U.S. Markets close in 3 hrs 22 mins

Lakeland Bancorp: 4Q Earnings Snapshot

OAK RIDGE, N.J. (AP) _ Lakeland Bancorp Inc. (LBAI) on Monday reported fourth-quarter net income of $15.6 million.

The bank, based in Oak Ridge, New Jersey, said it had earnings of 32 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The bank holding company posted revenue of $62.1 million in the period. Its revenue net of interest expense was $49.8 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $49.6 million.

For the year, the company reported profit of $63.4 million, or $1.32 per share. Revenue was reported as $195.9 million.

Lakeland Bancorp shares have increased almost 7 percent since the beginning of the year. The stock has dropped 22 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LBAI at https://www.zacks.com/ap/LBAI