CONTACTS
Vernon W. Hill, II | C. Edward Jordan, Jr. |
Chairman and President | Executive Vice President |
(856) 751-9000
COMMERCE BANCORP CORE DEPOSITS UP 29%
October 17, 2005 - Cherry Hill, New Jersey - Commerce Bancorp, Inc. (NYSE Symbol: CBH) reported increased earnings, deposits, assets and loans for the third quarter of 2005, announced Vernon W. Hill, II, Chairman of the multi-bank holding company.
THIRD QUARTER FINANCIAL HIGHLIGHTS
September 30, 2005
| | | | | | | % |
| | | | | | | Increase |
| | | | | | | | |
* Total Assets: | | | | | | Billion | | | 28 | % |
* Core Deposits: | | | | | | Billion | | | 29 | % |
* Total (Net) Loans: | | | | | | Billion | | | 27 | % |
* Total Revenues: | | | $412.2 | | | Million | | | 13 | % |
* Net Income: | | | $79.5 | | | Million | | | 13 | |
* Net Income Per Share: | | | $.45 | | | | | | 7 | % |
Chairman’s Statement
Vernon W. Hill, II, Chairman, noted the following financial highlights:
| · | Net income increased 13% for the third quarter of 2005 to $79.5 million. |
| · | Earnings per share rose 7% for the third quarter to $.45. |
| · | Net interest income grew 9% during the third quarter despite margin compression to 3.67% caused by the flattening yield curve. |
| · | Core deposits grew a record $2.7 billion to $32.4 billion on a linked quarter basis. |
| · | Core deposits grew 29% for the prior 12 months. |
| · | Noninterest-bearing demand deposits increased 29% over the past year, in line with the Company’s five-year growth rate. |
| · | Annualized deposit growth per store was $22 million. |
| · | Comparable Store Core Deposit Growth: |
| | | Two Year | One Year |
| | Total | 21% | 26% |
| | Excluding Time Deposits | 23% | 28% |
| · | Deposit charges and service fees grew 27% for the third quarter. |
| · | Net loans grew $2.4 billion, or 27%, to $11.2 billion. |
| · | Book value per share grew 16% over the past year to $11.69. |
| · | The Company announced an agreement to acquire Palm Beach County Bank, a seven office bank with approximately $350 million in assets, based in West Palm Beach, Florida. The all stock acquisition will result in the issuance of approximately 3.3 million shares of CBH stock. Closing for the acquisition is expected to be in the fourth quarter. |
| · | Stockholders’ equity increased $564.7 million, or 36%, to $2.1 billion. During the quarter, the Company redeemed all $200 million of its Convertible Trust Preferred Securities, leaving the Company with no long-term debt. |
Chairman Hill, commenting on the Company’s financial results stated, “the Company’s financial results have been impacted by the flattening yield curve. However, the unique Commerce business model continues to produce strong deposit growth, which will produce strong revenue and earnings per share growth over the long-term as the yield curve steepens. The model, driven by aggressive store expansion, remains intact and will continue.”
Expansion Plans
The Commerce growth retail model includes the opening of new stores in both existing and new markets.
Consistent with our goal of increasing our store base 15-20% a year, the Company presently has +/- 150 locations under Agreement in various stages of land use development, including approximately 25 under construction.
The Company opened 16 stores during the third quarter, increasing the total stores opened to 342. The Company expects to open approximately 25-30 new stores in the fourth quarter for a total new store opening of 50 to 55 in 2005.
Southeast Florida
During the third quarter, the Company announced its expansion into southeast Florida by acquiring Palm Beach County Bank, a seven office bank, based in West Palm Beach, Florida. Closing for the acquisition is expected to be in the fourth quarter. The Company will convert Palm Beach County Bank’s seven retail offices into Commerce Bank stores effective January 1, 2006.
Metropolitan Washington & Baltimore
The Company opened its Alexandria, Virginia store during the third quarter, bringing its total to 3 stores in Metro Washington and Baltimore. All of the stores continue to receive tremendous customer acceptance.
Metropolitan New York
The Company opened 14 new stores in the third quarter of 2005 in Metropolitan New York, including its first store in Fairfield County, Connecticut and the Company’s New York City headquarters at 42nd and Madison.
Metropolitan Philadelphia
The Company opened 1 new store in the third quarter of 2005, bringing its total to 143 stores.
2006
The Company will continue its aggressive expansion in the Metro New York, Metro Philadelphia, Metro Washington, D.C./Baltimore and Southeast Florida markets and expects to open approximately 65 stores in 2006, bringing the total to approximately 440 stores.
Income Statement
| | | Three Months Ended | | Nine Months Ended | |
| | | September 30 | | September 30 | |
| | | 2005 | | 2004 | | % Increase | | 2005 | | 2004 | | % Increase | |
| | | (dollars in thousands, except per share data) | |
| | | | | | | | | | | | | | |
| Total Revenues: | | $ | 412,153 | | $ | 364,495 | | | 13 | % | $ | 1,198,853 | | $ | 1,017,963 | | | 18 | % |
| Total Expenses: | | | 288,582 | | | 247,162 | | | 17 | | | 825,487 | | | 685,667 | | | 20 | |
| Net Income: | | | 79,455 | | | 70,090 | | | 13 | | | 236,001 | | | 198,300 | | | 19 | |
| Net Income Per Share: | | $ | .45 | | $ | .42 | | | 7 | % | $ | 1.36 | | $ | 1.19 | | | 14 | % |
Balance Sheet
| | | | | | | | | | | Linked Quarter | |
| | | 9/30/05 | | 9/30/04 | | % Increase | | 6/30/05 | | $ Increase | | % Increase | |
| | | (dollars in millions) | |
| | | | | | | | | | | | | | |
| Total Assets: | | $ | 36,294 | | $ | 28,431 | | | 28 | % | $ | 33,363 | | $ | 2,931 | | | 9 | % |
| Total Loans (Net): | | | 11,150 | | | 8,779 | | | 27 | | | 10,547 | | | 603 | | | 6 | |
| Core Deposits: | | | 32,371 | | | 25,109 | | | 29 | | | 29,625 | | | 2,746 | | | 9 | |
| Total Deposits: | | | 33,244 | | | 26,242 | | | 27 | | | 30,519 | | | 2,725 | | | 9 | |
Shareholder Returns
| | | September 30, 2005 | |
| | | Commerce | | S & P Index | |
| | | | | | |
| 1 Year | | | 13% | | | 12% | |
| 5 Years | | | 18% | | | -1% | |
| 10 Years | | | 26% | | | 9% | |
Growth Targets
| | | Growth Targets | Last 5 Year Growth % | Actual % Third Quarter 2005 |
| | | | | | | | |
| Total Deposits: | | | 25 | % | | 37 | % | | 27 | % |
| Two-Year Comp Store Deposits: | | | 18 | | | 24 | | | 21 | |
| Total Revenue: | | | 25 | | | 30 | | | 13 | |
| | | | | | | | | | | |
| Net Income: | | | 25 | | | 34 | | | 13 | |
| Earnings Per Share: | | | 20 | | | 26 | | | 7 | |
Deposits
The Company’s deposit growth continues with total deposits at September 30, 2005 of $33.2 billion, a $7.0 billion increase or 27% over total deposits of $26.2 billion a year ago. Core deposits grew $2.7 billion in the third quarter.
| | | 9/30/05 | | 9/30/04 | | $ Increase | | % Increase | |
| | | (dollars in millions) | |
| | | | | | | | | | |
| Core Deposits | | $ | 32,371 | | $ | 25,109 | | $ | 7,262 | | | 29% | |
| | | | | | | | | | | | | | |
| Total Deposits | | $ | 33,244 | | $ | 26,242 | | $ | 7,002 | | | 27% | |
| | | | | | | | | | | | | | |
Regional Deposit Growth
Deposit growth by region is as follows:
| | | # of Stores | | 9/30/05 | | 9/30/04 | | $ Increase | | % Increase | | Average Store Size | | Annualized Growth/ Store | |
| | | (dollars in millions) | |
| | | | | | | | | | | | | | | | |
| Northern New Jersey | | | 123 | | $ | 10,610 | | $ | 8,792 | | $ | 1,818 | | | 21 | % | $ | 86 | | $ | 16 | |
| New York City | | | 42 | | | 4,070 | | | 2,783 | | | 1,287 | | | 46 | | | 97 | | | 35 | |
| Long Island/NY State | | | 31 | | | 3,031 | | | 2,080 | | | 951 | | | 46 | | | 98 | | | 38 | |
| Metro New York | | | 196 | | $ | 17,711 | | $ | 13,655 | | $ | 4,056 | | | 30 | % | $ | 90 | | $ | 23 | |
| Metro Philadelphia | | | 143 | | | 15,482 | | | 12,587 | | | 2,895 | | | 23 | | | 108 | | | 20 | |
| Metro Washington | | | 3 | | | 51 | | | N/A | | | 51 | | | N/A | | | N/A | | | N/A | |
| Total | | | 342 | | $ | 33,244 | | $ | 26,242 | | $ | 7,002 | | | 27 | % | $ | 97 | | $ | 22 | |
Comparable Store Core Deposit Growth
Comparable store deposit growth is measured as the year-over-year percentage increase in core deposits for stores open two years or more at the balance sheet date. Additional information is provided below for stores opened one year or more at the balance sheet date.
At September 30, 2005 the Company had 71 stores in New York State. Of these stores, 34 are included in the comparable store growth for stores open 2 years or more and 54 are included in the comparable store growth for stores open one year or more at the balance sheet date.
| | | Core Deposit Growth | |
| | | Stores Open 2 | | Stores Open 1 | |
| | | Years or More | | Years or More | |
| | | | | | | | | | |
| | | # of Stores | | Comp Store Increase | | # of Stores | | Comp Store Increase | |
| | | | | | | | | | |
| Metro Philadelphia | | | 128 | | | 22 | % | | 135 | | | 24 | % |
| Northern New Jersey | | | 95 | | | 15 | | | 108 | | | 19 | |
| New York City | | | 20 | | | 39 | | | 34 | | | 53 | |
| Long Island/NY State | | | 14 | | | 26 | | | 20 | | | 37 | |
| Total | | | 257 | | | 21 | % | | 297 | | | 26 | % |
Excluding Time Deposits | | | | | | 23 | % | | | | | 28 | % |
Core Deposits
Core deposit growth by type of account is as follows:
| | | 9/30/05 | | 9/30/04 | | $ Increase | | % Increase | | 3rd Quarter Cost of Funds | |
| | | (dollars in millions) |
| | | | | | | | | | | | |
| Demand | | $ | 7,828 | | $ | 6,047 | | $ | 1,781 | | | 29 | % | | .00 | % |
| Interest Bearing Demand | | | 13,133 | | | 10,887 | | | 2,246 | | | 21 | | | 2.14 | |
| Savings | | | 8,640 | | | 5,765 | | | 2,875 | | | 50 | | | 1.71 | |
| Subtotal | | | 29,601 | | | 22,699 | | | 6,902 | | | 30 | % | | 1.45 | % |
| | | | | | | | | | | | | | | | | |
| Time | | | 2,770 | | | 2,410 | | | 360 | | | 15 | | | 2.72 | |
| Total Core Deposits: | | $ | 32,371 | | $ | 25,109 | | $ | 7,262 | | | 29 | % | | 1.56 | % |
Core deposit growth by type of customer is as follows:
| | | 9/30/05 | | % Total | | 9/30/04 | | % Total | | Annual Growth % | |
| | | (dollars in millions) | |
| Consumer | | $ | 13,947 | | | 43 | % | $ | 11,388 | | | 45 | % | | 22 | % |
| Commercial | | | 12,050 | | | 37 | | | 8,989 | | | 36 | | | 34 | |
| Government | | | 6,374 | | | 20 | | | 4,732 | | | 19 | | | 35 | |
| | | | | | | | | | | | | | | | | |
| Total | | $ | 32,371 | | | 100 | % | $ | 25,109 | | | 100 | % | | 29 | % |
Net Income and Earnings Per Share
Net income totaled $79.5 million for the third quarter of 2005, up $9.4 million or 13% over net income of $70.1 million for the third quarter of 2004.
On a diluted per share basis, net income for the third quarter was $.45 compared to $.42 for the third quarter of 2004, a 7% increase.
| | | Three Months Ended | | Nine Months Ended | |
| | | 9/30/05 | | 9/30/04 | | % Increase | | 9/30/05 | | 9/30/04 | | % Increase | |
| | | (dollars in thousands, except per share data) | |
| Net Income | | $ | 79,455 | | $ | 70,090 | | | 13% | | $ | 236,001 | | $ | 198,300 | | | 19 | % |
| | | | | | | | | | | | | | | | | | | | |
| Earnings Per Share | | $ | .45 | | $ | .42 | | | 7% | | $ | 1.36 | | $ | 1.19 | | | 14 | % |
For the first nine months of 2005, net income totaled $236.0 million, up $37.7 million or 19% over net income of $198.3 million for the first nine months of 2004.
On a diluted per share basis, net income for the first nine months of 2005 was $1.36 compared to $1.19 for the first nine months of 2004, a 14% increase.
Total Revenues
| | | Three Months Ended | Nine Months Ended | |
| | | 9/30/05 | | 9/30/04 | | % Increase | | 9/30/05 | | 9/30/04 | | % Increase | |
| | | (dollars in thousands, except per share data) | |
| | | | | | | | | | | | | | |
| Total Revenues | | $ | 412,153 | | $ | 364,495 | | | 13% | | $ | 1,198,853 | | $ | 1,017,963 | | | 18 | % |
| | | | | | | | | | | | | | | | | | | | |
| Revenue Per Share | | $ | 9.14 | | $ | 8.47 | | | 8% | | $ | 8.98 | | $ | 7.90 | | | 14 | % |
Net Interest Income and Net Interest Margin
Net interest income for the third quarter totaled $287.4 million, a 9% increase over the $264.4 million recorded a year ago. For the first nine months of 2005, the Company recorded net interest income of $854.7 million, a 16% increase over the $739.3 million earned in the first nine months of 2004. The increase in net interest income in the quarter was due to volume increases in interest earning assets resulting from the Company’s core deposit growth.
The net interest margin for the third quarter of 2005 was 3.67%, down 26 basis points from the second quarter of 2005, and down 62 basis points from the 4.29% margin for the third quarter of 2004.
On a tax equivalent basis, the Company recorded $292.5 million in net interest income in the third quarter of 2005, an increase of $23.6 million or 9% over the third quarter of 2004. Net interest income on a tax equivalent basis of $868.6 million was earned in the first nine months of 2005, an increase of $116.1 million or 15% over the first nine months of 2004.
Net Interest Income and Rate/Volume Analysis
As shown below, the increase in net interest income on a tax equivalent basis was due to volume increases in the Company’s earning assets, which were fueled by the Company’s continued growth of core deposits. The Company’s continuing ability to grow core deposits produces net interest income growth, despite rate compression caused by the flattening yield curve.
| | | Net Interest Income | |
September 2005 vs. 2004 | | Volume Increase | | Rate Change | | Total Increase | | % Increase | |
| | | (dollars in thousands) | |
| | | | | | | | | | |
| Quarter | | $ | 66,471 | | | ($42,874 | ) | $ | 23,597 | | | 9 | % |
| First Nine Months | | $ | 204,086 | | | ($88,017 | ) | $ | 116,069 | | | 15 | % |
Non-Interest Income
Non-interest income for the third quarter of 2005 increased to $124.8 million from $100.1 million a year ago, a 25% increase. Non-interest income for the first nine months of 2005 increased to $344.1 million from $278.6 million a year ago, a 24% increase. The increases in non-interest income are primarily attributable to the increases in deposit charges and service fees of 27% and 29% for the third quarter and first nine months of 2005, respectively, as well as net investment securities gains for both the third quarter and first nine months of 2005.
The growth in non-interest income for the third quarter and the first nine months is more fully depicted below:
| | | Three Months Ended | | Nine Months Ended | |
| | | 9/30/05 | | 9/30/04 | | % Increase | | 9/30/05 | | 9/30/04 | | % Increase | |
| | | (dollars in thousands) | |
| | | | | | | | | | | | | | |
| Deposit Charges & Service Fees | | $ | 72,302 | | $ | 57,081 | | | 27 | % | $ | 201,068 | | $ | 155,279 | | | 29 | % |
| Other Operating Income: | | | | | | | | | | | | | | | | | | | |
| Commerce Insurance | | | 19,539 | | | 19,178 | | | 2 | | | 58,079 | | | 56,084 | | | 4 | |
| Commerce Capital Markets | | | 5,268 | | | 8,268 | | | (36 | ) | | 18,956 | | | 24,617 | | | (23 | ) |
| Loan Brokerage Fees | | | 7,378 | | | 3,027 | | | 144 | | | 13,086 | | | 9,805 | | | 33 | |
| Other | | | 14,578 | | | 11,616 | | | 26 | | | 41,411 | | | 30,833 | | | 34 | |
| Total Other Operating Income | | | 46,763 | | | 42,089 | | | 11 | | | 131,532 | | | 121,339 | | | 8 | |
| Net Investment Securities Gains | | | 5,714 | | | 943 | | | 506 | | | 11,511 | | | 2,002 | | | 475 | |
| Total Non-Interest Income | | $ | 124,779 | | $ | 100,113 | | | 25 | % | $ | 344,111 | | $ | 278,620 | | | 24 | % |
Non-Interest Expenses
Non-interest expenses for the third quarter of 2005 were $288.6 million, up 17% from $247.2 million a year ago. Non-interest expenses for the first nine months of 2005 were $825.5 million, up 20% from $685.7 million a year ago. The increases in non-interest expenses for the third quarter and first nine months of 2005 were widespread throughout non-interest expense categories, reflecting the Company’s store expansion program.
Lending
Net loans increased 27% to $11.2 billion from the third quarter of 2004, and the growth was widespread throughout all loan categories.
Geographically, loan growth has occurred in the following markets:
| | | 9/30/05 | | 9/30/04 | | $ Increase | | % Increase | | % of Total Growth | |
| | | (dollars in millions) | |
| | | | | | | | | | | | |
| Metro Philadelphia | | $ | 6,015 | | $ | 5,124 | | $ | 891 | | | 17 | % | | 38 | % |
| Northern New Jersey | | | 3,355 | | | 2,759 | | | 596 | | | 22 | | | 25 | |
| New York/Long Island | | | 1,889 | | | 1,028 | | | 861 | | | 84 | | | 36 | |
| Metro Washington | | | 30 | | | N/A | | | 30 | | | N/A | | | 1 | |
| | | | | | | | | | | | | | | | | |
| Total: | | $ | 11,289 | | $ | 8,911 | | $ | 2,378 | | | 27 | % | | 100 | % |
| | | Loan Composition | |
| | | 9/30/05 | | % of Total | | 9/30/04 | | % of Total | | $ Increase | | % Increase | |
| | | (dollars in millions) | |
| | | | | | | | | | | | | | |
| Commercial | | $ | 2,975 | | | 26 | % | $ | 2,291 | | | 26 | % | $ | 684 | | | 30 | % |
| Owner-Occupied | | | 2,313 | | | 21 | | | 1,913 | | | 21 | | | 400 | | | 21 | |
| Total Commercial | | | 5,288 | | | 47 | % | | 4,204 | | | 47 | % | | 1,084 | | | 26 | % |
| Consumer | | | 4,088 | | | 36 | % | | 3,133 | | | 35 | % | | 955 | | | 30 | % |
| Commercial Real Estate | | | 1,913 | | | 17 | | | 1,574 | | | 18 | | | 339 | | | 22 | |
| Gross Loans | | $ | 11,289 | | | 100 | % | $ | 8,911 | | | 100 | % | $ | 2,378 | | | | |
| Less: Reserves | | | (139 | ) | | | | | (132 | ) | | | | | (7 | ) | | | |
| Net Loans | | $ | 11,150 | | | | | $ | 8,779 | | | | | $ | 2,371 | | | 27 | % |
Asset Quality
| | | Quarter Ended | |
| | | 9/30/05 | | 6/30/05 | | 12/31/04 | | 9/30/04 | |
| | | | | | | | | | |
| Non-Performing Assets/Assets | | | .09 | % | | .11 | % | | .11 | % | | .14 | % |
| Net Loan Charge-Offs | | | .20 | % | | .09 | % | | .18 | % | | .18 | % |
| Loan Loss Reserve/Gross Loans | | | 1.23 | % | | 1.32 | % | | 1.43 | % | | 1.48 | % |
| Non-Performing Loan Coverage | | | 409 | % | | 396 | % | | 413 | % | | 353 | % |
| Non-Performing Assets/Capital | | | 2 | % | | 2 | % | | 2 | % | | 2 | % |
| and Reserves | | | | | | | | | | | | | |
Non-performing assets and loans past due 90 days at September 30, 2005 totaled $34.4 million or .09% of total assets, versus $38.9 million, or .14% of total assets a year ago.
Investments
At September 30, 2005, total investments increased to $21.9 billion. The available for sale and held to maturity portfolios totaled $9.0 billion and $12.9 billion, respectively.
Detailed below is information regarding the composition and characteristics of the Company’s investment portfolio, excluding trading securities, as of September 30, 2005.
Product Description | | Available For Sale | | Held to Maturity | | Total | |
| | | (in millions) | |
| Mortgage-backed Securities: | | | | | | | |
| Federal Agencies Pass Through | | $ | 1,217 | | $ | 2,378 | | $ | 3,595 | |
| Certificates (AAA Rated) | | | | | | | | | | |
| Collateralized Mortgage | | | 6,991 | | | 8,847 | | | 15,838 | |
| Obligations (AAA Rated) | | | | | | | | | | |
| Obligations of State and | | | 757 | | | 1,737 | | | 2,494 | |
| Political Subdivisions/Other | | | | | | | | | | |
| Total | | $ | 8,965 | | $ | 12,962 | | $ | 21,927 | |
| | | | | | | | | | | |
| Duration (in years) | | | 3.55 | | | 4.10 | | | 3.88 | |
| Average Life (in years) | | | 4.29 | | | 5.11 | | | 4.78 | |
| Quarterly Average Yield | | | 4.83 | % | | 4.79 | % | | 4.81 | % |
At September 30, the after tax depreciation of the Company’s available for sale portfolio was $35.1 million.
Linked Quarter Comparison
A comparison of financial results for the quarter ended September 30, 2005 to the previous quarter ended June 30, 2005 is as follows: (dollars in thousands, except per share data)
| | | Three Months Ended | | Linked Quarter | |
| | | 9/30/05 | | 6/30/05 | | $ Change | | % Change | |
Total Assets | | $ | 36,293,540 | | $ | 33,362,936 | | $ | 2,930,604 | | | 9 | % |
| Total Loans (Net) | | | 11,150,520 | | | 10,547,392 | | | 603,128 | | | 6 | |
| Core Deposits | | | 32,370,994 | | | 29,624,831 | | | 2,746,163 | | | 9 | |
| Total Deposits | | | 33,243,686 | | | 30,519,063 | | | 2,724,623 | | | 9 | |
| Total Revenues | | | 412,153 | | | 404,110 | | | 8,043 | | | 2 | |
| Net Interest Income | | | 287,374 | | | 288,467 | | | (1,093 | ) | | - | |
| Non-Interest Income | | | 124,779 | | | 115,643 | | | 9,136 | | | 8 | |
| Non-Interest Expense | | | 288,582 | | | 278,499 | | | 10,083 | | | 4 | |
| Net Income | | | 79,455 | | | 79,409 | | | 46 | | | - | |
| Net Income Per Share | | $ | .45 | | $ | .46 | | $ | (.01 | ) | | (2 | ) |
Capital Resources
Stockholders’ equity at September 30, 2005 increased to $2.1 billion, a $564.7 million increase, or 36% over stockholders’ equity of $1.5 billion at September 30, 2004.
Effective September 14, 2005, the Company redeemed all $200 million of its publicly traded 5.95% Convertible Trust Preferred Securities issued by Commerce Capital Trust II on May 11, 2002. Each outstanding security was converted into 1.8956 shares of the Company’s common stock, resulting in the issuance of approximately 7.6 million common shares.
Return on average stockholders equity (ROE) for the third quarter and nine months ending September 30, 2005 and 2004 is shown in the table below:
Return on Equity |
Three Months Ended | Nine Months Ended |
9/30/05 | 9/30/04 | 9/30/05 | 9/30/04 |
| 16.62% | 18.97% | 17.40% | 18.90% |
| | | | |
At September 30, 2005, the Company’s book value per share was $11.69, a 16% increase over the book value per share of $10.05 at September 30, 2004.
The Company’s capital ratios at September 30, 2005 were as follows:
| | | | Regulatory Guidelines |
| | | Commerce | “Well Capitalized” |
| | | | |
| | Leverage Ratio | 6.17% | 5.00% |
| | Tier I | 12.19% | 6.00% |
| | Total Capital | 13.02% | 10.00% |
New Stores
During the third quarter of 2005, the Company opened 16 new stores, increasing the total stores opened to 342. During the last three years, the Company has opened 139 of its 342 stores.
Stores opened during the third quarter were as follows:
| | Metropolitan New York | |
| | | |
| | Location | County |
| | | |
| | 42nd& Madison | Manhattan (NY) |
| | 109th& Broadway | Manhattan (NY) |
| | Norwalk | Fairfield (CT) |
| | Rye/Downtown | Westchester (NY) |
| | Fairfield | Fairfield (CT) |
| | Huguenot | Staten Island (NY) |
| | Eltingville/Amboy | Staten Island (NY) |
| | Mineola | Long Island (NY) |
| | Chinatown | Manhattan (NY) |
| | Piscataway | Middlesex (NJ) |
| | Secaucus | Hudson (NJ) |
| | Clifton/Getty | Passaic (NJ) |
| | | |
| | Lehigh Valley: | |
| | Bethlehem | Lehigh (PA) |
| | Lower Macungie | Lehigh (PA) |
| | | |
| | Metropolitan Philadelphia | |
| | | |
| | Location | County |
| | | |
| | Langhorne/Middletown | Bucks (PA) |
| | | |
| | Metropolitan Washington D.C. | |
| | | |
| | Location | County |
| | | |
| | Old Town | Alexandria (VA) |
Forward-Looking Statements
The Company may from time to time make written or oral “forward-looking statements”, including statements contained in the Company’s filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company’s control). The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause the Company’s financial performance to differ materially from that expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System (the “FRB”); inflation; interest rates, market and monetary fluctuations; the timely development of competitive new products and services by the Company and the acceptance of such products and services by customers; the willingness of customers to substitute competitors’ products and services for the Company’s products and services and vice versa; the impact of changes in financial services’ laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; future acquisitions; the expense savings and revenue enhancements from acquisitions being less than expected; the growth and profitability of the Company’s non-interest or fee income being less than expected; unanticipated regulatory or judicial proceedings; changes in consumer spending and saving habits; and the success of the Company at managing the risks involved in the foregoing.
The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
14
