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COMMERCE BANCORP REPORTS 1992 EARNINGS

 CHERRY HILL, N.J., Jan. 11 /PRNewswire/ -- Commerce Bancorp, Inc. (NASDAQ: COBA) today reported record earnings, deposit and asset growth for 1992, it was announced today by Vernon W. Hill II, chairman of the multi-bank holding company based here.
 Earnings exceeded $10 million, up 66 percent over 1991. Said Hill, "This is an important milestone for our company, particularly in view of the difficult operating economy during the past year. These results underscore the strong core earning capacity of our company."
 Total assets exceeded $1.425 billion, up from $1.057 billion a year ago, a 35 percent increase. Total deposits increased to $1.336 billion, a $349 million increase or 35 percent over 1991 deposits of $987 million. Said Hill, "Our continued growth in low-cost, retail core deposits is an important element in increasing market share and profitability."
 Net income totaled $10,017,000 for 1992, up $3,990,000 or 66 percent over 1991 income of $6,027,000. On a per-share basis, net income was $1.49, up 46 percent over the $1.02 recorded for 1991. For the fourth quarter of 1992, net income totaled $3,048,000 compared to $2,783,000 for the fourth quarter of 1991. On a per-share basis, net income was $.40 versus $.49 for the fourth quarter of 1991. During the fourth quarter of 1991, the company completed a restructuring of its investment portfolio and recorded after-tax gains on the sale of securities of $1,995,000 or $.35 per share.
 Shareholders' equity increased 41 percent from $58,170,000 to $81,916,000 highlighted by a $17 million common stock offering in mid- year. Shareholders' equity as a percent of total assets at Dec. 31, 1992, was 5.75 percent. The company's risk-based capital ratios, Tier 1 and total capital, and leverage ratio, were approximately 9.91 percent, 11.03 percent and 5.54 percent respectively, all above regulatory requirements.
 Commerce Bancorp, Inc. is a multi-bank holding company headquartered in Cherry Hill with 32 branch offices serving metropolitan Philadelphia and Southern New Jersey.
 COMMERCE BANCORP, INC.
 Selected Consolidated Financial Data
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended three months 12 months
 Dec. 31 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 Income statement
 data:
 Net interest
 income $14,264 $10,342 38 $51,832 $38,425 35
 Provision for
 loan losses 1,300 2,215 (41) 6,286 5,541 13
 Net income 3,048 2,783 10 10,017 6,027 66
 Per-share data:
 Net income --
 primary $.43 $.55 (22) $1.58 $1.02 55
 Net income --
 fully diluted(A) .40 .49 (18) 1.49 --- 46
 Book value --
 primary --- --- --- $11.20 $10.52 6
 Book value --
 fully diluted --- --- --- $10.93 $10.26 7
 Weighted average
 shares outstanding:
 Primary 6,231,022 4,369,396 --- 5,355,787 4,352,688 ---
 Fully
 diluted(A) 7,610,319 5,712,595 --- 6,735,084 --- ---
 Balance sheet data:
 Total assets --- --- --- $1,425,707 $1,057,754 35
 Loans (net) --- --- --- 611,979 569,381 7
 Allowance for loan
 losses --- --- --- 8,802 8,899 (1)
 Investments --- --- --- 603,095 343,146 76
 Federal funds sold --- --- --- 50,550 16,750 202
 Total deposits --- --- --- 1,335,618 987,053 35
 Long-term debt --- --- --- 6,520 7,034 (7)
 Stockholders'
 equity --- --- --- 81,916 58,170 41
 Capital:
 Stockholders' equity
 to total
 assets (pct.) --- --- --- 5.75 5.50 ---
 Risk-based capital
 ratios:
 Tier 1 (pct.) --- --- --- 9.91 7.76 ---
 Total capital
 (pct.) --- --- --- 11.03 9.05 ---
 Leverage ratio
 (pct.) --- --- --- 5.54 5.08 ---
 (A) Fully diluted earnings per share for the 12 months ended Dec. 31, 1991, are not shown because the results are anti-dilutive.
 /delval/
 -0- 1/11/93
 /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

MJ-CC -- PH015 -- 3586 01/11/93 13:47 EST
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Date:Jan 11, 1993
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