EX-99 3 exhibit99-2.txt EXHIBIT 99.2
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ September 30, June 30, Linked Quarter September 30, -------------------------------------------------------------- (dollars in thousands) 2004 2004 % Change 2003 % Change ------------------------------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $1,069,318 $1,081,459 (1)% $775,696 38% Federal funds sold 255,000 8,500 2,900 0 0 -------------------------------------------------------------- Cash and cash equivalents 1,324,318 1,089,959 22 775,696 71 Loans held for sale 36,740 41,047 (10) 94,596 (61) Trading securities 245,258 182,105 35 220,433 11 Securities available for sale 12,692,985 12,131,104 5 10,416,934 22 Securities held to maturity 4,080,134 3,772,204 8 2,102,235 94 Loans: Commercial real estate: Investor developer 1,391,812 1,308,103 6 1,087,956 28 Residential construction 182,443 174,431 5 125,652 45 -------------------------------------------------------------- 1,574,255 1,482,534 6 1,213,608 30 Commercial loans: Term 1,184,854 1,111,848 7 887,687 33 Line of credit 1,105,510 1,046,104 6 840,736 31 Demand 0 0 0 1,080 (100) -------------------------------------------------------------- 2,290,364 2,157,952 6 1,729,503 32 Owner-occupied 1,913,351 1,805,336 6 1,535,906 25 -------------------------------------------------------------- 4,203,715 3,963,288 6 3,265,409 29 Consumer: Mortgages (1-4 family residential) 1,216,110 1,111,049 9 842,321 44 Installment 136,538 134,710 1 140,337 (3) Home equity 1,712,733 1,573,454 9 1,306,462 31 Credit lines 67,616 65,421 3 55,931 21 -------------------------------------------------------------- 3,132,997 2,884,634 9 2,345,051 34 -------------------------------------------------------------- Total loans 8,910,967 8,330,456 7 6,824,068 31 Less allowance for loan losses 131,529 124,688 5 103,592 27 -------------------------------------------------------------- 8,779,438 8,205,768 7 6,720,476 31 Bank premises and equipment, net 963,459 906,455 6 754,253 28 Other assets 309,149 410,029 (25) 274,546 13 -------------------------------------------------------------- $28,431,481 $26,738,671 6% $21,359,169 33% ============================================================== Liabilities Deposits: Demand: Noninterest-bearing $6,047,322 $5,622,574 8 % $4,323,354 40 % Interest-bearing 10,886,783 9,632,178 13 7,622,949 43 Savings 6,104,644 5,597,767 9 4,175,377 46 Time 3,202,883 3,209,229 (0) 3,433,417 (7) -------------------------------------------------------------- Total deposits 26,241,632 24,061,748 9 19,555,097 34 Other borrowed money 165,853 944,040 (82) 155,849 6 Other liabilities 274,377 204,768 34 213,661 28 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 0 200,000 0 -------------------------------------------------------------- 26,881,862 25,410,556 6 20,124,607 34 Stockholders' Common stock 79,436 78,658 1 75,806 5 Equity Capital in excess of par or stated value 967,296 936,539 3 824,255 17 Retained earnings 501,477 446,260 12 303,221 65 Accumulated other comprehensive income 12,748 (122,003) (110) 36,523 (65) -------------------------------------------------------------- 1,560,957 1,339,454 17 1,239,805 26 Less treasury stock, at cost 11,338 11,339 (0) 5,243 116 -------------------------------------------------------------- Total stockholders' equity 1,549,619 1,328,115 17 1,234,562 26 -------------------------------------------------------------- $28,431,481 $26,738,671 6 % $21,359,169 33 % ==============================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ (dollars in thousands) September 30, June 30, 2004 September 30, 2003 ----------------------------------------------------------------------------------------- 2004 Actual $ Change % Change Actual $ Change % Change ------------------------------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $1,069,318 $1,081,459 ($12,141) (1)% $775,696 $293,622 38% Federal funds sold 255,000 8,500 246,500 2,900 0 255,000 0 ---------------------------------------------------------------------------------------- Cash and cash equivalents 1,324,318 1,089,959 234,359 22 775,696 548,622 71 Loans held for sale 36,740 41,047 (4,307) (10) 94,596 (57,856) (61) Trading securities 245,258 182,105 63,153 35 220,433 24,825 11 Securities available for sale 12,692,985 12,131,104 561,881 5 10,416,934 2,276,051 22 Securities held to maturity 4,080,134 3,772,204 307,930 8 2,102,235 1,977,899 94 Loans 8,910,967 8,330,456 580,511 7 6,824,068 2,086,899 31 Less allowance for loan losses 131,529 124,688 6,841 5 103,592 27,937 27 ---------------------------------------------------------------------------------------- 8,779,438 8,205,768 573,670 7 6,720,476 2,058,962 31 Reserve % 1.48% 1.50% 1.52% Bank premises and equipment, net 963,459 906,455 57,004 6 754,253 209,206 28 Other assets 309,149 410,029 (100,880) (25) 274,546 34,603 13 ---------------------------------------------------------------------------------------- $28,431,481 $26,738,671 $1,692,810 6% $21,359,169 $7,072,312 33% ======================================================================================== Liabilities Deposits: Demand: Noninterest-bearing $6,047,322 $5,622,574 $424,748 8% $4,323,354 $1,723,968 40% Interest-bearing 10,886,783 9,632,178 1,254,605 13 7,622,949 3,263,834 43 Savings 6,104,644 5,597,767 506,877 9 4,175,377 1,929,267 46 Time 3,202,883 3,209,229 (6,346) (0) 3,433,417 (230,534) (7) ---------------------------------------------------------------------------------------- Total deposits 26,241,632 24,061,748 2,179,884 9 19,555,097 6,686,535 34 Core deposits 25,108,705 23,108,553 2,000,152 9 18,595,755 6,512,950 35 Total other liabilities 640,230 1,348,808 (708,578) (53) 569,510 70,720 12 ---------------------------------------------------------------------------------------- 26,881,862 25,410,556 1,471,306 6 20,124,607 6,757,255 34 Stockholders' Equity 1,549,619 1,328,115 221,504 17 1,234,562 315,057 26 ---------------------------------------------------------------------------------------- $28,431,481 $26,738,671 $1,692,810 6% $21,359,169 $7,072,312 33% ========================================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ---------------------------------------------------------------------------------------------------------------- September 30, December 31, ----------------------------- (dollars in thousands) 2004 2003 ---------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $1,069,318 $910,092 Federal funds sold 255,000 0 ----------------------------- Cash and cash equivalents 1,324,318 910,092 Loans held for sale 36,740 42,769 Trading securities 245,258 170,458 Securities available for sale 12,692,985 10,650,655 Securities held to maturity 4,080,134 2,490,484 (market value 09/04-$4,069,903; 12/03-$2,467,192) Loans 8,910,967 7,440,576 Less allowance for loan losses 131,529 112,057 ----------------------------- 8,779,438 7,328,519 Bank premises and equipment, net 963,459 811,451 Other assets 309,149 307,752 ----------------------------- $28,431,481 $22,712,180 ============================= Liabilities Deposits: Demand: Noninterest-bearing $6,047,322 $4,574,714 Interest-bearing 10,886,783 8,574,297 Savings 6,104,644 4,222,282 Time 3,202,883 3,330,107 ----------------------------- Total deposits 26,241,632 20,701,400 Other borrowed money 165,853 311,510 Other liabilities 274,377 221,982 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 ----------------------------- 26,881,862 21,434,892 Stockholders' Common stock, 79,435,506 shares issued (76,869,415 shares in 2003) 79,436 76,869 Equity Capital in excess of par or stated value 967,296 866,095 Retained earnings 501,477 347,365 Accumulated other comprehensive income 12,748 (3,702) ----------------------------- 1,560,957 1,286,627 Less treasury stock, at cost, 397,805 shares (363,076 shares in 2003) 11,338 9,339 ----------------------------- Total stockholders' equity 1,549,619 1,277,288 ----------------------------- $28,431,481 $22,712,180 =============================
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) 2004 2003 % Change 2004 2003 % Change ------------------------------------------------------------------------------------------- ----------------------------------- Interest Interest and fees on loans $124,698 $98,889 26 % $346,858 $287,558 21 % income Interest on investments 195,968 134,984 45 537,396 371,743 45 Other interest 148 28 429 642 205 213 ------------------------------------ ----------------------------------- Total interest income 320,814 233,901 37 884,896 659,506 34 ------------------------------------ ----------------------------------- Interest Interest on deposits: expense Demand 24,539 12,090 103 59,211 36,448 62 Savings 12,408 6,890 80 30,410 19,999 52 Time 14,210 16,682 (15) 43,117 50,915 (15) ------------------------------------ ----------------------------------- Total interest on deposits 51,157 35,662 43 132,738 107,362 24 Interest on other borrowed money 2,255 1,110 103 3,755 2,342 60 Interest on long-term debt 3,020 3,020 0 9,060 9,060 0 ------------------------------------ ----------------------------------- Total interest expense 56,432 39,792 42 145,553 118,764 23 ------------------------------------ ----------------------------------- Net interest income 264,382 194,109 36 739,343 540,742 37 Provision for loan losses 10,750 7,250 48 30,998 21,050 47 ------------------------------------ ----------------------------------- Net interest income after provision for loan losses 253,632 186,859 36 708,345 519,692 36 Noninterest Deposit charges and service fees 57,081 41,500 38 155,279 115,107 35 income Other operating income 42,089 41,976 0 121,339 126,724 (4) Net investment securities gains 943 1,682 (44) 2,002 2,763 (28) ------------------------------------ ----------------------------------- Total noninterest income 100,113 85,158 18 278,620 244,594 14 ------------------------------------ ----------------------------------- Total Revenues 364,495 279,267 31 1,017,963 785,336 30 Noninterest Salaries and benefits 114,467 92,732 23 315,917 261,152 21 expense Occupancy 31,689 24,760 28 87,748 67,943 29 Furniture and equipment 27,987 21,770 29 79,167 63,552 25 Office 11,082 9,906 12 32,922 28,325 16 Marketing 8,994 9,412 (4) 26,968 23,886 13 Other 52,943 38,732 37 142,945 112,253 27 ------------------------------------ ----------------------------------- Total noninterest expenses 247,162 197,312 25 685,667 557,111 23 ------------------------------------ ----------------------------------- Income before income taxes 106,583 74,705 43 301,298 207,175 45 Provision for federal and state income taxes 36,493 25,231 45 102,998 69,494 48 ------------------------------------ ----------------------------------- Net income $70,090 $49,474 42 % $198,300 $137,681 44 % ==================================== =================================== Net income per common and common equivalent share: Basic $0.89 $0.70 27 % $2.54 $1.98 28 % ------------------------------------ ----------------------------------- Diluted $0.84 $0.67 25 $2.38 $1.90 25 ------------------------------------ ----------------------------------- Average common and common equivalent shares outstanding: Basic 78,625 70,787 11 77,925 69,442 12 ------------------------------------ ----------------------------------- Diluted 86,045 73,926 16 85,932 72,614 18 ------------------------------------ ----------------------------------- Cash dividends, common stock $0.19 $0.17 12 % $0.57 $0.50 14 % ==================================== ===================================
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) 2004 2004 % Change 2003 % Change -------------------------------------------------------------------------------------------------------------------------------- Interest Interest and fees on loans $124,698 $113,947 9 % $98,889 26 % income Interest on investments 195,968 177,929 10 134,984 45 Other interest 148 154 (4) 28 429 ---------------------------------------- ----------------------- Total interest income 320,814 292,030 10 233,901 37 ---------------------------------------- ----------------------- Interest Interest on deposits: expense Demand 24,539 18,729 31 12,090 103 Savings 12,408 10,216 21 6,890 80 Time 14,210 14,264 (0) 16,682 (15) ---------------------------------------- ----------------------- Total interest on deposits 51,157 43,209 18 35,662 43 Interest on other borrowed money 2,255 1,052 114 1,110 103 Interest on long-term debt 3,020 3,020 0 3,020 0 ---------------------------------------- ----------------------- Total interest expense 56,432 47,281 19 39,792 42 ---------------------------------------- ----------------------- Net interest income 264,382 244,749 8 194,109 36 Provision for loan losses 10,750 10,748 0 7,250 48 ---------------------------------------- ----------------------- Net interest income after provision for loan losses 253,632 234,001 8 186,859 36 Noninterest Deposit charges and service fees 57,081 52,717 8 41,500 38 income Other operating income 42,089 38,923 8 41,976 0 Net investment securities gains 943 635 49 1,682 (44) ---------------------------------------- ----------------------- Total noninterest income 100,113 92,275 8 85,158 18 ---------------------------------------- ----------------------- Total Revenues 364,495 337,024 8 279,267 31 Noninterest Salaries and benefits 114,467 104,110 10 92,732 23 expense Occupancy 31,689 27,949 13 24,760 28 Furniture and equipment 27,987 27,001 4 21,770 29 Office 11,082 10,920 1 9,906 12 Marketing 8,994 9,278 (3) 9,412 (4) Other 52,943 46,997 13 38,732 37 ---------------------------------------- ----------------------- Total noninterest expenses 247,162 226,255 9 197,312 25 ---------------------------------------- ----------------------- Income before income taxes 106,583 100,021 7 74,705 43 Provision for federal and state income taxes 36,493 33,786 8 25,231 45 ---------------------------------------- ----------------------- Net income $70,090 $66,235 6 % $49,474 42 % ======================================== ======================= Net income per common and common equivalent share: Basic $0.89 $0.85 5 % $0.70 27 % ---------------------------------------- ----------------------- Diluted $0.84 $0.79 6 $0.67 25 ---------------------------------------- ----------------------- Average common and common equivalent shares outstanding: Basic 78,625 77,980 1 70,787 11 ---------------------------------------- ----------------------- Diluted 86,045 86,260 (0) 73,926 16 ---------------------------------------- ----------------------- Cash dividends, common stock $0.19 $0.19 0 % $0.17 12 % ======================================== ======================= Return on average assets 1.02 % 1.03 % 0.96 % Return on average equity 18.97 19.86 21.17
Commerce Bancorp, Inc. Selected Consolidated Financial Data (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------------------- ----------------------------------- % % 2004 2003 Change 2004 2003 Change ----------- ------------ --------------------------- ------------ -------- (dollars and shares in thousands) (dollars and shares in thousands) Income Statement Data: Net interest income $264,382 $194,109 36 % $739,343 $540,742 37 % Provision for loan losses 10,750 7,250 48 30,998 21,050 47 Noninterest income 100,113 85,158 18 278,620 244,594 14 Total revenues 364,495 279,267 31 1,017,963 785,336 30 Noninterest expense 247,162 197,312 25 685,667 557,111 23 Net income 70,090 49,474 42 198,300 137,681 44 Per Share Data: Net income - Basic $0.89 $0.70 27 % $2.54 $1.98 28 % Net income - Diluted 0.84 0.67 25 2.38 1.90 25 Book value - Basic $19.61 $16.35 20 % Book value - Diluted, excludes conversion 18.61 15.69 19 Book value - Diluted if converted 20.10 0.00 - Revenue per share - Diluted, excludes conversion $17.73 $15.11 17 % $16.52 $14.42 15 % Weighted Average Shares Outstanding: Basic 78,625 70,787 77,925 69,442 Diluted 86,045 73,926 85,932 72,614 Balance Sheet Data: Total assets $28,431,481 $21,359,169 33 % Loans (net) 8,779,438 6,720,476 31 Allowance for loan losses 131,529 103,592 27 Securities available for sale 12,692,985 10,416,934 22 Securities held to maturity 4,080,134 2,102,235 94 Total deposits 26,241,632 19,555,097 34 Core deposits 25,108,705 18,595,755 35 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 - Stockholders' equity 1,549,619 1,234,562 26 Capital: Stockholders' equity to total assets 5.45 % 5.78 % Risk-based capital ratios: Tier I 12.42 12.68 Total capital 13.39 13.62 Leverage ratio 6.30 6.68 Performance Ratios: Cost of funds 0.90 % 0.85 % 0.84 % 0.94 % Net interest margin 4.29 4.21 4.32 4.39 Return on average assets 1.02 0.96 1.03 0.98 Return on average total stockholders' equity 18.97 21.17 18.90 18.97
The following summary presents information regarding non-performing loans and assets as of September 30, 2004 and the preceding four quarters (dollar amounts in thousands). September 30, June 30, March 31, December 31, September 30, 2004 2004 2004 2003 2003 -------------- -------------- -------------- -------------- -------------- Non-accrual loans: Commercial $22,647 $17,382 $19,701 $6,867 $7,295 Consumer 9,784 11,675 9,984 9,242 8,295 Commercial real estate: Construction - - - 138 - Mortgage 1,251 675 810 5,494 7,502 -------------- -------------- -------------- -------------- -------------- Total non-accrual loans 33,682 29,732 30,495 21,741 23,092 -------------- -------------- -------------- -------------- -------------- Restructured loans: Commercial 3,614 1 1 1 2 Consumer - - - - - Commercial real estate: Construction - - - - - Mortgage - - - - - -------------- -------------- -------------- -------------- -------------- Total restructured loans 3,614 1 1 1 2 -------------- -------------- -------------- -------------- -------------- Total non-performing loans 37,296 29,733 30,496 21,742 23,094 -------------- -------------- -------------- -------------- -------------- Other real estate 972 653 1,890 1,831 1,670 -------------- -------------- -------------- -------------- -------------- Total non-performing assets 38,268 30,386 32,386 23,573 24,764 -------------- -------------- -------------- -------------- -------------- Loans past due 90 days or more and still accruing 614 318 696 538 649 -------------- -------------- -------------- -------------- -------------- Total non-performing assets and loans past due 90 days or more $38,882 $30,704 $33,082 $24,111 $25,413 ============== ============== ============== ============== ============== Total non-performing loans as a percentage of total period-end loans 0.42% 0.36% 0.39% 0.29% 0.34% Total non-performing assets as a percentage of total period-end assets 0.13% 0.11% 0.13% 0.10% 0.12% Total non-performing assets and loans past due 90 days or more as a percentage of total period-end assets 0.14% 0.11% 0.13% 0.11% 0.12% Allowance for loan losses as a percentage of total non-performing loans 353% 419% 385% 515% 449% Allowance for loan losses as a percentage of total period-end loans 1.48% 1.50% 1.51% 1.51% 1.52% 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 Nine Months Ended Ended ----------------------------- ----------------------------- 09/30/04 09/30/03 09/30/04 09/30/03 12/31/03 ------------ ----------- ------------ ----------- -------------- Balance at beginning of period $124,688 $99,318 $112,057 $90,733 $90,733 Provisions charged to operating expenses 10,750 7,250 30,998 21,050 31,850 ------------ ----------- ------------ ----------- -------------- 135,438 106,568 143,055 111,783 122,583 Recoveries on loans charged-off: Commercial 435 111 695 456 669 Consumer 265 239 636 516 584 Commercial real estate 4 - 52 - 11 ------------ ----------- ------------ ----------- -------------- Total recoveries 704 350 1,383 972 1,264 Loans charged-off: Commercial (1,634) (1,608) (6,514) (4,673) (5,601) Consumer (2,968) (1,684) (4,744) (4,439) (5,950) Commercial real estate (11) (34) (1,651) (51) (239) ------------ ----------- ------------ ----------- -------------- Total charge-offs (4,613) (3,326) (12,909) (9,163) (11,790) ------------ ----------- ------------ ----------- -------------- Net charge-offs (3,909) (2,976) (11,526) (8,191) (10,526) ------------ ----------- ------------ ----------- -------------- Balance at end of period $131,529 $103,592 $131,529 $103,592 $112,057 ============ =========== ============ =========== ============== Net charge-offs as a percentage of average loans outstanding 0.18 % 0.18 % 0.19 % 0.17 % 0.16 % Net Reserve Additions $6,841 $4,274 $19,472 $12,859 $21,324
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income (unaudited) -------------------------------------------------------------------------------------------------- September 2004 June 2004 September 2003 ------------------------------ ------------------------------ ------------------------------ Average Average Average Average Average Average Balance Interest Rate Balance Interest Rate Balance Interest Rate ------------------------------ ------------------------------ ------------------------------ (dollars in thousands) Earning Assets ---------------------------------- Investment securities Taxable $15,741,541 $191,627 4.84 % $14,747,643 $173,678 4.74 % $11,605,502 $131,158 4.48% Tax-exempt 385,814 5,126 5.29 290,200 4,465 6.19 229,566 3,771 6.52 Trading 159,954 1,552 3.86 174,578 2,075 4.78 155,541 2,115 5.40 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total investment securities 16,287,309 198,305 4.84 15,212,421 180,218 4.76 11,990,609 137,044 4.53 Federal funds sold 40,413 148 1.46 62,357 154 0.99 10,641 28 1.04 Loans Commercial mortgages 3,189,126 48,881 6.10 3,021,768 45,333 6.03 2,520,594 39,189 6.17 Commercial 2,069,986 28,552 5.49 1,961,351 25,477 5.22 1,612,069 21,968 5.41 Consumer 3,024,776 43,287 5.69 2,767,826 39,079 5.68 2,262,426 34,309 6.02 Tax-exempt 337,374 6,121 7.22 335,505 6,243 7.48 271,436 5,266 7.70 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total loans 8,621,262 126,841 5.85 8,086,450 116,132 5.78 6,666,525 100,732 5.99 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total earning assets $24,948,984 $325,294 5.19 % $23,361,228 $296,504 5.10 % $18,667,775 $237,804 5.06% =========== =========== =========== Sources of Funds ---------------------------------- Interest-bearing liabilities Savings $5,715,755 $12,408 0.86 % $5,276,657 $10,216 0.78 % $3,938,114 $6,889 0.69% Interest bearing demand 10,270,059 24,539 0.95 9,643,771 18,729 0.78 7,293,024 12,090 0.66 Time deposits 2,409,160 11,046 1.82 2,507,526 11,378 1.82 2,470,306 13,849 2.22 Public funds 800,579 3,164 1.57 856,683 2,886 1.35 813,271 2,834 1.38 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits 19,195,553 51,157 1.06 18,284,637 43,209 0.95 14,514,715 35,662 0.97 Other borrowed money 614,282 2,255 1.46 523,931 1,052 0.81 727,128 1,111 0.61 Long-term debt 200,000 3,020 6.01 200,000 3,020 6.07 200,000 3,020 5.99 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits and interest-bearing liabilities 20,009,835 56,432 1.12 19,008,568 47,281 1.00 15,441,843 39,793 1.02 Noninterest-bearing funds (net) 4,939,149 4,352,660 3,225,932 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total sources to fund earning assets $24,948,984 56,432 0.90 $23,361,228 47,281 0.81 $18,667,775 39,793 0.85 =========== ---------- ----- =========== -------- ----- =========== -------- ------ Net interest income and margin tax-equivalent basis $268,862 4.29 % $249,223 4.29 % $198,011 4.21% ========== ===== ======== ===== ======== ====== Other Balances ---------------------------------- Cash and due from banks $1,145,324 $1,163,942 $971,495 Other assets 1,430,576 1,419,098 1,180,451 Total assets 27,393,847 25,822,157 20,717,697 Total deposits 24,852,938 23,541,453 18,611,894 Demand deposits (noninterest-bearing) 5,657,385 5,256,816 4,097,179 Other liabilities 248,878 222,779 243,799 Stockholders' equity 1,477,749 1,333,994 934,876 Allowance for loan losses 131,037 122,111 102,024 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 Nine Months Ended September 30, September 30, ------------------------- -------------------------- 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Basic: Net income $70,090 $49,474 $198,300 $137,681 =========== =========== =========== =========== Average common shares outstanding 78,625 70,787 77,925 69,442 =========== =========== =========== =========== Net income per share of common stock $0.89 $0.70 $2.54 $1.98 =========== =========== =========== =========== Diluted: Net income $70,090 $49,474 $198,300 $137,681 Interest expense on trust preferred securities 1,963 5,889 ----------- ----------- ----------- ----------- $72,053 $49,474 $204,189 $137,681 =========== =========== =========== =========== Average common shares outstanding 78,625 70,787 77,925 69,442 Additional shares considered in diluted computation assuming: Exercise of stock options 3,629 3,139 4,216 3,172 Conversion of trust preferred securities 3,791 3,791 ----------- ----------- ----------- ----------- Average number of shares outstanding on a diluted basis 86,045 73,926 85,932 72,614 =========== =========== =========== =========== Net income per common share - diluted $0.84 $0.67 $2.38 $1.90 =========== =========== =========== ===========