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Commerce Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
-------------------------------------------------------------------------
June 30, December 31,
-------------------------
(dollars in thousands) 2006 2005
-------------------------------------------------------------------------
Assets Cash and due from banks $1,409,537 $1,284,064
Federal funds sold 56,600 12,700
--------------------------
Cash and cash equivalents 1,466,137 1,296,764
Loans held for sale 43,825 30,091
Trading securities 91,148 143,016
Securities available for sale 11,074,128 9,518,821
Securities held to maturity 14,415,921 13,005,364
(market value 6/06-$13,904,538;
2005-$12,758,552)
Loans 14,273,526 12,658,652
Less allowance for loan losses 140,746 133,664
--------------------------
14,132,780 12,524,988
Bank premises and equipment, net 1,494,333 1,378,786
Goodwill and other intangible assets 148,846 106,926
Other assets 569,181 461,281
--------------------------
Total assets $43,436,299 $38,466,037
==========================
Liabili-
ties Deposits:
Demand:
Noninterest-bearing $8,653,739 $8,019,878
Interest-bearing 14,269,002 13,286,678
Savings 10,765,985 9,486,712
Time 4,361,036 3,933,445
-------------------------
Total deposits 38,049,762 34,726,713
Other borrowed money 2,568,445 1,106,443
Other liabilities 291,732 323,708
Long-term debt 0 0
-------------------------
40,909,939 36,156,864
Stock- Common stock, 186,661,589 shares
holders' issued (179,498,717 shares in 2005) 186,662 179,499
Equity Capital in excess of par value 1,646,984 1,450,843
Retained earnings 863,229 750,710
Accumulated other comprehensive
(loss) income (154,043) (59,169)
-------------------------
2,542,832 2,321,883
Less treasury stock, at cost,
946,626 shares (837,338 shares
in 2005) 16,472 12,710
-------------------------
Total stockholders' equity 2,526,360 2,309,173
-------------------------
Total liabilities and
stockholders' equity $43,436,299 $38,466,037
==========================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
--------------------------------------------------------------------------
Three Months Ended
June 30,
---------------------------------
(dollars in thousands, except
per share amounts) 2006 2005 % Change
--------------------------------------------------------------------------
Interest Interest and fees on loans $236,890 $161,839 46 %
income Interest on investments 325,022 234,970 38
Other interest 250 889 (72)
---------------------------------
Total interest income 562,162 397,698 41
---------------------------------
Interest Interest on deposits:
expense Demand 118,085 53,755 120
Savings 64,157 23,258 176
Time 41,174 22,281 85
---------------------------------
Total interest on
deposits 223,416 99,294 125
Interest on other borrowed
money 19,809 6,917 186
Interest on long-term debt 0 3,020 (100)
---------------------------------
Total interest expense 243,225 109,231 123
---------------------------------
Net interest income 318,937 288,467 11
Provision for credit losses 7,500 4,500 67
---------------------------------
Net interest income after
provision for credit losses 311,437 283,967 10
Noninterest Deposit charges and service
income fees 91,653 68,802 33
Other operating income 51,303 42,152 22
Net investment securities
(losses) gains 0 4,689 (100)
---------------------------------
Total noninterest income 142,956 115,643 24
---------------------------------
Total Revenues 461,893 404,110 14
-----
Noninterest Salaries and benefits 150,630 127,552 18
expense Occupancy 45,487 39,110 16
Furniture and equipment 39,656 28,895 37
Office 14,398 12,577 14
Marketing 11,699 8,456 38
Other 71,914 61,909 16
---------------------------------
Total noninterest
expenses 333,784 278,499 20
---------------------------------
Income before income taxes 120,609 121,111 (0)
Provision for federal and
state income taxes 41,089 41,702 (1)
---------------------------------
Net income $79,520 $79,409 0 %
=================================
Net income per common and
common equivalent share:
Basic $0.43 $0.49 (12)%
---------------------------------
Diluted $0.41 $0.46 (11)
---------------------------------
Average common and common
equivalent shares
outstanding:
Basic 184,437 162,287 14
---------------------------------
Diluted 193,842 177,202 9
---------------------------------
Cash dividends, common stock $0.12 $0.11 9 %
=================================
--------------------------------------------------------------------------
Six Months Ended
June 30,
----------------------------------
(dollars in thousands, except
per share amounts) 2006 2005 % Change
--------------------------------------------------------------------------
Interest Interest and fees on loans $451,864 $307,057 47 %
income Interest on investments 620,098 459,916 35
Other interest 663 1,205 (45)
----------------------------------
Total interest income 1,072,625 768,178 40
----------------------------------
Interest Interest on deposits:
expense Demand 216,025 100,426 115
Savings 118,161 42,338 179
Time 77,435 40,679 90
----------------------------------
Total interest on
deposits 411,621 183,443 124
Interest on other borrowed
money 34,137 11,327 201
Interest on long-term debt 0 6,040 (100)
----------------------------------
Total interest expense 445,758 200,810 122
----------------------------------
Net interest income 626,867 567,368 10
Provision for credit losses 14,001 10,750 30
----------------------------------
Net interest income after
provision for credit losses 612,866 556,618 10
Noninterest Deposit charges and service
income fees 173,934 128,766 35
Other operating income 100,024 84,769 18
Net investment securities
(losses) gains 0 5,797 (100)
----------------------------------
Total noninterest income 273,958 219,332 25
----------------------------------
Total Revenues 900,825 786,700 15
-----
Noninterest Salaries and benefits 295,455 246,853 20
expense Occupancy 91,727 77,103 19
Furniture and equipment 75,616 57,821 31
Office 29,871 25,254 18
Marketing 19,510 14,257 37
Other 136,939 115,617 18
----------------------------------
Total noninterest
expenses 649,118 536,905 21
----------------------------------
Income before income taxes 237,706 239,045 (1)
Provision for federal and
state income taxes 80,889 82,499 (2)
----------------------------------
Net income $156,817 $156,546 0 %
==================================
Net income per common and
common equivalent share:
Basic $0.86 $0.97 (11)%
----------------------------------
Diluted $0.82 $0.91 (10)
----------------------------------
Average common and common
equivalent shares
outstanding:
Basic 182,686 161,547 13
----------------------------------
Diluted 191,914 176,724 9
----------------------------------
Cash dividends, common stock $0.24 $0.22 9 %
==================================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
--------------------------------------------------------------------------
Three Months Ended
------------------------------------------------
(dollars in June 30, March 31, June 30,
thousands, except ------------------------------------------------
per share amounts) 2006 2006 % Change 2005 % Change
--------------------------------------------------------------------------
Interest Interest and
income fees on
loans $236,890 $214,974 10 % $161,839 46 %
Interest on
investments 325,022 295,076 10 234,970 38
Other interest 250 413 (39) 889 (72)
------------------------------------------------
Total interest
income 562,162 510,463 10 397,698 41
------------------------------------------------
Interest Interest on
expense deposits:
Demand 118,085 97,940 21 53,755 120
Savings 64,157 54,004 19 23,258 176
Time 41,174 36,261 14 22,281 85
------------------------------------------------
Total
interest
on deposits 223,416 188,205 19 99,294 125
Interest on
other borrowed
money 19,809 14,328 38 6,917 186
Interest on
long-term debt 0 0 0 3,020 (100)
------------------------------------------------
Total
interest
expense 243,225 202,533 20 109,231 123
------------------------------------------------
Net interest
income 318,937 307,930 4 288,467 11
Provision for
credit losses 7,500 6,501 15 4,500 67
------------------------------------------------
Net interest
income after
provision for
credit losses 311,437 301,429 3 283,967 10
Non- Deposit charges
interest and service
income fees 91,653 82,281 11 68,802 33
Other operating
income 51,303 48,721 5 42,152 22
Net investment
securities
(losses) gains 0 0 0 4,689 (100)
------------------------------------------------
Total
noninterest
income 142,956 131,002 9 115,643 24
------------------------------------------------
Total
Revenues 461,893 438,932 5 404,110 14
----- ------
Non- Salaries and
interest benefits 150,630 144,825 4 127,552 18
expense Occupancy 45,487 46,240 (2) 39,110 16
Furniture and
equipment 39,656 35,960 10 28,895 37
Office 14,398 15,473 (7) 12,577 14
Marketing 11,699 7,811 50 8,456 38
Other 71,914 65,025 11 61,909 16
------------------------------------------------
Total
noninterest
expenses 333,784 315,334 6 278,499 20
------------------------------------------------
Income before
income taxes 120,609 117,097 3 121,111 (0)
Provision for
federal and
state income
taxes 41,089 39,800 3 41,702 (1)
------------------------------------------------
Net income $79,520 $77,297 3 % $79,409 0 %
================================================
Net income per
common and
common
equivalent
share:
Basic $0.43 $0.43 0 % $0.49 (12)%
------------------------------------------------
Diluted $0.41 $0.41 0 $0.46 (11)
------------------------------------------------
Average common
and common
equivalent
shares
outstanding:
Basic 184,437 180,917 2 162,287 14
------------------------------------------------
Diluted 193,842 189,867 2 177,202 9
------------------------------------------------
Cash dividends,
common stock $0.12 $0.12 0 % $0.11 9 %
================================================
Return on
average assets 0.76 % 0.79 % 0.97 %
Return on
average equity 12.83 13.00 17.68
Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
Three Months Ended
June 30,
------------------------------------
%
2006 2005 Change
------------------------------------
(dollars and shares in thousands)
Income Statement Data:
Net interest income $318,937 $288,467 11 %
Provision for credit losses 7,500 4,500 67
Noninterest income 142,956 115,643 24
Total revenues 461,893 404,110 + 14
------------- --------
Noninterest expense 333,784 278,499 20
Net income 79,520 79,409 + 0
------------- --------
Per Share Data:
Net income - Basic $0.43 $0.49 (12)%
Net income - Diluted 0.41 0.46 - (11)
------------- --------
Book value - Basic
Book value - Diluted
Revenue per share - Diluted $9.53 $9.12 + 4 %
------------- --------
Weighted Average Shares Outstanding:
Basic 184,437 162,287
Diluted 193,842 177,202
Balance Sheet Data:
Total assets
Loans (net)
Allowance for credit losses
Securities available for sale
Securities held to maturity
Total deposits
Core deposits
Convertible Trust Capital Securities
- Commerce Capital Trust II
Stockholders' equity
Capital:
Stockholders' equity to total assets
Risk-based capital ratios:
Tier I
Total capital
Leverage ratio
Performance Ratios:
Cost of funds 2.54 % 1.46 %
Net interest margin 3.39 3.93
Return on average assets 0.76 0.97
Return on average total stockholders'
equity 12.83 17.68
Six Months Ended
June 30,
------------------------------------
%
2006 2005 Change
------------------------------------
(dollars and shares in thousands)
Income Statement Data:
Net interest income $626,867 $567,368 10 %
Provision for credit losses 14,001 10,750 30
Noninterest income 273,958 219,332 25
Total revenues 900,825 786,700 + 15
------------- --------
Noninterest expense 649,118 536,905 21
Net income 156,817 156,546 + 0
------------- --------
Per Share Data:
Net income - Basic $0.86 $0.97 (11)%
Net income - Diluted 0.82 0.91 - (10)
------------- --------
Book value - Basic $13.60 $11.32 20 %
Book value - Diluted 12.96 11.48 + 13
------------- --------
Revenue per share - Diluted $9.39 $8.90 + 5 %
------------- --------
Weighted Average Shares Outstanding:
Basic 182,686 161,547
Diluted 191,914 176,724
Balance Sheet Data:
Total assets $43,436,299 $33,362,936 + 30 %
Loans (net) 14,132,780 10,547,392 34
Allowance for credit losses 148,383 141,325 5
Securities available for sale 11,074,128 7,676,837 44
Securities held to maturity 14,415,921 11,708,266 23
Total deposits 38,049,762 30,519,063 25
------------- -------------
Core deposits 36,783,874 29,624,831 24
------------- -------------
Convertible Trust Capital Securities
- Commerce Capital Trust II 0 200,000 -
Stockholders' equity 2,526,360 1,849,491 + 37
--------
Capital:
Stockholders' equity to total assets 5.82 % 5.54 %
-------------
Risk-based capital ratios:
Tier I 11.84 12.39
Total capital 12.56 13.29
Leverage ratio 6.03 6.20
Performance Ratios:
Cost of funds 2.41 % 1.39 %
Net interest margin 3.46 3.98
Return on average assets 0.77 0.98
Return on average total
stockholders' equity 12.92 17.82
The following summary presents information regarding non-performing loans and assets as of June 30, 2006 and the preceding four quarters (dollar amounts in thousands).
June 30, March 31, Dec. 31, Sept. 30, June 30,
2006 2006 2005 2005 2005
--------- -------- --------- -------- ---------
Non-accrual loans:
Commercial $34,904 $16,975 $16,712 $16,926 $20,467
Consumer 8,927 9,285 8,834 8,559 8,641
Commercial real estate:
Construction 1,708 1,726 1,763 1,882 178
Mortgage 2,523 2,096 4,329 3,353 3,086
--------- -------- --------- -------- ---------
Total non-accrual
loans 48,062 30,082 31,638 30,720 32,372
--------- -------- --------- -------- ---------
Restructured loans:
Commercial 2,941 3,037 3,133 3,230 3,326
Consumer - - - - -
Commercial real estate:
Construction - - - - -
Mortgage - - - - -
--------- -------- --------- -------- ---------
Total restructured
loans 2,941 3,037 3,133 3,230 3,326
--------- -------- --------- -------- ---------
Total non-performing
loans 51,003 33,119 34,771 33,950 35,698
--------- -------- --------- -------- ---------
Other real estate 1,369 435 279 310 349
--------- -------- --------- -------- ---------
Total non-performing
assets 52,372 33,554 35,050 34,260 36,047
--------- -------- --------- -------- ---------
Loans past due 90 days or
more and still accruing 583 332 248 177 165
--------- -------- --------- -------- ---------
Total non-performing assets
and loans past due 90
days or more $52,955 $33,886 $35,298 $34,437 $36,212
========= ======== ========= ======== =========
Total non-performing loans
as a percentage of total
period-end loans 0.36% 0.25% 0.27% 0.30% 0.33%
Total non-performing assets
as a percentage of total
period-end assets 0.12% 0.08% 0.09% 0.09% 0.11%
---------
Total non-performing assets
and loans past due 90 days
or more as a percentage of
total period-end assets 0.12% 0.08% 0.09% 0.09% 0.11%
Allowance for credit losses
as a percentage of total
non-performing loans 291% 432% 407% 409% 396%
Allowance for credit losses
as a percentage of total
period-end loans 1.04% 1.06% 1.12% 1.23% 1.32%
Total non-performing assets
and loans past due 90 days
or more as a percentage of
stockholders' equity and
allowance for credit losses 2% 1% 1% 2% 2%
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 Six Months Ended Ended
--------------------- -------------------- ----------
06/30/06 06/30/05 06/30/06 06/30/05 12/31/05
--------- ---------- --------- --------- ----------
Balance at
beginning
of period $142,913 $139,289 $141,464 $135,620 $135,620
Provisions
charged to
operating
expenses 7,500 4,500 14,001 10,750 19,150
-------- -------- --------- --------- ----------
150,413 143,789 155,465 146,370 154,770
Recoveries on
loans charged-off:
Commercial 2,095 339 2,628 990 2,546
Consumer 624 254 1,135 1,087 2,566
Commercial
real estate 317 - 318 50 80
-------- -------- --------- --------- ----------
Total
recoveries 3,036 593 4,081 2,127 5,192
Loans charged-off:
Commercial (3,028) (1,213) (7,214) (3,815) (13,944)
Consumer (1,972) (915) (3,684) (2,402) (5,912)
Commercial
real estate (66) (929) (265) (955) (1,136)
-------- -------- --------- --------- ----------
Total charge-offs (5,066) (3,057) (11,163) (7,172) (20,992)
-------- -------- --------- --------- ----------
Net charge-offs (2,030) (2,464) (7,082) (5,045) (15,800)
-------- -------- --------- --------- ----------
Allowance for
credit loss
acquired bank 2,494
----------
Balance at end
of period $148,383 $141,325 $148,383 $141,325 $141,464
========= ======== ========= ========= ==========
Net charge-offs
as a percentage of
average loans
outstanding 0.06 % 0.09 % 0.11 % 0.10 % 0.15 %
Net Allowance
Additions $5,470 $2,036 $6,919 $5,705 $5,844
-------- -------- --------- --------- ----------
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net
Interest Income
(unaudited)
---------------------------------
June 2006
---------------------------------
Average Average
Balance Interest Rate
---------------------------------
(dollars in thousands)
Earning Assets
---------------------------------------
Investment securities
Taxable $23,851,645 $319,271 5.37 %
Tax-exempt 559,733 7,322 5.25
Trading 113,049 1,525 5.41
------------ --------- ------
Total investment securities 24,524,427 328,118 5.37
Federal funds sold 19,898 250 5.04
Loans
Commercial mortgages 4,784,584 83,903 7.03
Commercial 3,492,946 66,879 7.68
Consumer 5,115,609 80,560 6.32
Tax-exempt 498,492 8,535 6.87
------------ --------- ------
Total loans 13,891,631 239,877 6.93
------------ --------- ------
Total earning assets $38,435,956 $568,245 5.93 %
============
Sources of Funds
---------------------------------------
Interest-bearing liabilities
Savings $10,344,463 $64,157 2.49 %
Interest-bearing demand 14,597,277 118,085 3.24
Time deposits 3,088,653 25,949 3.37
Public funds 1,224,298 15,225 4.99
------------ --------- ------
Total deposits 29,254,691 223,416 3.06
Other borrowed money 1,624,229 19,809 4.89
Long-term debt 0 0 0.00
------------ --------- ------
Total deposits and interest-bearing
liabilities 30,878,920 243,225 3.16
Noninterest-bearing funds (net) 7,557,036
------------ --------- ------
Total sources to fund earning assets $38,435,956 243,225 2.54
============ --------- ------
Net interest income and
margin tax-equivalent basis $325,020 3.39 %
========= ======
Other Balances
---------------------------------------
Cash and due from banks $1,278,137
Other assets 2,314,307
Total assets 41,888,789
Total deposits 37,486,585
------------
Demand deposits (noninterest-bearing) 8,231,894
Other liabilities 299,622
Stockholders' equity 2,478,353
Allowance for loan losses 139,611
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.
---------------------------------
March 2006
---------------------------------
Average Average
Balance Interest Rate
---------------------------------
(dollars in thousands)
Earning Assets
---------------------------------------
Investment securities
Taxable $22,325,450 $289,739 5.26 %
Tax-exempt 549,794 6,956 5.13
Trading 108,670 1,255 4.69
------------ --------- ------
Total investment securities 22,983,914 297,950 5.26
Federal funds sold 36,594 413 4.58
Loans
Commercial mortgages 4,491,557 76,193 6.88
Commercial 3,221,996 59,125 7.44
Consumer 4,817,562 74,127 6.24
Tax-exempt 492,283 8,506 7.01
------------ --------- ------
Total loans 13,023,398 217,951 6.79
------------ --------- ------
Total earning assets $36,043,906 $516,314 5.81 %
============
Sources of Funds
---------------------------------------
Interest-bearing liabilities
Savings $9,712,691 $54,004 2.25 %
Interest-bearing demand 13,584,371 97,940 2.92
Time deposits 3,131,039 25,850 3.35
Public funds 952,132 10,411 4.43
------------ --------- ------
Total deposits 27,380,233 188,205 2.79
Other borrowed money 1,316,437 14,328 4.41
Long-term debt 0 0 0.00
------------ --------- ------
Total deposits and interest-bearing
liabilities 28,696,670 202,533 2.86
Noninterest-bearing funds (net) 7,347,236
------------ --------- ------
Total sources to fund earning assets $36,043,906 202,533 2.28
============ --------- ------
Net interest income and
margin tax-equivalent basis $313,781 3.53 %
========= ======
Other Balances
---------------------------------------
Cash and due from banks $1,286,259
Other assets 2,094,400
Total assets 39,288,182
Total deposits 35,295,835
------------
Demand deposits (noninterest-bearing) 7,915,602
Other liabilities 298,278
Stockholders' equity 2,377,632
Allowance for loan losses 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.
---------------------------------
June 2005
---------------------------------
Average Average
Balance Interest Rate
---------------------------------
(dollars in thousands)
Earning Assets
---------------------------------------
Investment securities
Taxable $18,821,647 $231,275 4.93 %
Tax-exempt 374,448 3,257 3.49
Trading 178,037 2,427 5.47
------------ --------- ------
Total investment securities 19,374,132 236,959 4.91
Federal funds sold 117,491 889 3.03
Loans
Commercial mortgages 3,707,963 59,684 6.46
Commercial 2,569,001 41,417 6.47
Consumer 3,720,529 55,819 6.02
Tax-exempt 426,032 7,568 7.12
------------ --------- ------
Total loans 10,423,525 164,488 6.33
------------ --------- ------
Total earning assets $29,915,148 $402,336 5.39 %
============
Sources of Funds
---------------------------------------
Interest-bearing liabilities
Savings $7,082,969 $23,258 1.32 %
Interest-bearing demand 12,094,680 53,755 1.78
Time deposits 2,668,791 16,085 2.42
Public funds 828,305 6,196 3.00
------------ --------- ------
Total deposits 22,674,745 99,294 1.76
Other borrowed money 845,462 6,917 3.28
Long-term debt 200,000 3,020 6.06
------------ --------- ------
Total deposits and interest-bearing
liabilities 23,720,207 109,231 1.85
Noninterest-bearing funds (net) 6,194,941
------------ --------- ------
Total sources to fund earning assets $29,915,148 109,231 1.46
============ --------- ------
Net interest income and
margin tax-equivalent basis $293,105 3.93 %
========= ======
Other Balances
Cash and due from banks $1,241,372
Other assets 1,749,133
Total assets 32,763,128
Total deposits 29,661,511
------------
Demand deposits (noninterest-bearing) 6,986,766
Other liabilities 259,873
Stockholders' equity 1,796,282
Allowance for loan losses 142,525
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 Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
-------- -------- -------- --------
Basic:
Net income applicable to common
stock $79,520 $79,409 $156,817 $156,546
======== ======== ======== ========
Average common shares outstanding 184,437 162,287 182,686 161,547
======== ======== ======== ========
Net income per common share $0.43 $0.49 $0.86 $0.97
======== ======== ======== ========
Diluted:
Net income applicable to common
stock on a diluted basis $79,520 $79,409 $156,817 $156,546
Interest expense on trust preferred
securities 1,963 3,926
-------- -------- -------- --------
$79,520 $81,372 $156,817 $160,472
======== ======== ======== ========
Average common shares outstanding 184,437 162,287 182,686 161,547
Additional shares considered in
diluted computation assuming:
Exercise of stock options 9,405 7,333 9,228 7,595
Conversion of trust
preferred securities 7,582 7,582
-------- -------- -------- --------
Average common and common equivalent
shares outstanding 193,842 177,202 191,914 176,724
======== ======== ======== ========
Net income per common and common
equivalent share $0.41 $0.46 $0.82 $0.91
======== ======== ======== ========
DATASOURCE: Commerce Bancorp, Inc.
Web site: http://www.commerceonline.com/