EX-99 3 exhibit99-2.txt EXHIBIT 99.2
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ---------------------------------------------------------------------------------------------------------------------------------- December 31, September 30, December 31, -------------------------------------------------------------- (dollars in thousands) 2004 2004 % Change 2003 % Change ---------------------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $1,050,806 $1,069,318 (2)% $910,092 15 % Federal funds sold 0 255,000 (100) 0 0 -------------------------------------------------------------- Cash and cash equivalents 1,050,806 1,324,318 (21) 910,092 15 Loans held for sale 44,072 36,740 20 42,769 3 Trading securities 169,103 245,258 (31) 170,458 (1) Securities available for sale 8,044,150 12,692,985 (37) 10,650,655 (24) Securities held to maturity 10,463,658 4,080,134 156 2,490,484 320 Loans: Commercial real estate: Investor developer 1,455,891 1,391,812 5 1,167,672 25 Residential construction 206,924 182,443 13 142,567 45 -------------------------------------------------------------- 1,662,815 1,574,255 6 1,310,239 27 Commercial loans: Term 1,283,476 1,184,854 8 1,027,526 25 Line of credit 1,168,542 1,105,510 6 959,158 22 Demand 0 0 0 1,077 (100) -------------------------------------------------------------- 2,452,018 2,290,364 7 1,987,761 23 Owner-occupied 1,998,203 1,913,351 4 1,619,079 23 -------------------------------------------------------------- 4,450,221 4,203,715 6 3,606,840 23 Consumer: Mortgages (1-4 family residential) 1,336,686 1,216,110 10 918,686 45 Installment 140,603 136,538 3 138,437 2 Home equity 1,795,378 1,712,733 5 1,405,795 28 Credit lines 68,908 67,616 2 60,579 14 -------------------------------------------------------------- 3,341,575 3,132,997 7 2,523,497 32 -------------------------------------------------------------- Total loans 9,454,611 8,910,967 6 7,440,576 27 Less allowance for loan losses 135,620 131,529 3 112,057 21 -------------------------------------------------------------- 9,318,991 8,779,438 6 7,328,519 27 Bank premises and equipment, net 1,059,519 963,459 10 811,451 31 Other assets 351,346 309,149 14 307,752 14 -------------------------------------------------------------- $30,501,645 $28,431,481 7 % $22,712,180 34 % ============================================================== Liabilities Deposits: Demand: Noninterest-bearing $6,406,614 $6,047,322 6 % $4,574,714 40 % Interest-bearing 11,604,066 10,886,783 7 8,574,297 35 Savings 6,490,263 6,104,644 6 4,222,282 54 Time 3,157,942 3,202,883 (1) 3,330,107 (5) -------------------------------------------------------------- Total deposits 27,658,885 26,241,632 5 20,701,400 34 Other borrowed money 661,195 165,853 299 311,510 112 Other liabilities 315,860 274,377 15 221,982 42 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 0 200,000 0 -------------------------------------------------------------- 28,835,940 26,881,862 7 21,434,892 35 Stockholders' Common stock 80,318 79,436 1 76,869 4 Equity Capital in excess of par or stated value 1,031,794 967,296 7 866,095 19 Retained earnings 543,978 501,477 8 347,365 57 Accumulated other comprehensive income 20,953 12,748 64 (3,702) (666) -------------------------------------------------------------- 1,677,043 1,560,957 7 1,286,627 30 Less treasury stock, at cost 11,338 11,338 0 9,339 21 -------------------------------------------------------------- Total stockholders' equity 1,665,705 1,549,619 7 1,277,288 30 -------------------------------------------------------------- $30,501,645 $28,431,481 7 % $22,712,180 34 % ==============================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ---------------------------------------------------------------------------------------------------------------------------------- (dollars in thousands) December 31, September 30, 2004 December 31, 2003 ------------------------------------------------------------------------------------- 2004 Actual $ Change % Change Actual $ Change % Change ---------------------------------------------------------------------------------------------------------------------------------- Assets Cash and due from banks $1,050,806 $1,069,318 ($18,512) (2)% $910,092 $140,714 15 % Federal funds sold 0 255,000 (255,000) (100) 0 0 0 ------------------------------------------------------------------------------------- Cash and cash equivalents 1,050,806 1,324,318 (273,512) (21) 910,092 140,714 15 Loans held for sale 44,072 36,740 7,332 20 42,769 1,303 3 Trading securities 169,103 245,258 (76,155) (31) 170,458 (1,355) (1) Securities available for sale 8,044,150 12,692,985 (4,648,835) (37) 10,650,655 (2,606,505) (24) Securities held to maturity 10,463,658 4,080,134 6,383,524 156 2,490,484 7,973,174 320 Loans 9,454,611 8,910,967 543,644 6 7,440,576 2,014,035 27 Less allowance for loan losses 135,620 131,529 4,091 3 112,057 23,563 21 ------------------------------------------------------------------------------------- 9,318,991 8,779,438 539,553 6 7,328,519 1,990,472 27 Reserve % 1.43% 1.48% 1.51% Bank premises and equipment, net 1,059,519 963,459 96,060 10 811,451 248,068 31 Other assets 351,346 309,149 42,197 14 307,752 43,594 14 ------------------------------------------------------------------------------------- $30,501,645 $28,431,481 $2,070,164 7 % $22,712,180 $7,789,465 34 % ===================================================================================== Liabilities Deposits: Demand: Noninterest-bearing $6,406,614 $6,047,322 $359,292 6 % $4,574,714 $1,831,900 40 % Interest-bearing 11,604,066 10,886,783 717,283 7 8,574,297 3,029,769 35 Savings 6,490,263 6,104,644 385,619 6 4,222,282 2,267,981 54 Time 3,157,942 3,202,883 (44,941) (1) 3,330,107 (172,165) (5) ------------------------------------------------------------------------------------- Total deposits 27,658,885 26,241,632 1,417,253 5 20,701,400 6,957,485 34 Core deposits 26,656,530 25,108,705 1,547,825 6 19,778,922 6,877,608 35 Total other liabilities 1,177,055 640,230 536,825 84 733,492 443,563 60 ------------------------------------------------------------------------------------- 28,835,940 26,881,862 1,954,078 7 21,434,892 7,401,048 35 Stockholder's Equity 1,665,705 1,549,619 116,086 7 1,277,288 388,417 30 ------------------------------------------------------------------------------------- $30,501,645 $28,431,481 $2,070,164 7 % $22,712,180 $7,789,465 34 % =====================================================================================
Commerce Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) ---------------------------------------------------------------------------------- ------------------------------ December 31, ----------------------------- (dollars in thousands) 2004 2003 ---------------------------------------------------------------------------------- ------------------------------ Assets Cash and due from banks $1,050,806 $910,092 Federal funds sold 0 0 ----------------------------- Cash and cash equivalents 1,050,806 910,092 Loans held for sale 44,072 42,769 Trading securities 169,103 170,458 Securities available for sale 8,044,150 10,650,655 Securities held to maturity 10,463,658 2,490,484 (market value 2004-$10,430,451; 2003-$2,467,192) Loans 9,454,611 7,440,576 Less allowance for loan losses 135,620 112,057 ----------------------------- 9,318,991 7,328,519 Bank premises and equipment, net 1,059,519 811,451 Other assets 351,346 307,752 ----------------------------- $30,501,645 $22,712,180 ============================= Liabilities Deposits: Demand: Noninterest-bearing $6,406,614 $4,574,714 Interest-bearing 11,604,066 8,574,297 Savings 6,490,263 4,222,282 Time 3,157,942 3,330,107 ----------------------------- Total deposits 27,658,885 20,701,400 Other borrowed money 661,195 311,510 Other liabilities 315,860 221,982 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 ----------------------------- 28,835,940 21,434,892 Stockholders' Common stock, 80,317,809 shares issued (76,869,415 shares in 2003) 80,318 76,869 Equity Capital in excess of par or stated value 1,031,794 866,095 Retained earnings 543,978 347,365 Accumulated other comprehensive income 20,953 (3,702) ----------------------------- 1,677,043 1,286,627 Less treasury stock, at cost, 397,805 shares (363,076 shares in 2003) 11,338 9,339 ----------------------------- Total stockholders' equity 1,665,705 1,277,288 ----------------------------- $30,501,645 $22,712,180 =============================
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) 2004 2003 * % Change 2004 2003 * % Change --------------------------------------------------------------------------------------------- ------------------------------------ Interest Interest and fees on loans $136,328 $103,803 31 % $483,186 $391,361 23 % income Interest on investments 216,806 152,272 42 754,202 524,015 44 Other interest 261 50 422 903 255 254 -------------------------------------- ------------------------------------ Total interest income 353,395 256,125 38 1,238,291 915,631 35 -------------------------------------- ------------------------------------ Interest Interest on deposits: expense Demand 36,042 14,263 153 95,253 50,711 88 Savings 16,270 7,597 114 46,680 27,596 69 Time 16,691 15,200 10 59,808 66,115 (10) -------------------------------------- ------------------------------------ Total interest on deposits 69,003 37,060 86 201,741 144,422 40 Interest on other borrowed money 2,930 921 218 6,685 3,263 105 Interest on long-term debt 3,020 3,020 0 12,080 12,080 0 -------------------------------------- ------------------------------------ Total interest expense 74,953 41,001 83 220,506 159,765 38 -------------------------------------- ------------------------------------ Net interest income 278,442 215,124 29 1,017,785 755,866 35 Provision for loan losses 8,240 10,800 (24) 39,238 31,850 23 -------------------------------------- ------------------------------------ Net interest income after provision for loan losses 270,202 204,324 32 978,547 724,016 35 Noninterest Deposit charges and service fees 62,847 45,556 38 218,126 160,678 36 income Other operating income 32,967 41,240 (20) 154,306 167,949 (8) Net investment securities gains 637 1,088 (41) 2,639 3,851 (31) -------------------------------------- ------------------------------------ Total noninterest income 96,451 87,884 10 375,071 332,478 13 -------------------------------------- ------------------------------------ Total Revenues 374,893 303,008 24 1,392,856 1,088,344 28 Noninterest Salaries and benefits 115,227 93,802 23 431,144 354,954 21 expense Occupancy 33,462 27,983 20 121,210 95,926 26 Furniture and equipment 30,075 25,610 17 109,242 89,162 23 Office 13,103 10,865 21 46,025 39,190 17 Marketing 9,268 10,189 (9) 36,236 34,075 6 Other 51,976 37,832 37 194,921 150,085 30 -------------------------------------- ------------------------------------ Total noninterest expenses 253,111 206,281 23 938,778 763,392 23 -------------------------------------- ------------------------------------ Income before income taxes 113,542 85,927 32 414,840 293,102 42 Provision for federal and state income taxes 38,424 29,321 31 141,422 98,815 43 -------------------------------------- ------------------------------------ Net income $75,118 $56,606 33 % $273,418 $194,287 41 % ====================================== ==================================== Net income per common and common equivalent share: Basic $0.95 $0.75 27 % $3.49 $2.73 28 % -------------------------------------- ------------------------------------ Diluted $0.88 $0.70 26 $3.26 $2.58 26 -------------------------------------- ------------------------------------ Average common and common equivalent shares outstanding: Basic 79,465 75,958 5 78,312 71,084 10 -------------------------------------- ------------------------------------ Diluted 87,445 83,788 4 86,302 78,253 10 -------------------------------------- ------------------------------------ Cash dividends, common stock $0.19 $0.16 19 % $0.76 $0.66 15 % ====================================== ==================================== * Per share amounts restated. See description in earnings release.
Commerce Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended ----------------------------------------------------------------------- December 31, September 30, December 31, ----------------------------------------------------------------------- (dollars in thousands, except per share amounts) 2004 2004 % Change 2003 * % Change ------------------------------------------------------------------------------------------------------------------------------------ Interest Interest and fees on loans $136,328 $124,698 9 % $103,803 31 % income Interest on investments 216,806 195,968 11 152,272 42 Other interest 261 148 76 50 422 ---------------------------------------- --------------------------- Total interest income 353,395 320,814 10 256,125 38 ---------------------------------------- --------------------------- Interest Interest on deposits: expense Demand 36,042 24,539 47 14,263 153 Savings 16,270 12,408 31 7,597 114 Time 16,691 14,210 17 15,200 10 ---------------------------------------- --------------------------- Total interest on deposits 69,003 51,157 35 37,060 86 Interest on other borrowed money 2,930 2,255 30 921 218 Interest on long-term debt 3,020 3,020 0 3,020 0 ---------------------------------------- --------------------------- Total interest expense 74,953 56,432 33 41,001 83 ---------------------------------------- --------------------------- Net interest income 278,442 264,382 5 215,124 29 Provision for loan losses 8,240 10,750 (23) 10,800 (24) ---------------------------------------- --------------------------- Net interest income after provision for loan losses 270,202 253,632 7 204,324 32 Noninterest Deposit charges and service fees 62,847 57,081 10 45,556 38 income Other operating income 32,967 42,089 (22) 41,240 (20) Net investment securities gains 637 943 (32) 1,088 (41) ---------------------------------------- --------------------------- Total noninterest income 96,451 100,113 (4) 87,884 10 ---------------------------------------- --------------------------- Total Revenues 374,893 364,495 3 303,008 24 Noninterest Salaries and benefits 115,227 114,467 1 93,802 23 expense Occupancy 33,462 31,689 6 27,983 20 Furniture and equipment 30,075 27,987 7 25,610 17 Office 13,103 11,082 18 10,865 21 Marketing 9,268 8,994 3 10,189 (9) Other 51,976 52,943 (2) 37,832 37 ---------------------------------------- --------------------------- Total noninterest expenses 253,111 247,162 2 206,281 23 ---------------------------------------- --------------------------- Income before income taxes 113,542 106,583 7 85,927 32 Provision for federal and state income taxes 38,424 36,493 5 29,321 31 ---------------------------------------- --------------------------- Net income $75,118 $70,090 7 % $56,606 33 % ======================================== =========================== Net income per common and common equivalent share: Basic $0.95 $0.89 7 % $0.75 27 % Diluted $0.88 $0.84 5 $0.70 26 Average common and common equivalent shares outstanding: Basic 79,465 78,625 1 75,958 5 ---------------------------------------- --------------------------- Diluted 87,445 86,045 2 83,788 4 ---------------------------------------- --------------------------- Cash dividends, common stock $0.19 $0.19 0 % $0.16 19 % ======================================== =========================== Return on average assets 1.01 % 1.02 % 1.02 % Return on average equity 18.48 18.97 18.46 * Per share amounts restated. See description in earnings release.
Commerce Bancorp, Inc. Selected Consolidated Financial Data (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------------------ -------------------------------------- % % 2004 2003* Change 2004 2003* Change -------- -------- ----------- -------- -------- ----------- (dollars and shares in thousands) (dollars and shares in thousands) Income Statement Data: Net interest income $278,442 $215,124 29 % $1,017,785 $755,866 35 % Provision for loan losses 8,240 10,800 (24) 39,238 31,850 23 Noninterest income 96,451 87,884 10 375,071 332,478 13 Total revenues 374,893 303,008 24 1,392,856 1,088,344 28 Noninterest expense 253,111 206,281 23 938,778 763,392 23 Net income 75,118 56,606 33 273,418 194,287 41 Per Share Data: Net income - Basic $0.95 $0.75 27 % $3.49 $2.73 28 % Net income - Diluted 0.88 0.70 26 3.26 2.58 26 Book value - Basic $20.84 $16.70 25 % Book value - Diluted if converted 21.22 17.66 20 Revenue per share - Diluted $17.15 $14.47 19 % $16.14 $13.91 16 % Weighted Average Shares Outstanding: Basic 79,465 75,958 78,312 71,084 Diluted 87,445 83,788 86,302 78,253 Balance Sheet Data: Total assets $30,501,645 $22,712,180 34 % Loans (net) 9,318,991 7,328,519 27 Allowance for loan losses 135,620 112,057 21 Securities available for sale 8,044,150 10,650,655 (24) Securities held to maturity 10,463,658 2,490,484 320 Total deposits 27,658,885 20,701,400 34 Core deposits 26,656,530 19,778,922 35 Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 - Stockholders' equity 1,665,705 1,277,288 30 Capital: Stockholders' equity to total assets 5.46 % 5.62 % Risk-based capital ratios: Tier I 12.31 12.66 Total capital 13.26 13.62 Leverage ratio 6.19 6.61 Performance Ratios: Cost of funds 1.10 % 0.80 % 0.91 % 0.90 % Net interest margin 4.16 4.27 4.28 4.36 Return on average assets 1.01 1.02 1.03 0.99 Return on average total stockholders' equity 18.48 18.46 18.78 18.81 * Per share amounts restated. See description in earnings release.
The following summary presents information regarding non-performing loans and assets as of December 31, 2004 and the preceding four quarters (dollar amounts in thousands). December 31, September 30, June 30, March 31, December 31, 2004 2004 2004 2004 2003 -------------- -------------- -------------- -------------- -------------- Non-accrual loans: Commercial $17,874 $22,647 $17,382 $19,701 $10,972 Consumer 10,138 9,784 11,675 9,984 9,242 Commercial real estate: Construction - - - - 138 Mortgage 1,317 1,251 675 810 1,389 -------------- -------------- -------------- -------------- -------------- Total non-accrual loans 29,329 33,682 29,732 30,495 21,741 -------------- -------------- -------------- -------------- -------------- Restructured loans: Commercial 3,518 3,614 1 1 1 Consumer - - - - - Commercial real estate: Construction - - - - - Mortgage - - - - - -------------- -------------- -------------- -------------- -------------- Total restructured loans 3,518 3,614 1 1 1 -------------- -------------- -------------- -------------- -------------- Total non-performing loans 32,847 37,296 29,733 30,496 21,742 -------------- -------------- -------------- -------------- -------------- Other real estate 626 972 653 1,890 1,831 -------------- -------------- -------------- -------------- -------------- Total non-performing assets 33,473 38,268 30,386 32,386 23,573 -------------- -------------- -------------- -------------- -------------- Loans past due 90 days or more and still accruing 602 614 318 696 538 -------------- -------------- -------------- -------------- -------------- Total non-performing assets and loans past due 90 days or more $34,075 $38,882 $30,704 $33,082 $24,111 ============== ============== ============== ============== ============== Total non-performing loans as a percentage of total period-end loans 0.35% 0.42% 0.36% 0.39% 0.29% Total non-performing assets as a percentage of total period-end assets 0.11% 0.13% 0.11% 0.13% 0.10% Total non-performing assets and loans past due 90 days or more as a percentage of total period-end assets 0.11% 0.14% 0.11% 0.13% 0.11% Allowance for loan losses as a percentage of total non-performing loans 413% 353% 419% 385% 515% Allowance for loan losses as a percentage of total period-end loans 1.43% 1.48% 1.50% 1.51% 1.51% 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 ----------------------------- ----------------------------- 12/31/04 12/31/03 12/31/04 12/31/03 ------------ ----------- ------------ ----------- Balance at beginning of period $131,529 $103,592 $112,057 $90,733 Provisions charged to operating expenses 8,240 10,800 39,238 31,850 ------------ ----------- ------------ ----------- 139,769 114,392 151,295 122,583 Recoveries on loans charged-off: Commercial 305 213 1,000 669 Consumer 487 68 1,123 584 Commercial real estate - 11 52 11 ------------ ----------- ------------ ----------- Total recoveries 792 292 2,175 1,264 Loans charged-off: Commercial (2,764) (928) (9,288) (5,601) Consumer (2,169) (1,511) (6,903) (5,950) Commercial real estate (8) (188) (1,659) (239) ------------ ----------- ------------ ----------- Total charge-offs (4,941) (2,627) (17,850) (11,790) ------------ ----------- ------------ ----------- Net charge-offs (4,149) (2,335) (15,675) (10,526) ------------ ----------- ------------ ----------- Balance at end of period $135,620 $112,057 $135,620 $112,057 ============ =========== ============ =========== Net charge-offs as a percentage of average loans outstanding 0.18 % 0.13 % 0.19 % 0.16 % Net Reserve Additions $4,091 $8,465 $23,563 $21,324
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income (unaudited) -------------------------------------------------------------------------------------------------- December 2004 September 2004 December 2003 -------------------------------- ------------------------------ ----------------------------- Average Average Average Average Average Average Balance Interest Rate Balance Interest Rate Balance Interest Rate -------------------------------- ------------------------------ ----------------------------- (dollars in thousands) Earning Assets --------------------------------- Investment securities Taxable $17,294,817 $211,263 4.86 % $15,741,541 $191,627 4.84 % $12,743,163 $148,537 4.62 % Tax-exempt 457,654 5,628 4.89 385,814 5,126 5.29 242,901 3,829 6.25 Trading 180,711 2,898 6.38 159,954 1,552 3.86 190,658 1,917 3.99 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total investment securities 17,933,182 219,789 4.88 16,287,309 198,305 4.84 13,176,722 154,283 4.65 Federal funds sold 54,620 261 1.90 40,413 148 1.46 20,435 50 0.97 Loans Commercial mortgages 3,357,348 52,747 6.25 3,189,126 48,881 6.10 2,655,510 41,172 6.15 Commercial 2,186,627 31,852 5.80 2,069,986 28,552 5.49 1,760,615 23,285 5.25 Consumer 3,233,755 47,550 5.85 3,024,776 43,287 5.69 2,444,764 35,773 5.81 Tax-exempt 350,414 6,429 7.30 337,374 6,121 7.22 283,291 5,497 7.70 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total loans 9,128,144 138,578 6.04 8,621,262 126,841 5.85 7,144,180 105,727 5.87 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total earning assets $27,115,946 $358,628 5.26 % $24,948,984 $325,294 5.19 % $20,341,337 $260,060 5.07 % =========== =========== =========== Sources of Funds --------------------------------- Interest-bearing liabilities Savings $6,289,379 $16,270 1.03 % $5,715,755 $12,408 0.86 % $4,251,627 $7,597 0.71 % Interest bearing demand 11,348,516 36,042 1.26 10,270,059 24,539 0.95 8,230,585 14,263 0.69 Time deposits 2,472,670 12,436 2.00 2,409,160 11,046 1.82 2,403,680 12,049 1.99 Public funds 888,209 4,255 1.91 800,579 3,164 1.57 923,561 3,151 1.35 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits 20,998,774 69,003 1.31 19,195,553 51,157 1.06 15,809,453 37,060 0.93 Other borrowed money 545,073 2,930 2.14 614,282 2,255 1.46 411,079 921 0.89 Long-term debt 200,000 3,020 6.01 200,000 3,020 6.01 200,000 3,020 5.99 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total deposits and interest-bearing liabilities 21,743,847 74,953 1.37 20,009,835 56,432 1.12 16,420,532 41,001 0.99 Noninterest-bearing funds (net) 5,372,099 4,939,149 3,920,805 ----------- ---------- ----- ----------- -------- ----- ----------- -------- ------ Total sources to fund earning assets $27,115,946 74,953 1.10 $24,948,984 56,432 0.90 $20,341,337 41,001 0.80 =========== ---------- ----- =========== -------- ----- =========== -------- ------ Net interest income and margin tax-equivalent basis $283,675 4.16 % $268,862 4.29 % $219,059 4.27 % ========== ===== ======== ===== ======== ====== Other Balances ------------------------- Cash and due from banks $1,223,722 $1,145,324 $905,464 Other assets 1,522,258 1,430,576 1,101,329 Total assets 29,725,307 27,393,847 22,241,356 Total deposits 27,105,818 24,852,938 20,171,403 Demand deposits (noninterest-bearing) 6,107,044 5,657,385 4,361,950 Other liabilities 248,762 248,878 232,037 Stockholders' equity 1,625,654 1,477,749 1,226,837 Allowance for loan losses 136,619 131,037 106,774 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 Twelve Months Ended December 31, December 31, ------------------------- -------------------------- 2004 2003 * 2004 2003 * ----------- ----------- ----------- ----------- Basic: Net income $75,118 $56,606 $273,418 $194,287 =========== =========== =========== =========== Average common shares outstanding 79,465 75,958 78,312 71,084 =========== =========== =========== =========== Net income per share of common stock $0.95 $0.75 $3.49 $2.73 =========== =========== =========== =========== Diluted: Net income $75,118 $56,606 $273,418 $194,287 Interest expense on trust preferred securities 1,963 1,963 7,852 7,852 ----------- ----------- ----------- ----------- $77,081 $58,569 $281,270 $202,139 =========== =========== =========== =========== Average common shares outstanding 79,465 75,958 78,312 71,084 Additional shares considered in diluted computation assuming: Exercise of stock options 4,189 4,039 4,199 3,378 Conversion of trust preferred securities 3,791 3,791 3,791 3,791 ----------- ----------- ----------- ----------- Average number of shares outstanding on a diluted basis 87,445 83,788 86,302 78,253 =========== =========== =========== =========== Net income per common share - diluted $0.88 $0.70 $3.26 $2.58 =========== =========== =========== =========== * Per share amounts restated. See description in earnings release.