Commerce Bancorp 8K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TTAKzU7ItjkHBZ3D5/Xwza1k3RLBLZqQNsO9hogo4A+l3pNuiaFfmV63DxKXtF2g Jr2AfoUoCv+rZLSadFOPmw== 0000950159-07-000522.txt : 20070418 0000950159-07-000522.hdr.sgml : 20070418 20070418103726 ACCESSION NUMBER: 0000950159-07-000522 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070418 DATE AS OF CHANGE: 20070418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCE BANCORP INC /NJ/ CENTRAL INDEX KEY: 0000715096 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222433468 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12069 FILM NUMBER: 07772541 BUSINESS ADDRESS: STREET 1: COMMERCE ATRIUM STREET 2: 1701 RTE 70 E CITY: CHERRY HILL STATE: NJ ZIP: 08034-5400 BUSINESS PHONE: 8567519000 MAIL ADDRESS: STREET 1: 1701 ROUTE 70 EAST CITY: CHERRY HILL STATE: NJ ZIP: 08034-5400 8-K/A 1 commerce8k.htm COMMERCE BANCORP 8K Commerce Bancorp 8K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 18, 2007

Commerce Bancorp, Inc.

(Exact name of Registrant as specified in its charter)

New Jersey		1-12069		22-2433468
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

Commerce Atrium, 1701 Route 70 East, Cherry Hill, NJ 08034-5400

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:

(856) 751-9000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant

under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Explanatory Note

This amendment is being filed solely to correct the Average Annual Growth Targets in the 5-Year Growth Targets chart on page 5 of Exhibit 99.1 to the Form 8-K filed by the Company on April 18, 2007.

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 18, 2007 the Registrant issued a press release reporting its results for the first quarter of 2007. A copy of the press release is attached as Exhibit 99.1 to this report.

On April 18, 2007 the Registrant also made certain supplemental information available. A copy of the supplemental information is attached as Exhibit 99.2 to this report.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

99.1 Press Release, dated April 18, 2007.

99.2 Supplemental Information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Commerce Bancorp, Inc.

April 18, 2007	By:	/s/ Douglas J. Pauls
	Name:	Douglas J. Pauls
	Title:	Executive Vice President and Chief Financial Officer

Exhibit Index

Number	Description

99.1	Press Release, dated April 18, 2007.
99.2	Supplemental Information.

EX-99.1 2 ex99-1.htm EXHIBIT 99.1 Exhibit 99.1

CONTACTS

*Vernon W. Hill, II*	*C. Edward Jordan, Jr.*
*Chairman and President*	*Executive Vice President*

(856) 751-9000

COMMERCE BANCORP CORE DEPOSITS UP 19%

April 18, 2007 - Cherry Hill, New Jersey - Commerce Bancorp, Inc. (NYSE Symbol: CBH) reported increased assets, deposits and loans for the first quarter of 2007, announced Vernon W. Hill, II, Chairman.


*FIRST QUARTER FINANCIAL HIGHLIGHTS*
*March 31, 2007*

			% Change

*Total Assets:*	$47.4	Billion	16%
*Core Deposits:*	$42.7	Billion	19%
*Total (Net) Loans:*	$15.8	Billion	18%
*Total Revenues:*	$492.4	Million	12%
*Net Income:*	$77.9	Million	1%
*Net Income Per Share:*	$.40		(2)%

Chairman’s Statement

Commented Chairman Hill, “America’s #1 Bank Retailer again posted outstanding growth with core deposits up 19% and loan growth of 18%.”

Financial highlights for the first quarter were:

·	Deposit growth continues to drive the Company’s overall growth.

·	Core deposits grew $2.6 billion during the first quarter.

·	Core deposits increased $6.8 billion, up 19% , for the prior 12 months, while total deposits increased $6.9 billion, or 18%, for the prior 12 months.

·	Annualized core deposit growth per store was $17 million.

·	Comparable store core deposit growth per store was 17% for stores open one year or more.

·	Commercial core deposits grew 24% to $16.9 billion.

·	New York City core deposits increased to $6.9 billion, up 37%.

·	Net loans grew $2.4 billion, or 18%, to $15.8 billion.

·	Revenue grew 12% despite the difficult rate environment.

·	Net income was $77.9 million and net income per share was $.40 for the first quarter of 2007.

·	Shareholder equity increased $462.9 million, or 19%, to $2.9 billion.

·	Book value per share grew 15% to $14.54

Expansion Plans

The Commerce growth model includes the opening of new stores in both existing and new markets, with a goal of increasing our store base by 15-20% a year.

·	During the first quarter of 2007, the Company opened 9 new stores, including its first in Miami-Dade County, Florida.

·	In 2007, the Company expects to open a total of +/- 65 stores, which will increase total stores to approximately 500. Openings are planned in the following markets:

	Metro New York	30 +/-
	Metro Philadelphia	5 +/-
	Metro Washington	10 +/-
	Southeast Florida	20 +/-

·	The Company presently has +/- 175 locations in various stages of land use approvals.

Despite the difficult interest rate environment, the Company has not altered its plans for continued store expansion.

The Commercial Bank

										Linked Quarter
	3/31/07		3/31/06		% Increase			12/31/06		$ Increase		% Increase
	(dollars in millions)
Commercial Core Deposits:	$	16,895	$	13,642		24	%	$	15,768	$	1,127		7	%
Commercial Loans:		10,138		8,556		18			9,988		150		2

Lending

Loans increased 18% to $15.9 billion from the first quarter of 2006, and the growth was widespread throughout all loan categories. On a linked quarter basis loans grew $327.0 million, or 2%.

Regional Loan Growth:

	3/31/07		3/31/06		$ Increase		% Increase			% of Total Growth
	(dollars in millions)
Metro New York	$	8,200	$	6,657	$	1,543		23	%		63	%
Metro Philadelphia		7,029		6,404		625		10			25
Metro Washington		231		92		139		152			6
Southeast Florida		474		328		146		44			6

Total:	$	15,934	$	13,481	$	2,453		18	%		100	%

Loan Composition:

	3/31/07		% of Total			3/31/06		% of Total			$ Increase		% Increase
	(dollars in millions)
Commercial	$	4,223		27	%	$	3,584		26	%	$	639		18	%
Owner-Occupied RE		3,007		19			2,527		19			480		19
Total Commercial		7,230		46			6,111		45			1,119		18
Consumer		5,797		36			4,925		37			872		18
Commercial Real Estate		2,907		18			2,445		18			462		19
Total Loans	$	15,934		100	%	$	13,481		100	%	$	2,453		18	%

The loan-to-deposit ratio was 36% at March 31, 2007.

Asset Quality

	Quarter Ended
	3/31/07	12/31/06	3/31/06

Non-Performing Assets/Assets	.11%	.12%	.08%
Net Loan Charge-Offs	.16%	.12%	.16%
Reserve for Credit Losses/Gross Loans	1.03%	1.03%	1.06%
Non-Performing Loan Coverage	351%	317%	432%
Non-Performing Assets/Capital	2%	2%	1%
and Reserves

Non-performing assets and loans past due 90 days at March 31, 2007 totaled $52.4 million or .11% of total assets, versus $53.8 million, or .12% of total assets, at December 31, 2006 and $33.9 million, or .08% of total assets, at March 31, 2006.

Income Statement

	Three Months Ended							Linked Quarter
	3/31/07		3/31/06		% Change			12/31/06			$ Change			% Change
	(dollars in thousands, except per share data)
Total Revenues:	$	492,407	$	438,932		12	%	$	492,309		$	98			-	%
Total Expenses:		362,785		315,334		15			363,174			(389	)		-
Net Income:		77,936		77,297		1			62,827⁽¹	⁾		15,109			24
Net Income Per Share:	$	.40	$	.41		(2	)	$	.32⁽¹	⁾	$	.08			25

⁽¹⁾ During the fourth quarter of 2006, the Company recorded a non-recurring charge of $15.8 million, net of tax, or $.08 per share, in anticipation of potential settlements with various taxing authorities.

Balance Sheet

										Linked Quarter
	3/31/07		3/31/06		% Increase			12/31/06		$ Increase		% Increase
	(dollars in millions)
Total Assets:	$	47,372	$	40,692		16	%	$	45,272	$	2,100		5	%
Total Loans (Net):		15,778		13,345		18			15,455		323		2
Core Deposits:		42,699		35,912		19			40,077		2,622		7
Total Deposits:		43,976		37,112		18			41,288		2,688		7

Shareholder Returns

		March 31, 2007
		Commerce	S & P Index
1	Year	(8)%	12%
5	Years	10%	6%
10	Years	24%	8%

5-Year Growth Targets

	Average Annual Growth Targets	Last 5-Year Average Annual Growth	Actual First Quarter 2007

Core Deposit Growth per Store (in millions):	$20	$22	$17
Core Deposits:	20%	30%	19%
Comp Store Deposits:	15 - 20	30	17
Total Revenue:	20	21	12
Net Income:	20	19	1
Net Income Per Share:	15 - 18	10	(2)

Deposit Growth

	3/31/07		3/31/06		$ Increase		% Increase
	(dollars in millions)
Core Deposits	$	42,699	$	35,912	$	6,786		19	%

Total Deposits	$	43,976	$	37,112	$	6,864		18	%

Regional Deposit Growth

Core deposit growth by region is as follows:

	# of Stores		3/31/07		3/31/06		$ Increase		% Increase			Average Store Size		Annualized Growth/ Store
	(dollars in millions)
Northern New Jersey		143	$	13,153	$	11,168	$	1,985		18	%	$	92	$	15
New York City		59		6,937		5,074		1,863		37			118		37
Long Island/Westchester/CT		50		4,150		3,199		951		30			83		21
Metro New York		252	$	24,240	$	19,441	$	4,799		25	%	$	96	$	21
Metro Philadelphia		156		17,716		16,031		1,685		11			114		10
Metro Washington		18		376		149		227		152			21		20
Southeast Florida		11		367		291		76		26			33		9
Total Core Deposits		437	$	42,699	$	35,912	$	6,787		19	%	$	98	$	17
Total Deposits			$	43,976	$	37,112	$	6,864		18	%	$	101	$	17

Metro New York remains the Company’s largest and fastest growing market with core deposits of $24.2 billion, an increase of 25% over the first quarter of 2006, and an annualized core deposit growth per store of $21 million. This market is expected to continue to lead the deposit growth of the Company.

Comparable Store Core Deposit Growth

Comparable store deposit growth is measured as the year-over-year percentage increase in core deposits for stores open one year or more at the balance sheet date.

	Core Deposit Growth
	Stores Open 1
	Year or More
	# of Stores	Comp Store Increase

Metro Philadelphia	148	11%
Northern New Jersey	132	14
New York City	47	37
Long Island/Westchester/CT	37	24
Metro Washington	7	124
Southeast Florida	7	7
Total	378	17%

Core Deposits

Core deposit growth by type of account is as follows:

	3/31/07		3/31/06		$ Increase		% Increase			1st Quarter Cost of Funds
	(dollars in millions)
Demand	$	9,322	$	8,391	$	931		11	%		0.00	%
Interest Bearing Demand		18,682		14,146		4,536		32			3.71
Savings		10,580		10,292		288		3			2.80
Subtotal		38,584		32,829		5,755		18	%		2.58	%

Time		4,115		3,083		1,032		33			4.39
Total Core Deposits:	$	42,699	$	35,912	$	6,787		19	%		2.76	%

Core deposit growth by type of customer is as follows:

	3/31/07		% Total			3/31/06		% Total			Annual Growth %
	(dollars in millions)
Consumer	$	17,907		42	%	$	15,643		44	%		14	%
Commercial		16,895		40			13,642		38			24
Government		7,897		18			6,627		18			19

Total	$	42,699		100	%	$	35,912		100	%		19	%

Net Income and Net Income Per Share

Net income totaled $77.9 million for the first quarter of 2007, compared to net income of $77.3 million for the first quarter of 2006. On a diluted per share basis, net income for the first quarter of 2007 was $.40 compared to $.41 for the first quarter of 2006.

	Three Months Ended							Linked Quarter
	3/31/07		3/31/06		% Change			12/31/06			$ Increase		% Change
	(dollars in thousands, except per share data)
Net Income:	$	77,936	$	77,297		1	%	$	62,827⁽¹	⁾	$	15,109		24	%
Net Income Per Share:	$	.40	$	.41		(2	)	$	.32⁽¹	⁾	$	.08		25

Total Revenues

	Three Months Ended
	3/31/07		3/31/06		% Increase
	(dollars in thousands, except per share data)
Total Revenues	$	492,407	$	438,932		12	%
Revenue Per Share	$	10.02	$	9.25		8	%

Net Interest Income and Net Interest Margin

Net interest income for the first quarter totaled $333.0 million, an 8% increase over the $307.9 million recorded a year ago, despite the impact of the inverted yield curve. The increase in net interest income during the first quarter was due to volume increases in interest earning assets resulting from the Company’s continued deposit growth.

The net interest margin for the first quarter of 2007 increased slightly to 3.27%, compared to 3.25% for the fourth quarter of 2006, and was down 26 basis points from the 3.53% margin for the first quarter of 2006. The year over year compression in net interest margin was primarily caused by the current interest rate environment.

On a tax equivalent basis, the Company recorded $340.5 million in net interest income in the first quarter of 2007, an increase of $26.7 million or 9% over the first quarter of 2006.

Net Interest Income and Rate/Volume Analysis

As shown below, the increase in net interest income on a tax equivalent basis was due to volume increases in the Company’s earning assets, which were fueled by the Company’s continued deposit growth. The Company’s continuing ability to grow deposits produces net interest income growth, despite rate compression primarily caused by the current rate environment.

	Net Interest Income
Quarter Ended March 31,	Volume Increase	Rate Change	Total Increase	% Increase
	(dollars in thousands)

2007 vs. 2006	$ 51,019	($24,322)	$26,697	9%

Non-Interest Income

Excluding net investment securities gains, non-interest income for the first quarter of 2007 increased to $156.6 million from $131.0 million a year ago, a 20% increase. The increases in non-interest income are primarily attributable to the increase in deposit charges and service fees of 28% for the first quarter of 2007.

The growth in non-interest income for the first quarter is more fully depicted below:

	Three Months Ended
	3/31/07		3/31/06		% Change
	(dollars in thousands)
Deposit Charges & Service Fees	$	105,206	$	82,281		28	%
Other Operating Income:
Commerce Banc Insurance		22,650		21,944		3
Commerce Capital Markets		7,267		6,235		17
Loan Brokerage Fees		2,963		1,937		53
Other		18,486		18,605		(1	)
Total Other Operating Income		51,366		48,721		5
Subtotal		156,572		131,002		20	%
Net Investment Securities Gains		2,879		-		100
Total Non-Interest Income	$	159,451	$	131,002		22	%

Included in other operating income for the first quarter of 2007 are $5.0 million of net losses related to the Company’s equity method investments.

Non-Interest Expenses

Non-interest expenses for the first quarter of 2007 were $362.8 million, up 15% from $315.3 million a year ago. The increases in non-interest expenses for the first quarter were widespread throughout non-interest expense categories, reflecting the Company’s store expansion program. The Company remains focused on controlling costs while continuing to execute its growth model.

Investments

At March 31, 2007, total investments increased to $27.1 billion. The available for sale and held to maturity portfolios totaled $12.3 billion and $14.8 billion, respectively.

Detailed below is information regarding the composition and characteristics of the Company’s investment portfolio, excluding trading securities, at March 31, 2007.

Product Description	Available For Sale			Held to Maturity			Total
	(in millions)
Mortgage-backed Securities:
Federal Agencies Pass Through	$	1,378		$	1,982		$	3,360
Certificates (AAA Rated)
Collateralized Mortgage		9,952			10,573			20,525
Obligations (AAA Rated)
Obligations of State and		1,004			2,257			3,261
Political Subdivisions/Other
Total	$	12,334		$	14,812		$	27,146

Duration (in years)		2.86			3.47			3.19
Average Life (in years)		4.99			5.18			5.09
Quarterly Average Yield		5.77	%		5.48	%		5.61	%

At March 31, 2007, the after tax depreciation of the Company’s available for sale portfolio was $49.4 million.

Linked Quarter Comparison

A comparison of financial results for the quarter ended March 31, 2007 to the previous quarter ended December 31, 2006 is as follows: (dollars in thousands, except per share data)

	Three Months Ended					Linked Quarter
	3/31/07		12/31/06			$ Change			% Change
Total Assets	$	47,371,632	$	45,271,816		$	2,099,816			5	%
Total Loans (Net)		15,778,094		15,454,996			323,098			2
Core Deposits		42,698,696		40,076,568			2,622,128			7
Total Deposits		43,975,866		41,288,211			2,687,655			7
Total Revenues		492,407		492,309			98			-
Net Interest Income		332,956		325,671			7,285			2
Non-Interest Income		159,451		166,638			(7,187	)		(4	)
Non-Interest Expense		362,785		363,174			(389	)		-
Net Income		77,936		62,827⁽¹	⁾		15,109			24
Net Income Per Share	$	.40	$	.32⁽¹	⁾	$	.08			25

Capital Resources

Stockholders’ equity at March 31, 2007 increased to $2.9 billion, a $462.9 million increase, or 19% over stockholders’ equity of $2.4 billion at March 31, 2006.

Return on average stockholders equity (ROE) for the first quarter is shown in the table below:

	Three Months Ended
	3/31/07	3/31/06
	10.87%	13.00%

At March 31, 2007, the Company’s book value per share was $14.54, a 15% increase over the book value per share of $12.59 at March 31, 2006.

The Company’s capital ratios at March 31, 2007 were as follows:

				Regulatory Guidelines
	Commerce			“Well Capitalized”

Leverage Ratio		6.09	%		5.00	%
Tier I		11.66	%		6.00	%
Total Capital		12.36	%		10.00	%

New Stores

During the first quarter of 2007, the Company added 9 new stores, increasing the total stores to 437. During the last three years, the Company has added 159 of its 437 stores.

Stores opened during the first quarter were as follows:

Metropolitan New York

	Location	County

	Corona	Queens (NY)
	Elmhurst	Queens (NY)
	Hillcrest	Queens (NY)

	Rockaway Commons	Morris (NJ)
	Warren	Somerset (NJ)

Metropolitan Philadelphia

	Location	County

	Newark/DE	New Castle (DE)

Metropolitan Washington, D.C.

	Location	County

	Alexandria/Van Dorn	Alexandria (VA)

Southeastern Florida

	Boca Raton/Camino Real	Palm Beach (FL)
	South Beach	Miami - Dade (FL)

Forward-Looking Statements

The Company may from time to time make written or oral “forward-looking statements”, including statements contained in the Company’s filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company’s control). The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause the Company’s financial performance or other forward looking statements to differ materially from that expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System (the “FRB”); inflation; interest rates, market and monetary fluctuations; the timely development of competitive new products and services by the Company and the acceptance of such products and services by customers; the willingness of customers to substitute competitors’ products and services for the Company’s products and services and vice versa; the impact of changes in financial services’ laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; future acquisitions; the expense savings and revenue enhancements from acquisitions being less than expected; the growth and profitability of the Company’s noninterest or fee income being less than expected; unanticipated regulatory or judicial proceedings (including those regulatory and other approvals necessary to open new stores); changes in consumer spending and saving habits; and the success of the Company at managing the risks involved in the foregoing.

The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

EX-99.2 3 ex99-2.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

Commerce Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited)


		March 31,			December 31,			Linked Quarter			March 31,
	(dollars in thousands)	2007			2006			% Change			2006			% Change

Assets	Cash and due from banks	$	1,237,008		$	1,207,390			2	%	$	1,185,293			4	%
	Federal funds sold		506,400			9,300			5,345			6,600			7,573
	Cash and cash equivalents		1,743,408			1,216,690			43			1,191,893			46
	Loans held for sale		48,447			52,741			(8	)		37,349			30
	Trading securities		156,241			106,007			47			123,468			27
	Securities available for sale		12,333,705			11,098,113			11			10,245,046			20
	Securities held to maturity		14,811,708			14,884,982			(0	)		13,705,727			8
	Loans:
	Commercial real estate:
	Investor developer		2,562,842			2,625,628			(2	)		2,156,040			19
	Residential construction		344,144			280,476			23			289,236			19
			2,906,986			2,906,104			0			2,445,276			19
	Commercial loans:
	Term		2,432,065			2,392,889			2			1,951,600			25
	Line of credit		1,790,734			1,843,545			(3	)		1,632,310			10
			4,222,799			4,236,434			(0	)		3,583,910			18
	Owner-occupied		3,007,211			2,845,791			6			2,526,458			19
			7,230,010			7,082,225			2			6,110,368			18
	Consumer:
	Mortgages (1-4 family residential)		2,256,222			2,235,247			1			2,119,424			6
	Installment		282,667			287,151			(2	)		230,927			22
	Home equity		3,119,327			2,958,893			5			2,484,333			26
	Credit lines		138,794			137,429			1			90,282			54
			5,797,010			5,618,720			3			4,924,966			18
	Total loans		15,934,006			15,607,049			2			13,480,610			18
	Less allowance for loan losses		155,912			152,053			3			135,745			15
			15,778,094			15,454,996			2			13,344,865			18
	Bank premises and equipment, net		1,808,096			1,753,670			3			1,406,608			29
	Goodwill and other intangible assets		145,923			141,631			3			150,466			(3	)
	Other assets		546,010			562,986			(3	)		486,960			12
	Total assets	$	47,371,632		$	45,271,816			5	%	$	40,692,382			16	%
Liabilities	Deposits:
	Demand:
	Noninterest-bearing	$	9,321,584		$	8,936,824			4	%	$	8,391,102			11	%
	Interest-bearing		18,682,011			16,853,457			11			14,146,346			32
	Savings		10,580,371			10,459,306			1			10,328,280			2
	Time		5,391,900			5,038,624			7			4,246,379			27
	Total deposits		43,975,866			41,288,211			7			37,112,107			18

	Other borrowed money		122,725			777,404			(84	)		869,753			(86	)
	Other liabilities		391,848			405,103			(3	)		292,225			34
			44,490,439			42,470,718			5			38,274,085			16

Stockholders' Equity	Common stock		192,751			189,738			2			184,046			5
	Capital in excess of par value		1,779,523			1,744,691			2			1,566,673			14
	Retained earnings		1,007,299			958,770			5			805,967			25
	Accumulated other comprehensive loss		(49,364	)		(65,240	)		(24	)		(121,918	)		(60	)
			2,930,209			2,827,959			4			2,434,768			20

	Less treasury stock, at cost		49,016			26,861			82			16,471			198
	Total stockholders' equity		2,881,193			2,801,098			3			2,418,297			19
	Total liabilities and stockholders' equity	$	47,371,632		$	45,271,816			5	%	$	40,692,382			16	%

Commerce Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited)


	(dollars in thousands)	March 31,			December 31, 2006									March 31, 2006
		2007			Actual			$ Change			% Change			Actual			$ Change			% Change

Assets	Cash and due from banks	$	1,237,008		$	1,207,390		$	29,618			2	%	$	1,185,293		$	51,715			4	%
	Federal funds sold		506,400			9,300			497,100			5,345			6,600			499,800			7,573
	Cash and cash equivalents		1,743,408			1,216,690			526,718			43			1,191,893			551,515			46
	Loans held for sale		48,447			52,741			(4,294	)		(8	)		37,349			11,098			30
	Trading securities		156,241			106,007			50,234			47			123,468			32,773			27
	Securities available for sale		12,333,705			11,098,113			1,235,592			11			10,245,046			2,088,659			20
	Securities held to maturity		14,811,708			14,884,982			(73,274	)		(0	)		13,705,727			1,105,981			8

	Loans		15,934,006			15,607,049			326,957			2			13,480,610			2,453,396			18
	Less allowance for loan losses		155,912			152,053			3,859			3			135,745			20,167			15
			15,778,094			15,454,996			323,098			2			13,344,865			2,433,229			18
	Reserve %		1.03	%		1.03	%								1.06	%
	Bank premises and equipment, net		1,808,096			1,753,670			54,426			3			1,406,608			401,488			29
	Other assets		691,933			704,617			(12,684	)		(2	)		637,426			54,507			9
	Total assets	$	47,371,632		$	45,271,816		$	2,099,816			5	%	$	40,692,382		$	6,679,250			16	%

Liabilities	Deposits:
	Demand:
	Noninterest-bearing	$	9,321,584		$	8,936,824		$	384,760			4	%	$	8,391,102		$	930,482			11	%
	Interest-bearing		18,682,011			16,853,457			1,828,554			11			14,146,346			4,535,665			32
	Savings		10,580,371			10,459,306			121,065			1			10,328,280			252,091			2
	Time		5,391,900			5,038,624			353,276			7			4,246,379			1,145,521			27
	Total deposits		43,975,866			41,288,211			2,687,655			7			37,112,107			6,863,759			18

	Core deposits		42,698,696			40,076,568			2,622,128			7			35,912,440			6,786,256			19

	Total other liabilities		514,573			1,182,507			(667,934	)		(56	)		1,161,978			(647,405	)		(56	)
			44,490,439			42,470,718			2,019,721			5			38,274,085			6,216,354			16

			2,881,193			2,801,098			80,095			3			2,418,297			462,896			19
Stockholders' Equity	Total liabilities and stockholders' equity	$	47,371,632		$	45,271,816		$	2,099,816			5	%	$	40,692,382		$	6,679,250			16	%

Commerce Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited)


		March 31,			December 31,
	(dollars in thousands)	2007			2006

Assets	Cash and due from banks	$	1,237,008		$	1,207,390
	Federal funds sold		506,400			9,300
	Cash and cash equivalents		1,743,408			1,216,690
	Loans held for sale		48,447			52,741
	Trading securities		156,241			106,007
	Securities available for sale		12,333,705			11,098,113
	Securities held to maturity		14,811,708			14,884,982
	(market value 03/07-$14,587,667; 2006-$14,617,764)
	Loans		15,934,006			15,607,049
	Less allowance for loan losses		155,912			152,053
			15,778,094			15,454,996
	Bank premises and equipment, net		1,808,096			1,753,670
	Goodwill and other intangible assets		145,923			141,631
	Other assets		546,010			562,986
	Total assets	$	47,371,632		$	45,271,816

Liabilities	Deposits:
	Demand:
	Noninterest-bearing	$	9,321,584		$	8,936,824
	Interest-bearing		18,682,011			16,853,457
	Savings		10,580,371			10,459,306
	Time		5,391,900			5,038,624
	Total deposits		43,975,866			41,288,211

	Other borrowed money		122,725			777,404
	Other liabilities		391,848			405,103
			44,490,439			42,470,718

Stockholders' Equity	Common stock, 192,751,235 shares issued (189,738,423 shares in 2006)		192,751			189,738
	Capital in excess of par value		1,779,523			1,744,691
	Retained earnings		1,007,299			958,770
	Accumulated other comprehensive loss		(49,364	)		(65,240	)
			2,930,209			2,827,959

	Less treasury stock, at cost, 1,874,923 shares (1,231,081 shares in 2006)		49,016			26,861
	Total stockholders' equity		2,881,193			2,801,098
	Total liabilities and stockholders' equity	$	47,371,632		$	45,271,816

Commerce Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(unaudited)


		Three Months Ended
		March 31,
	(dollars in thousands, except per share amounts)	2007		2006		% Change

Interest	Interest and fees on loans	$	270,770	$	214,974		26	%
income	Interest on investments		355,308		295,076		20
	Other interest		5,733		413		1,288
	Total interest income		631,811		510,463		24

Interest	Interest on deposits:
expense	Demand		163,742		97,940		67
	Savings		72,118		54,004		34
	Time		58,863		36,261		62
	Total interest on deposits		294,723		188,205		57
	Interest on other borrowed money		4,132		14,328		(71	)
	Total interest expense		298,855		202,533		48

	Net interest income		332,956		307,930		8
	Provision for credit losses		10,000		6,501		54
	Net interest income after provision for credit losses		322,956		301,429		7

Noninterest	Deposit charges and service fees		105,206		82,281		28
income	Other operating income		51,366		48,721		5
	Net investment securities gains		2,879		0		0
	Total noninterest income		159,451		131,002		22

	Total Revenues		492,407		438,932		12

Noninterest	Salaries and benefits		167,759		144,825		16
expense	Occupancy		58,072		46,240		26
	Furniture and equipment		42,852		35,960		19
	Office		16,303		15,473		5
	Marketing		10,433		7,811		34
	Other		67,366		65,025		4
	Total noninterest expenses		362,785		315,334		15

	Income before income taxes		119,622		117,097		2
	Provision for federal and state income taxes		41,686		39,800		5
	Net income	$	77,936	$	77,297		1	%

	Net income per common and common equivalent share:
	Basic	$	0.41	$	0.43		(5	)%
	Diluted	$	0.40	$	0.41		(2	)
	Average common and common equivalent shares outstanding:
	Basic		189,278		180,917		5
	Diluted		196,505		189,867		3
	Cash dividends, common stock	$	0.13	$	0.12		8	%

Commerce Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(unaudited)


		Three Months Ended
		March 31,			December 31,						March 31,
	(dollars in thousands, except per share amounts)	2007			2006			% Change			2006			% Change

Interest	Interest and fees on loans	$	270,770		$	262,743			3	%	$	214,974			26	%
income	Interest on investments		355,308			342,005			4			295,076			20
	Other interest		5,733			4,345			32			413			1,288
	Total interest income		631,811			609,093			4			510,463			24

Interest	Interest on deposits:
expense	Demand		163,742			146,773			12			97,940			67
	Savings		72,118			72,947			(1	)		54,004			34
	Time		58,863			60,134			(2	)		36,261			62
	Total interest on deposits		294,723			279,854			5			188,205			57
	Interest on other borrowed money		4,132			3,568			16			14,328			(71	)
	Total interest expense		298,855			283,422			5			202,533			48

	Net interest income		332,956			325,671			2			307,930			8
	Provision for credit losses		10,000			10,200			(2	)		6,501			54
	Net interest income after provision for credit losses		322,956			315,471			2			301,429			7

Noninterest	Deposit charges and service fees		105,206			102,840			2			82,281			28
income	Other operating income		51,366			61,101			(16	)		48,721			5
	Net investment securities gains		2,879			2,697			7			0			0
	Total noninterest income		159,451			166,638			(4	)		131,002			22

	Total Revenues		492,407			492,309			0			438,932			12

Noninterest	Salaries and benefits		167,759			163,067			3			144,825			16
expense	Occupancy		58,072			55,237			5			46,240			26
	Furniture and equipment		42,852			43,916			(2	)		35,960			19
	Office		16,303			17,150			(5	)		15,473			5
	Marketing		10,433			12,515			(17	)		7,811			34
	Other		67,366			71,289			(6	)		65,025			4
	Total noninterest expenses		362,785			363,174			(0	)		315,334			15

	Income before income taxes		119,622			118,935			1			117,097			2
	Provision for federal and state income taxes		41,686			56,108			(26	)		39,800			5
	Net income	$	77,936		$	62,827			24	%	$	77,297			1	%

	Net income per common and common equivalent share:
	Basic	$	0.41		$	0.33			24	%	$	0.43			(5	)%
	Diluted	$	0.40		$	0.32			25		$	0.41			(2	)
	Average common and common equivalent shares outstanding:
	Basic		189,278			187,704			1			180,917			5
	Diluted		196,505			196,052			0			189,867			3
	Cash dividends, common stock	$	0.13		$	0.13			0	%	$	0.12			8	%

	Return on average assets		0.68	%		0.57	%					0.79	%
	Return on average equity		10.87			9.05						13.00

Commerce Bancorp, Inc. and Subsidiaries

Selected Consolidated Financial Data

(unaudited)

	Three Months Ended
	March 31,
	2007			2006			% Change
	(dollars and shares in thousands)

Income Statement Data:
Net interest income	$	332,956		$	307,930			8	%
Provision for credit losses		10,000			6,501			54
Noninterest income		159,451			131,002			22
Total revenues		492,407			438,932			12
Noninterest expense		362,785			315,334			15
Net income		77,936			77,297			1


Per Share Data:
Net income - Basic	$	0.41		$	0.43			(5	)%
Net income - Diluted		0.40			0.41			(2	)

Book value - Basic	$	15.09		$	13.21			14	%
Book value - Diluted		14.54			12.59			15

Revenue per share - Diluted	$	10.02		$	9.25			8	%

Weighted Average Shares Outstanding:
Basic		189,278			180,917
Diluted		196,505			189,867

Balance Sheet Data:

Total assets	$	47,371,632		$	40,692,382			16	%
Loans (net)		15,778,094			13,344,865			18
Allowance for credit losses		164,057			142,913			15
Securities available for sale		12,333,705			10,245,046			20
Securities held to maturity		14,811,708			13,705,727			8
Total deposits		43,975,866			37,112,107			18
Core deposits		42,698,696			35,912,440			19
Stockholders' equity		2,881,193			2,418,297			19

Capital:

Stockholders' equity to total assets		6.08	%		5.94	%

Risk-based capital ratios:
Tier I		11.66			11.80
Total capital		12.36			12.53

Leverage ratio		6.09			6.09

Performance Ratios:

Cost of funds		2.87	%		2.28	%
Net interest margin		3.27			3.53
Return on average assets		0.68			0.79
Return on average total stockholders' equity		10.87			13.00

The following summary presents information regarding non-performing loans and assets as of March 31, 2007 and the preceding four quarters (dollar amounts in thousands).


	March 31,			December 31,			September 30,			June 30,			March 31,
	2007			2006			2006			2006			2006
Non-accrual loans:
Commercial	$	20,526		$	33,686		$	33,658		$	34,904		$	16,975
Consumer		15,343			11,820			9,325			8,927			9,285
Commercial real estate:
Construction		8,575			3,531			496			1,708			1,726
Mortgage		2,277			1,565			1,828			2,523			2,096
Total non-accrual loans		46,721			50,602			45,307			48,062			30,082

Restructured loans:
Commercial		-			-			-			2,941			3,037
Total restructured loans		-			-			-			2,941			3,037

Total non-performing loans		46,721			50,602			45,307			51,003			33,119

Other real estate/foreclosed assets		5,000			2,610			2,022			1,369			435

Total non-performing assets		51,721			53,212			47,329			52,372			33,554

Loans past due 90 days or more
and still accruing		658			620			441			583			332

Total non-performing assets and
loans past due 90 days or more	$	52,379		$	53,832		$	47,770		$	52,955		$	33,886

Total non-performing loans as a
percentage of total period-end
loans		0.29	%		0.32	%		0.31	%		0.36	%		0.25	%

Total non-performing assets as a
percentage of total period-end assets		0.11	%		0.12	%		0.11	%		0.12	%		0.08	%

Total non-performing assets and loans
past due 90 days or more as a
percentage of total period-end assets		0.11	%		0.12	%		0.11	%		0.12	%		0.08	%

Allowance for credit losses as a
percentage of total non-performing
loans		351	%		317	%		341	%		291	%		432	%

Allowance for credit losses as a percentage
of total period-end loans		1.03	%		1.03	%		1.05	%		1.04	%		1.06	%

Total non-performing assets and loans
past due 90 days or more as a
percentage of stockholders' equity and
allowance for credit losses		2	%		2	%		2	%		2	%		1	%

The following table presents, for the periods indicated, an analysis of the allowance for credit losses and other related data: (dollar amounts in thousands)

							Year
	Three Months Ended						Ended
	03/31/07			03/31/06			12/31/06



Balance at beginning of period	$	160,269		$	141,464		$	141,464
Provisions charged to operating expenses		10,000			6,501			33,700
		170,269			147,965			175,164

Recoveries on loans charged-off:
Commercial		1,121			533			5,987
Consumer		289			511			1,604
Commercial real estate		235			1			385
Total recoveries		1,645			1,045			7,976

Loans charged-off:
Commercial		(4,294	)		(4,186	)		(14,107	)
Consumer		(2,974	)		(1,712	)		(8,179	)
Commercial real estate		(589	)		(199	)		(585	)
Total charge-offs		(7,857	)		(6,097	)		(22,871	)
Net charge-offs		(6,212	)		(5,052	)		(14,895	)


Balance at end of period	$	164,057		$	142,913		$	160,269



Net charge-offs as a percentage of
average loans outstanding		0.16	%		0.16	%		0.11	%


Net Allowance Additions	$	3,788		$	1,449		$	18,805

Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income

(unaudited)




	March 2007							December 2006							March 2006
	Average				Average			Average				Average			Average				Average
	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
(dollars in thousands)
Earning Assets
Investment securities
Taxable	$	25,237,398	$	348,630		5.60	%	$	24,610,625	$	335,665		5.41	%	$	22,325,450	$	289,739		5.26	%
Tax-exempt		611,725		8,984		5.96			586,903		8,596		5.81			549,794		6,956		5.13
Trading		96,838		1,290		5.40			103,468		1,157		4.44			108,670		1,255		4.69
Total investment securities		25,945,961		358,904		5.61			25,300,996		345,418		5.42			22,983,914		297,950		5.26
Federal funds sold		436,031		5,733		5.33			323,652		4,345		5.33			36,594		413		4.58
Loans
Commercial mortgages		5,447,516		95,522		7.11			5,192,406		92,553		7.07			4,491,557		76,193		6.88
Commercial		4,024,615		77,457		7.81			3,764,466		74,777		7.88			3,221,996		59,125		7.44
Consumer		5,711,130		90,500		6.43			5,533,248		88,846		6.37			4,817,562		74,127		6.24
Tax-exempt		599,202		11,217		7.59			538,746		10,104		7.44			492,283		8,506		7.01
Total loans		15,782,463		274,696		7.06			15,028,866		266,280		7.03			13,023,398		217,951		6.79

Total earning assets	$	42,164,455	$	639,333		6.14	%	$	40,653,514	$	616,043		6.01	%	$	36,043,906	$	516,314		5.81	%

Sources of Funds
Interest-bearing liabilities
Savings	$	10,448,840	$	72,118		2.80	%	$	10,643,889	$	72,947		2.72	%	$	9,712,691	$	54,004		2.25	%
Interest bearing demand		17,886,395		163,742		3.71			16,280,718		146,773		3.58			13,584,371		97,940		2.92
Time deposits		3,999,233		43,284		4.39			3,723,163		39,578		4.22			3,131,039		25,850		3.35
Public funds		1,197,869		15,579		5.27			1,525,472		20,556		5.35			952,132		10,411		4.43
Total deposits		33,532,337		294,723		3.56			32,173,242		279,854		3.45			27,380,233		188,205		2.79

Other borrowed money		308,980		4,132		5.42			267,992		3,568		5.28			1,316,437		14,328		4.41
Total deposits and interest-bearing liabilities		33,841,317		298,855		3.58			32,441,234		283,422		3.47			28,696,670		202,533		2.86

Noninterest-bearing funds (net)		8,323,138							8,212,280							7,347,236
Total sources to fund earning assets	$	42,164,455		298,855		2.87		$	40,653,514		283,422		2.76		$	36,043,906		202,533		2.28

Net interest income and
margin tax-equivalent basis			$	340,478		3.27	%			$	332,621		3.25	%			$	313,781		3.53	%

Other Balances
Cash and due from banks	$	1,182,810						$	1,174,831						$	1,286,259
Other assets		2,607,508							2,451,297							2,094,400
Total assets		45,798,648							44,127,353							39,288,182
Total deposits		42,232,192							40,704,685							35,295,835
Demand deposits (noninterest-bearing)		8,699,855							8,531,443							7,915,602
Other liabilities		390,627							379,025							298,278
Stockholders' equity		2,866,849							2,775,651							2,377,632
Allowance for loan losses		156,125							152,289							136,383



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 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
	March 31,

	2007		2006
Basic:
Net income applicable to common stock	$	77,936	$	77,297

Average common shares outstanding		189,278		180,917

Net income per common share	$	0.41	$	0.43





Diluted:
Net income applicable to common stock	$	77,936	$	77,297


Average common shares outstanding		189,278		180,917
Additional shares considered in diluted
computation assuming:
Exercise of stock options		7,227		8,950

Average common and common equivalent
shares outstanding		196,505		189,867

Net income per common and common
equivalent share	$	0.40	$	0.41

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