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Lakeland Bancorp Announces Second Quarter Results

Lakeland Bancorp Announces Second Quarter Results
Lakeland Bancorp Announces Second Quarter Results

OAK RIDGE, N.J., July 26, 2019 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the “Company”), the parent company of Lakeland Bank (“Lakeland”), reported net income of $17.5 million and earnings per diluted share ("EPS") of $0.34 for the three months ended June 30, 2019 versus net income of $15.8 million and diluted EPS of $0.33 for the prior year quarter. For the second quarter of 2019, annualized return on average assets was 1.12%, annualized return on average common equity was 10.16% and annualized return on average tangible common equity was 13.21%.

For the six months ended June 30, 2019, the Company reported net income of $33.1 million, a 6% increase compared to $31.1 million for the same period in 2018. For the six months ended June 30, 2019, the Company reported diluted EPS of $0.65, which equaled diluted EPS for the first six months of 2018. Excluding merger-related expenses pertaining to the Company’s January 2019 acquisition of Highlands Bancorp, Inc. ("Highlands") of $2.4 million, tax-effected, net income for the six months ended June 30, 2019 was $35.5 million, or $0.70 per diluted share. For the first six months of 2019, return on average assets was 1.07%, return on average common equity was 9.79%, and return on average tangible common equity was 12.77%. Excluding merger-related expenses these ratios were 1.15%, 10.49% and 13.69%, respectively.

Thomas Shara, Lakeland Bancorp’s President and CEO commented, "We are pleased to report record quarterly net income of $17.5 million for the second quarter of 2019. Our quarterly results reflect a 10% growth in quarterly net income compared to the same prior year period, partially attributable to the Highlands Bancorp acquisition completed earlier in the year. Our record results were achieved in spite of an increase in our effective tax rate this quarter, due to the recent changes in the New Jersey tax rules. While commercial loan production this year has been very healthy, loan prepayments continue at an accelerated pace keeping loan growth muted. However, we are pleased with the 5% growth of our C&I area this quarter along with 9% growth in our Equipment Finance area."

Net Interest Margin and Income

Net interest margin for the second quarter of 2019 of 3.39% decreased four basis points from the second quarter of 2018 and decreased three basis points from the first quarter of 2019. The decrease in net interest margin was due primarily to an increase in the cost of interest-bearing liabilities. Net interest margin for the first six months of 2019 of 3.41% equaled net interest margin for the same period in 2018.

The yield on interest-earning assets for the second quarter of 2019 was 4.46% compared to 4.12% for the second quarter of 2018 and 4.44% for the first quarter of 2019. The yield on interest-earning assets for the first six months of 2019 was 4.45% compared to 4.07% during the same period in 2018. The increase in yield on interest-earning assets was a result of originating higher yielding loans, additional accretion income on loans resulting from the Highlands acquisition and higher investment securities yields.

The cost of interest-bearing liabilities for the second quarter of 2019 was 1.42% compared to 0.91% for the second quarter of 2018 and 1.34% for the first quarter of 2019. The cost of interest-bearing liabilities for the first six months of 2019 was 1.38% compared to 0.87% during the same period in 2018. The cost of interest-bearing transaction accounts, time deposits and borrowings have increased since 2018 largely driven by competitive pressures and higher market interest rates.

Net interest income increased to $49.2 million for the second quarter of 2019 compared to $43.5 million for the second quarter of 2018, due primarily to the growth of interest-earning assets and increases in loan yields, partially offset by an increase in interest-bearing liabilities and higher interest rates on deposits and borrowings. Net interest income for the first six months of 2019 was $97.8 million, as compared to $85.7 million for the same period in 2018.

Noninterest Income

Noninterest income increased $680,000 to $6.4 million for the second quarter of 2019 from $5.7 million for the second quarter of 2018. Service charges on deposit accounts increased $210,000 compared to the second quarter of 2018 due primarily to deposit growth. Commissions and fees increased $315,000 compared to the second quarter of 2018 due primarily to an increase in commercial loan fees and investment services income, while gains on sales of loans increased $128,000.

For the first six months of 2019, noninterest income totaled $12.1 million compared to $11.0 million for the same period in 2018 as the Company recorded a $453,000 gain on equity securities in the first half of 2019 compared to $55,000 during the same period in 2018. In addition, commissions and fees increased $455,000 compared to the first half of 2018 due primarily to an increase in investment services income, while gains on sales of loans increased $253,000.

Noninterest Expense

Noninterest expense totaled $31.7 million for the second quarter of 2019 compared to $27.6 million for the second quarter of 2018. Noninterest expense in the second quarter of 2019 included $318,000 in merger related expenses. Salary and employee benefit expense increased $2.7 million as a result of additions to our staff from the Highlands merger, normal merit increases and higher benefit costs. In the second quarter of 2019, data processing expense increased $249,000 compared to the second quarter of 2018 due primarily to the Company’s continued expansion and improvement of its digital infrastructure. Other expenses increased $377,000 due primarily to an increase in consulting expense.

For the first six months of 2019, noninterest expense totaled $65.7 million compared to $54.7 million for the same period in 2018. Excluding merger related expenses of $3.2 million, noninterest expense increased $7.8 million compared to the first half of 2018 primarily as a result of additional Highlands expenses from merger date in January 2019 through system conversion date in April, as well as increased salary and benefit expenses and increased data processing expenses.

Income Tax Expense

The effective tax rate for the second quarter of 2019 was 27.0% compared to 21.3% for the first quarter of 2019, as a result of a technical bulletin issued by the New Jersey Division of Taxation during second quarter 2019, which will result in increasing our effective tax rate for 2019 to 24.5%.

Financial Condition

At June 30, 2019, total assets were $6.41 billion, an increase of $601.1 million, including $496.5 million from the Highlands acquisition compared to December 31, 2018. For the six months ended June 30, 2019, total loans grew $465.6 million, including $425.0 million from Highlands, to $4.92 billion and investment securities increased $42.0 million, including $24.5 million from Highlands, to $863.5 million. On the funding side, total deposits increased $461.9 million, including $409.6 million from Highlands, to $5.08 billion, while borrowings increased $32.7 million to $552.7 million. At June 30, 2019, total loans as a percent of total deposits was 96.9%.

Asset Quality

At June 30, 2019, non-performing assets increased to $15.0 million, 0.23% of total assets, compared to $13.0 million, 0.22% of total assets, at December 31, 2018. Non-accrual loans as a percent of total loans equaled 0.29% at June 30, 2019 compared to 0.27% at December 31, 2018. The allowance for loan losses increased to $38.7 million, 0.78% of total loans, at June 30, 2019, compared to $37.7 million, 0.84% of total loans, at December 31, 2018. The Company's allowance for loan losses excluding acquired loans would be 0.92%. In the second quarter of 2019, the Company had net loan recoveries of $683,000, or 0.06% of average loans, annualized, compared to net charge-offs of $532,000, or 0.05% of average loans, annualized, for the same period in 2018. There was no provision for loan losses for second quarter of 2019 compared to provision for loan losses of $1.5 million in the second quarter of 2018.

Capital

At June 30, 2019, stockholders' equity was $698.5 million compared to $623.7 million at December 31, 2018, a 12% increase. Lakeland Bank remains above FDIC “well capitalized” standards, with a Tier 1 Leverage Ratio of 9.30% at June 30, 2019. The book value per common share and tangible book value per common share increased 10.0% and 10.2% to $13.85 and $10.66, respectively, compared to $12.59 and $9.67 at June 30, 2018. On July 24, 2019, the Company declared the quarterly cash dividend of $0.125 per share to be paid on August 15, 2019, to shareholders of record as of August 5, 2019.

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. The following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: changes in the financial services industry and the U.S. and global capital markets, 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, changes in levels of market interest rates, pricing pressures on loan and deposit products, credit risks of the Company’s lending and leasing activities, successful implementation, deployment and upgrades of new and existing technology, systems, services and products, customers’ acceptance of the Company’s products and services, competition and failure to realize anticipated efficiencies and synergies from the merger of Highlands Bancorp, Inc. into Lakeland Bancorp and the merger of Highlands State Bank into Lakeland Bank. Any statements made by the Company that are not historical facts (including statements regarding anticipated synergies from the Highlands Bancorp and Highlands State Bank mergers and regarding positioning for 2019) 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 accounting principles generally accepted in the United States of America ("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. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis, and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods in question.

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.

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, provision for unfunded lending commitments 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 and gain on debt extinguishment, 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 non-GAAP tables.

About Lakeland

Lakeland Bancorp, Inc. (LBAI) has approximately $6.41 billion in total assets. Lakeland Bank, a wholly-owned subsidiary of Lakeland Bancorp, Inc., operates 53 branch offices throughout Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex, and Union counties in New Jersey including one branch in Highland Mills, New York; five New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Teaneck and Waldwick; and one New York commercial lending center to serve the Hudson Valley region. Lakeland also has a commercial loan production office serving Middlesex and Monmouth counties in New Jersey. Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit LakelandBank.com for more information.

Thomas J. Shara
President & CEO

Thomas F. Splaine
EVP & CFO
973-697-2000


Lakeland Bancorp, Inc.

Financial Highlights

(Unaudited)

Three Months Ended June 30,

Six months ended June 30,

(Dollars in thousands, except per share amounts)

2019

2018

2019

2018

INCOME STATEMENT

Net interest income

$

49,198

$

43,493

$

97,804

$

85,729

Provision for loan losses

(1,492

)

(508

)

(2,776

)

Gains on sales of loans

428

300

799

546

Gain on equity securities

100

73

453

55

Other noninterest income

5,861

5,336

10,860

10,442

Merger related expenses

(318

)

(3,178

)

Other noninterest expense

(31,368

)

(27,574

)

(62,492

)

(54,711

)

Pretax income

23,901

20,136

43,738

39,285

Provision for income taxes

(6,444

)

(4,298

)

(10,655

)

(8,192

)

Net income

$

17,457

$

15,838

$

33,083

$

31,093

Basic earnings per common share

$

0.34

$

0.33

$

0.65

$

0.65

Diluted earnings per common share

$

0.34

$

0.33

$

0.65

$

0.65

Dividends paid per common share

$

0.125

$

0.115

$

0.240

$

0.215

Weighted average shares - basic

50,509

47,600

50,393

47,552

Weighted average shares - diluted

50,649

47,770

50,544

47,753

SELECTED OPERATING RATIOS

Annualized return on average assets

1.12

%

1.17

%

1.07

%

1.16

%

Annualized return on average common equity

10.16

%

10.71

%

9.79

%

10.65

%

Annualized return on average tangible common equity (1)

13.21

%

13.97

%

12.77

%

13.94

%

Annualized yield on interest-earning assets

4.46

%

4.12

%

4.45

%

4.07

%

Annualized cost of interest-bearing liabilities

1.42

%

0.91

%

1.38

%

0.87

%

Annualized net interest spread

3.04

%

3.21

%

3.07

%

3.20

%

Annualized net interest margin

3.39

%

3.43

%

3.41

%

3.41

%

Efficiency ratio (1)

55.78

%

55.60

%

56.20

%

56.08

%

Stockholders' equity to total assets

10.90

%

10.80

%

Book value per common share

$

13.85

$

12.59

Tangible book value per common share (1)

$

10.66

$

9.67

Tangible common equity to tangible assets (1)

8.61

%

8.51

%

ASSET QUALITY RATIOS

6/30/2019

6/30/2018

Ratio of allowance for loan losses to total loans

0.78

%

0.85

%

Non-performing loans to total loans

0.29

%

0.33

%

Non-performing assets to total assets

0.23

%

0.30

%

Annualized net charge-offs (recoveries) to average loans

(0.02

)%

0.08

%

(1) See Supplemental Information - Non-GAAP Financial Measures

Lakeland Bancorp, Inc.

Financial Highlights

(Unaudited)

SELECTED BALANCE SHEET DATA AT PERIOD-END

6/30/2019

6/30/2018

Loans

$

4,922,373

$

4,281,302

Allowance for loan losses

38,662

36,604

Investment securities

863,474

798,096

Total assets

6,407,195

5,534,488

Total deposits

5,082,598

4,400,019

Short-term borrowings

258,703

197,870

Other borrowings

294,022

301,339

Stockholders' equity

698,463

597,864

SELECTED AVERAGE BALANCE SHEET DATA

For the Three Months Ended

For the Six Months Ended

6/30/2019

6/30/2018

6/30/2019

6/30/2018

Loans

$

4,917,109

$

4,247,443

$

4,894,447

$

4,220,972

Investment securities

854,608

811,361

856,318

816,182

Interest-earning assets

5,836,333

5,094,048

5,804,769

5,078,425

Total assets

6,256,523

5,437,540

6,220,076

5,423,552

Noninterest-bearing demand deposits

1,083,745

969,965

1,069,979

967,246

Savings deposits

502,340

496,630

507,775

492,173

Interest-bearing transaction accounts

2,562,365

2,195,553

2,558,636

2,217,676

Time deposits

961,212

792,270

925,837

776,929

Total deposits

5,109,662

4,454,418

5,062,227

4,454,024

Short-term borrowings

110,941

73,305

119,907

64,271

Other borrowings

283,177

283,206

294,788

283,425

Total interest-bearing liabilities

4,420,035

3,840,964

4,406,943

3,834,474

Stockholders' equity

689,324

593,388

681,309

588,571


Lakeland Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

(Dollars in thousands, except per share amounts)

2019

2018

2019

2018

INTEREST INCOME

Loans and net deferred fees and costs

$

59,119

$

47,659

$

116,761

$

93,203

Federal funds sold and interest-bearing deposits with banks

348

145

602

311

Taxable investment securities and other

4,985

4,027

9,858

8,019

Tax exempt investment securities

396

429

804

872

TOTAL INTEREST INCOME

64,848

52,260

128,025

102,405

INTEREST EXPENSE

Deposits

12,762

6,501

24,259

12,256

Federal funds purchased and securities sold under agreements to repurchase

494

233

1,102

367

Other borrowings

2,394

2,033

4,860

4,053

TOTAL INTEREST EXPENSE

15,650

8,767

30,221

16,676

NET INTEREST INCOME

49,198

43,493

97,804

85,729

Provision for loan losses

1,492

508

2,776

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

49,198

42,001

97,296

82,953

NONINTEREST INCOME

Service charges on deposit accounts

2,755

2,545

5,328

5,156

Commissions and fees

1,725

1,410

3,137

2,682

Income on bank owned life insurance

690

711

1,373

1,430

Gain on equity securities

100

73

453

55

Gains on sales of loans

428

300

799

546

Other income

691

670

1,022

1,174

TOTAL NONINTEREST INCOME

6,389

5,709

12,112

11,043

NONINTEREST EXPENSE

Salaries and employee benefit expense

19,379

16,708

38,610

33,569

Net occupancy expense

2,629

2,603

5,583

5,341

Furniture and equipment expense

2,165

2,011

4,281

4,217

FDIC insurance expense

401

400

851

825

Stationary, supplies and postage expense

401

443

848

859

Marketing expense

538

456

1,007

817

Data processing expense

1,225

976

2,552

1,442

Telecommunications expense

478

462

971

883

ATM and debit card expense

583

558

1,185

1,068

Core deposit intangible amortization

301

153

605

310

Other real estate owned and other repossessed assets expense

108

21

194

67

Merger related expenses

318

3,178

Other expenses

3,160

2,783

5,805

5,313

TOTAL NONINTEREST EXPENSE

31,686

27,574

65,670

54,711

INCOME BEFORE PROVISION FOR INCOME TAXES

23,901

20,136

43,738

39,285

Provision for income taxes

6,444

4,298

10,655

8,192

NET INCOME

$

17,457

$

15,838

$

33,083

$

31,093

EARNINGS PER COMMON SHARE:

Basic

$

0.34

$

0.33

$

0.65

$

0.65

Diluted

$

0.34

$

0.33

$

0.65

$

0.65

DIVIDENDS PAID PER COMMON SHARE

$

0.125

$

0.115

$

0.240

$

0.215


Lakeland Bancorp, Inc.

Consolidated Balance Sheets

(Dollars in thousands)

June 30, 2019

December 31, 2018

(Unaudited)

ASSETS

Cash

$

223,684

$

205,199

Interest-bearing deposits due from banks

23,215

3,400

Total cash and cash equivalents

246,899

208,599

Investment securities available for sale, at fair value

664,122

638,618

Equity securities, at fair value

15,382

15,921

Investment securities held to maturity; fair value of $161,028 at June 30, 2019 and $150,932 at December 31, 2018

160,328

153,646

Federal Home Loan Bank and other membership stocks, at cost

23,642

13,301

Loans held for sale

1,391

1,113

Loans, net of deferred fees

4,922,373

4,456,733

Allowance for loan losses

(38,662

)

(37,688

)

Net loans and leases

4,883,711

4,419,045

Premises and equipment, net

50,106

49,175

Operating lease right-of-use assets

18,598

Accrued interest receivable

17,365

16,114

Goodwill

155,830

136,433

Other identifiable intangible assets

4,891

1,768

Bank owned life insurance

111,133

110,052

Other assets

53,797

42,308

TOTAL ASSETS

$

6,407,195

$

5,806,093

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Deposits:

Noninterest-bearing

$

1,089,474

$

950,218

Savings and interest-bearing transaction accounts

3,007,784

2,913,414

Time deposits $250 thousand and under

781,126

589,737

Time deposits over $250 thousand

204,214

167,301

Total deposits

5,082,598

4,620,670

Federal funds purchased and securities sold under agreements to repurchase

258,703

233,905

Other borrowings

175,820

181,118

Subordinated debentures

118,202

105,027

Operating lease liabilities

20,175

Other liabilities

53,234

41,634

TOTAL LIABILITIES

5,708,732

5,182,354

STOCKHOLDERS' EQUITY

Common stock, no par value; authorized 100,000,000 shares at June 30, 2019 and at December 31, 2018; issued shares 50,441,279 at
June 30, 2019 and 47,486,250 shares at December 31, 2018

558,768

514,703

Retained earnings

137,887

116,874

Accumulated other comprehensive income (loss)

1,808

(7,838

)

TOTAL STOCKHOLDERS' EQUITY

698,463

623,739

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

6,407,195

$

5,806,093


Lakeland Bancorp, Inc.

Financial Highlights

(Unaudited)

For the Quarter Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

(Dollars in thousands, except per share data)

2019

2019

2018

2018

2018

INCOME STATEMENT

Net interest income

$

49,198

$

48,606

$

44,206

$

43,624

$

43,493

Provision for loan losses

(508

)

(591

)

(1,046

)

(1,492

)

Gains on sales of loans

428

371

299

484

300

Gain (loss) on equity securities

100

353

(199

)

(439

)

73

Other noninterest income

5,861

4,999

5,528

5,594

5,336

Merger related expenses

(318

)

(2,860

)

(464

)

Other noninterest expense

(31,368

)

(31,124

)

(28,199

)

(27,793

)

(27,574

)

Pretax income

23,901

19,837

20,580

20,424

20,136

Provision for income taxes

(6,444

)

(4,211

)

(5,030

)

(3,666

)

(4,298

)

Net income

$

17,457

$

15,626

$

15,550

$

16,758

$

15,838

Basic earnings per common share

$

0.34

$

0.31

$

0.32

$

0.35

$

0.33

Diluted earnings per common share

$

0.34

$

0.31

$

0.32

$

0.35

$

0.33

Dividends paid per common share

$

0.125

$

0.115

$

0.115

$

0.115

$

0.115

Dividends paid

$

6,357

$

5,838

$

5,510

$

5,510

$

5,509

Weighted average shares - basic

50,509

50,275

47,605

47,605

47,600

Weighted average shares - diluted

50,649

50,442

47,780

47,788

47,770

SELECTED OPERATING RATIOS

Annualized return on average assets

1.12

%

1.02

%

1.08

%

1.19

%

1.17

%

Annualized return on average common equity

10.16

%

9.41

%

10.05

%

11.02

%

10.71

%

Annualized return on average tangible common equity (1)

13.21

%

12.32

%

12.98

%

14.31

%

13.97

%

Annualized net interest margin

3.39

%

3.42

%

3.29

%

3.32

%

3.43

%

Efficiency ratio (1)

55.78

%

56.62

%

56.18

%

56.00

%

55.60

%

Common stockholders' equity to total assets

10.90

%

10.70

%

10.74

%

10.80

%

10.80

%

Tangible common equity to tangible assets (1)

8.61

%

8.41

%

8.57

%

8.55

%

8.51

%

Tier 1 risk-based ratio

11.10

%

10.98

%

11.26

%

11.21

%

11.16

%

Total risk-based ratio

13.59

%

13.48

%

13.71

%

13.69

%

13.67

%

Tier 1 leverage ratio

9.30

%

9.23

%

9.39

%

9.42

%

9.43

%

Common equity tier 1 capital ratio

10.52

%

10.38

%

10.62

%

10.56

%

10.49

%

Book value per common share

$

13.85

$

13.51

$

13.14

$

12.79

$

12.59

Tangible book value per common share (1)

$

10.66

$

10.35

$

10.22

$

9.88

$

9.67

(1) See Supplemental Information - Non-GAAP Financial Measures


Lakeland Bancorp, Inc.

Financial Highlights

(Unaudited)

For the Quarter Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

(Dollars in thousands)

2019

2019

2018

2018

2018

SELECTED BALANCE SHEET DATA AT PERIOD-END

Loans

$

4,925,300

$

4,924,671

$

4,460,447

$

4,332,238

$

4,281,302

Allowance for loan losses

38,662

37,979

37,688

37,293

36,604

Investment securities

863,474

850,729

821,486

801,315

798,096

Total assets

6,407,195

6,365,063

5,806,093

5,627,057

5,534,488

Total deposits

5,082,598

5,064,584

4,620,670

4,642,443

4,400,019

Short-term borrowings

258,703

261,266

233,905

47,398