updated 1/20/2011 9:48:36 AM ET 2011-01-20T14:48:36

OAK RIDGE, N.J., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) reported the following developments for the fourth quarter and full year 2010:

  • Net Income Available to Common Shareholders was $4.4 million or $0.17 per diluted share for the fourth quarter of 2010, as compared to $1.3 million, or $0.05 per diluted share reported in the same period last year. For the year ended 2010, Net Income Available to Common Shareholders was $15.2 million or $0.60 per diluted share, as compared to a net loss of ($8.6) million or ($0.35) per share in 2009.
  • The Company declared a quarterly cash dividend of $0.06 per common share. The cash dividend will be paid on February 15, 2011 to holders of record as of the close of business on January 31, 2011. In addition, the Company has authorized a 5% stock dividend, which will be paid on February 16, 2011 to holders of record as of the close of business January 31, 2011. The Company also declared a dividend of 5% for the quarterly dividend payment due February 15, 2011 for the preferred stock issued to the U.S. Department of the Treasury under the Capital Purchase Program.
  • In the fourth quarter of 2010, net interest margin ("NIM") at 3.93% was three basis points higher than the NIM reported for the same period last year, and equaled the third quarter of 2010. The NIM for 2010 was 3.95%, a 21 basis point improvement from 3.74% reported in 2009.
  • Noninterest bearing demand deposits of $383.9 million at December 31, 2010 increased by $4.3 million from September 30, 2010 and by $60.7 million, or 19%, from year-end 2009.
  • The efficiency ratio for the fourth quarter of 2010 was 57.0%, which equaled the efficiency ratio for the same period in 2009, reflecting the continued management of expenses. For the year ended 2010, the efficiency ratio was 56.6%, as compared to 62.1% in 2009.
  • The provision for loan and lease losses in the fourth quarter of 2010 was $4.5 million, as compared to $6.4 million for the same period in 2009. For 2010, the provision for loan and lease losses was $19.3 million, which compared to $51.6 million in 2009. Included in the 2009 total was $35.2 million allocated to leasing loans. The loan loss reserve as a percentage of total loans was 1.36% at December 31, 2010, as compared to 1.27% at year-end 2009.

Thomas J. Shara, Lakeland Bancorp's President and CEO said, "We are pleased to report fourth quarter and full-year 2010 earnings which showed substantial improvement from the same respective periods last year. These results were driven by a continued strong net interest margin, controlled expenses, and a reduced provision for loan and lease losses. In 2010, we have continued to emphasize building long-term relationships with consumers and small businesses in the communities we serve. This effort is reflected in a 19% increase in non-interest bearing demand deposits, as well as increases in commercial and industrial loans and residential mortgage loans of 12% and 5%, respectively, in 2010. In the fourth quarter of 2010, loans increased overall by $28.2 million, including $15.2 million in commercial and industrial loans and $25.5 million in commercial real estate loans."

Earnings

Net Interest Income

Net interest income for the fourth quarter of 2010 was $25.3 million, which was equivalent to the net interest income for the same period last year. Net interest margin increased by three basis points to 3.93% from 3.90% reported in the fourth quarter of 2009. The increase in net interest margin was primarily driven by the continued decrease in the cost of funds. The Company's yield on interest-earning assets in the fourth quarter of 2010 was 4.81%, a decrease of 41 basis points from the same period in 2009 and twelve basis points lower than the third quarter of 2010. The cost of interest-bearing liabilities was 1.07%, a decrease of 50 basis points from the fourth quarter of 2009 and eleven basis points from the third quarter of 2010.

For 2010, net interest income was $99.8 million, or 7% higher than the $93.4 million reported in 2009. Net interest margin for 2010 at 3.95% compared to 3.74% for 2009. The Company's yield on interest-earning assets decreased 37 basis points from 5.34% in 2009, to 4.97% in 2010. The Company's cost of interest bearing liabilities decreased 68 basis points from 1.89% for 2009 to 1.21% in 2010.

Noninterest income

Noninterest income, excluding net gains (losses) on investment securities, totaled $4.6 million for the fourth quarter of 2010, an increase of $217,000, or 5%, as compared to the same period in 2009. Service charges on deposits at $2.7 million decreased by $132,000, while commissions and fees at $850,000 decreased by 12%, primarily due to reduced loan fees and investment commission income. Gains on leasing related assets were $409,000 in the fourth quarter of 2010 as compared to losses of $87,000 in the fourth quarter of 2009.

Noninterest income for 2010, excluding gains on the sale of investment securities, totaled $17.7 million, as compared to $16.0 million for 2009. Service charges on deposit accounts at $10.3 million were $640,000, or 6%, lower than 2009, primarily due to lower overdraft fees collected. Gains on leasing related assets were $1.6 million in 2010 as compared to losses of $1.1 million in 2009. Income on bank owned life insurance at $1.5 million decreased by $414,000 as compared to 2009 as the Company received an insurance benefit on a bank owned life insurance policy in 2009.  

Noninterest expense

Noninterest expense for the fourth quarter of 2010 was $17.6 million, compared to $20.3 million for the same period in 2009. Included in noninterest expense in the fourth quarter of 2009 was a $3.1 million fee on the prepayment of long-term debt. Excluding this item, noninterest expenses at $17.6 million in the fourth quarter of 2010 were $329,000 higher than the total reported for the same period in 2009. Salary and benefit expense at $9.1 million was $476,000, or 6%, higher than the same period in 2009. Net occupancy, furniture and equipment expenses at $2.9 million remained unchanged. Marketing expense at $987,000 and stationery and supplies expense at $464,000 increased by $362,000 and $74,000, respectively, as compared to the same period in 2009 last year as certain expenses incurred for the Company's new brand identity project were expensed in the fourth quarter of 2010.

For 2010, noninterest expense at $70.4 million compared to $73.8 million for 2009. Included in the total for 2010 is a $1.8 million prepayment fee on long-term debt expensed in the third quarter of 2010, while in 2009 noninterest expense included the $3.1 prepayment fee previously mentioned, a $1.2 million industry-wide special FDIC assessment and a $704,000 expense incurred relating to the pretax payout on a life insurance benefit. Excluding all of these items, non-interest expenses in 2010 at $68.5 million were $245,000 lower than the $68.8 million reported for 2009. Collection expenses at $592,000 and expenses on other real estate owned and other repossessed assets at $483,000, decreased by $960,000 and $519,000, respectively, while legal expenses at $1.7 million increased by $694,000 as compared to the same period last year.  

Financial Condition

At December 31, 2010, total assets were $2.8 billion, a $68.7 million, or 3%, increase from year-end 2009. Total loans at $2.0 billion were equivalent to total loans at December 31, 2009. Residential mortgage loans at $403.6 million and commercial and industrial loans at $188.4 million, increased in 2010 by $20.8 million and $19.9 million, respectively, while leasing loans at $67.2 million decreased by $53.3 million. Total deposits at $2.2 billion increased by $38.7 million, or 2% from year-end 2009. Noninterest bearing demand deposits at $383.9 million and savings and interest-bearing transaction accounts at $1.4 billion have increased by $60.7 million and $30.9 million, respectively. This increase was partially offset by a decrease in time deposits of $52.9 million. The loan-to-deposit ratio on December 31, 2010 was 92%, which compared to 94% on December 31, 2009.

Asset Quality

At December 31, 2010, non-performing assets totaled $44.6 million (1.60% of total assets), as compared to $45.2 million (1.63% of total assets) at September 30, 2010. The Allowance for Loan and Lease Losses totaled $27.3 million at December 31, 2010, and represented 1.36% of total loans. During the fourth quarter of 2010, the Company had net charge-offs of $4.4 million (annualized 0.89% of total loans). For 2010, the net charge-offs totaled $17.5 million. 

Capital

Stockholders' equity was $260.7 million and book value per common share was $8.82 as of December 31, 2010. As of December 31, 2010, the Company's leverage ratio was 9.21%. Tier I and total risk based capital ratios were 12.43% and 13.68%, respectively. These regulatory capital ratios exceed those necessary to be considered a well-capitalized institution under Federal guidelines.    

Forward-Looking Statements

The information disclosed in this document includes various forward-looking statements (with respect to corporate objectives, trends, and other financial and business matters) 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. Lakeland 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 affecting the financial services industry, government intervention in the U.S. financial system, passage by the U.S. Congress of legislation which unilaterally amends the terms of the U.S. Department of the Treasury's preferred stock investment in the Company, changes in levels of market interest rates, pricing pressures on loan and deposit products, credit risks of the Company's lending and leasing activities, customers' acceptance of the Company's products and services and competition. Any statements made by Lakeland that are not historical facts should be considered to be forward-looking statements. Lakeland 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").  The Company's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  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.

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, expenses on other real estate owned and other repossessed assets and, where applicable, long-term debt prepayment fees. Income for the non-GAAP ratio is increased by the favorable effect of tax-exempt income and excludes securities gains and losses, which can vary from period to period. The Company uses this ratio because it believes the ratio provides a better comparison of period to period operating performance.

Lakeland Bancorp, the holding company for Lakeland Bank, has a current asset base of $2.8 billion and forty-seven (47) offices spanning six northwestern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank, headquartered at 250 Oak Ridge Road, Oak Ridge, New Jersey offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about their full line of products and services, visit their website at www.lakelandbank.com .

Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
     
  Three months ended December 31, Year Ended December 31,
         
  2010 2009 2010 2009
  (Dollars in thousands except per share amounts)
INCOME STATEMENT        
Net Interest Income  $ 25,248  $ 24,982  $ 99,754  $ 93,379
Provision for Loan and Lease Losses  (4,544)  (6,438)  (19,281)  (51,615)
Noninterest Income (excluding investment securities gains/losses)  4,585  4,368  17,654  15,952
Gains (losses) on investment securities  (68)  2,552  1,614  2,905
Noninterest Expense  (17,567)  (20,313)  (70,405)  (73,794)
Pretax Income (Loss)  7,654  5,151  29,336  (13,173)
Tax (Expense) Benefit  (2,634)  (3,011)  (10,125)  7,777
Net Income (Loss)  $ 5,020  $ 2,140  $ 19,211  $ (5,396)
Dividends on Preferred Stock and Discount Accretion  (596)  (885)  (3,987)  (3,194)
Net Income (Loss) Available to Common Stockholders  $ 4,424  $ 1,255  $ 15,224  $ (8,590)
         
         
Basic Earnings (Loss) Per Common Share (1)  $ 0.17  $ 0.05  $ 0.60  $ (0.35)
Diluted Earnings (Loss) Per Common Share (1)  $ 0.17  $ 0.05  $ 0.60  $ (0.35)
Dividends per Common Share (1)  $ 0.06  $ 0.05  $ 0.20  $ 0.29
Weighted Average Shares - Basic (1)  25,166  24,923  25,097  24,856
Weighted Average Shares - Diluted (1)  25,307  24,926  25,128  24,856
         
SELECTED OPERATING RATIOS        
Annualized Return on Average Assets (2) 0.71% 0.30% 0.69% NM
Annualized Return on Average Common Equity (2) 8.86% 3.98% 8.70% NM
Annualized Return on Average Tangible Common Equity (2) (5) 14.54% 6.82% 14.49% NM
Annualized Return on Interest Earning Assets 4.81% 5.22% 4.97% 5.34%
Annualized Cost of Interest Bearing Liabilities 1.07% 1.57% 1.21% 1.89%
Annualized Net interest spread 3.74% 3.65% 3.76% 3.45%
Annualized Net interest margin 3.93% 3.90% 3.95% 3.74%
Efficiency ratio  57.05% 56.99% 56.57% 62.11%
Stockholders' equity to total assets     9.34% 9.84%
Book value per common share (1) (3)     $8.82 $8.46
Tangible book value per common share (1) (3) (5)     $5.35 $4.92
Tangible common equity to tangible assets (3) (5)     5.01% 4.68%
         
ASSET QUALITY RATIOS     12/31/2010 12/31/2009
Ratio of allowance for loan and lease losses to total loans (4)     1.36% 1.27%
Non-performing loans to total loans (4)     2.14% 1.92%
Non-performing assets to total assets (4)     1.60% 1.49%
Annualized net charge-offs to average loans (4)     0.88% 2.55%
         
SELECTED BALANCE SHEET DATA AT PERIOD-END     12/31/2010 12/31/2009
Loans and Leases      $ 2,012,314  $ 2,014,127
Allowance for Loan and Lease Losses       (27,331)  (25,563)
Investment Securities      553,680  457,351
Total Assets      2,792,674  2,723,968
Total Deposits       2,195,889  2,157,187
Short-Term Borrowings      52,123  63,672
Other Borrowings      272,322  223,222
Stockholders' Equity       260,709  267,986
         
SELECTED AVERAGE BALANCE SHEET DATA  For the three months ended  For the Year Ended
  12/31/2010 12/31/2009 12/31/2010 12/31/2009
Loans and Leases, net  $ 1,995,857  $ 1,999,830  $ 1,995,158  $ 2,007,881
Investment Securities  549,034  538,830  501,746  479,118
Interest-Earning Assets   2,577,464  2,572,501  2,550,082  2,530,007
Total Assets   2,802,024  2,790,501  2,776,969  2,737,175
Core Deposits  1,828,511  1,689,148  1,759,561  1,533,972
Time Deposits  425,951  498,987  456,692  589,499
Total Deposits   2,254,462  2,188,135  2,216,253  2,123,471
Short-Term Borrowings  75,020  56,507  62,774  49,887
Other Borrowings  119,994  184,241  138,658  202,653
Subordinated Debentures  77,322  77,322  77,322  77,322
Total Interest-Bearing Liabilities  2,133,088  2,172,252  2,135,092  2,138,139
Stockholders' Equity  262,270  269,358  269,260  267,327
Common Stockholders' Equity  224,849  213,422  220,796  217,062
         
(1) Adjusted for 5% stock dividend payable on February 16, 2011 to shareholders of record January 31, 2011.    
(2) Ratios for the year ended December 31, 2009 are not meaningful and therefore not reported.    
(3) Excludes preferred stock        
(4) Includes leases held for sale        
(5) See supplemental information - non-GAAP financial measures        
 
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
         
  Three Months Ended December 31, Year Ended December 31,
  2010 2009 2010 2009
(dollars in thousands, except per share amounts)        
INTEREST INCOME        
Loans and fees $27,613 $29,192 $111,584 $117,123
Federal funds sold and interest bearing deposits with banks  11  20  121  109
Taxable investment securities  2,835  3,785  11,934  14,351
Tax exempt investment securities  498  526  2,010  2,239
TOTAL INTEREST INCOME  30,957  33,523  125,649  133,822
INTEREST EXPENSE        
Deposits  3,338  5,324  15,195  26,793
Federal funds purchased and securities sold under agreements to repurchase  32  43  127  139
Other Borrowings  2,339  3,174  10,573  13,511
TOTAL INTEREST EXPENSE  5,709  8,541  25,895  40,443
NET INTEREST INCOME  25,248  24,982  99,754  93,379
Provision for loan and lease losses   4,544  6,438  19,281  51,615
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES  20,704  18,544  80,473  41,764
         
NONINTEREST INCOME        
Service charges on deposit accounts  2,652  2,784  10,278  10,918
Commissions and fees  850  968  3,533  3,709
Gains (losses) on sales of investment securities (68)  2,552  1,614  2,905
Income on bank owned life insurance  369  457  1,516  1,930
Gain (loss) on leasing related assets  409 (87)  1,580 (1,142)
Other income  305  246  747  537
TOTAL NONINTEREST INCOME  4,517  6,920  19,268  18,857
NONINTEREST EXPENSE        
Salaries and employee benefits  9,114  8,638  36,086  34,505
Net occupancy expense  1,710  1,570  6,735  6,637
Furniture and equipment   1,206  1,319  4,867  5,038
Stationery, supplies and postage  464  390  1,636  1,605
Marketing expense  987  625  2,700  2,633
Amortization of core deposit intangibles  266  266  1,062  1,062
FDIC insurance expense  930  1,272  3,764  5,819
Collection expense  97  265  592  1,552
Legal expense  523  350  1,698  1,004
Expenses on other real estate owned and other repossessed assets  129  85  483  1,002
Long-term debt prepayment fee  --   3,075  1,835  3,075
Other expenses  2,141  2,458  8,947  9,862
TOTAL NONINTEREST EXPENSE  17,567  20,313  70,405  73,794
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES  7,654  5,151  29,336 (13,173)
Provision (benefit) for income taxes  2,634  3,011  10,125 (7,777)
NET INCOME (LOSS) $5,020 $2,140 $19,211 ($5,396)
Dividends on Preferred Stock and Discount Accretion  596  885  3,987  3,194
Net Income (Loss) Available to Common Stockholders $4,424 $1,255 $15,224 ($8,590)
EARNINGS (LOSS) PER COMMON SHARE        
Basic $0.17 $0.05 $0.60 $(0.35)
Diluted $0.17 $0.05 $0.60 $(0.35)
         
DIVIDENDS PER COMMON SHARE $0.06 $0.05 $0.20 $0.29
 
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS

(Unaudited)

     
ASSETS December 31,

2010
December 31,

2009
(dollars in thousands)         
Cash and due from banks $26,063 $31,869
Federal funds sold and interest-bearing deposits due from banks 23,215 26,794
Total cash and cash equivalents  49,278  58,663
     
Investment securities available for sale  487,107  375,530
Investment securities held to maturity; fair value of $68,815 in 2010 and $84,389 in 2009  66,573  81,821
Loans:    
Commercial real estate  1,046,920  1,026,494
Commercial and industrial  188,354  168,450
Leases  65,640  113,161
Residential mortgages  403,561  382,778
Consumer and home equity  306,322  315,930
Leases held for sale, at fair value  1,517  7,314
Total loans  2,012,314  2,014,127
Deferred cost  2,303  2,908
Allowance for loan and lease losses (27,331) (25,563)
Net loans   1,987,286  1,991,472
Premises and equipment, net   27,554  29,196
Accrued interest receivable  8,849  8,943
Goodwill   87,111  87,111
Other identifiable intangible assets, net  578  1,640
Bank owned life insurance  43,284  41,720
Other assets   35,054  47,872
TOTAL ASSETS $2,792,674 $2,723,968
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
LIABILITIES:    
Deposits:    
Noninterest bearing $383,877 $323,175
Savings and interest-bearing transaction accounts  1,399,163  1,368,272
Time deposits under $100,000  241,911  283,512
Time deposits $100,000 and over  170,938  182,228
Total deposits  2,195,889  2,157,187
Federal funds purchased and securities sold under agreements to repurchase  52,123  63,672
Other Borrowings  195,000  145,900
Subordinated debentures  77,322  77,322
Other liabilities   11,631  11,901
TOTAL LIABILITIES  2,531,965  2,455,982
     
STOCKHOLDERS' EQUITY    
Preferred stock, Series A, no par value, $1,000 liquidation value, authorized 1,000,000 shares; issued 39,000 shares at December 31, 2010 and 59,000 shares at December 31, 2009  37,474  56,023
Common stock, no par value; authorized 40,000,000 shares; issued 25,977,592 shares at December 31, 2010 and December 31, 2009  271,595  259,521
Accumulated Deficit (38,004) (34,961)
Treasury shares, at cost, 655,768 shares at December 31, 2010 and 911,849 at December 31, 2009 (8,683) (11,940)
Accumulated other comprehensive loss (1,673) (657)
TOTAL STOCKHOLDERS' EQUITY  260,709  267,986
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,792,674 $2,723,968
Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
  For the quarter ended
(dollars in thousands, except per share data) Dec. 31,

2010
Sept 30,

2010
June 30,

2010
Mar. 31,

2010
Dec. 31,

2009
INCOME STATEMENT (unaudited)
Net Interest Income  $ 25,248  $ 24,990  $ 24,929  $ 24,587  $ 24,982
Provision for Loan and Lease Losses  (4,544)  (4,857)  (5,001)  (4,879)  (6,438)
Noninterest Income (excluding investment securities gains/losses)  4,585  4,408  4,553  4,108  4,368
Gains on investment securities  (68)  1,681  --   1  2,552
Long-term debt prepayment fee  --   (1,835)  --   --   (3,075)
Noninterest Expense, excluding long-term debt prepayment fee  (17,567)  (17,116)  (17,107)  (16,780)  (17,238)
Pretax Income  7,654  7,271  7,374  7,037  5,151
Tax Expense  (2,634)  (2,399)  (2,621)  (2,471)  (3,011)
Net Income  $ 5,020  $ 4,872  $ 4,753  $ 4,566  $ 2,140
Dividends on Preferred Stock and Discount Accretion  (596)  (1,589)  (904)  (898)  (885)
Net Income Available to Common Stockholders  $ 4,424  $ 3,283  $ 3,849  $ 3,668  $ 1,255
           
Basic Earnings Per Common Share (1)  $ 0.17  $ 0.13  $ 0.15  $ 0.15  $ 0.05
Diluted Earnings Per Common Share (1)  $ 0.17  $ 0.13  $ 0.15  $ 0.15  $ 0.05
Dividends per Common Share (1)  $ 0.06  $ 0.05  $ 0.05  $ 0.05  $ 0.05
Weighted Average Shares - Basic (1)  25,166  25,117  25,083  25,020  24,923
Weighted Average Shares - Diluted (1)  25,307  25,156  25,162  25,031  24,926
           
SELECTED OPERATING RATIOS          
Annualized Return on Average Assets  0.71% 0.69% 0.69% 0.67% 0.30%
Annualized Return on Average Common Equity  8.86% 8.63% 8.70% 8.60% 3.98%
Annualized Return on Tangible Common Equity (3) 14.54% 14.23% 14.59% 14.63% 6.82%
Annualized Net Interest Margin 3.93% 3.93% 3.96% 3.99% 3.90%
Efficiency ratio (3) 57.05% 56.40% 55.94% 56.87% 56.99%
Stockholders' equity to total assets 9.34% 9.41% 10.15% 9.85% 9.84%
Common stockholders' equity to total assets 7.99% 8.07% 8.09% 7.82% 7.78%
Tangible common equity to tangible assets (3) 5.01% 5.05% 5.03% 4.78% 4.68%
Tier 1 risk-based ratio 12.43% 12.44% 13.24% 12.94% 12.65%
Total risk-based ratio 13.68% 13.69% 14.49% 14.19% 13.90%
Tier 1 leverage ratio 9.21% 9.14% 9.77% 9.72% 9.44%
Book value per common share (1) (2)  $ 8.82  $ 8.84  $ 8.78  $ 8.59  $ 8.46
Tangible book value per common share (1) (2) (3)  $ 5.35  $ 5.36  $ 5.28  $ 5.08  $ 4.92
           
(1) Adjusted for 5% stock dividend payable on February 16, 2011 to shareholders of record January 31, 2011.      
(2) Excludes preferred stock          
(3) See Supplemental Information - Non GAAP financial measures          
 
Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
   
  For the quarter ended
(dollars in thousands) Dec. 31,

2010
Sept. 30

2010
June 30,

2010
Mar. 31,

2010
Dec. 31,

2009
  (unaudited)
SELECTED BALANCE SHEET DATA AT PERIOD-END          
Loans and Leases  $ 2,012,314  $ 1,984,139  $ 1,992,848  $ 2,005,327  $ 2,014,127
Allowance for Loan and Lease Losses   (27,331)  (27,218)  (27,728)  (26,836)  (25,563)
Investment Securities  553,680  508,606  512,154  473,400  457,351
Total Assets  2,792,674  2,769,471  2,738,557  2,767,976  2,723,968
Total Deposits   2,195,889  2,234,772  2,170,145  2,202,776  2,157,187
Short-Term Borrowings  52,123  68,448  54,176  57,326  63,672
Other Borrowings  272,322  193,222  223,222  223,222  223,222
Stockholders' Equity   260,709  260,725  277,862  272,684  267,986
           
Loans and Leases          
Commercial real estate  $ 1,046,920  $ 1,021,401  $ 1,026,815  $ 1,030,638  $ 1,026,494
Commercial and industrial  188,354  173,163  174,899  173,056  168,450
Leases  65,640  77,440  87,936  100,738  113,161
Leases held for sale  1,517  2,029  3,233  4,128  7,314
Residential mortgages  403,561  403,019  394,610  387,477  382,778
Consumer and Home Equity  306,322  307,087  305,355  309,290  315,930
 Total loans  $ 2,012,314  $ 1,984,139  $ 1,992,848  $ 2,005,327  $ 2,014,127
           
Deposits          
Noninterest bearing  $ 383,877  $ 379,625  $ 358,054  $ 346,651  $ 323,175
Savings and interest-bearing transaction accounts  1,399,163  1,413,063  1,352,373  1,373,972  1,368,272
Time deposits under $100,000  241,911  256,705  266,891  280,500  283,512
Time deposits $100,000 and over  170,938  185,379  192,827  201,653  182,228
 Total deposits  $ 2,195,889  $ 2,234,772  $ 2,170,145  $ 2,202,776  $ 2,157,187
           
SELECTED AVERAGE BALANCE SHEET DATA          
Loans and Leases, net  $ 1,995,857  $ 1,976,248  $ 1,999,494  $ 2,009,389  $ 1,999,830
Investment Securities  549,034  506,485  482,386  468,138  538,830
Interest-Earning Assets   2,577,464  2,546,557  2,550,143  2,525,632  2,572,501
Total Assets   2,802,024  2,781,733  2,771,724  2,751,793  2,790,501
Non Interest-Bearing Demand Deposits  393,710  364,075  351,970  329,152  333,932
Savings Deposits  316,261  319,438  321,699  313,025  309,154
Interest-Bearing Transaction Accounts  1,118,540  1,082,769  1,051,107  1,075,203  1,046,062
Time Deposits  425,951  452,129  477,542  471,699  498,987
Total Deposits   2,254,462  2,218,411  2,202,318  2,189,079  2,188,135
Short-Term Borrowings  75,020  62,015  58,050  55,807  56,507
Other Borrowings  197,316  220,371  223,269  223,279  261,563
Total Interest-Bearing Liabilities  2,133,088  2,136,722  2,131,667  2,139,013  2,172,272
Stockholders' Equity  262,270  268,295  275,277  271,309  269,358
Common Stockholders' Equity  224,849  223,941  219,028  215,228  213,422
 
Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
  For the quarter ended
(dollars in thousands) Dec. 31,

2010
Sept. 30,

2010
June 30,

2010
Mar. 31,

2010
Dec. 31,

2009
  (unaudited)
AVERAGE ANNUALIZED YIELDS (taxable equivalent basis)        
Assets:          
Loans and leases 5.49% 5.55% 5.63% 5.70% 5.79%
Taxable investment securities 2.35% 2.80% 2.86% 2.94% 3.18%
Tax-exempt securities 4.67% 4.81% 5.03% 5.12% 5.12%
Federal funds sold and interest-bearing cash accounts 0.14% 0.26% 0.23% 0.23% 0.23%
Total interest-earning assets 4.81% 4.93% 5.01% 5.14% 5.22%
Liabilities:          
Savings accounts 0.17% 0.18% 0.19% 0.24% 0.33%
Interest-bearing transaction accounts 0.63% 0.68% 0.76% 0.89% 0.97%
Time deposits 1.33% 1.40% 1.45% 1.57% 2.02%
Borrowings 3.48% 3.88% 3.98% 4.00% 4.05%
Total interest-bearing liabilities 1.07% 1.18% 1.25% 1.36% 1.57%
Net interest spread (taxable equivalent basis) 3.74% 3.74% 3.76% 3.78% 3.65%
Annualized Net Interest Margin (taxable equivalent basis) 3.93% 3.93% 3.96% 3.99% 3.90%
Annualized Cost of Deposits 0.59% 0.64% 0.70% 0.82% 0.97%
           
ASSET QUALITY DATA          
Allowance for Loan Losses          
Balance at beginning of period  $ 27,218  $ 27,728  $ 26,836  $ 25,563  $ 24,149
Provision for loan losses  4,544  4,857  5,001  4,879  6,438
Net Charge-offs  (4,431)  (5,367)  (4,109)  (3,606)  (5,024)
Balance at end of period  $ 27,331  $ 27,218  $ 27,728  $ 26,836  $ 25,563
           
Net Loan Charge-offs (Recoveries)          
Commercial real estate  $ 1,991  $ 2,937  $ 1,963  $ 2,241  $ 1,778
Commercial and industrial  972  1,077  989  198  527
Leases  963  462  828  664  1,902
Home equity and consumer  298  784  254  504  573
Real estate - mortgage  207  107  75  (1)  244
Net charge-offs  $ 4,431  $ 5,367  $ 4,109  $ 3,606  $ 5,024
           
Nonperforming Assets          
Commercial real estate  $ 19,226  $ 20,766  $ 20,053  $ 23,150  $ 25,798
Commercial and industrial  1,702  2,641  3,701  3,984  2,047
Leases  6,277  5,453  6,274  7,582  3,511
Home equity and consumer  2,930  2,653  2,436  2,436  1,890
Real estate - mortgage  12,834  11,960  8,576  7,043  5,465
Total non-accruing loans  42,969  43,473  41,040  44,195  38,711
Property acquired through foreclosure or repossession  1,592  1,745  1,277  1,480  1,864
Total non-performing assets  $ 44,561  $ 45,218  $ 42,317  $ 45,675  $ 40,575
           
Loans past due 90 days or more  $ 1,218  $ 263  $ 578  $ 383  $ 1,437
Loans restructured and still accruing  $ 8,905  $ 6,326  $ 8,561  $ 7,943  $ 3,432
           
Ratio of allowance for loan and lease losses to total loans * 1.36% 1.37% 1.39% 1.34% 1.27%
Non-performing loans to total loans * 2.14% 2.19% 2.06% 2.20% 1.92%
Non-performing assets to total assets * 1.60% 1.63% 1.55% 1.65% 1.49%
Annualized net charge-offs to average loans * 0.89% 1.09% 0.82% 0.72% 1.00%
           
* Includes leases held for sale          
Lakeland Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(unaudited)
           
  At or for the quarter ended,
(dollars in thousands, except per share amounts) Dec. 31,

2010
Sept. 30,

2010
June 30,

2010
Mar. 31,

2010
Dec. 31,

2009
Calculation of tangible book value per common share          
Total common stockholders' equity at end of period - GAAP  $ 223,235  $ 223,360  $ 221,512  $ 216,501  $ 211,963
Less:          
Goodwill  87,111  87,111  87,111  87,111  87,111
Other identifiable intangible assets, net  578  843  1,109  1,374  1,640
Total tangible common stockholders' equity at end of period - Non- GAAP  $ 135,546  $ 135,406  $ 133,292  $ 128,016  $ 123,212
           
Shares outstanding at end of period (1)  25,322  25,264  25,229  25,199  25,066
           
Book value per share - GAAP (1)  $ 8.82  $ 8.84  $ 8.78  $ 8.59  $ 8.46
           
Tangible book value per share - Non-GAAP (1)  $ 5.35  $ 5.36  $ 5.28  $ 5.08  $ 4.92
           
           
Calculation of tangible common equity to tangible assets          
Total tangible common stockholders' equity at end of period - Non- GAAP  $ 135,546  $ 135,406  $ 133,292  $ 128,016  $ 123,212
           
Total assets at end of period  $ 2,792,674  $ 2,769,471  $ 2,738,557  $ 2,767,976  $ 2,723,968
Less:          
Goodwill  87,111  87,111  87,111  87,111  87,111
Other identifiable intangible assets, net  578  843  1,109  1,374  1,640
Total tangible assets at end of period - Non-GAAP  $ 2,704,985  $ 2,681,517  $ 2,650,337  $ 2,679,491  $ 2,635,217
           
Common equity to assets - GAAP 7.99% 8.07% 8.09% 7.82% 7.78%
           
Tangible common equity to tangible assets - Non-GAAP 5.01% 5.05% 5.03% 4.78% 4.68%
           
Calculation of return on average tangible common equity         `
Net income - GAAP  $ 5,020  $ 4,872  $ 4,753  $ 4,566  $ 2,140
           
Total average common stockholders' equity  224,849  223,941  219,028  $ 215,228  $ 213,422
Less:          
Average goodwill  87,111  87,111  87,111  87,111  87,111
Average other identifiable intangible assets, net  724  990  1,255  1,521  1,785
Total average tangible common stockholders' equity - Non GAAP  $ 137,014  $ 135,840  $ 130,662  $ 126,596  $ 124,526
           
Return on average common stockholders' equity - GAAP 8.86% 8.63% 8.70% 8.60% 3.98%
           
Return on average tangible common stockholders' equity - Non-GAAP 14.54% 14.23% 14.59% 14.63% 6.82%
           
Calculation of efficiency ratio          
Total non-interest expense  $ 17,567  $ 18,951  $ 17,107  $ 16,780  $ 20,313
Less:          
Amortization of core deposit intangibles  (266)  (265)  (266)  (265)  (266)
Other real estate owned and other repossessed asset expense  (129)  (119)  (198)  (37)  (85)
Long-term debt prepayment fee  --   (1,835)  --   --   (3,075)
Non-interest expense, as adjusted  $ 17,172  $ 16,732  $ 16,643  $ 16,478  $ 16,887
           
Net interest income  $ 25,248  $ 24,990  $ 24,929  $ 24,587  $ 24,982
Noninterest income  4,517  6,089  4,553  4,109  6,920
Total revenue  29,765  31,079  29,482  28,696  31,902
Plus: Tax-equivalent adjustment on municipal securities  268  267  268  280  283
Less: (gains) losses on investment securities  68  (1,681)  --   (1)  (2,552)
Total revenue, as adjusted  $ 30,101  $ 29,665  $ 29,750  $ 28,975  $ 29,633
           
Efficiency ratio - Non-GAAP 57.05% 56.40% 55.94% 56.87% 56.99%
           
(1) Adjusted for 5% stock dividend payable on February 16, 2011 to shareholders of record January 31, 2011.        
Lakeland Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(unaudited)
     
  For the Year Ended,
(dollars in thousands, except per share amounts) December 31,

2010
December 31,

2009
Calculation of return on average tangible common equity    
Net income (loss) - GAAP $19,211 ($5,396)
     
Total average common stockholders' equity  $ 220,796  $ 217,062
Less:    
 Average goodwill  87,111  87,111
 Average other identifiable intangible assets, net  1,120  2,182
Total average tangible common stockholders' equity - Non GAAP  $ 132,565  $ 127,769
     
Return on average common stockholders' equity - GAAP 8.70% -2.49%
     
Return on average tangible common stockholders' equity - Non-GAAP 14.49% -4.22%
     
Calculation of efficiency ratio    
Total non-interest expense  $ 70,405  $ 73,794
Less:    
 Amortization of core deposit intangibles  (1,062)  (1,062)
 Other real estate owned and other repossessed asset expense  (483)  (1,002)
 Long-term debt prepayment fee  (1,835)  (3,075)
Non-interest expense, as adjusted  $ 67,025  $ 68,655
     
Net interest income  $ 99,754  $ 93,379
Noninterest income  19,268  18,857
Total revenue  119,022  112,236
 Plus: Tax-equivalent adjustment on municipal securities  1,082  1,206
 Less: gains on investment securities  (1,614)  (2,905)
Total revenue, as adjusted  $ 118,490  $ 110,537
     
Efficiency ratio - Non - GAAP 56.57% 62.11%
CONTACT: Thomas J. Shara
         President & CEO
         
         Joseph F. Hurley
         EVP & CFO
         973-697-2000

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.78%
$30K home equity loan FICO 5.78%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com