On July 24, Commerce Bancorp
- Net interest income increased by 7.5%, thanks to volume increases in interest-earning assets that resulted from the company's continued deposit growth.
- A difficult interest rate environment prompted a 17-basis-point decrease in the net interest margin.
- During the quarter, the bank added five new stores, bringing its total store base to 442. Commerce hopes to grow its store base by 15% a year and expects to open around 50 stores in 2007.
- Commerce Bancorp carries a two-star Motley Fool CAPS rating. Competitors Citigroup
(NYSE:C) and Wachovia(NYSE:WB) carry three- and two-star ratings, respectively.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Q2 2007 |
Q2 2006 |
Change |
|
|---|---|---|---|
|
Total Revenue |
$519.4 |
$461.9 |
12% |
|
Net Interest Income |
$342.8 |
$318.9 |
7.5% |
|
Net Profit |
$76.9 |
$79.5 |
(3.3%) |
|
EPS |
$0.39 |
$0.41 |
(4.9%) |
Get back to basics with a look at the income statement.
Ratio Checkup
|
Q2 2007 |
Q2 2006 |
Change* |
|
|---|---|---|---|
|
Net Interest Margin |
3.22% |
3.39% |
(0.17%) |
|
Nonperforming Assets / Assets |
0.12% |
0.12% |
(0.00%) |
|
Return on Average Assets |
0.65% |
0.76% |
(0.11%) |
|
Return on Average Equity |
10.57% |
12.83% |
(2.26%) |
Find out more about bank performance ratios.
Balance Sheet Highlights
|
Assets |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Investments |
$27,894 |
$25,638 |
8.8% |
|
Loans |
$16,368 |
$14,274 |
14.7% |
|
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Deposits |
$44,388 |
$38,050 |
16.7% |
|
Total Liabilities |
$45,283 |
$40,910 |
10.7% |
Learn about bank assets and bank liabilities.
Related Foolishness:
- Premature Celebration for Commerce Bancorp?
- Wachovia Is One Big Deal
- Fool Exclusive: A Conversation With BB&T
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