EX-99 3 commerce8kex99-2.txt COMMERCE EX99.2 Exhibit 99.2
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) -------------------------------------------------------------------------------------------------------------------------------- June 30, March 31, Linked Quarter June 30, --------------------------------------------------------------- (dollars in thousands) 2004 2004 % Change 2003 % Change -------------------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $1,081,459 $971,897 11 % $1,013,885 7 % Federal funds sold 8,500 56,000 (85) 0 0 ----------------------------------------------------------------- Cash and cash equivalents 1,089,959 1,027,897 6 1,013,885 8 Loans held for sale 41,047 34,934 17 91,285 (55) Trading securities 182,105 234,359 (22) 209,451 (13) Securities available for sale 12,131,104 11,972,943 1 10,259,811 18 Securities held to maturity 3,772,204 2,871,593 31 841,752 348 Loans: Commercial real estate: Investor developer 1,308,103 1,236,862 6 981,657 33 Residential construction 174,431 144,326 21 113,931 53 ----------------------------------------------------------------- 1,482,534 1,381,188 7 1,095,588 35 Commercial loans: Term 1,111,848 1,071,736 4 897,252 24 Line of credit 1,046,104 960,080 9 787,084 33 Demand 0 1,080 (100) 1,512 (100) ----------------------------------------------------------------- 2,157,952 2,032,896 6 1,685,848 28 Owner-occupied 1,805,336 1,710,098 6 1,486,464 21 ----------------------------------------------------------------- 3,963,288 3,742,994 6 3,172,312 25 Consumer: Mortgages (1-4 family residential) 1,111,049 984,415 13 676,350 64 Installment 134,710 135,406 (1) 135,750 (1) Home equity 1,573,454 1,485,055 6 1,239,553 27 Credit lines 65,421 59,081 11 59,070 11 ----------------------------------------------------------------- 2,884,634 2,663,957 8 2,110,723 37 ----------------------------------------------------------------- Total loans 8,330,456 7,788,139 7 6,378,623 31 --------- --------- - --------- -- Less allowance for loan losses 124,688 117,329 6 99,318 26 ----------------------------------------------------------------- 8,205,768 7,670,810 7 6,279,305 31 Bank premises and equipment, net 906,455 856,634 6 701,246 29 Other assets 410,029 286,081 43 440,577 (7) ----------------------------------------------------------------- $26,738,671 $24,955,251 7 % $19,837,312 35 % ================================================================= Liabilities Deposits: Demand: Noninterest-bearing $5,622,574 $5,092,813 10 % $4,185,186 34 % Interest-bearing 9,632,178 9,313,838 3 6,616,309 46 Savings 5,597,767 4,995,245 12 3,786,798 48 Time 3,209,229 3,480,782 (8) 3,198,789 0 ----------------------------------------------------------------- Total deposits 24,061,748 22,882,678 5 17,787,082 35 Other borrowed money 944,040 137,978 584 507,975 86 Other liabilities 204,768 282,039 (27) 331,765 (38) Convertible Trust Capital Securities 200,000 200,000 0 200,000 0 -Commerce Capital Trust II ----------------------------------------------------------------- 25,410,556 23,502,695 8 18,826,822 35 Stockholders' Common stock 78,658 78,120 1 69,921 12 Equity Capital in excess of par or stated value 936,539 912,905 3 591,060 58 Retained earnings 446,260 394,794 13 265,239 68 Accumulated other comprehensive income (122,003) 78,076 (256) 89,515 (236) ----------------------------------------------------------------- 1,339,454 1,463,895 (9) 1,015,735 32 Less treasury stock, at cost 11,339 11,339 0 5,245 116 ----------------------------------------------------------------- Total stockholders' equity 1,328,115 1,452,556 (9) 1,010,490 31 ----------------------------------------------------------------- $26,738,671 $24,955,251 7 % $19,837,312 35 % =================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ (dollars in thousands) June 30, March 31, 2004 June 30, 2003 -------------------------------------------------------------------------------------- 2004 Actual $ Change % Change Actual $ Change % Change ------------------------------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $1,081,459 $971,897 $109,562 11 % $1,013,885 $67,574 7 % Federal funds sold 8,500 56,000 (47,500) (85) 0 8,500 0 ---------------------------------------------------------------------------------- Cash and cash equivalents 1,089,959 1,027,897 62,062 6 1,013,885 76,074 8 Loans held for sale 41,047 34,934 6,113 17 91,285 (50,238) (55) Trading securities 182,105 234,359 (52,254) (22) 209,451 (27,346) (13) Securities available for sale 12,131,104 11,972,943 158,161 1 10,259,811 1,871,293 18 Securities held to maturity 3,772,204 2,871,593 900,611 31 841,752 2,930,452 348 Loans 8,330,456 7,788,139 542,317 7 6,378,623 1,951,833 31 Less allowance for loan losses 124,688 117,329 7,359 6 99,318 25,370 26 ---------------------------------------------------------------------------------- 8,205,768 7,670,810 534,958 7 6,279,305 1,926,463 31 Reserve % 1.50% 1.51% 1.56% Bank premises and equipment, net 906,455 856,634 49,821 6 701,246 205,209 29 Other assets 410,029 286,081 123,948 43 440,577 (30,548) (7) ---------------------------------------------------------------------------------- $26,738,671 $24,955,251 $1,783,420 7 % $19,837,312 $6,901,359 35 % ================================================================================== Liabilities Deposits: Demand: Noninterest-bearing $5,622,574 $5,092,813 $529,761 10 % $4,185,186 $1,437,388 34 % Interest-bearing 9,632,178 9,313,838 318,340 3 6,616,309 3,015,869 46 Savings 5,597,767 4,995,245 602,522 12 3,786,798 1,810,969 48 Time 3,209,229 3,480,782 (271,553) (8) 3,198,789 10,440 0 ---------------------------------------------------------------------------------- Total deposits 24,061,748 22,882,678 1,179,070 5 17,787,082 6,274,666 35 Core deposits 23,108,553 21,706,134 1,402,419 6 17,002,324 6,106,229 36 Total other liabilities 1,348,808 620,017 728,791 118 1,039,740 309,068 30 ---------------------------------------------------------------------------------- 25,410,556 23,502,695 1,907,861 8 18,826,822 6,583,734 35 Stockholders' Equity 1,328,115 1,452,556 (124,441) (9) 1,010,490 317,625 31 ---------------------------------------------------------------------------------- $26,738,671 $24,955,251 $1,783,420 7 % $19,837,312 $6,901,359 35 % ==================================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ---------------------------------------------------------------------------------------------------------------- June 30, December 31, ----------------------------- (dollars in thousands) 2004 2003 ---------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $1,081,459 $910,092 Federal funds sold 8,500 0 ----------------------------- Cash and cash equivalents 1,089,959 910,092 Loans held for sale 41,047 42,769 Trading securities 182,105 170,458 Securities available for sale 12,131,104 10,650,655 Securities held to maturity 3,772,204 2,490,484 (market value 06/04-$3,696,221; 12/03-$2,467,192) Loans 8,330,456 7,440,576 Less allowance for loan losses 124,688 112,057 ----------------------------- 8,205,768 7,328,519 Bank premises and equipment, net 906,455 811,451 Other assets 410,029 307,752 ----------------------------- $26,738,671 $22,712,180 ============================= Liabilities Deposits: Demand: Noninterest-bearing $5,622,574 $4,574,714 Interest-bearing 9,632,178 8,574,297 Savings 5,597,767 4,222,282 Time 3,209,229 3,330,107 ----------------------------- Total deposits 24,061,748 20,701,400 Other borrowed money 944,040 311,510 Other liabilities 204,768 221,982 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 ----------------------------- 25,410,556 21,434,892 Stockholders' Common stock, 78,658,414 shares issued (76,869,415 shares in 2003) 78,658 76,869 Equity Capital in excess of par or stated value 936,539 866,095 Retained earnings 446,260 347,365 Accumulated other comprehensive income (122,003) (3,702) ----------------------------- 1,339,454 1,286,627 Less treasury stock, at cost, 397,859 shares (363,076 shares in 2003) 11,339 9,339 ----------------------------- Total stockholders' equity 1,328,115 1,277,288 ----------------------------- $26,738,671 $22,712,180 =============================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended Six Months Ended June 30, June 30, -------------------------------- ------------------------------- (dollars in thousands, except per share amounts) 2004 2003 % Change 2004 2003 % Change ----------------------------------------------------------------------------------------------- --------------------------------- Interest Interest and fees on loans $113,947 $95,548 19 % $222,160 $188,669 18 % income Interest on investments 177,929 123,098 45 341,428 236,759 44 Other interest 154 98 57 494 177 179 ------------------------------ --------------------------------- Total interest income 292,030 218,744 34 564,082 425,605 33 ------------------------------ --------------------------------- Interest Interest on deposits: expense Demand 18,729 11,961 57 34,672 24,358 42 Savings 10,216 6,754 51 18,002 13,109 37 Time 14,264 17,387 (18) 28,907 34,233 (16) ------------------------------ --------------------------------- Total interest on deposits 43,209 36,102 20 81,581 71,700 14 Interest on other borrowed money 1,052 318 231 1,500 1,232 22 Interest on long-term debt 3,020 3,020 0 6,040 6,040 0 ------------------------------ --------------------------------- Total interest expense 47,281 39,440 20 89,121 78,972 13 ------------------------------ --------------------------------- Net interest income 244,749 179,304 36 474,961 346,633 37 Provision for loan losses 10,748 6,900 56 20,248 13,800 47 ------------------------------ --------------------------------- Net interest income after provision for loan losses 234,001 172,404 36 454,713 332,833 37 Noninterest Deposit charges and service fees 52,717 38,765 36 98,198 73,607 33 income Other operating income 38,923 43,388 (10) 79,250 84,748 (6) Net investment securities gains 635 1,217 (48) 1,059 1,081 (2) ------------------------------ --------------------------------- Total noninterest income 92,275 83,370 11 178,507 159,436 12 ------------------------------ --------------------------------- Total Revenues 337,024 262,674 28 653,468 506,069 29 Noninterest Salaries and benefits 104,110 86,338 21 201,450 168,420 20 expense Occupancy 27,949 22,695 23 56,059 43,183 30 Furniture and equipment 27,001 20,556 31 51,180 41,782 22 Office 10,920 9,233 18 21,840 18,419 19 Marketing 9,278 9,198 1 17,974 14,474 24 Other 46,997 39,658 19 90,002 73,521 22 ------------------------------ --------------------------------- Total noninterest expenses 226,255 187,678 21 438,505 359,799 22 ------------------------------ --------------------------------- Income before income taxes 100,021 68,096 47 194,715 132,470 47 Provision for federal and state income taxes 33,786 22,779 48 66,505 44,263 50 ------------------------------ --------------------------------- Net income $66,235 $45,317 46 % $128,210 $88,207 45 % ============================== ================================= Net income per common and common equivalent share: Basic $0.85 $0.65 31 % $1.65 $1.28 29 % ------------------------------ --------------------------------- Diluted $0.79 $0.63 25 $1.54 $1.23 25 ------------------------------ --------------------------------- Average common and common equivalent shares outstanding: Basic 77,980 69,193 13 77,572 68,758 13 ------------------------------ --------------------------------- Diluted 86,260 72,128 20 85,893 71,944 19 ------------------------------ --------------------------------- Cash dividends, common stock $0.19 $0.16 19 % $0.38 $0.33 15 % ============================== =================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) -------------------------------------------------------------------------------------------------------------------------------- Three Months Ended ------------------------------------------------------------------- June 30, March 31, June 30, ------------------------------------------------------------------- (dollars in thousands, except per share amounts) 2004 2004 % Change 2003 % Change -------------------------------------------------------------------------------------------------------------------------------- Interest Interest and fees on loans $113,947 $108,213 5 % $95,548 19 % income Interest on investments 177,929 163,499 9 123,098 45 Other interest 154 340 (55) 98 57 ---------------------------------------- ----------------------- Total interest income 292,030 272,052 7 218,744 34 ---------------------------------------- ----------------------- Interest Interest on deposits: expense Demand 18,729 15,943 17 11,961 57 Savings 10,216 7,786 31 6,754 51 Time 14,264 14,643 (3) 17,387 (18) ---------------------------------------- ----------------------- Total interest on deposits 43,209 38,372 13 36,102 20 Interest on other borrowed money 1,052 448 135 318 231 Interest on long-term debt 3,020 3,020 0 3,020 0 ---------------------------------------- ----------------------- Total interest expense 47,281 41,840 13 39,440 20 ---------------------------------------- ----------------------- Net interest income 244,749 230,212 6 179,304 36 Provision for loan losses 10,748 9,500 13 6,900 56 ---------------------------------------- ----------------------- Net interest income after provision for loan losses234,001 220,712 6 172,404 36 Noninterest Deposit charges and service fees 52,717 45,481 16 38,765 36 income Other operating income 38,923 40,327 (3) 43,388 (10) Net investment securities gains 635 424 50 1,217 (48) ---------------------------------------- ----------------------- Total noninterest income 92,275 86,232 7 83,370 11 ---------------------------------------- ----------------------- Total Revenues 337,024 316,444 7 262,674 28 Noninterest Salaries and benefits 104,110 97,340 7 86,338 21 expense Occupancy 27,949 28,110 (1) 22,695 23 Furniture and equipment 27,001 24,179 12 20,556 31 Office 10,920 10,920 0 9,233 18 Marketing 9,278 8,696 7 9,198 1 Other 46,997 43,005 9 39,658 19 ---------------------------------------- ----------------------- Total noninterest expenses 226,255 212,250 7 187,678 21 ---------------------------------------- ----------------------- Income before income taxes 100,021 94,694 6 68,096 47 Provision for federal and state income taxes 33,786 32,719 3 22,779 48 ---------------------------------------- ----------------------- Net income $66,235 $61,975 7 % $45,317 46 % ======================================== ======================= Net income per common and common equivalent share: Basic $0.85 $0.80 6 % $0.65 31 % ---------------------------------------- ----------------------- Diluted $0.79 $0.75 5 $0.63 25 ---------------------------------------- ----------------------- Average common and common equivalent shares outstanding: Basic 77,980 77,164 1 69,193 13 ---------------------------------------- ----------------------- Diluted 86,260 85,532 1 72,128 20 ---------------------------------------- ----------------------- Cash dividends, common stock $0.19 $0.19 0 % $0.16 19 % ======================================== ======================= Return on average assets 1.03 % 1.06 % 0.98 % Return on average equity 19.86 17.91 17.91
Commerce Bancorp, Inc. Selected Consolidated Financial Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------------------------------------- -------------------------------- % % 2004 2003 Change 2004 2003 Change ----------- ------------- ------------ ------------ ------------- -------- (dollars and shares in thousands) (dollars and shares in thousands) Income Statement Data: Net interest income $244,749 $179,304 36 % $474,961 $346,633 37 % Provision for loan losses 10,748 6,900 56 20,248 13,800 47 Noninterest income 92,275 83,370 11 178,507 159,436 12 Total revenues 337,024 262,674 28 653,468 506,069 29 Noninterest expense 226,255 187,678 21 438,505 359,799 22 Net income 66,235 45,317 46 128,210 88,207 45 Per Share Data: Net income - Basic $0.85 $0.65 31 % $1.65 $1.28 29 % Net income - Diluted 0.79 0.63 25 1.54 1.23 25 Book value - Basic $16.97 $14.51 17 % Book value - Diluted, excludes conversion 16.04 13.88 16 Book value - Diluted if converted 17.65 0.00 - Revenue per share - Diluted, excludes conversion $16.35 $14.57 12 % $15.92 $14.07 13 % Weighted Average Shares Outstanding: Basic 77,980 69,193 77,572 68,758 Diluted 86,260 72,128 85,893 71,944 Balance Sheet Data: Total assets $26,738,671 $19,837,312 35 % Loans (net) 8,205,768 6,279,305 31 Allowance for loan losses 124,688 99,318 26 Securities available for sale 12,131,104 10,259,811 18 Securities held to maturity 3,772,204 841,752 348 Total deposits 24,061,748 17,787,082 35 Core deposits 23,108,553 17,002,324 36 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 - Stockholders' equity 1,328,115 1,010,490 31 Capital: Stockholders' equity to total assets 4.97 % 5.09 % Risk-based capital ratios: Tier I 12.47 11.13 Total capital 13.42 12.12 Leverage ratio 6.11 6.04 Performance Ratios: Cost of funds 0.81 % 0.95 % 0.80 % 1.00 % Net interest margin 4.29 4.41 4.34 4.50 Return on average assets 1.03 0.98 1.04 1.00 Return on average total stockholders' equity 19.86 17.91 18.87 17.92
The following summary presents information regarding non-performing loans and assets as of June 30, 2004 and the preceding four quarters (dollar amounts in thousands). June 30, March 31, December 31, September 30, June 30, 2004 2004 2003 2003 2003 -------------- -------------- -------------- -------------- -------------- Non-accrual loans: Commercial $17,382 $19,701 $6,867 $7,295 $7,049 Consumer 11,675 9,984 9,242 8,295 9,517 Commercial real estate: Construction - - 138 - - Mortgage 675 810 5,494 7,502 5,970 -------------- -------------- -------------- -------------- -------------- Total non-accrual loans 29,732 30,495 21,741 23,092 22,536 -------------- -------------- -------------- -------------- -------------- Restructured loans: Commercial 1 1 1 2 3 Consumer - - - - - Commercial real estate: Construction - - - - - Mortgage - - - - - -------------- -------------- -------------- -------------- -------------- Total restructured loans 1 1 1 2 3 -------------- -------------- -------------- -------------- -------------- Total non-performing loans 29,733 30,496 21,742 23,094 22,539 -------------- -------------- -------------- -------------- -------------- Other real estate 653 1,890 1,831 1,670 1,540 -------------- -------------- -------------- -------------- -------------- Total non-performing assets 30,386 32,386 23,573 24,764 24,079 -------------- -------------- -------------- -------------- -------------- Loans past due 90 days or more and still accruing 318 696 538 649 434 -------------- -------------- -------------- -------------- -------------- Total non-performing assets and loans past due 90 days or more $30,704 $33,082 $24,111 $25,413 $24,513 ============== ============== ============== ============== ============== Total non-performing loans as a percentage of total period-end loans 0.36% 0.39% 0.29% 0.34% 0.35% Total non-performing assets as a percentage of total period-end assets 0.11% 0.13% 0.10% 0.12% 0.12% Total non-performing assets and loans past due 90 days or more as a percentage of total period-end assets 0.11% 0.13% 0.11% 0.12% 0.12% Allowance for loan losses as a percentage of total non-performing loans 419% 385% 515% 449% 441% Allowance for loan losses as a percentage of total period-end loans 1.50% 1.51% 1.51% 1.52% 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) Year Three Months Ended Six Months Ended Ended ----------------------------- ---------------------------- 06/30/04 06/30/03 06/30/04 06/30/03 12/31/03 ------------ ----------- ------------ ---------- ------------- Balance at beginning of period $117,329 $94,731 $112,057 $90,733 $90,733 Provisions charged to operating expenses 10,748 6,900 20,248 13,800 31,850 ------------ ----------- ------------ ---------- ------------- 128,077 101,631 132,305 104,533 122,583 Recoveries on loans charged-off: Commercial 104 141 260 345 669 Consumer 101 146 371 277 584 Commercial real estate 1 - 48 - 11 ------------ ----------- ------------ ---------- ------------- Total recoveries 206 287 679 622 1,264 Loans charged-off: Commercial (2,587) (1,197) (4,880) (3,065) (5,601) Consumer (1,004) (1,390) (1,776) (2,755) (5,950) Commercial real estate (4) (13) (1,640) (17) (239) ------------ ----------- ------------ ---------- ------------- Total charge-offs (3,595) (2,600) (8,296) (5,837) (11,790) ------------ ----------- ------------ ---------- ------------- Net charge-offs (3,389) (2,313) (7,617) (5,215) (10,526) ------------ ----------- ------------ ---------- ------------- Balance at end of period $124,688 $99,318 $124,688 $99,318 $112,057 ============ =========== ============ ========== ============= Net charge-offs as a percentage of average loans outstanding 0.17 % 0.15 % 0.19 % 0.17 % 0.16 % Net Reserve Additions $7,359 $4,587 $12,631 $8,585 $21,324
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income (unaudited) ------------------------------------------------------------------------------------------------ June 2004 March 2004 June 2003 ---------------------------- ----------------------------- ------------------------------ Average Average Average Average Average Average Balance Interest Rate Balance Interest Rate Balance Interest Rate ---------------------------- ----------------------------- ------------------------------ (dollars in thousands) Earning Assets ------------------------------------ Investment securities Taxable $14,747,643 $173,678 4.74 % $13,295,903 $159,648 4.83 % $10,026,080 $119,147 4.77 % Tax-exempt 290,200 4,465 6.19 256,628 3,860 6.05 192,892 3,689 7.67 Trading 174,578 2,075 4.78 161,701 2,065 5.14 158,297 2,389 6.05 ---------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total investment securities 15,212,421 180,218 4.76 13,714,232 165,573 4.86 10,377,269 125,225 4.84 Federal funds sold 62,357 154 0.99 144,297 340 0.95 32,095 97 1.21 Loans Commercial mortgages 3,021,768 45,333 6.03 2,793,159 42,782 6.16 2,319,945 37,156 6.42 Commercial 1,961,351 25,477 5.22 1,878,353 24,535 5.25 1,552,400 21,587 5.58 Consumer 2,767,826 39,079 5.68 2,603,037 36,936 5.71 2,109,143 33,336 6.34 Tax-exempt 335,505 6,243 7.48 337,313 6,092 7.26 264,737 5,338 8.09 ----------- -------- ----- ----------- -------- ----- ----------- -------- ------ Total loans 8,086,450 116,132 5.78 7,611,862 110,345 5.83 6,246,225 97,417 6.26 ----------- -------- ----- ----------- -------- ----- ----------- -------- ------ Total earning assets $23,361,228 $296,504 5.10 % $21,470,391 $276,258 5.17 % $16,655,589 $222,739 5.36 % =========== =========== =========== Sources of Funds ------------------------------------ Interest-bearing liabilities Savings $5,276,657 $10,216 0.78 % $4,492,847 $7,786 0.70 % $3,477,229 $6,754 0.78 % Interest bearing demand 9,643,771 18,729 0.78 8,986,070 15,943 0.71 6,427,333 11,961 0.75 Time deposits 2,507,526 11,378 1.82 2,430,589 11,323 1.87 2,313,690 14,093 2.44 Public funds 856,683 2,886 1.35 968,513 3,320 1.38 878,005 3,294 1.50 ---------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits 18,284,637 43,209 0.95 16,878,019 38,372 0.91 13,096,257 36,102 1.11 Other borrowed money 523,931 1,052 0.81 174,746 448 1.03 278,780 318 0.46 Long-term debt 200,000 3,020 6.07 200,000 3,020 6.07 200,000 3,020 6.06 ---------- --------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits and interest-bearing 19,008,568 47,281 1.00 17,252,765 41,840 0.98 13,575,037 39,440 1.17 liabilities Noninterest-bearing funds (net) 4,352,660 4,217,626 3,080,552 ----------- -------- ----- ----------- -------- ----- ----------- -------- ------ Total sources to fund earning $23,361,228 47,281 0.81 $21,470,391 41,840 0.78 $16,655,589 39,440 0.95 assets =========== -------- ----- =========== -------- ----- =========== -------- ------ Net interest income and margin tax-equivalent basis $249,223 4.29 % $234,418 4.39 % $183,299 4.41 % ========= ===== ======== ===== ======== ====== Other Balances ------------------------------------ Cash and due from banks $1,163,942 $1,007,182 $945,600 Other assets 1,419,098 1,129,880 994,784 Total assets 25,822,157 23,491,544 18,498,841 Total deposits 23,541,453 21,478,730 16,734,886 Demand deposits (noninterest-bearing)5,256,816 4,600,711 3,638,629 Other liabilities 222,779 253,890 273,183 Stockholders' equity 1,333,994 1,384,178 1,011,992 Allowance for loan losses 122,111 115,909 97,132 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 Computation of Net Income Per Share (dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, ------------------------- -------------------------- 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Basic: Net income $66,235 $45,317 $128,210 $88,207 =========== =========== =========== =========== Average common shares outstanding 77,980 69,193 77,572 68,758 =========== =========== =========== =========== Net income per share of common stock $0.85 $0.65 $1.65 $1.28 =========== =========== =========== =========== Diluted: Net income $66,235 $45,317 $128,210 $88,207 Interest expense on trust preferred securities 1,963 3,926 ----------- ----------- ----------- ----------- $68,198 $45,317 $132,136 $88,207 =========== =========== =========== =========== Average common shares outstanding 77,980 69,193 77,572 68,758 Additional shares considered in diluted computation assuming: Exercise of stock options 4,489 2,935 4,530 3,186 Conversion of trust preferred securities 3,791 3,791 ----------- ----------- ----------- ----------- Average number of shares outstanding on a diluted basis 86,260 72,128 85,893 71,944 =========== =========== =========== =========== Net income per common share - diluted $0.79 $0.63 $1.54 $1.23 =========== =========== =========== ===========