Lakeland Bancorp, Inc. (NASDAQ:
LBAI) (the
“Company”), the parent company of Lakeland Bank (“Lakeland”),
reported net income of $19.8 million and earnings per diluted share
(“EPS”) of $0.30 for the three months ended March 31, 2023 compared
to net income of $15.9 million and diluted EPS of $0.25 for the
three months ended March 31, 2022.
For the first quarter of 2023, annualized return
on average assets was 0.75%, annualized return on average common
equity was 7.17% and annualized return on average tangible common
equity was 9.57%.
Thomas Shara, Lakeland Bancorp’s President and
CEO, commented, “Lakeland’s operating performance for the quarter
was solid in light of the current economic conditions and the
liquidity concerns in the banking industry. Despite the continued
increase in market interest rates during the quarter and concern
over bank failures in March, our loan portfolio was up 1%, our
deposit portfolio remained flat compared to year-end balances, our
stellar asset quality improved further in the quarter with
non-performing assets to total assets decreasing to 16 basis points
and our capital and liquidity levels remain strong. Lakeland’s
franchise value is based upon our focus on full customer
relationships including long-term core deposits and lending
solutions that solve our customers’ needs. Finally, we are
incredibly proud of our associates and appreciate their efforts in
serving our customers during a challenging time for the
industry.”
Regarding the Company’s pending merger with
Provident Financial Service, Inc., Mr. Shara added, “The
preparation for the merger is well underway and teams from both
banks have participated in numerous planning and integration
meetings to ensure the smooth transition to a combined company once
the regulatory approvals are received.” The shareholders of both
companies approved the merger at special shareholder meetings in
February.
First Quarter 2023
Highlights
- First quarter
2023 results were negatively impacted by a provision for credit
losses on investment securities of $6.5 million resulting
exclusively from a $6.6 million provision and subsequent charge-off
of an investment in subordinated debt of Signature Bank, which
failed in March. First quarter 2022 results were negatively
impacted by a provision for credit losses of $6.3 million, of which
$4.6 million was related to the acquired 1st Constitution Bank non
purchased credit deteriorated loans and $1.2 million related to
investment securities.
- In response to
the volatility in the banking industry during first quarter 2023
caused by high-profile bank failures, the Company instituted
measures to maintain its liquidity including proactively reaching
out to clients and maximizing our funding sources. These measures
included increasing our usage of our insured cash sweep (“ICS”)
product, as a method to increase the level of customers’ deposit
insurance. The Company's ICS deposits increased from $349.1 million
on December 31, 2022 to $417.9 million at March 31, 2023.
Currently, the Company’s estimated uninsured and uncollateralized
deposits are $2.1 billion and we have borrowing capacity of $2.0
billion.
- Net interest
margin for the first quarter of 2023 increased to 3.07% compared to
3.02% in the first quarter of 2022 and decreased from 3.28% in the
linked quarter.
- Nonperforming
assets decreased 14% to $16.9 million for the first quarter of
2023 compared to $19.7 million in the first quarter of 2022
and $17.4 million in the linked quarter.
- Loan growth for
the first quarter of $86.5 million, or 1.1%, compared to the
linked fourth quarter of 2022 was attributable to expansion
primarily in the residential mortgage portfolio.
Net Interest Margin and Net Interest
Income
Net interest margin for the first quarter of
2023 of 3.07% increased five basis points compared to the first
quarter of 2022 and decreased 21 basis points compared to the
fourth quarter of 2022. The increase in net interest margin
compared to the first quarter of 2022 was due primarily to an
increase in yields on loans and securities partially offset by an
increase in cost of interest-bearing liabilities. The decrease in
net interest margin compared to the fourth quarter of 2022 was due
primarily to an increase in rates on interest-bearing liabilities
as well as an increase in higher costing average time deposits and
short-term borrowings during the first quarter of 2023.
The yield on interest-earning assets for the
first quarter of 2023 was 4.56% as compared to 3.25% for the first
quarter of 2022 and 4.31% for the fourth quarter of 2022. The
increase in the yield on interest-earning assets compared to prior
periods was due primarily to an increase in the yield on loans and
investment securities driven primarily by increases in market
interest rates.
The cost of interest-bearing liabilities for the
first quarter of 2023 was 2.11% compared to 0.34% for the first
quarter of 2022 and 1.50% for the fourth quarter of 2022. The
increase in the cost of interest-bearing liabilities compared to
prior periods was largely driven by increases in market interest
rates as well as an increase in balances of higher costing average
time deposits and borrowings.
Net interest income for the first quarter of
2023 of $75.9 million increased $5.5 million compared to the first
quarter of 2022. The increase in net interest income compared to
the first quarter of 2022 was due primarily to an increase in the
yield on loans and investment securities as well as an increase in
average loan balances, partially offset by increased interest paid
on interest-bearing liabilities related to increases in market
interest rates.
Noninterest Income
For the first quarter of 2023, noninterest
income totaled $6.3 million, a decrease of $515,000 as
compared to the first quarter of 2022. Gains on sales of loans
decreased $996,000 compared to the first quarter of 2022 due
primarily to lower sale volume. Commissions and fees decreased
$181,000 driven primarily by a decrease in loan fees. Partially
offsetting these unfavorable variances was gains on equity
securities which totaled $148,000 in the first quarter of 2023
compared to losses of $485,000 in the first quarter of 2022.
Additionally, service charges on deposit accounts increased
$163,000.
Noninterest Expense
Noninterest expense for the first quarter of
2023 of $48.6 million decreased $1.4 million compared to
the first quarter of 2022. The decrease in noninterest expense was
primarily due to merger-related expenses which totaled $295,000 in
the first quarter of 2023 compared to $4.6 million during the
first quarter of 2022. Merger-related expense during the current
quarter was a result of the anticipated merger with Provident
Financial, while merger-related expense for the first quarter of
2022 was due to the acquisition of 1st Constitution Bancorp.
Compensation and employee benefits increased $2.3 million resulting
primarily from increased commissions, bonus expense, share based
compensation expense and normal merit increases. FDIC insurance
expense increased $291,000 due to an estimated increase in 2023
assessment rates related to Lakeland's asset size exceeding $10
billion. Other operating expenses in the first quarter of 2023
increased $131,000 compared to the same period in 2022 due
primarily to increased marketing expense.
Income Tax Expense
The effective tax rate for the first quarter of
2023 was 22.9% compared to 23.9% for the first quarter of 2022. The
decreased effective tax rate for the first quarter of 2023 was
primarily a result of tax advantaged items increasing as a
percentage of pretax income.
Financial Condition
At March 31, 2023, total assets were $10.84
billion, an increase of $53.4 million, compared to
December 31, 2022. As of March 31, 2023, total loans
increased $86.5 million, to $7.95 billion while investment
securities decreased $42.5 million, to $1.99 billion from
December 31, 2022. On the funding side, total deposits
decreased $30.5 million from December 31, 2022, to $8.54
billion at March 31, 2023, including an increase in brokered
deposits of $141.9 million. At March 31, 2023, total loans as
a percent of total deposits was 93.15%. Uninsured and
uncollateralized deposits as a percent of total deposits were
25.26% at March 31, 2023 compared to 26.81% at December 31,
2022.
Asset Quality
At March 31, 2023, non-performing assets
totaled $16.9 million or 0.16% of total assets compared to
$19.7 million, or 0.19% of total assets at March 31,
2022. Non-accrual loans as a percent of total loans was 0.21% at
March 31, 2023, compared to 0.28% at March 31, 2022. The
decrease in non-accrual loans resulted primarily from an
improvement in asset quality. The allowance for credit losses on
loans totaled $71.4 million, 0.90% of total loans, at
March 31, 2023, compared to $67.1 million, 0.94% of total
loans, at March 31, 2022. In the first quarter of 2023, the
Company had net charge-offs of $74,000 compared to
$7.6 million or 0.44% of average loans on an annualized basis
for the same period in 2022.
The provision for credit losses for the first
quarter of 2023 was $7.9 million compared to $6.3 million in the
first quarter of 2022. The provision in the 2023 period is
comprised of a provision for credit losses on loans of $1.2
million, a provision for credit losses on investment securities of
$6.5 million and a provision for off-balance-sheet exposures of
$140,000. The provision for credit losses on investment securities
was exclusively related to the $6.6 million provision and
subsequent charge-off of an investment in subordinated debt of
Signature Bank.
Capital
At March 31, 2023, stockholders' equity was
$1.13 billion compared to $1.11 billion at December 31, 2022,
a 2% increase, resulting primarily from net income and a decrease
in other comprehensive loss, partially offset by the payment of
dividends. Lakeland Bank remains above FDIC “well capitalized”
standards, with a Tier 1 leverage ratio of 9.13% at March 31,
2023. The book value per common share increased 3% to $17.33 at
March 31, 2023 compared to $16.82 at March 31, 2022.
Tangible book value per common share was $13.01 and $12.45 at
March 31, 2023 and 2022, respectively (see "Supplemental
Information - Non-GAAP Financial Measures" for a reconciliation of
non-GAAP financial measures, including tangible book value). At
March 31, 2023, the Company’s common equity to assets ratio
and tangible common equity to tangible assets ratio were 10.40% and
8.02%, respectively, compared to 10.60% and 8.07% at March 31,
2022. On April 25, 2023, the Company declared a quarterly cash
dividend of $0.145 per share to be paid on May 17, 2023, to
shareholders of record as of May 8, 2023.
Forward-Looking Statements
The information disclosed in this document
includes various forward-looking statements that are made in
reliance upon the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The words “anticipates,” “projects,”
“intends,” “estimates,” “expects,” “believes,” “plans,” “may,”
“will,” “should,” “could,” and other similar expressions are
intended to identify such forward-looking statements. The Company
cautions that these forward-looking statements are necessarily
speculative and speak only as of the date made, and are subject to
numerous assumptions, risks and uncertainties, all of which may
change over time. Actual results could differ materially from such
forward-looking statements. Accordingly, you should not place undue
reliance on forward-looking statements. In addition to the specific
risk factors disclosed in the Company's Annual Report on Form 10-K
for the year ended December 31, 2022, as updated by our subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, the
following factors, among others, could cause actual results to
differ materially and adversely from such forward-looking
statements: changes in levels of market interest rates, which may
affect demand for our products and the value of our financial
instruments; pricing pressures on loan and deposit products;
changes in the financial services industry and the U.S. and global
capital markets; inflation and other changes in economic conditions
nationally, regionally and in the Company’s markets; the nature and
timing of actions of the Federal Reserve Board and other
regulators; the nature and timing of legislation and regulation
affecting the financial services industry; government intervention
in the U.S. financial system; changes in federal and state tax
laws; credit risks of the Company’s lending and leasing activities;
the effects of the recent turmoil in the banking industry
(including the failures of two financial institutions); successful
implementation, deployment and upgrades of new and existing
technology, systems, services and products; customers’ acceptance
of the Company’s products and services; competition; failure to
realize anticipated efficiencies and synergies from the merger of
1st Constitution Bancorp into Lakeland Bancorp and the merger of
1st Constitution Bank into Lakeland Bank; and expenses related to
our proposed merger with Provident Financial, unexpected delays
related to the merger, inability to obtain regulatory approvals or
satisfy other closing conditions required to complete the merger,
and failure to realize anticipated efficiencies and synergies from
the merger. Further, given its ongoing and dynamic nature, it is
difficult to predict the continuing effects that the COVID-19
pandemic will have on our business and results of operations. Any
statements made by the Company that are not historical facts should
be considered to be forward-looking statements. The Company is not
obligated to update and does not undertake to update any of its
forward-looking statements made herein.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance
with U.S. generally accepted accounting principles ("GAAP"). This
press release also contains certain supplemental non-GAAP
information that the Company’s management uses in its analysis of
the Company’s financial results.
The Company also provides measurements and
ratios based on tangible equity and tangible assets. These measures
are utilized by regulators and market analysts to evaluate a
company’s financial condition and, therefore, the Company’s
management believes that such information is useful to
investors.
Specifically, the Company also uses an
efficiency ratio that is a non-GAAP financial measure. The ratio
that the Company uses excludes amortization of core deposit
intangibles, and, where applicable, long-term debt prepayment fees
and merger-related expenses. Income for the non-GAAP ratio is
increased by the favorable effect of tax-exempt income and excludes
gains and losses from the sale of investment securities, which can
vary from period to period. The Company uses this ratio because it
believes the ratio provides a relevant measure to compare the
operating performance period to period.
These disclosures should not be viewed as a
substitute for financial results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures which may be presented by other companies. See
accompanying "Supplemental Information - Non-GAAP Financial
Measures" and "Supplemental Information – Reconciliation of Net
Income" for a reconciliation of non-GAAP financial measures.
About Lakeland
Lakeland Bank is the wholly-owned subsidiary of
Lakeland Bancorp, Inc. (NASDAQ:LBAI), which had $10.84 billion in
total assets at March 31, 2023. With an extensive branch
network and commercial lending centers throughout New Jersey and
Highland Mills, New York, the Bank offers business and retail
banking products and services. Business services include commercial
loans and lines of credit, commercial real estate loans, loans for
healthcare services, asset-based lending, equipment financing,
small business loans and lines and cash management services.
Consumer services include online and mobile banking, home equity
loans and lines, mortgage options and wealth management solutions.
Lakeland is proud to be recognized as New Jersey's Best-In-State
Bank by Forbes and Statista for the fourth consecutive year, Best
Banks to Work For by American Banker, rated a 5-Star Bank by Bauer
Financial and named one of New Jersey's 50 Fastest Growing
Companies by NJBIZ. Visit LakelandBank.com or 973-697-6140 for more
information.
Thomas J.
Shara |
|
Thomas F.
Splaine |
President & CEO |
|
EVP & CFO |
Lakeland Bancorp, Inc. and Subsidiaries |
Consolidated Statements of Income (Unaudited) |
|
|
|
For the Three Months Ended March 31, |
(in thousands, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
Interest
Income |
|
|
|
|
Loans and fees |
|
$ |
100,481 |
|
|
$ |
67,809 |
|
Federal funds sold and
interest-bearing deposits with banks |
|
|
728 |
|
|
|
182 |
|
Taxable investment securities
and other |
|
|
11,554 |
|
|
|
6,709 |
|
Tax-exempt investment
securities |
|
|
1,642 |
|
|
|
1,302 |
|
Total Interest Income |
|
|
114,405 |
|
|
|
76,002 |
|
Interest
Expense |
|
|
|
|
Deposits |
|
|
29,158 |
|
|
|
4,039 |
|
Federal funds purchased and
securities sold under agreements to repurchase |
|
|
7,222 |
|
|
|
20 |
|
Other borrowings |
|
|
2,100 |
|
|
|
1,555 |
|
Total Interest Expense |
|
|
38,480 |
|
|
|
5,614 |
|
Net Interest Income |
|
|
75,925 |
|
|
|
70,388 |
|
Provision for credit
losses |
|
|
7,893 |
|
|
|
6,272 |
|
Net Interest Income after Provision for Credit
Losses |
|
|
68,032 |
|
|
|
64,116 |
|
Noninterest
Income |
|
|
|
|
Service charges on deposit
accounts |
|
|
2,789 |
|
|
|
2,626 |
|
Commissions and fees |
|
|
1,925 |
|
|
|
2,106 |
|
Income on bank owned life
insurance |
|
|
776 |
|
|
|
830 |
|
Gain (loss) on equity
securities |
|
|
148 |
|
|
|
(485 |
) |
Gains on sales of loans |
|
|
430 |
|
|
|
1,426 |
|
Swap income |
|
|
56 |
|
|
|
— |
|
Other income |
|
|
141 |
|
|
|
277 |
|
Total Noninterest Income |
|
|
6,265 |
|
|
|
6,780 |
|
Noninterest
Expense |
|
|
|
|
Compensation and employee
benefits |
|
|
29,996 |
|
|
|
27,679 |
|
Premises and equipment |
|
|
7,977 |
|
|
|
7,972 |
|
FDIC insurance |
|
|
963 |
|
|
|
672 |
|
Data processing |
|
|
1,862 |
|
|
|
1,670 |
|
Merger-related expenses |
|
|
295 |
|
|
|
4,585 |
|
Other operating expenses |
|
|
7,512 |
|
|
|
7,381 |
|
Total Noninterest Expense |
|
|
48,605 |
|
|
|
49,959 |
|
Income before provision for income taxes |
|
|
25,692 |
|
|
|
20,937 |
|
Provision for income
taxes |
|
|
5,887 |
|
|
|
5,008 |
|
Net Income |
|
$ |
19,805 |
|
|
$ |
15,929 |
|
Per Share
of Common Stock |
|
|
|
Basic earnings |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
Diluted earnings |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
Dividends |
|
$ |
0.145 |
|
|
$ |
0.135 |
|
Lakeland Bancorp, Inc. and Subsidiaries |
Consolidated Balance Sheets |
|
(dollars in thousands) |
March 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Cash |
$ |
261,261 |
|
|
$ |
223,299 |
|
Interest-bearing deposits due
from banks |
|
13,681 |
|
|
|
12,651 |
|
Total cash and cash equivalents |
|
274,942 |
|
|
|
235,950 |
|
Investment securities
available for sale, at estimated fair value (allowance for credit
losses of $160 at March 31, 2023 and $310 at December 31,
2022) |
|
1,029,127 |
|
|
|
1,054,312 |
|
Investment securities held to
maturity (estimated fair value of $762,720 at March 31, 2023
and $760,455 at December 31, 2022, allowance for credit losses of
$156 at March 31, 2023 and $107 at December 31, 2022) |
|
902,498 |
|
|
|
923,308 |
|
Equity securities, at fair
value |
|
17,496 |
|
|
|
17,283 |
|
Federal Home Loan Bank and
other membership stocks, at cost |
|
45,806 |
|
|
|
42,483 |
|
Loans held for sale |
|
— |
|
|
|
536 |
|
Loans, net of deferred
fees |
|
7,952,553 |
|
|
|
7,866,050 |
|
Less: Allowance for credit losses |
|
71,403 |
|
|
|
70,264 |
|
Net loans |
|
7,881,150 |
|
|
|
7,795,786 |
|
Premises and equipment,
net |
|
55,556 |
|
|
|
55,429 |
|
Operating lease right-of-use
assets |
|
19,329 |
|
|
|
20,052 |
|
Accrued interest
receivable |
|
34,220 |
|
|
|
33,374 |
|
Goodwill |
|
271,829 |
|
|
|
271,829 |
|
Other identifiable intangible
assets |
|
8,572 |
|
|
|
9,088 |
|
Bank owned life insurance |
|
157,761 |
|
|
|
156,985 |
|
Other assets |
|
138,955 |
|
|
|
167,425 |
|
Total Assets |
$ |
10,837,241 |
|
|
$ |
10,783,840 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
1,998,590 |
|
|
$ |
2,113,289 |
|
Savings and interest-bearing
transaction accounts |
|
4,918,041 |
|
|
|
5,246,005 |
|
Time deposits $250 thousand
and under |
|
1,233,856 |
|
|
|
901,505 |
|
Time deposits over $250
thousand |
|
386,456 |
|
|
|
306,672 |
|
Total deposits |
|
8,536,943 |
|
|
|
8,567,471 |
|
Federal funds purchased and
securities sold under agreements to repurchase |
|
813,328 |
|
|
|
728,797 |
|
Other borrowings |
|
25,000 |
|
|
|
25,000 |
|
Subordinated debentures |
|
194,376 |
|
|
|
194,264 |
|
Operating lease
liabilities |
|
20,644 |
|
|
|
21,449 |
|
Other liabilities |
|
120,370 |
|
|
|
138,272 |
|
Total Liabilities |
|
9,710,661 |
|
|
|
9,675,253 |
|
Stockholders' Equity |
|
|
|
Common stock, no par value;
authorized 100,000,000 shares; issued 65,148,180 shares and
outstanding 65,017,145 shares at March 31, 2023 and
issued 65,002,738 shares and outstanding 64,871,703 shares at
December 31, 2022 |
|
855,657 |
|
|
|
855,425 |
|
Retained earnings |
|
339,680 |
|
|
|
329,375 |
|
Treasury shares, at cost,
131,035 shares at March 31, 2023 and December 31, 2022 |
|
(1,452 |
) |
|
|
(1,452 |
) |
Accumulated other
comprehensive loss |
|
(67,305 |
) |
|
|
(74,761 |
) |
Total Stockholders' Equity |
|
1,126,580 |
|
|
|
1,108,587 |
|
Total Liabilities and Stockholders' Equity |
$ |
10,837,241 |
|
|
$ |
10,783,840 |
|
Lakeland Bancorp, Inc. |
Financial Highlights |
(Unaudited) |
|
|
|
For the Quarter Ended |
(dollars in thousands, except
per share data) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Income
Statement |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
75,925 |
|
|
$ |
81,640 |
|
|
$ |
80,285 |
|
|
$ |
80,302 |
|
|
$ |
70,388 |
|
(Provision) benefit for credit
losses |
|
|
(7,893 |
) |
|
|
2,760 |
|
|
|
(1,358 |
) |
|
|
(3,644 |
) |
|
|
(6,272 |
) |
Gains on sales of loans |
|
|
430 |
|
|
|
269 |
|
|
|
355 |
|
|
|
715 |
|
|
|
1,426 |
|
Gains (loss) on equity
securities |
|
|
148 |
|
|
|
11 |
|
|
|
(464 |
) |
|
|
(364 |
) |
|
|
(485 |
) |
Other noninterest income |
|
|
5,687 |
|
|
|
6,743 |
|
|
|
7,342 |
|
|
|
6,712 |
|
|
|
5,839 |
|
Merger-related expenses |
|
|
(295 |
) |
|
|
(533 |
) |
|
|
(3,488 |
) |
|
|
— |
|
|
|
(4,585 |
) |
Other noninterest expense |
|
|
(48,310 |
) |
|
|
(44,837 |
) |
|
|
(44,323 |
) |
|
|
(45,068 |
) |
|
|
(45,374 |
) |
Pretax income |
|
|
25,692 |
|
|
|
46,053 |
|
|
|
38,349 |
|
|
|
38,653 |
|
|
|
20,937 |
|
Provision for income
taxes |
|
|
(5,887 |
) |
|
|
(12,476 |
) |
|
|
(9,603 |
) |
|
|
(9,536 |
) |
|
|
(5,008 |
) |
Net income |
|
$ |
19,805 |
|
|
$ |
33,577 |
|
|
$ |
28,746 |
|
|
$ |
29,117 |
|
|
$ |
15,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.30 |
|
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.25 |
|
Diluted earnings per common
share |
|
$ |
0.30 |
|
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.25 |
|
Dividends paid per common
share |
|
$ |
0.145 |
|
|
$ |
0.145 |
|
|
$ |
0.145 |
|
|
$ |
0.145 |
|
|
$ |
0.135 |
|
Dividends paid |
|
$ |
9,500 |
|
|
$ |
9,505 |
|
|
$ |
9,506 |
|
|
$ |
9,507 |
|
|
$ |
8,809 |
|
Weighted average shares -
basic |
|
|
64,966 |
|
|
|
64,854 |
|
|
|
64,842 |
|
|
|
64,828 |
|
|
|
63,961 |
|
Weighted average shares -
diluted |
|
|
65,228 |
|
|
|
65,222 |
|
|
|
65,061 |
|
|
|
64,989 |
|
|
|
64,238 |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Ratios |
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets |
|
|
0.75 |
% |
|
|
1.26 |
% |
|
|
1.10 |
% |
|
|
1.15 |
% |
|
|
0.64 |
% |
Annualized return on average
common equity |
|
|
7.17 |
% |
|
|
12.19 |
% |
|
|
10.33 |
% |
|
|
10.71 |
% |
|
|
5.89 |
% |
Annualized return on average
tangible common equity (1) |
|
|
9.57 |
% |
|
|
16.42 |
% |
|
|
13.87 |
% |
|
|
14.45 |
% |
|
|
7.88 |
% |
Annualized net interest
margin |
|
|
3.07 |
% |
|
|
3.28 |
% |
|
|
3.28 |
% |
|
|
3.38 |
% |
|
|
3.02 |
% |
Efficiency ratio (1) |
|
|
57.84 |
% |
|
|
49.67 |
% |
|
|
49.76 |
% |
|
|
50.69 |
% |
|
|
57.77 |
% |
Common stockholders' equity to
total assets |
|
|
10.40 |
% |
|
|
10.28 |
% |
|
|
10.29 |
% |
|
|
10.51 |
% |
|
|
10.60 |
% |
Tangible common equity to
tangible assets (1) |
|
|
8.02 |
% |
|
|
7.88 |
% |
|
|
7.83 |
% |
|
|
8.01 |
% |
|
|
8.07 |
% |
Tier 1 risk-based ratio |
|
|
11.33 |
% |
|
|
11.24 |
% |
|
|
11.16 |
% |
|
|
11.12 |
% |
|
|
11.34 |
% |
Total risk-based ratio |
|
|
13.93 |
% |
|
|
13.83 |
% |
|
|
13.78 |
% |
|
|
13.74 |
% |
|
|
14.03 |
% |
Tier 1 leverage ratio |
|
|
9.13 |
% |
|
|
9.16 |
% |
|
|
9.10 |
% |
|
|
9.05 |
% |
|
|
8.97 |
% |
Common equity tier 1 capital
ratio |
|
|
10.81 |
% |
|
|
10.71 |
% |
|
|
10.62 |
% |
|
|
10.57 |
% |
|
|
10.72 |
% |
Book value per common
share |
|
$ |
17.33 |
|
|
$ |
17.09 |
|
|
$ |
16.70 |
|
|
$ |
16.82 |
|
|
$ |
16.82 |
|
Tangible book value per common
share (1) |
|
$ |
13.01 |
|
|
$ |
12.76 |
|
|
$ |
12.36 |
|
|
$ |
12.47 |
|
|
$ |
12.45 |
|
(1) See Supplemental Information - Non-GAAP Financial
Measures
Lakeland Bancorp, Inc. |
Financial Highlights |
(Unaudited) |
|
|
|
For the Quarter Ended |
(dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Selected
Balance Sheet Data at Period End |
|
|
|
|
|
|
|
|
Loans |
|
$ |
7,952,553 |
|
|
$ |
7,866,050 |
|
|
$ |
7,568,826 |
|
|
$ |
7,408,540 |
|
|
$ |
7,137,793 |
|
Allowance for credit losses on
loans |
|
|
71,403 |
|
|
|
70,264 |
|
|
|
68,879 |
|
|
|
68,836 |
|
|
|
67,112 |
|
Investment securities |
|
|
1,994,927 |
|
|
|
2,037,386 |
|
|
|
2,047,186 |
|
|
|
2,124,213 |
|
|
|
2,139,054 |
|
Total assets |
|
|
10,837,241 |
|
|
|
10,783,840 |
|
|
|
10,515,599 |
|
|
|
10,374,178 |
|
|
|
10,275,233 |
|
Total deposits |
|
|
8,536,943 |
|
|
|
8,567,471 |
|
|
|
8,677,799 |
|
|
|
8,501,804 |
|
|
|
8,748,909 |
|
Short-term borrowings |
|
|
813,328 |
|
|
|
728,797 |
|
|
|
357,787 |
|
|
|
432,206 |
|
|
|
102,911 |
|
Other borrowings |
|
|
219,376 |
|
|
|
219,264 |
|
|
|
219,148 |
|
|
|
219,027 |
|
|
|
218,904 |
|
Stockholders' equity |
|
|
1,126,580 |
|
|
|
1,108,587 |
|
|
|
1,082,406 |
|
|
|
1,090,145 |
|
|
|
1,089,282 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
|
Non-owner occupied
commercial |
|
$ |
2,943,897 |
|
|
$ |
2,906,014 |
|
|
$ |
2,873,824 |
|
|
$ |
2,777,003 |
|
|
$ |
2,639,784 |
|
Owner occupied commercial |
|
|
1,205,635 |
|
|
|
1,246,189 |
|
|
|
1,141,290 |
|
|
|
1,179,527 |
|
|
|
1,122,754 |
|
Multifamily |
|
|
1,275,771 |
|
|
|
1,260,814 |
|
|
|
1,186,036 |
|
|
|
1,134,938 |
|
|
|
1,104,206 |
|
Non-owner occupied
residential |
|
|
210,203 |
|
|
|
218,026 |
|
|
|
222,597 |
|
|
|
221,339 |
|
|
|
225,795 |
|
Commercial, industrial and
other |
|
|
562,287 |
|
|
|
606,276 |
|
|
|
612,494 |
|
|
|
647,531 |
|
|
|
620,611 |
|
Paycheck Protection
Program |
|
|
390 |
|
|
|
435 |
|
|
|
734 |
|
|
|
10,404 |
|
|
|
36,785 |
|
Construction |
|
|
404,994 |
|
|
|
380,100 |
|
|
|
381,109 |
|
|
|
370,777 |
|
|
|
404,186 |
|
Equipment financing |
|
|
161,889 |
|
|
|
151,575 |
|
|
|
137,999 |
|
|
|
134,136 |
|
|
|
123,943 |
|
Residential mortgages |
|
|
857,427 |
|
|
|
765,552 |
|
|
|
690,453 |
|
|
|
622,417 |
|
|
|
564,042 |
|
Consumer and home equity |
|
|
330,060 |
|
|
|
331,069 |
|
|
|
322,290 |
|
|
|
310,468 |
|
|
|
295,687 |
|
Total loans |
|
$ |
7,952,553 |
|
|
$ |
7,866,050 |
|
|
$ |
7,568,826 |
|
|
$ |
7,408,540 |
|
|
$ |
7,137,793 |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,998,590 |
|
|
$ |
2,113,289 |
|
|
$ |
2,288,902 |
|
|
$ |
2,330,550 |
|
|
$ |
2,300,030 |
|
Savings and interest-bearing
transaction accounts |
|
|
4,918,041 |
|
|
|
5,246,005 |
|
|
|
5,354,716 |
|
|
|
5,407,212 |
|
|
|
5,602,674 |
|
Time deposits |
|
|
1,620,312 |
|
|
|
1,208,177 |
|
|
|
1,034,181 |
|
|
|
764,042 |
|
|
|
846,205 |
|
Total deposits |
|
$ |
8,536,943 |
|
|
$ |
8,567,471 |
|
|
$ |
8,677,799 |
|
|
$ |
8,501,804 |
|
|
$ |
8,748,909 |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total deposits
ratio |
|
|
93.2 |
% |
|
|
91.8 |
% |
|
|
87.2 |
% |
|
|
87.1 |
% |
|
|
81.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
7,900,426 |
|
|
$ |
7,729,510 |
|
|
$ |
7,517,878 |
|
|
$ |
7,229,175 |
|
|
$ |
7,021,462 |
|
Investment securities |
|
|
2,117,076 |
|
|
|
2,145,252 |
|
|
|
2,160,719 |
|
|
|
2,188,199 |
|
|
|
2,019,578 |
|
Interest-earning assets |
|
|
10,091,341 |
|
|
|
9,923,173 |
|
|
|
9,755,797 |
|
|
|
9,588,396 |
|
|
|
9,504,287 |
|
Total assets |
|
|
10,698,807 |
|
|
|
10,534,884 |
|
|
|
10,358,600 |
|
|
|
10,192,140 |
|
|
|
10,138,437 |
|
Noninterest-bearing demand
deposits |
|
|
2,040,070 |
|
|
|
2,240,197 |
|
|
|
2,325,391 |
|
|
|
2,310,702 |
|
|
|
2,194,038 |
|
Savings deposits |
|
|
928,796 |
|
|
|
1,001,870 |
|
|
|
1,092,222 |
|
|
|
1,153,591 |
|
|
|
1,131,359 |
|
Interest-bearing transaction
accounts |
|
|
4,224,024 |
|
|
|
4,389,672 |
|
|
|
4,337,559 |
|
|
|
4,369,067 |
|
|
|
4,399,531 |
|
Time deposits |
|
|
1,385,661 |
|
|
|
1,100,911 |
|
|
|
905,735 |
|
|
|
803,421 |
|
|
|
879,427 |
|
Total deposits |
|
|
8,578,551 |
|
|
|
8,732,650 |
|
|
|
8,660,907 |
|
|
|
8,636,781 |
|
|
|
8,604,355 |
|
Short-term borrowings |
|
|
617,611 |
|
|
|
311,875 |
|
|
|
240,728 |
|
|
|
130,242 |
|
|
|
104,633 |
|
Other borrowings |
|
|
219,308 |
|
|
|
219,202 |
|
|
|
219,082 |
|
|
|
218,958 |
|
|
|
217,983 |
|
Total interest-bearing
liabilities |
|
|
7,375,400 |
|
|
|
7,023,530 |
|
|
|
6,795,326 |
|
|
|
6,675,279 |
|
|
|
6,732,933 |
|
Stockholders' equity |
|
|
1,120,356 |
|
|
|
1,092,720 |
|
|
|
1,104,145 |
|
|
|
1,090,613 |
|
|
|
1,095,913 |
|
Lakeland Bancorp, Inc. |
Financial Highlights |
(Unaudited) |
|
|
|
For the Quarter Ended |
(dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Average
Annualized Yields (Taxable Equivalent Basis) and
Costs |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
5.10 |
% |
|
|
4.84 |
% |
|
|
4.43 |
% |
|
|
4.22 |
% |
|
|
3.92 |
% |
Taxable investment securities
and other |
|
|
2.61 |
% |
|
|
2.41 |
% |
|
|
2.12 |
% |
|
|
1.81 |
% |
|
|
1.60 |
% |
Tax-exempt securities |
|
|
2.41 |
% |
|
|
2.36 |
% |
|
|
2.12 |
% |
|
|
2.02 |
% |
|
|
1.91 |
% |
Federal funds sold and
interest-bearing cash accounts |
|
|
4.00 |
% |
|
|
3.68 |
% |
|
|
2.21 |
% |
|
|
0.55 |
% |
|
|
0.16 |
% |
Total interest-earning assets |
|
|
4.56 |
% |
|
|
4.31 |
% |
|
|
3.90 |
% |
|
|
3.61 |
% |
|
|
3.25 |
% |
Liabilities |
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.25 |
% |
|
|
0.18 |
% |
|
|
0.17 |
% |
Interest-bearing transaction
accounts |
|
|
1.85 |
% |
|
|
1.46 |
% |
|
|
0.97 |
% |
|
|
0.33 |
% |
|
|
0.25 |
% |
Time deposits |
|
|
2.71 |
% |
|
|
1.77 |
% |
|
|
1.00 |
% |
|
|
0.39 |
% |
|
|
0.40 |
% |
Borrowings |
|
|
4.46 |
% |
|
|
3.52 |
% |
|
|
2.15 |
% |
|
|
2.04 |
% |
|
|
1.95 |
% |
Total interest-bearing liabilities |
|
|
2.11 |
% |
|
|
1.50 |
% |
|
|
0.94 |
% |
|
|
0.40 |
% |
|
|
0.34 |
% |
Net interest spread (taxable
equivalent basis) |
|
|
2.45 |
% |
|
|
2.81 |
% |
|
|
2.96 |
% |
|
|
3.22 |
% |
|
|
2.92 |
% |
Annualized net interest margin
(taxable equivalent basis) |
|
|
3.07 |
% |
|
|
3.28 |
% |
|
|
3.28 |
% |
|
|
3.38 |
% |
|
|
3.02 |
% |
Annualized cost of
deposits |
|
|
1.38 |
% |
|
|
0.99 |
% |
|
|
0.62 |
% |
|
|
0.22 |
% |
|
|
0.19 |
% |
Loan Quality
Data |
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses on
Loans |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period |
|
$ |
70,264 |
|
|
$ |
68,879 |
|
|
$ |
68,836 |
|
|
$ |
67,112 |
|
|
$ |
58,047 |
|
Initial allowance for credit
losses on purchased credit deteriorated loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,077 |
|
Charge-offs on purchased
credit deteriorated loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,634 |
) |
Provision for credit losses on
loans |
|
|
1,213 |
|
|
|
1,464 |
|
|
|
11 |
|
|
|
1,583 |
|
|
|
4,630 |
|
Charge-offs |
|
|
(139 |
) |
|
|
(138 |
) |
|
|
(56 |
) |
|
|
(365 |
) |
|
|
(170 |
) |
Recoveries |
|
|
65 |
|
|
|
59 |
|
|
|
88 |
|
|
|
506 |
|
|
|
162 |
|
Balance at end of period |
|
$ |
71,403 |
|
|
$ |
70,264 |
|
|
$ |
68,879 |
|
|
$ |
68,836 |
|
|
$ |
67,112 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-Offs
(Recoveries) |
|
|
|
|
|
|
|
|
|
|
Non owner occupied
commercial |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4 |
) |
|
$ |
4 |
|
Owner occupied commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(337 |
) |
|
|
24 |
|
Non owner occupied
residential |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14 |
) |
Commercial, industrial and
other |
|
|
(35 |
) |
|
|
(24 |
) |
|
|
(49 |
) |
|
|
272 |
|
|
|
778 |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,804 |
|
Equipment finance |
|
|
46 |
|
|
|
51 |
|
|
|
(23 |
) |
|
|
(40 |
) |
|
|
82 |
|
Residential mortgages |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
Consumer and home equity |
|
|
63 |
|
|
|
52 |
|
|
|
40 |
|
|
|
(32 |
) |
|
|
12 |
|
Net charge-offs (recoveries) |
|
$ |
74 |
|
|
$ |
79 |
|
|
$ |
(32 |
) |
|
$ |
(141 |
) |
|
$ |
7,642 |
|
Lakeland Bancorp, Inc. |
Financial Highlights |
(Unaudited) |
|
|
|
For the Quarter Ended |
(dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Non-Performing Assets
(1) |
|
|
|
|
|
|
|
|
|
|
Non owner occupied commercial |
|
$ |
908 |
|
|
$ |
618 |
|
|
$ |
307 |
|
|
$ |
324 |
|
|
$ |
5,482 |
|
Owner occupied commercial |
|
|
8,757 |
|
|
|
9,439 |
|
|
|
10,322 |
|
|
|
12,587 |
|
|
|
2,626 |
|
Multifamily |
|
|
584 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non owner occupied
residential |
|
|
— |
|
|
|
441 |
|
|
|
868 |
|
|
|
839 |
|
|
|
2,430 |
|
Commercial, industrial and
other |
|
|
2,221 |
|
|
|
2,978 |
|
|
|
3,623 |
|
|
|
4,882 |
|
|
|
6,098 |
|
Construction |
|
|
980 |
|
|
|
980 |
|
|
|
— |
|
|
|
— |
|
|
|
220 |
|
Equipment finance |
|
|
379 |
|
|
|
114 |
|
|
|
226 |
|
|
|
112 |
|
|
|
51 |
|
Residential mortgages |
|
|
1,918 |
|
|
|
2,011 |
|
|
|
2,226 |
|
|
|
2,249 |
|
|
|
1,935 |
|
Consumer and home equity |
|
|
1,131 |
|
|
|
781 |
|
|
|
798 |
|
|
|
1,168 |
|
|
|
898 |
|
Total non-accrual loans |
|
|
16,878 |
|
|
|
17,362 |
|
|
|
18,370 |
|
|
|
22,161 |
|
|
|
19,740 |
|
Total non-performing assets |
|
$ |
16,878 |
|
|
$ |
17,362 |
|
|
$ |
18,370 |
|
|
$ |
22,161 |
|
|
$ |
19,740 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more
and still accruing |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31 |
|
|
$ |
— |
|
|
$ |
— |
|
Loans restructured and still
accruing |
|
$ |
— |
|
|
$ |
2,640 |
|
|
$ |
3,113 |
|
|
$ |
3,189 |
|
|
$ |
3,290 |
|
Ratio of allowance for loan
losses to total loans |
|
|
0.90 |
% |
|
|
0.89 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.94 |
% |
Total non-accrual loans to
total loans |
|
|
0.21 |
% |
|
|
0.22 |
% |
|
|
0.24 |
% |
|
|
0.30 |
% |
|
|
0.28 |
% |
Total non-performing assets to
total assets |
|
|
0.16 |
% |
|
|
0.16 |
% |
|
|
0.17 |
% |
|
|
0.21 |
% |
|
|
0.19 |
% |
Annualized net (recoveries)
charge-offs to average loans |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
(0.01 |
)% |
|
|
0.44 |
% |
(1) Includes non-accrual purchased credit
deteriorated loans.
Lakeland Bancorp, Inc. |
Supplemental Information - Non-GAAP Financial
Measures |
(Unaudited) |
|
|
|
At or for the Quarter Ended |
(dollars in thousands, except
per share amounts) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Calculation of Tangible Book Value Per Common
Share |
|
|
|
|
|
|
|
|
Total common stockholders'
equity at end of period - GAAP |
|
$ |
1,126,580 |
|
|
$ |
1,108,587 |
|
|
$ |
1,082,406 |
|
|
$ |
1,090,145 |
|
|
$ |
1,089,282 |
|
Less: Goodwill |
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
Less: Other identifiable
intangible assets |
|
|
8,572 |
|
|
|
9,088 |
|
|
|
9,669 |
|
|
|
10,250 |
|
|
|
10,842 |
|
Total tangible common
stockholders' equity at end of period - Non-GAAP |
|
$ |
846,179 |
|
|
$ |
827,670 |
|
|
$ |
800,908 |
|
|
$ |
808,066 |
|
|
$ |
806,611 |
|
Shares outstanding at end of
period |
|
|
65,017 |
|
|
|
64,872 |
|
|
|
64,804 |
|
|
|
64,794 |
|
|
|
64,780 |
|
Book value per share -
GAAP |
|
$ |
17.33 |
|
|
$ |
17.09 |
|
|
$ |
16.70 |
|
|
$ |
16.82 |
|
|
$ |
16.82 |
|
Tangible book value per share
- Non-GAAP |
|
$ |
13.01 |
|
|
$ |
12.76 |
|
|
$ |
12.36 |
|
|
$ |
12.47 |
|
|
$ |
12.45 |
|
Calculation of Tangible Common Equity to Tangible
Assets |
|
|
|
|
|
|
Total tangible common
stockholders' equity at end of period - Non-GAAP |
|
$ |
846,179 |
|
|
$ |
827,670 |
|
|
$ |
800,908 |
|
|
$ |
808,066 |
|
|
$ |
806,611 |
|
Total assets at end of period
- GAAP |
|
$ |
10,837,241 |
|
|
$ |
10,783,840 |
|
|
$ |
10,515,599 |
|
|
$ |
10,374,178 |
|
|
$ |
10,275,233 |
|
Less: Goodwill |
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
Less: Other identifiable
intangible assets |
|
|
8,572 |
|
|
|
9,088 |
|
|
|
9,669 |
|
|
|
10,250 |
|
|
|
10,842 |
|
Total tangible assets at end of period - Non-GAAP |
|
$ |
10,556,840 |
|
|
$ |
10,502,923 |
|
|
$ |
10,234,101 |
|
|
$ |
10,092,099 |
|
|
$ |
9,992,562 |
|
Common equity to assets -
GAAP |
|
|
10.40 |
% |
|
|
10.28 |
% |
|
|
10.29 |
% |
|
|
10.51 |
% |
|
|
10.60 |
% |
Tangible common equity to
tangible assets - Non-GAAP |
|
|
8.02 |
% |
|
|
7.88 |
% |
|
|
7.83 |
% |
|
|
8.01 |
% |
|
|
8.07 |
% |
Calculation of Return on Average Tangible Common
Equity |
|
|
|
|
|
|
Net income - GAAP |
|
$ |
19,805 |
|
|
$ |
33,577 |
|
|
$ |
28,746 |
|
|
$ |
29,117 |
|
|
$ |
15,929 |
|
Total average common
stockholders' equity - GAAP |
|
$ |
1,120,356 |
|
|
$ |
1,092,720 |
|
|
$ |
1,104,145 |
|
|
$ |
1,090,613 |
|
|
$ |
1,095,913 |
|
Less: Average goodwill |
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
271,829 |
|
|
|
265,409 |
|
Less: Average other
identifiable intangible assets |
|
|
8,904 |
|
|
|
9,386 |
|
|
|
9,982 |
|
|
|
10,569 |
|
|
|
10,851 |
|
Total average tangible common
stockholders' equity - Non-GAAP |
|
$ |
839,623 |
|
|
$ |
811,505 |
|
|
$ |
822,334 |
|
|
$ |
808,215 |
|
|
$ |
819,653 |
|
Return on average common
stockholders' equity - GAAP |
|
|
7.17 |
% |
|
|
12.19 |
% |
|
|
10.33 |
% |
|
|
10.71 |
% |
|
|
5.89 |
% |
Return on average tangible
common stockholders' equity - Non-GAAP |
|
|
9.57 |
% |
|
|
16.42 |
% |
|
|
13.87 |
% |
|
|
14.45 |
% |
|
|
7.88 |
% |
Calculation of
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
48,605 |
|
|
$ |
45,370 |
|
|
$ |
47,811 |
|
|
$ |
45,068 |
|
|
$ |
49,959 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Amortization of core deposit intangibles |
|
|
516 |
|
|
|
581 |
|
|
|
581 |
|
|
|
593 |
|
|
|
596 |
|
Merger-related expenses |
|
|
295 |
|
|
|
533 |
|
|
|
3,488 |
|
|
|
— |
|
|
|
4,585 |
|
Noninterest expense, as
adjusted |
|
$ |
47,794 |
|
|
$ |
44,256 |
|
|
$ |
43,742 |
|
|
$ |
44,475 |
|
|
$ |
44,778 |
|
Net interest income |
|
$ |
75,925 |
|
|
$ |
81,640 |
|
|
$ |
80,285 |
|
|
$ |
80,302 |
|
|
$ |
70,388 |
|
Total noninterest income |
|
|
6,265 |
|
|
|
7,023 |
|
|
|
7,233 |
|
|
|
7,063 |
|
|
|
6,780 |
|
Total revenue |
|
|
82,190 |
|
|
|
88,663 |
|
|
|
87,518 |
|
|
|
87,365 |
|
|
|
77,168 |
|
Tax-equivalent adjustment on
municipal securities |
|
|
436 |
|
|
|
443 |
|
|
|
395 |
|
|
|
382 |
|
|
|
346 |
|
Total revenue, as
adjusted |
|
$ |
82,626 |
|
|
$ |
89,106 |
|
|
$ |
87,913 |
|
|
$ |
87,747 |
|
|
$ |
77,514 |
|
Efficiency ratio -
Non-GAAP |
|
|
57.84 |
% |
|
|
49.67 |
% |
|
|
49.76 |
% |
|
|
50.69 |
% |
|
|
57.77 |
% |
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