/FIRST AND FINAL ADD -- PHM007 -- COMMERCE BANCORP, INC. EARNINGS/

Share Name	Share Symbol	Market	Type
Virtus Convertible and Income 2024 Target Term Fund	NYSE:CBH	NYSE	Common Stock

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	-0.02	-0.22%	8.935	8.97	8.87	8.95	45,688	14:54:35

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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/

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CBH Virtus Convertible and Income 2024 Target Term Fund