------------------------------------------------------------------------------- $ 22,712,180 $ 21,359,169 $ 1,353,011 6 % $ 16,403,981 $ 6,308,199 38 % ======================================================================================= Deposits: Demand: Noninterest-bearing $ 4,574,714 $ 4,323,354 $ 251,360 6 % $ 3,243,091 $ 1,331,623 41 % Interest-bearing 8,574,297 7,622,949 951,348 12 5,635,351 2,938,946 52 Savings 4,222,282 4,175,377 46,905 1 2,861,677 1,360,605 48 Time 3,330,107 3,433,417 (103,310) (3) 2,808,722 521,385 19 --------------------------------------------------------------------------------------- Total deposits 20,701,400 19,555,097 1,146,303 6 14,548,841 6,152,559 42 Core deposits 19,778,922 18,595,755 1,183,167 6 13,834,293 5,944,629 43 Total other liabilities 733,492 569,510 163,982 29 937,130 (203,638) (22) --------------------------------------------------------------------------------------- 21,434,892 20,124,607 1,310,285 7 15,485,971 5,948,921 38 1,277,288 1,234,562 42,726 3 918,010 359,278 39 --------------------------------------------------------------------------------------- $ 22,712,180 $ 21,359,169 $ 1,353,011 6 % $ 16,403,981 $ 6,308,199 38 % =======================================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) --------------------------------------------------------------------------------------------------------------------------------- December 31, ---------------------------------------- (dollars in thousands) 2003 2002 --------------------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $910,092 $811,434 Federal funds sold 0 0 ---------------------------------------- Cash and cash equivalents 910,092 811,434 Loans held for sale 42,769 96,920 Trading securities 170,458 326,479 Securities available for sale 10,650,655 7,806,779 Securities held to maturity 2,490,484 763,026 (market value 2003-$2,467,192; 2002-$791,889) Loans 7,440,576 5,822,589 Less allowance for loan losses 112,057 90,733 ---------------------------------------- 7,328,519 5,731,856 Bank premises and equipment, net 811,451 580,818 Other assets 307,752 286,669 ---------------------------------------- $22,712,180 $16,403,981 ======================================== Liabilities Deposits: Demand: Noninterest-bearing $4,574,714 $3,243,091 Interest-bearing 8,574,297 5,635,351 Savings 4,222,282 2,861,677 Time 3,330,107 2,808,722 ---------------------------------------- Total deposits 20,701,400 14,548,841 Other borrowed money 311,510 391,641 Other liabilities 221,982 345,489 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 ---------------------------------------- 21,434,892 15,485,971 Stockholders' Common stock, 76,869,415 shares issued (68,043,171 shares in 2002) 76,869 68,043 Equity Capital in excess of par or stated value 866,095 538,795 Retained earnings 347,365 199,604 Accumulated other comprehensive income (3,702) 113,614 ---------------------------------------- 1,286,627 920,056 Less treasury stock, at cost, 363,076 shares (209,794 shares in 2002) 9,339 2,046 ---------------------------------------- Total stockholders' equity 1,277,288 918,010 ---------------------------------------- $22,712,180 $16,403,981 ========================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------------------- ------------------------------- (dollars in thousands, except per share amounts) 2003 2002 % Change 2003 2002 % Change ------------------------------------------------------------------------------------------------------------------------------------ Interest Interest and fees on loans $103,803 $93,690 11 % $391,361 $354,315 10 % income Interest on investments 152,272 108,153 41 524,015 400,191 31 Other interest 50 181 (72) 255 865 (71) ------------------------------------- ----------------------------------- Total interest income 256,125 202,024 27 915,631 755,371 21 ------------------------------------- ----------------------------------- Interest Interest on deposits: expense Demand 14,263 13,294 7 50,711 55,413 (8) Savings 7,597 7,109 7 27,596 30,232 (9) Time 15,200 18,374 (17) 66,115 81,567 (19) ------------------------------------- ----------------------------------- Total interest on deposits 37,060 38,777 (4) 144,422 167,212 (14) Interest on other borrowed money 921 728 27 3,263 1,839 77 Interest on long-term debt 3,020 3,023 (0) 12,080 13,565 (11) ------------------------------------- ----------------------------------- Total interest expense 41,001 42,528 (4) 159,765 182,616 (13) ------------------------------------- ----------------------------------- Net interest income 215,124 159,496 35 755,866 572,755 32 Provision for loan losses 10,800 8,000 35 31,850 33,150 (4) ------------------------------------- ----------------------------------- Net interest income after provision for loan losses 204,324 151,496 35 724,016 539,605 34 Noninterest Deposit charges and service fees 45,556 36,604 24 160,678 131,033 23 income Other operating income 41,240 33,611 23 167,949 126,433 33 Net investment securities gains 1,088 0 0 3,851 0 0 ------------------------------------- ----------------------------------- Total noninterest income 87,884 70,215 25 332,478 257,466 29 ------------------------------------- ----------------------------------- Total Revenues 303,008 229,711 32 1,088,344 830,221 31 Noninterest Salaries and benefits 93,802 78,446 20 354,954 276,933 28 expense Occupancy 27,983 16,102 74 95,926 56,498 70 Furniture and equipment 25,610 18,995 35 89,162 66,700 34 Office 10,865 8,643 26 39,190 31,186 26 Marketing 10,189 4,910 108 34,075 23,733 44 Other 37,832 33,783 12 150,085 124,118 21 ------------------------------------- ----------------------------------- Total noninterest expenses 206,281 160,879 28 763,392 579,168 32 ------------------------------------- ----------------------------------- Income before income taxes 85,927 60,832 41 293,102 217,903 35 Provision for federal and state income taxes 29,321 20,258 45 98,815 73,088 35 ------------------------------------- ----------------------------------- Net income $56,606 $40,574 40 % $194,287 $144,815 34 % ===================================== =================================== Net income per common and common equivalent share: Basic $0.75 $0.60 25 % $2.73 $2.16 26 % ------------------------------------- ----------------------------------- Diluted $0.71 $0.57 25 $2.61 $2.04 28 ------------------------------------- ----------------------------------- Average common and common equivalent shares outstanding: Basic 75,958 67,548 12 71,084 66,795 6 ------------------------------------- ----------------------------------- Diluted 79,997 71,505 12 74,462 70,903 5 ------------------------------------- ----------------------------------- Cash dividends, common stock $0.16 $0.15 7 % $0.66 $0.60 10 % ===================================== ===================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended -------------------------------------------------------------------------------- December 31, September 30, December 31, -------------------------------------------------------------------------------- 2003 2003 % Change 2002 % Change ------------------------------------------------------------------------------------------------------------------------------------ Interest Interest and fees on loans $103,803 $98,889 5 % $93,690 11 % income Interest on investments 152,272 134,984 13 108,153 41 Other interest 50 28 79 181 (72) -------------------------------------------------- -------------------------- Total interest income 256,125 233,901 10 202,024 27 -------------------------------------------------- -------------------------- Interest Interest on deposits: expense Demand 14,263 12,090 18 13,294 7 Savings 7,597 6,890 10 7,109 7 Time 15,200 16,682 (9) 18,374 (17) -------------------------------------------------- -------------------------- Total interest on deposits 37,060 35,662 4 38,777 (4) Interest on other borrowed money 921 1,110 (17) 728 27 Interest on long-term debt 3,020 3,020 0 3,023 (0) -------------------------------------------------- -------------------------- Total interest expense 41,001 39,792 3 42,528 (4) -------------------------------------------------- -------------------------- Net interest income 215,124 194,109 11 159,496 35 Provision for loan losses 10,800 7,250 49 8,000 35 -------------------------------------------------- -------------------------- Net interest income after provision for loan losses 204,324 186,859 9 151,496 35 Noninterest Deposit charges and service fees 45,556 41,484 10 36,604 24 income Other operating income 41,240 41,992 (2) 33,611 23 Net investment securities gains 1,088 1,682 (35) 0 0 -------------------------------------------------- -------------------------- Total noninterest income 87,884 85,158 3 70,215 25 -------------------------------------------------- -------------------------- Total Revenues 303,008 279,267 9 229,711 32 Noninterest Salaries and benefits 93,802 92,732 1 78,446 20 expense Occupancy 27,983 24,760 13 16,102 74 Furniture and equipment 25,610 21,770 18 18,995 35 Office 10,865 9,906 10 8,643 26 Marketing 10,189 9,412 8 4,910 108 Other 37,832 38,732 (2) 33,783 12 -------------------------------------------------- -------------------------- Total noninterest expenses 206,281 197,312 5 160,879 28 -------------------------------------------------- -------------------------- Income before income taxes 85,927 74,705 15 60,832 41 Provision for federal and state income taxes 29,321 25,231 16 20,258 45 -------------------------------------------------- -------------------------- Net income $56,606 $49,474 14 % $40,574 40 % ================================================== ========================== Net income per common and common equivalent share: Basic $0.75 $0.70 7 % $0.60 25 % -------------------------------------------------- -------------------------- Diluted $0.71 $0.67 6 $0.57 25 -------------------------------------------------- -------------------------- Average common and common equivalent shares outstanding: Basic 75,958 70,787 7 67,548 12 -------------------------------------------------- -------------------------- Diluted 79,997 73,926 8 71,505 12 -------------------------------------------------- -------------------------- Cash dividends, common stock $0.16 $0.17 (3)% $0.15 7 % ================================================== ========================== Return on average assets 1.02 % 0.96 % 1.03 % Return on average equity 18.46 21.17 18.32
Commerce Bancorp, Inc. and Subsidiaries Selected Consolidated Financial Data (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ----------------------------------------- -------------------------------------- % % 2003 2002 Change 2003 2002 Change ------- ------- ------- ------- ------- ------- (dollars and shares in thousands) (dollars and shares in thousands) Net interest income $215,124 $159,496 35 % $755,866 $572,755 32 % Provision for loan losses 10,800 8,000 35 31,850 33,150 (4) Noninterest income 87,884 70,215 25 332,478 257,466 29 Total revenues 303,008 229,711 + 32 1,088,344 830,221 + 31 -------- -------- --------- -------- Noninterest expense 206,281 160,879 28 763,392 579,168 32 Net income 56,606 40,574 + 40 194,287 144,815 + 34 -------- -------- --------- -------- Net income - Basic $0.75 $0.60 25 % $2.73 $2.16 26 % Net income - Diluted 0.71 0.57 + 25 2.61 2.04 + 28 -------- -------- --------- -------- Book value - Basic $16.70 $13.53 23 % Book value - Diluted 15.99 12.76 + 25 --------- -------- Revenue per share - Diluted $15.15 $12.85 + 18 % $14.62 $11.71 + 25 % -------- -------- --------- -------- Weighted Average Shares Outstanding: Basic 75,958 67,548 71,084 66,795 Diluted 79,997 71,505 74,462 70,903 Total assets $22,712,180 $16,403,981 + 38 % Loans (net) 7,328,519 5,731,856 28 Allowance for loan losses 112,057 90,733 24 Securities available for sale 10,650,655 7,806,779 36 Securities held to maturity 2,490,484 763,026 226 Total deposits 20,701,400 14,548,841 42 ---------- ---------- Core deposits 19,778,922 13,834,293 43 ---------- ---------- Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 - Stockholders' equity 1,277,288 918,010 + 39 -------- Stockholders' equity to total assets 5.62 % 5.60 % ---------- Risk-based capital ratios: Tier I 12.78 11.47 Total capital 13.75 12.51 Leverage ratio 6.61 6.37 Cost of funds 0.80 % 1.19 % 0.90 % 1.46 % Net interest margin 4.27 4.55 4.36 4.69 Return on average assets 1.02 1.03 0.99 1.05 Return on average total stockholders' equity 18.46 18.32 18.81 18.50
The following summary presents information regarding non-performing loans and assets as of December 31, 2003 and the preceding four quarters (dollar amounts in thousands). December 31, September 30, June 30, March 31, December 31, 2003 2003 2003 2003 2002 ---------------- --------------- ------------- ------------ -------------------- Non-accrual loans: Commercial $6,867 $7,295 $7,049 $4,874 $5,412 Consumer 9,242 8,295 9,517 9,860 6,326 Real estate: Construction 138 - - - 131 Mortgage 5,494 7,502 5,970 4,249 2,299 ---------------- --------------- ------------- ------------ -------------------- Total non-accrual loans 21,741 23,092 22,536 18,983 14,168 ---------------- --------------- ------------- ------------ -------------------- Restructured loans: Commercial 1 2 3 4 5 Consumer - - - - Real estate: Construction - - - - Mortgage - - - - ---------------- --------------- ------------- ------------ -------------------- Total restructured loans 1 2 3 4 5 ---------------- --------------- ------------- ------------ -------------------- Total non-performing loans 21,742 23,094 22,539 18,987 14,173 ---------------- --------------- ------------- ------------ -------------------- Other real estate 1,831 1,670 1,540 3,553 3,589 ---------------- --------------- ------------- ------------ -------------------- Total non-performing assets 23,573 24,764 24,079 22,540 17,762 ---------------- --------------- ------------- ------------ -------------------- Loans past due 90 days or more and still accruing 538 649 434 376 620 ---------------- --------------- ------------- ------------ -------------------- Total non-performing assets and loans past due 90 days or more $24,111 $25,413 $24,513 $22,916 $18,382 ================ =============== ============= ============ ==================== Total non-performing loans as a percentage of total period-end loans 0.29% 0.34% 0.35% 0.32% 0.24% Total non-performing assets as a percentage of total period-end assets 0.10% 0.12% 0.12% 0.13% 0.11% --------------- Total non-performing assets and loans past due 90 days or more as a percentage of total period-end assets 0.11% 0.12% 0.12% 0.13% 0.11% Allowance for loan losses as a percentage of total non-performing loans 515% 449% 441% 499% 640% Allowance for loan losses as a percentage of total period-end loans 1.51% 1.52% 1.56% 1.58% 1.56% 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 Twelve Months Ended ------------------------------------- -------------------------------------- 12/31/03 12/31/02 12/31/03 12/31/02 --------------- -------------- ---------------- -------------- Balance at beginning of period $103,592 $85,479 $90,733 $66,981 Provisions charged to operating expenses 10,800 8,000 31,850 33,150 --------------- -------------- ---------------- -------------- 114,392 93,479 122,583 100,131 Recoveries on loans charged-off: Commercial 213 358 669 815 Consumer 68 58 584 339 Commercial real estate 11 153 11 176 --------------- -------------- ---------------- -------------- Total recoveries 292 569 1,264 1,330 Loans charged-off: Commercial (928) (2,194) (5,601) (7,181) Consumer (1,511) (1,121) (5,950) (3,514) Commercial real estate (188) - (239) (33) --------------- -------------- ---------------- -------------- Total charge-offs (2,627) (3,315) (11,790) (10,728) --------------- -------------- ---------------- -------------- Net charge-offs (2,335) (2,746) (10,526) (9,398) --------------- -------------- ---------------- -------------- Balance at end of period $112,057 $90,733 $112,057 $90,733 =============== ============== ================ ============== Net charge-offs as a percentage of average loans outstanding 0.13 % 0.19 % 0.16 % 0.18 % Net Reserve Additions $8,465 $5,254 $21,324 $23,752
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income (unaudited) ---------------------------------------------------------------------------------------------------- December 2003 September 2003 December 2002 -------------------------------- ------------------------------ ------------------------------ Average Average Average Average Average Average Balance Interest Rate Balance Interest Rate Balance Interest Rate -------------------------------- ------------------------------ ------------------------------ (dollars in thousands) Earning Assets ------------------------------ Investment securities Taxable $12,743,163 $148,537 4.62 % $11,605,502 $131,158 4.48 % $8,033,417 $104,326 5.15 % Tax-exempt 242,901 3,829 6.25 229,566 3,771 6.52 113,895 1,820 6.34 Trading 190,658 1,917 3.99 155,541 2,115 5.40 272,107 4,068 5.93 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total investment securities 13,176,722 154,283 4.65 11,990,609 137,044 4.53 8,419,419 110,214 5.19 Federal funds sold 20,435 50 0.97 10,641 28 1.04 51,988 181 1.38 Loans Commercial mortgages 2,655,510 41,172 6.15 2,520,594 39,189 6.17 2,241,044 37,009 6.55 Commercial 1,760,615 23,285 5.25 1,612,069 21,968 5.41 1,338,892 19,816 5.87 Consumer 2,444,764 35,773 5.81 2,262,426 34,309 6.02 1,963,307 33,928 6.86 Tax-exempt 283,291 5,497 7.70 271,436 5,266 7.70 195,972 4,517 9.14 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total loans 7,144,180 105,727 5.87 6,666,525 100,732 5.99 5,739,215 95,270 6.59 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total earning assets $20,341,337 $260,060 5.07 % $18,667,775 $237,804 5.06 % $14,210,622 $205,665 5.74 % =========== =========== =========== Sources of Funds ------------------------------ Interest-bearing liabilities Regular savings $4,251,627 $7,597 0.71 % $3,938,114 $6,889 0.69 % $2,809,817 $7,110 1.00 % Interest checking accounts 546,350 937 0.68 484,279 874 0.72 393,844 919 0.93 Money market plus 7,684,235 13,326 0.69 6,808,745 11,216 0.65 5,048,365 12,375 0.97 Time deposits 2,403,680 12,049 1.99 2,470,306 13,849 2.22 2,054,038 14,376 2.78 Public funds 923,561 3,151 1.35 813,271 2,834 1.38 842,374 3,998 1.88 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits 15,809,453 37,060 0.93 14,514,715 35,662 0.97 11,148,438 38,778 1.38 Other borrowed money 411,079 921 0.89 727,128 1,111 0.61 201,547 729 1.44 Long-term debt 200,000 3,020 5.99 200,000 3,020 5.99 200,000 3,022 5.99 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits and interest- bearing liabilities 16,420,532 41,001 0.99 15,441,843 39,793 1.02 11,549,985 42,529 1.46 Noninterest-bearing funds (net) 3,920,805 3,225,932 2,660,637 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total sources to fund earning assets $20,341,337 41,001 0.80 $18,667,775 39,793 0.85 $14,210,622 42,529 1.19 =========== ---------- ----- =========== -------- ----- =========== -------- ------ Net interest income and margin tax-equivalent basis $219,059 4.27 % $198,011 4.21 % $163,136 4.55 % ========== ===== ======== ===== ======== ====== Other Balances ------------------------------ Cash and due from banks $905,464 $971,495 $788,271 Other assets 1,101,329 1,180,451 831,250 Total assets 22,241,356 20,717,697 15,741,365 Total deposits 20,171,403 18,611,894 14,170,281 ----------- ----------- ----------- Demand deposits (noninterest-bearing) 4,361,950 4,097,179 3,021,843 Other liabilities 232,037 243,799 283,708 Stockholders' equity 1,226,837 934,876 885,829 Allowance for loan losses 106,774 102,024 88,778
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. Exhibit 99.22
Commerce Bancorp, Inc. and Subsidiaries Detail of Selected Balance Sheet Accounts (unaudited) --------------------------------------------------------------------------------------------------------------------- (dollars in thousands) December 31, September 30, December 31, ------------------------------------------------------------- 2003 2003 2002 --------------------------------------------------------------------------------------------------------------------- Bank Premises and Equipment Land $ 180,324 $ 175,890 $ 123,880 Buildings 323,810 324,107 247,508 Leasehold Improvements 128,261 71,065 43,130 Furniture, Fixtures & Equipment 335,580 318,266 265,712 Capital Leases 124 124 124 ------------------------------------------------------------- 968,098 889,452 680,354 Less: Accumulated Depreciation (243,809) (231,034) (181,165) ------------------------------------------------------------- 724,288 658,418 499,189 Premises and Equipment In Progress 87,162 95,835 81,629 ------------------------------------------------------------- Total Bank premises and equipment, net $ 811,451 $ 754,253 $ 580,818 ============================================================= Other Assets Goodwill & Intangible Assets $ 9,859 $ 10,007 $ 8,570 Other Real Estate 1,831 1,670 3,589 Overdrafts 20,247 24,851 25,994 Accrued Interest 89,316 96,333 67,758 Prepaid Expenses 21,493 21,888 11,500 Other Investments 29,768 24,178 19,037 HBCU - Black College Program - - 75,196 Receivable for Unsettled Trades - - - Operating Leased Equipment 23,117 18,140 12,826 Bankers Acceptances Sold 13,691 9,380 - Trust Preferred Issuance Costs 5,083 5,128 5,263 Bank Owned Life Insurance - Acquired 5,305 5,255 5,083 Accounts Receivable - Commerce Insurance 34,178 27,041 22,872 Other Assets - Commerce Capital Markets 21,373 17,190 6,301 Other Miscellaneous Assets 32,491 13,485 22,680 ------------------------------------------------------------- Total Other Assets $ 307,752 $ 274,546 $ 286,669 =============================================================