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COMMERCE BANCORP REPORTS EARNINGS AND DIVIDEND

 COMMERCE BANCORP REPORTS EARNINGS AND DIVIDEND
 CHERRY HILL, N.J., July 8 /PRNewswire/ -- Commerce Bancorp, Inc.


(NASDAQ: COBA) today reported a 41 percent increase in earnings for the second quarter of 1992, over the second quarter of 1991, it was announced today by Vernon W. Hill II, chairman of the multi-bank holding company based here.
 Net income totaled $2,147,000 compared to $1,523,000 for the second quarter a year ago. For the first six months of 1992, earnings totaled $4,255,000 compared to $1,663,000 for the first six months of 1991, a 156 percent increase. Said Hill, "The company is returning to its historical levels of profitability, despite an uncertain economic climate."
 Total assets exceeded $1.287 billion, up from $1.028 billion a year ago, a 25 percent increase. Total deposits increased to $1.201 billion, a $240 million increase, or 25 percent above deposits of $961 million at June 30, 1991.
 During the latter part of the second quarter, the company successfully completed the sale of 1.5 million shares of common stock via an underwritten public offering. With the proceeds of the new offering, shareholders' equity as a percent of total assets at June 30, 1992, was 5.90 percent and the company's risk-based capital ratios, Tier 1 and Tier 2, and leverage ratio, were approximately 9.62 percent, 10.90 percent and 5.80 percent, respectively, all above regulatory minimum requirements.
 Net income per share (fully diluted) was $.37 for the second quarter compared to $.26 for the second quarter in 1991, a 42 percent increase. For the first six months of 1992, net income per share was $.73 compared to $.20 a year ago, a 265 percent increase.
 Net interest income for the second quarter totaled $12,371,000 up from $9,195,000 a year ago, a 35 percent increase. For the first six months, net interest income totaled $23,418,000, up from $18,003,000 a year ago, a 30 percent increase. These increases were mainly attributable to improved net interest margins as a result of a reduction in overall funding costs.
 Non-performing assets and loans past due 90 days or more totaled $29,162,000 at June 30, 1992, and represented 2.25 percent of total assets. Non-performing assets at June 30, 1992, reflect the addition of a $5.1 million loan to one borrower. This loan was placed on non- accrual at June 30, 1992, and appropriate additions were made to the reserve for loan losses.
 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; Dollars in thousands)
 Periods ended Three months Six months
 June 30 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 Income statement
 data:
 Net interest
 income $12,371 $9,195 35 $23,418 $18,003 30
 Provision for
 loan losses 1,474 1,046 41 2,343 2,711 (14)
 Net income 2,147 1,523 41 4,255 1,663 156
 Per-share data (A):
 Net income --
 primary $.39 $.26 50 $.78 $.20 290
 Net income --
 fully diluted(B) .37 -- -- .73 -- --
 Book value --
 primary -- -- -- $10.71 $9.75 10
 Book value --
 fully diluted -- -- -- 10.51 9.62 9
 Weighted average
 shares outstanding:
 Primary 4,516,403 4,354,728 -- 4,475,592 4,346,641 --
 Fully
 diluted(B) 5,859,604 -- -- 5,818,792 -- --
 Balance sheet data:
 Total assets -- -- -- $1,287,212 $1,028,293 25
 Loans (net) -- -- -- 586,053 551,708 6
 Allowance for loan
 losses -- -- -- 9,517 7,982 19
 Investments -- -- -- 522,152 300,374 74
 Federal funds sold -- -- -- 45,850 63,500 (28)
 Total deposits -- -- -- 1,201,268 961,163 25
 Long-term debt -- -- -- 6,520 7,273 (10)
 Shareholders'equity -- -- -- 75,990 54,588 39
 Capital:
 Shareholders' equity
 to total
 assets (pct.) -- -- -- 5.90 5.31 --
 Risk-based capital
 ratios: (pct.)
 Tier 1 -- -- -- 9.62 7.61 --
 Total capital -- -- -- 10.90 8.83 --
 Leverage
 ratio (pct.) -- -- -- 5.80 5.22 --
 (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 six months ended June 30, 1991, are not shown because the results are anti- dilutive.
 /delval/
 -0- 7/8/92
 /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


MJ-MP -- PH019 -- 7557 07/08/92 16:18 EDT
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Publication:PR Newswire
Date:Jul 8, 1992
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