Commerce Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
March 31, December 31, March 31,
--------------------------------------------------------------
(dollars in thousands) 2005 2004 % Change 2004 % Change
- ----------------------------------------------------------------------------------------------------------------------------------
Assets Cash and due from banks $1,066,051 $ 1,050,806 1 % $ 971,897 10 %
Federal funds sold 10,000 0 0 56,000 (82)
--------------------------------------------------------------
Cash and cash equivalents 1,076,051 1,050,806 2 1,027,897 5
Loans held for sale 64,087 44,072 45 34,934 83
Trading securities 206,113 169,103 22 234,359 (12)
Securities available for sale 7,950,643 8,044,150 (1) 11,972,943 (34)
Securities held to maturity 11,292,995 10,463,658 8 2,871,593 293
Loans:
Commercial real estate:
Investor developer 1,553,908 1,455,891 7 1,236,862 26
Residential construction 225,239 206,924 9 144,326 56
--------------------------------------------------------------
1,779,147 1,662,815 7 1,381,188 29
Commercial loans:
Term 1,376,663 1,283,476 7 1,071,736 28
Line of credit 1,221,096 1,168,542 4 960,080 27
Demand 0 0 0 1,080 (100)
--------------------------------------------------------------
2,597,759 2,452,018 6 2,032,896 28
Owner-occupied 2,100,289 1,998,203 5 1,710,098 23
--------------------------------------------------------------
4,698,048 4,450,221 6 3,742,994 26
Consumer:
Mortgages (1-4 family residential) 1,447,365 1,340,009 8 984,415 47
Installment 134,965 132,646 2 135,406 (0)
Home equity 1,845,963 1,799,841 3 1,485,055 24
Credit lines 70,405 69,079 2 59,081 19
--------------------------------------------------------------
3,498,698 3,341,575 5 2,663,957 31
--------------------------------------------------------------
Total loans 9,975,893 9,454,611 6 7,788,139 28
Less allowance for loan losses 139,289 135,620 3 117,329 19
--------------------------------------------------------------
9,836,604 9,318,991 6 7,670,810 28
Bank premises and equipment, net 1,077,488 1,059,519 2 856,634 26
Other assets 365,995 351,346 4 286,081 28
--------------------------------------------------------------
Total assets $31,869,976 $30,501,645 4 % $24,955,251 28 %
==============================================================
Liabilities Deposits:
Demand:
Noninterest-bearing $6,877,932 $ 6,406,614 7 % $5,092,813 35 %
Interest-bearing 12,402,424 11,604,066 7 9,313,838 33
Savings 6,811,580 6,490,263 5 4,995,245 36
Time 3,396,022 3,157,942 8 3,480,782 (2)
--------------------------------------------------------------
Total deposits 29,487,958 27,658,885 7 22,882,678 29
Other borrowed money 136,251 661,195 (79) 137,978 (1)
Other liabilities 339,808 315,860 8 282,039 20
Long-term debt 200,000 200,000 0 200,000 0
--------------------------------------------------------------
30,164,017 28,835,940 5 23,502,695 28
Stockholders' Common stock 162,431 160,636 1 156,241 4
Equity Capital in excess of par value 988,848 951,476 4 834,784 18
Retained earnings 603,338 543,978 11 394,794 53
Accumulated other comprehensive (loss) income (35,927) 20,953 (271) 78,076 (146)
--------------------------------------------------------------
1,718,690 1,677,043 2 1,463,895 17
Less treasury stock, at cost 12,731 11,338 12 11,339 12
--------------------------------------------------------------
Total stockholders' equity 1,705,959 1,665,705 2 1,452,556 17
--------------------------------------------------------------
Total liabilities and stockholders' equity $31,869,976 $30,501,645 4 % $24,955,251 28 %
==============================================================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
(dollars in thousands) March 31, December 31, 2004 March 31, 2004
-------------------------------------------------------------------------------------
2005 Actual $ Change % Change Actual $ Change % Change
- ----------------------------------------------------------------------------------------------------------------------------------
Assets
Cash and due from banks $ 1,066,051 $ 1,050,806 $ 15,245 1 % $ 971,897 $ 94,154 10 %
Federal funds sold 10,000 0 10,000 0 56,000 (46,000) (82)
-------------------------------------------------------------------------------------
Cash and cash equivalents 1,076,051 1,050,806 25,245 2 1,027,897 48,154 5
Loans held for sale 64,087 44,072 20,015 45 34,934 29,153 83
Trading securities 206,113 169,103 37,010 22 234,359 (28,246) (12)
Securities available for sale 7,950,643 8,044,150 (93,507) (1) 11,972,943 (4,022,300) (34)
Securities held to maturity 11,292,995 10,463,658 829,337 8 2,871,593 8,421,402 293
Loans 9,975,893 9,454,611 521,282 6 7,788,139 2,187,754 28
Less allowance for loan losses 139,289 135,620 3,669 3 117,329 21,960 19
-------------------------------------------------------------------------------------
9,836,604 9,318,991 517,613 6 7,670,810 2,165,794 28
Reserve % 1.40% 1.43% 1.51%
Bank premises and equipment, net 1,077,488 1,059,519 17,969 2 856,634 220,854 26
Other assets 365,995 351,346 14,649 4 286,081 79,914 28
-------------------------------------------------------------------------------------
Total assets $31,869,976 $30,501,645 $1,368,331 4 % $24,955,251 $6,914,725 28 %
=====================================================================================
Liabilities
Deposits:
Demand:
Noninterest-bearing $ 6,877,932 $ 6,406,614 $471,318 7 % $5,092,813 $1,785,119 35 %
Interest-bearing 12,402,424 11,604,066 798,358 7 9,313,838 3,088,586 33
Savings 6,811,580 6,490,263 321,317 5 4,995,245 1,816,335 36
Time 3,396,022 3,157,942 238,080 8 3,480,782 (84,760) (2)
-------------------------------------------------------------------------------------
Total deposits 29,487,958 27,658,885 1,829,073 7 22,882,678 6,605,280 29
Core deposits 28,058,156 26,656,530 1,401,626 5 21,706,134 6,352,022 29
Total other liabilities 676,059 1,177,055 (500,996) (43) 620,017 56,042 9
-------------------------------------------------------------------------------------
30,164,017 28,835,940 1,328,077 5 23,502,695 6,661,322 28
Stockholders' Equity 1,705,959 1,665,705 40,254 2 1,452,556 253,403 17
-------------------------------------------------------------------------------------
Total liabilities and
stockholders' equity $31,869,976 $30,501,645 $1,368,331 4 % $24,955,251 $6,914,725 28 %
=====================================================================================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
- ----------------------------------------------------------------------------------------------------------------
March 31, December 31,
-----------------------------
(dollars in thousands) 2005 2004
- ----------------------------------------------------------------------------------------------------------------
Assets Cash and due from banks $ 1,066,051 $ 1,050,806
Federal funds sold 10,000 0
-----------------------------
Cash and cash equivalents 1,076,051 1,050,806
Loans held for sale 64,087 44,072
Trading securities 206,113 169,103
Securities available for sale 7,950,643 8,044,150
Securities held to maturity 11,292,995 10,463,658
(market value 03/05-$11,114,510; 2004-$10,430,451)
Loans 9,975,893 9,454,611
Less allowance for loan losses 139,289 135,620
-----------------------------
9,836,604 9,318,991
Bank premises and equipment, net 1,077,488 1,059,519
Other assets 365,995 351,346
-----------------------------
Total assets $31,869,976 $30,501,645
=============================
Liabilities Deposits:
Demand:
Noninterest-bearing $ 6,877,932 $ 6,406,614
Interest-bearing 12,402,424 11,604,066
Savings 6,811,580 6,490,263
Time 3,396,022 3,157,942
-----------------------------
Total deposits 29,487,958 27,658,885
Other borrowed money 136,251 661,195
Other liabilities 339,808 315,860
Long-term debt 200,000 200,000
-----------------------------
30,164,017 28,835,940
Stockholders' Common stock, 162,430,559 shares issued (160,635,618 shares in 2004) 162,431 160,636
Equity Capital in excess of par value 988,848 951,476
Retained earnings 603,338 543,978
Accumulated other comprehensive (loss) income (35,927) 20,953
-----------------------------
1,718,690 1,677,043
Less treasury stock, at cost, 838,758 shares (795,610 shares in 2004) 12,731 11,338
-----------------------------
Total stockholders' equity 1,705,959 1,665,705
-----------------------------
Total liabilities and stockholders' equity $31,869,976 $30,501,645
=============================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
- --------------------------------------------------------------------------------------------------------------
Three Months Ended
March 31,
---------------------------------------
(dollars in thousands, except per share amounts) 2005 2004 % Change
- --------------------------------------------------------------------------------------------------------------
Interest Interest and fees on loans $145,218 $108,213 34 %
income Interest on investments 224,946 163,499 38
Other interest 316 340 (7)
---------------------------------------
Total interest income 370,480 272,052 36
---------------------------------------
Interest Interest on deposits:
expense Demand 46,671 15,943 193
Savings 19,080 7,786 145
Time 18,398 14,643 26
---------------------------------------
Total interest on deposits 84,149 38,372 119
Interest on other borrowed money 4,410 448 884
Interest on long-term debt 3,020 3,020 0
---------------------------------------
Total interest expense 91,579 41,840 119
---------------------------------------
Net interest income 278,901 230,212 21
Provision for loan losses 6,250 9,500 (34)
---------------------------------------
Net interest income after provision for loan losses 272,651 220,712 24
Noninterest Deposit charges and service fees 59,964 45,481 32
income Other operating income 42,617 40,327 6
Net investment securities gains 1,108 424 161
---------------------------------------
Total noninterest income 103,689 86,232 20
---------------------------------------
Total Revenues 382,590 316,444 21
Noninterest Salaries and benefits 119,301 97,340 23
expense Occupancy 37,993 28,110 35
Furniture and equipment 28,926 24,179 20
Office 12,677 10,920 16
Marketing 5,801 8,696 (33)
Other 53,708 43,005 25
---------------------------------------
Total noninterest expenses 258,406 212,250 22
---------------------------------------
Income before income taxes 117,934 94,694 25
Provision for federal and state income taxes 40,797 32,719 25
---------------------------------------
Net income $ 77,137 $ 61,975 24 %
=======================================
Net income per common and common equivalent share:
Basic $ 0.48 $ 0.40 20 %
---------------------------------------
Diluted $ 0.45 $ 0.37 22
---------------------------------------
Average common and common equivalent shares outstanding:
Basic 160,798 154,328 4
---------------------------------------
Diluted 176,323 171,065 3
---------------------------------------
Cash dividends, common stock $ 0.11 $ 0.09 22 %
=======================================
Commerce Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended
-----------------------------------------------------------------------
March 31, December 31, March 31,
-----------------------------------------------------------------------
(dollars in thousands, except per share amounts) 2005 2004 % Change 2004 % Change
- ------------------------------------------------------------------------------------------------------------------------------------
Interest Interest and fees on loans $145,218 $136,328 7 % $108,213 34 %
income Interest on investments 224,946 216,806 4 163,499 38
Other interest 316 261 21 340 (7)
---------------------------------------- ---------------------------
Total interest income 370,480 353,395 5 272,052 36
---------------------------------------- ---------------------------
Interest Interest on deposits:
expense Demand 46,671 36,042 29 15,943 193
Savings 19,080 16,270 17 7,786 145
Time 18,398 16,691 10 14,643 26
---------------------------------------- ---------------------------
Total interest on deposits 84,149 69,003 22 38,372 119
Interest on other borrowed money 4,410 2,930 51 448 884
Interest on long-term debt 3,020 3,020 0 3,020 0
---------------------------------------- ---------------------------
Total interest expense 91,579 74,953 22 41,840 119
---------------------------------------- ---------------------------
Net interest income 278,901 278,442 0 230,212 21
Provision for loan losses 6,250 8,240 (24) 9,500 (34)
---------------------------------------- ---------------------------
Net interest income after provision for
loan losses 272,651 270,202 1 220,712 24
Noninterest Deposit charges and service fees 59,964 62,847 (5) 45,481 32
income Other operating income 42,617 32,967 29 40,327 6
Net investment securities gains 1,108 637 74 424 161
---------------------------------------- ---------------------------
Total noninterest income 103,689 96,451 8 86,232 20
---------------------------------------- ---------------------------
Total Revenues 382,590 374,893 2 316,444 21
Noninterest Salaries and benefits 119,301 115,227 4 97,340 23
expense Occupancy 37,993 33,462 14 28,110 35
Furniture and equipment 28,926 30,075 (4) 24,179 20
Office 12,677 13,103 (3) 10,920 16
Marketing 5,801 9,268 (37) 8,696 (33)
Other 53,708 51,976 3 43,005 25
---------------------------------------- ---------------------------
Total noninterest expenses 258,406 253,111 2 212,250 22
---------------------------------------- ---------------------------
Income before income taxes 117,934 113,542 4 94,694 25
Provision for federal and state income taxes 40,797 38,424 6 32,719 25
---------------------------------------- ---------------------------
Net income $77,137 $75,118 3 % $61,975 24 %
======================================== ===========================
Net income per common and common equivalent share:
Basic $0.48 $0.47 2 % $0.40 20 %
---------------------------------------- ---------------------------
Diluted $0.45 $0.44 2 $0.37 22
---------------------------------------- ---------------------------
Average common and common equivalent shares outstanding:
Basic 160,798 158,930 1 154,328 4
---------------------------------------- ---------------------------
Diluted 176,323 174,889 1 171,065 3
---------------------------------------- ---------------------------
Cash dividends, common stock $0.11 $0.11 0 % $0.09 22 %
======================================== ===========================
Return on average assets 0.99 % 1.01 % 1.06 %
Return on average equity 17.98 18.48 17.91
Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(unaudited)
Three Months Ended
March 31,
--------------------------------------
%
2005 2004 Change
------------- ------------- ---------
(dollars and shares in thousands)
Income Statement Data:
Net interest income $ 278,901 $ 230,212 21 %
Provision for loan losses 6,250 9,500 (34)
Noninterest income 103,689 86,232 20
Total revenues 382,590 316,444 21
Noninterest expense 258,406 212,250 22
Net income 77,137 61,975 24
Per Share Data:
Net income - Basic $0.48 $0.40 20 %
Net income - Diluted 0.45 0.37 22
Book value - Basic $10.56 $9.34 13 %
Book value - Diluted if converted 10.76 9.60 12
Revenue per share - Diluted $8.68 $7.40 17 %
Weighted Average Shares Outstanding:
Basic 160,798 154,328
Diluted 176,323 171,065
Balance Sheet Data:
Total assets $31,869,976 $24,955,251 28 %
Loans (net) 9,836,604 7,670,810 28
Allowance for loan losses 139,289 117,329 19
Securities available for sale 7,950,643 11,972,943 (34)
Securities held to maturity 11,292,995 2,871,593 293
Total deposits 29,487,958 22,882,678 29
Core deposits 28,058,156 21,706,134 29
Convertible Trust Capital Securities - Commerce Capital Trust II 200,000 200,000 -
Stockholders' equity 1,705,959 1,452,556 17
Capital:
Stockholders' equity to total assets 5.35 % 5.82 %
Risk-based capital ratios:
Tier I 12.46 12.70
Total capital 13.39 13.65
Leverage ratio 6.22 6.68
Performance Ratios:
Cost of funds 1.31 % 0.78 %
Net interest margin 4.04 4.39
Return on average assets 0.99 1.06
Return on average total stockholders' equity 17.98 17.91
The following summary presents information regarding non-performing loans and assets as of March 31, 2005 and the preceding
four quarters (dollar amounts in thousands).
March 31, December 31, September 30, June 30, March 31,
2005 2004 2004 2004 2004
-------------- -------------- -------------- -------------- --------------
Non-accrual loans:
Commercial $18,376 $17,874 $22,647 $17,382 $19,701
Consumer 8,723 10,138 9,784 11,675 9,984
Commercial real estate:
Construction 178 - - - -
Mortgage 1,290 1,317 1,251 675 810
-------------- -------------- -------------- -------------- --------------
Total non-accrual loans 28,567 29,329 33,682 29,732 30,495
-------------- -------------- -------------- -------------- --------------
Restructured loans:
Commercial 3,422 3,518 3,614 1 1
Consumer - - - - -
Commercial real estate:
Construction - - - - -
Mortgage - - - - -
-------------- -------------- -------------- -------------- --------------
Total restructured loans 3,422 3,518 3,614 1 1
-------------- -------------- -------------- -------------- --------------
Total non-performing loans 31,989 32,847 37,296 29,733 30,496
-------------- -------------- -------------- -------------- --------------
Other real estate 777 626 972 653 1,890
-------------- -------------- -------------- -------------- --------------
Total non-performing assets 32,766 33,473 38,268 30,386 32,386
-------------- -------------- -------------- -------------- --------------
Loans past due 90 days or more
and still accruing 233 602 614 318 696
-------------- -------------- -------------- -------------- --------------
Total non-performing assets and
loans past due 90 days or more $32,999 $34,075 $38,882 $30,704 $33,082
============== ============== ============== ============== ==============
Total non-performing loans as a
percentage of total period-end
loans 0.32% 0.35% 0.42% 0.36% 0.39%
Total non-performing assets as a
percentage of total period-end assets 0.10% 0.11% 0.13% 0.11% 0.13%
Total non-performing assets and loans
past due 90 days or more as a
percentage of total period-end assets 0.10% 0.11% 0.14% 0.11% 0.13%
Allowance for loan losses as a
percentage of total non-performing
loans 435% 413% 353% 419% 385%
Allowance for loan losses as a percentage
of total period-end loans 1.40% 1.43% 1.48% 1.50% 1.51%
Total non-performing assets and loans
past due 90 days or more as a
percentage of stockholders' equity and
allowance for loan losses 2% 2% 2% 2% 2%
The following table presents, for the periods indicated, an analysis of the allowance for loan losses and other
related data: (dollar amounts in thousands)
Three Months Ended Year
----------------------------- Ended
03/31/05 03/31/04 12/31/04
------------ ----------- --------------
Balance at beginning of period $135,620 $112,057 $112,057
Provisions charged to operating expenses 6,250 9,500 39,238
------------ ----------- --------------
141,870 121,557 151,295
Recoveries on loans charged-off:
Commercial 651 156 1,000
Consumer 833 270 1,123
Commercial real estate 50 47 52
------------ ----------- --------------
Total recoveries 1,534 473 2,175
Loans charged-off:
Commercial (2,602) (2,323) (9,416)
Consumer (1,487) (760) (6,733)
Commercial real estate (26) (1,618) (1,701)
------------ ----------- --------------
Total charge-offs (4,115) (4,701) (17,850)
------------ ----------- --------------
Net charge-offs (2,581) (4,228) (15,675)
------------ ----------- --------------
Balance at end of period $139,289 $117,329 $135,620
============ =========== ==============
Net charge-offs as a percentage of
average loans outstanding 0.11 % 0.22 % 0.19 %
Net Reserve Additions $ 3,669 $ 5,272 $ 23,563
Commerce Bancorp, Inc. and Subsidiaries Average Balances and Net Interest Income
(unaudited)
------------------------------------------------------------------------------------------------
March 2005 December 2004 March 2004
------------------------------ ---------------------------- ------------------------------
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
------------------------------ ---------------------------- ------------------------------
(dollars in thousands)
Earning Assets
- ------------------------------------
Investment securities
Taxable $18,192,721 $221,886 4.95 % $17,294,817 $211,263 4.86 % $13,295,903 $159,648 4.83 %
Tax-exempt 405,771 3,313 3.31 457,654 5,628 4.89 256,628 3,860 6.05
Trading 111,732 1,395 5.06 180,711 2,898 6.38 161,701 2,065 5.14
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
Total investment securities 18,710,224 226,594 4.91 17,933,182 219,789 4.88 13,714,232 165,573 4.86
Federal funds sold 50,311 316 2.55 54,620 261 1.90 144,297 340 0.95
Loans
Commercial mortgages 3,527,626 55,095 6.33 3,357,348 52,747 6.25 2,793,159 42,782 6.16
Commercial 2,327,438 35,581 6.20 2,186,627 31,852 5.80 1,878,353 24,535 5.25
Consumer 3,423,574 49,974 5.92 3,233,755 47,550 5.85 2,603,037 36,936 5.71
Tax-exempt 391,510 7,028 7.28 350,414 6,429 7.30 337,313 6,092 7.26
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
Total loans 9,670,148 147,678 6.19 9,128,144 138,578 6.04 7,611,862 110,345 5.83
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
Total earning assets $28,430,683 $374,588 5.35 % $27,115,946 $358,628 5.26 % $21,470,391 $276,258 5.17 %
=========== =========== ===========
Sources of Funds
- ------------------------------------
Interest-bearing liabilities
Savings $6,558,587 $19,080 1.18 % $6,289,379 $16,270 1.03 % $4,492,847 $7,786 0.70 %
Interest bearing demand 11,924,947 46,671 1.59 11,348,516 36,042 1.26 8,986,070 15,943 0.71
Time deposits 2,566,074 13,740 2.17 2,472,670 12,436 2.00 2,430,589 11,323 1.87
Public funds 781,282 4,658 2.42 888,209 4,255 1.91 968,513 3,320 1.38
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
Total deposits 21,830,890 84,149 1.56 20,998,774 69,003 1.31 16,878,019 38,372 0.91
Other borrowed money 703,223 4,410 2.54 545,073 2,930 2.14 174,746 448 1.03
Long-term debt 200,000 3,020 6.12 200,000 3,020 6.01 200,000 3,020 6.07
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
Total deposits and interest-bearing
liabilities 22,734,113 91,579 1.63 21,743,847 74,953 1.37 17,252,765 41,840 0.98
Noninterest-bearing funds (net) 5,696,570 5,372,099 4,217,626
----------- ---------- ----- ----------- -------- ----- ----------- -------- ------
----- -----
Total sources to fund earning assets$28,430,683 91,579 1.31 $27,115,946 74,953 1.10 $21,470,391 41,840 0.78
=========== ---------- ----- =========== -------- ----- =========== -------- ------
Net interest income and
margin tax-equivalent basis $283,009 4.04 % $283,675 4.16 % $234,418 4.39 %
========== ===== ======== ===== ======== ======
Other Balances
- ------------------------------------
Cash and due from banks $1,180,375 $1,223,722 $1,007,182
Other assets 1,625,412 1,522,258 1,129,880
Total assets 31,096,724 29,725,307 23,491,544
Total deposits 28,220,513 27,105,818 21,478,730
Demand deposits (noninterest-bearing)6,389,623 6,107,044 4,600,711
Other liabilities 256,677 248,762 253,890
Stockholders' equity 1,716,311 1,625,654 1,384,178
Allowance for loan losses 139,746 136,619 115,909
Notes
- - Weighted average yields on tax-exempt obligations have been computed on a
tax-equivalent basis assuming a federal tax rate of 35%.
- - Non-accrual loans have been included in the average loan balance.
- - Consumer loans include mortgage loans held for sale.
Commerce Bancorp, Inc. and Subsidiaries
Computation of Net Income Per Share
(dollars in thousands, except per share amounts)
Three Months Ended
March 31,
--------------------
2005 2004
-------- --------
Basic:
Net income applicable to common stock $ 77,137 $ 61,975
======== ========
Average common shares outstanding 160,798 154,328
======== ========
Net income per common share $ 0.48 $ 0.40
======== ========
Diluted:
Net income applicable to common stock $ 77,137 $ 61,975
on a diluted basis
Interest expense on trust preferred securities 1,963 1,963
-------- --------
$ 79,100 $ 63,938
======== ========
Average common shares outstanding 160,798 154,328
Additional shares considered in diluted
computation assuming:
Exercise of stock options 7,943 9,155
Conversion of trust preferred securities 7,582 7,582
-------- --------
Average common and common equivalent
shares outstanding 176,323 171,065
======== ========
Net income per common and common
equivalent share $ 0.45 $ 0.37
======== ========
Restated for the March 2005 stock split