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COMMERCE BANCORP REPORTS QUARTERLY EARNINGS UP 72 PERCENT

 COMMERCE BANCORP REPORTS QUARTERLY EARNINGS UP 72 PERCENT
 CHERRY HILL, N.J., Oct. 13 /PRNewswire/ -- Commerce Bancorp, Inc. (NASDAQ: COBA) reported a 72 percent increase in earnings for the third quarter of 1992, it was announced today by Vernon W. Hill II, chairman of the multi-bank holding company based here.
 Net income totaled $2,713,000 compared to $1,581,000 for the third quarter of 1991. For the first nine months of 1992, earnings totaled $6,968,000 compared to $3,244,000 for the first nine months of 1991, a 115 percent increase. Said Hill, "We are pleased to report record core earnings, despite the prolonged recession, while aggressively adding to our loan loss reserves."
 Total assets exceeded $1.388 billion, up from $1.071 billion a year ago, a 30 percent increase. Total deposits increased to $1.299 billion, a $296 million increase, or 29 percent above deposits of $1.003 billion at Sept. 30, 1991.
 Net income per share was $.37 for the third quarter compared to $.27 for the third quarter in 1991, a 37 percent increase. For the first nine months of 1992, net income per share (fully diluted) was $1.09 compared to $.47 a year ago, a 132 percent increase.
 Shareholders' equity as a percent of total assets at Sept. 30, 1992, was 5.74 percent and the company's risk-based capital ratios, Tier 1 and Tier 2, and leverage ratio, were approximately 9.53 percent, 10.90 percent, and 5.70 percent, respectively, all well above regulatory minimum requirements. During the latter part of the second quarter and early part of the third quarter the company successfully completed the sale of 1,725,000 shares of common stock via an underwritten public offering.
 Non-performing assets and loans past due 90 days or more totaled $34,050,000 at Sept. 30, 1992, and represented 2.44 percent of total assets. During the third quarter, the Office of the Comptroller of the Currency (OCC) completed comprehensive asset quality examination at each of the company's three banking subsidiaries.
 Commerce Bancorp, Inc. is the largest independent banking company serving southern New Jersey. Headquartered in Cherry Hill, the company is a multi-bank holding company with 31 branch offices serving Metropolitan Philadelphia and southern New Jersey.
 COMMERCE BANCORP, INC.
 Selected Consolidated Financial Data
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 Income statement
 data:
 Net interest
 income $14,129 $10,053 41 $37,547 $28,056 34
 Provision for
 loan losses 2,643 615 330 4,986 3,326 50
 Net income 2,713 1,581 72 6,968 3,244 115
 Per-share data(A):
 Net income --
 primary $.37 $.27 37 $1.15 $.47 145
 Net income --
 fully diluted(B) .36 --- --- 1.09 --- ---
 Book value --
 primary --- --- --- 10.90 9.93 10
 Book value --
 fully diluted --- --- --- 10.68 9.78 9
 Weighted average
 shares outstanding:
 Primary 6,157,263 4,370,970 --- 5,041,347 4,369,499 ---
 Fully
 diluted(B) 7,522,081 --- --- 6,406,165 --- ---
 Balance sheet data:
 Total assets --- --- --- $1,388,588 $1,071,251 30
 Loans (net) --- --- --- 598,662 562,557 6
 Allowance for loan
 losses --- --- --- 9,211 7,987 15
 Investments --- --- --- 567,668 321,367 77
 Federal funds sold --- --- --- 90,100 67,750 33
 Total deposits --- --- --- 1,299,415 1,003,489 29
 Long-term debt --- --- --- 6,520 7,155 (9)
 Stockholders'
 equity --- --- --- 79,705 55,487 44
 Capital:
 Stockholders' equity
 to total
 assets (pct.) --- --- --- 5.74 5.18 ---
 Risk-based capital
 ratios:
 Tier 1 (pct.) --- --- --- 9.53 7.54 ---
 Total capital
 (pct.) --- --- --- 10.90 8.72 ---
 Leverage ratio
 (pct.) --- --- --- 5.70 5.01 ---
 (A) All per-share data has been adjusted for the 5 percent common stock dividend declared on Jan. 22, 1992.
 (B) Fully diluted earnings per share for three months and nine months ended Sept. 30, 1991, are not shown because the results are anti-dilutive.
 /delval/
 -0- 10/13/92
 /CONTACT: Vernon W. Hill II, chairman and president, or C. Edward Jordan Jr., executive vp, of Commerce Bancorp, 609-751-9000/
 (COBA) CO: Commerce Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN


MK-MJ -- PH026 -- 9425 10/13/92 15:04 EDT
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Date:Oct 13, 1992
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