So here we all are, one quarter later and looking again at Commerce Bancorp (NYSE:CBH). And I'll spare you more radical partisans some time -- if you're rabidly positive on this bank, you're not going to like what I have to say. If you're rabidly negative on this bank, you're still not going to like what I have to say (or at least not entirely).

In a lot of ways, this first quarter was more of the same for Commerce -- more strong loan and deposit growth, continued respectable cost of funds, the same low returns on equity and assets, and a very high level of expenses.

Revenue for the quarter was up 15%, with net interest income rising 10% and non-interest income rising 26%. While we're all probably sick to death of hearing about the flat yield curve, I'd note that Commerce's net interest margin was sequentially stable at 3.53%, though down from last year's level.

On the loan/deposit side of things, we see that the former increased 35%, while the latter was up 26%. Yields on loans improved a fair bit, but again not as much as did the yields on deposits. I'd also note that while the charge-offs increased a bit, loan quality still seems to be exceptionally high.

Now for the stuff I don't like so much. Return on assets? Feeble, pathetic, poor. Pick one. At least the cost picture was better -- kind of. The efficiency ratio did worsen again on a year-over-year basis, but it's worth noting that the company reeled in its expenses on a sequential basis -- proof, perhaps, that management really can control spending when it wants to do so.

All in all, I think the thesis here is still largely the same -- Commerce continues to do a very good job of getting people to bring their banking business to them. And since banking acquisitions almost always create turbulence and ticked-off customers, recent deals -- like Capital One (NYSE:COF) with North Fork (NYSE:NFB) and JPMorgan (NYSE:JPM) with Bank of New York (NYSE:BK) -- could bring more people in the door.

But to get excited about a banking stock I have to like the numbers and the valuation. Commerce is certainly doing OK on the growth side of things, and I really like the cost of funds there, but the expenses, returns on assets/equity, and valuation just don't fit into my sweet spot today.

For more Takes to take to the bank:

JPMorgan is a Motley Fool Income Investor recommendation.

Fool contributor Stephen Simpson owns shares of JPMorgan, but has no financial interest in any other stocks mentioned (that means he's neither long nor short the shares).