updated 4/14/2011 9:16:47 AM ET 2011-04-14T13:16:47

OAK RIDGE, N.J., April 14, 2011 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) reported the following results for the first quarter of 2011:

  • Net Income in the first quarter of 2011 was $4.8 million, a 4% increase as compared to the $4.6 million reported for the same period last year. Net Income Available to Common Shareholders was $3.5 million or $0.14 per diluted share for the first quarter of 2011, as compared to $3.7 million or $0.15 per diluted share for the same period last year. However, in March 2011, the Company repaid $20.0 million to the U.S. Department of the Treasury to repurchase Preferred Stock under the Capital Purchase Program ("CPP"). In doing so, a non-cash charge of $745,000 was incurred due to the acceleration of the Preferred Stock discount accretion. The effect of this one-time charge was ($0.03) per diluted share.
  • In the first quarter of 2011, net interest margin ("NIM") remained strong at 3.91%. This compared to the NIM of 3.93% reported in the fourth quarter of 2010.
  • Noninterest bearing demand deposits of $407.1 million at March 31, 2011 increased by $23.2 million, or 6%, from year-end 2010, and now represents 18% of total deposits.
  • The efficiency ratio, a non-GAAP measure, for the first quarter of 2011 was 56.7%, which approximated the efficiency ratio for the same period in 2010, reflecting continued management of expenses in 2011.
  • The provision for loan and lease losses in the first quarter of 2011 was $4.9 million. Net charge-offs in the first quarter of 2011 were $4.1 million, while the loan loss reserve as a percentage of total loans increased to 1.43% at March 31, 2011, as compared to 1.36% at year-end 2010.
  • The Company declared a quarterly cash dividend of $0.06 per common share. The cash dividend will be paid on May 16, 2011 to holders of record as of the close of business on April 29, 2011. The Company also declared a dividend of 5% for the quarterly dividend payment due May 16, 2011 for the preferred stock issued to the U.S. Department of the Treasury under the CPP.

Thomas J. Shara, Lakeland Bancorp's President and CEO said, "In the first quarter of 2011, we continued the positive trend of favorable financial results, maintaining a net interest margin in excess of 3.90%, while continuing to bolster the loan loss coverage ratio. As a result of repaying the second $20 million under the CPP this quarter, our earnings will be further enhanced by an annualized $1.2 million due to the elimination of the associated preferred dividends and related discount accretion."

Earnings

Net Interest Income

Net interest income for the first quarter of 2011 was $24.6 million, which was equivalent to the net interest income for the same period last year. Net interest margin at 3.91% was comparable to the 3.93% reported in the fourth quarter of 2010 and eight basis points lower than 3.99% reported in the first quarter of 2010.  This strong net interest margin continues to be driven by the low cost of funds. The Company's yield on interest-earning assets in the first quarter of 2011 was 4.74%, a decrease of 40 basis points from the same period in 2010 and seven basis points lower than the fourth quarter of 2010. The cost of interest-bearing liabilities was 1.00%, a decrease of 36 basis points from the first quarter of 2010 and seven basis points from the fourth quarter of 2010. 

Noninterest income

Noninterest income totaled $4.2 million for the first quarter of 2011, an increase of $121,000, or 3%, as compared to the same period in 2010. Service charges on deposits at $2.5 million were equivalent to the total for the first quarter of 2010, while commissions and fees at $832,000 decreased by $53,000. Gains on leasing related assets were $463,000 in the first quarter of 2011 as compared to gains of $304,000 in the first quarter of 2010.

Noninterest expense

Noninterest expense for the first quarter of 2011 was $17.0 million, compared to $16.8 million for the same period in 2010. Salary and benefit expense at $9.0 million was equivalent to the total for the first three months of 2010. Net occupancy, furniture and equipment expenses at $3.1 million were $110,000 higher than last year primarily due to increased costs for snow removal in 2011. Collection and legal expenses decreased by $83,000 and $46,000, respectively, while expenses on other real estate owned and other repossessed assets at $272,000, increased by $235,000.

Financial Condition

At March 31, 2011, total assets were $2.8 billion, a $41.1 million decrease from year-end 2010. Total loans at $2.0 billion were $36.8 million lower than at December 31, 2010. Of the overall decrease, leasing loans decreased by $21.1 million in the first quarter of 2011, primarily due to a $16.3 million sale of leasing loans. Total deposits at $2.2 billion increased by $42.6 million, or 2%, from year-end 2010. Noninterest bearing demand deposits at $407.1 million and savings and interest-bearing transaction accounts at $1.4 billion increased by $23.2 million and $15.4 million, respectively, from year-end 2010.  

Asset Quality

At March 31, 2011, non-performing assets totaled $50.4 million (1.83% of total assets), as compared to $44.6 million (1.60% of total assets) as of December 31, 2010. The Allowance for Loan and Lease Losses totaled $28.2 million at March 31, 2011, and represented 1.43% of total loans, compared to 1.36% at year-end 2010. During the first quarter of 2011, the Company had net charge-offs of $4.1 million (annualized 0.81% of total loans).    

Capital

Stockholders' equity was $245.1 million and book value per common share was $8.90 as of March 31, 2011. As of March 31, 2011, the Company's leverage ratio was 7.79%. Tier I and total risk based capital ratios were  10.72% and 13.10%, 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)
           
  For the quarter ended
  Mar 31, Dec 31, Sept 30, June 30, Mar 31,
(dollars in thousands, except per share data) 2011 2010 2010 2010 2010
INCOME STATEMENT (unaudited)
Net Interest Income  $ 24,584  $ 25,248  $ 24,990  $ 24,929  $ 24,587
Provision for Loan and Lease Losses  (4,927)  (4,544)  (4,857)  (5,001)  (4,879)
Noninterest Income (excluding           
 investment securities gains)  4,230  4,585  4,408  4,553  4,108
Gains (losses) on investment securities  --   (68)  1,681  --   1
Long-term debt prepayment fee  --   --   (1,835)  --   -- 
Noninterest Expense, excluding long-term debt prepayment fee  (17,026)  (17,567)  (17,116)  (17,107)  (16,780)
Pretax Income  6,861  7,654  7,271  7,374  7,037
Tax Expense  (2,090)  (2,634)  (2,399)  (2,621)  (2,471)
Net Income  $ 4,771  $ 5,020  $ 4,872  $ 4,753  $ 4,566
Dividends on Preferred Stock and Discount Accretion  (1,286)  (596)  (1,589)  (904)  (898)
Net Income Available to Common Stockholders  $ 3,485  $ 4,424  $ 3,283  $ 3,849  $ 3,668
           
           
Basic Earnings Per Common Share (1)  $ 0.14  $ 0.17  $ 0.13  $ 0.15  $ 0.15
Diluted Earnings Per Common Share (1)  $ 0.14  $ 0.17  $ 0.13  $ 0.15  $ 0.15
Dividends per Common Share (1)  $ 0.06  $ 0.06  $ 0.05  $ 0.05  $ 0.05
Weighted Average Shares - Basic (1)  25,249  25,166  25,117  25,083  25,020
Weighted Average Shares - Diluted (1)  25,382  25,307  25,156  25,162  25,031
           
SELECTED OPERATING RATIOS          
Annualized Return on Average Assets  0.69% 0.71% 0.69% 0.69% 0.67%
Annualized Return on Average Common Equity  8.56% 8.86% 8.63% 8.70% 8.60%
Annualized Return on Tangible Common Equity (3) 13.97% 14.54% 14.23% 14.59% 14.63%
Annualized Net Interest Margin 3.91% 3.93% 3.93% 3.96% 3.99%
Efficiency ratio (3) 56.70% 57.05% 56.40% 55.94% 56.87%
Stockholders' equity to total assets 8.91% 9.34% 9.41% 10.15% 9.85%
Common stockholders' equity to total assets 8.24% 7.99% 8.07% 8.09% 7.82%
Tangible common equity to tangible assets (3) 5.23% 5.01% 5.05% 5.03% 4.78%
Tier 1 risk-based ratio 10.72% 12.43% 12.44% 13.24% 12.94%
Total risk-based ratio 13.10% 13.68% 13.69% 14.49% 14.19%
Tier 1 leverage ratio 7.79% 9.21% 9.14% 9.77% 9.72%
Book value per common share (1) (2)  $ 8.90  $ 8.82  $ 8.84  $ 8.78  $ 8.59
Tangible book value per common share (1) (2) (3)  $ 5.47  $ 5.35  $ 5.36  $ 5.28  $ 5.08
           
(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. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
     
  Three Months Ended March 31,
  2011 2010
(dollars in thousands, except per share amounts)    
INTEREST INCOME    
 Loans and fees $26,665 $28,252
 Federal funds sold and interest bearing deposits with banks  12  28
 Taxable investment securities  2,713  2,983
 Tax exempt investment securities  499  520
TOTAL INTEREST INCOME  29,889  31,783
INTEREST EXPENSE    
 Deposits  2,931  4,405
 Federal funds purchased and securities sold    
 under agreements to repurchase  27  37
 Other borrowings  2,347  2,754
TOTAL INTEREST EXPENSE  5,305  7,196
NET INTEREST INCOME  24,584  24,587
Provision for loan and lease losses   4,927  4,879
 NET INTEREST INCOME AFTER PROVISION FOR    
 LOAN AND LEASE LOSSES  19,657  19,708
     
NONINTEREST INCOME    
 Service charges on deposit accounts  2,478  2,448
 Commissions and fees  832  885
 Gains on sales of investment securities  0  1
 Income on bank owned life insurance  355  386
 Gain on leasing related assets  463  304
 Other income  102  85
TOTAL NONINTEREST INCOME  4,230  4,109
NONINTEREST EXPENSE    
 Salaries and employee benefits  8,986  8,903
 Net occupancy expense  1,911  1,795
 Furniture and equipment   1,164  1,170
 Stationery, supplies and postage  365  426
 Marketing expense  615  554
 Amortization of core deposit intangibles  265  265
 FDIC insurance expense  947  933
 Collection expense  65  148
 Legal expense  295  341
 Expenses on other real estate owned and other repossessed assets  272  37
 Other expenses  2,141  2,208
TOTAL NONINTEREST EXPENSE  17,026  16,780
INCOME BEFORE PROVISION FOR INCOME TAXES  6,861  7,037
Provision for income taxes  2,090  2,471
NET INCOME $4,771 $4,566
Dividends on Preferred Stock and Discount Accretion  1,286  898
Net Income Available to Common Stockholders $3,485 $3,668
EARNINGS PER COMMON SHARE    
 Basic $0.14 $0.15
 Diluted $0.14 $0.15
     
DIVIDENDS PER COMMON SHARE $0.06 $0.05
     
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
     
  March 31, December 31,
ASSETS 2011 2010
(dollars in thousands) (unaudited)  
Cash and due from banks $47,106 $26,063
Federal funds sold and interest-bearing deposits due from banks 14,856 23,215
 Total cash and cash equivalents  61,962  49,278
     
Investment securities available for sale  469,969  487,107
Investment securities held to maturity; fair value of $72,231 in 2011    
 and $68,815 in 2010  70,072  66,573
Loans:    
 Commercial, secured by real estate  1,038,850  1,041,015
 Commercial, industrial and other  194,616  194,259
 Leases  46,050  65,640
 Residential mortgages  393,935  403,561
 Consumer and home equity  302,032  306,322
 Leases held for sale, at fair value  --   1,517
 Total loans  1,975,483  2,012,314
 Deferred cost  1,963  2,303
 Allowance for loan and lease losses (28,192) (27,331)
 Net loans   1,949,254  1,987,286
Premises and equipment, net   27,801  27,554
Accrued interest receivable  8,583  8,849
Goodwill   87,111  87,111
Other identifiable intangible assets, net  312  578
Bank owned life insurance  43,639  43,284
Other assets   32,873  35,054
 TOTAL ASSETS $2,751,576 $2,792,674
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
LIABILITIES:    
Deposits:    
 Noninterest bearing $407,099 $383,877
 Savings and interest-bearing transaction accounts  1,414,604  1,399,163
 Time deposits under $100,000  240,614  241,911
 Time deposits $100,000 and over  176,195  170,938
 Total deposits  2,238,512  2,195,889
Federal funds purchased and securities sold under    
 agreements to repurchase  46,382  52,123
Other borrowings  130,000  195,000
Subordinated debentures  77,322  77,322
Other liabilities   14,289  11,631
 TOTAL LIABILITIES  2,506,505  2,531,965
     
STOCKHOLDERS' EQUITY    
 Preferred stock, Series A, no par value, $1,000 liquidation value, authorized    
 1,000,000 shares; issued 19,000 shares at March 31, 2011 and    
 39,000 shares at December 31, 2010  18,311  37,474
 Common stock, no par value; authorized 40,000,000 shares;     
 issued 25,976,648 shares at March 31, 2011 and 25,977,592    
 shares at December 31, 2010  269,959  271,595
 Accumulated Deficit (35,671) (38,004)
 Treasury shares, at cost, 510,253 shares at March 31, 2011 and    
 655,768 at December 31, 2010 (6,735) (8,683)
 Accumulated other comprehensive loss (793) (1,673)
 TOTAL STOCKHOLDERS' EQUITY  245,071  260,709
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,751,576 $2,792,674
     
           
Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
           
  For the quarter ended
  Mar 31, Dec 31, Sept 30, June 30, Mar 31,
(dollars in thousands) 2011 2010 2010 2010 2010
  (unaudited)
SELECTED BALANCE SHEET DATA AT PERIOD-END          
Loans and Leases  $ 1,975,483  $ 2,012,314  $ 1,984,139  $ 1,992,848  $ 2,005,327
Allowance for Loan and Lease Losses   (28,192)  (27,331)  (27,218)  (27,728)  (26,836)
Investment Securities  540,041  553,680  508,606  512,154  473,400
Total Assets  2,751,576  2,792,674  2,769,471  2,738,557  2,767,976
Total Deposits   2,238,512  2,195,889  2,234,772  2,170,145  2,202,776
Short-Term Borrowings  46,382  52,123  68,448  54,176  57,326
Other Borrowings  207,322  272,322  193,222  223,222  223,222
Stockholders' Equity   245,071  260,709  260,725  277,862  272,684
           
Loans and Leases          
Commercial real estate  $ 1,038,850 $ 1,041,015  $ 1,017,099  $ 1,022,515  $ 1,026,347
Commercial, industrial and other  194,616  194,259  177,465  179,199  177,347
Leases  46,050  65,640  77,440  87,936  100,738
Leases held for sale  --   1,517  2,029  3,233  4,128
Residential mortgages  393,935  403,561  403,019  394,610  387,477
Consumer and Home Equity  302,032  306,322  307,087  305,355  309,290
 Total loans  $ 1,975,483  $ 2,012,314  $ 1,984,139  $ 1,992,848  $ 2,005,327
           
Deposits          
Noninterest bearing  $ 407,099  $ 383,877  $ 379,625  $ 358,054  $ 346,651
Savings and interest-bearing transaction accounts  1,414,604  1,399,163  1,413,063  1,352,373  1,373,972
Time deposits under $100,000  240,614  241,911  256,705  266,891  280,500
Time deposits $100,000 and over  176,195  170,938  185,379  192,827  201,653
 Total deposits  $ 2,238,512  $ 2,195,889  $ 2,234,772  $ 2,170,145  $ 2,202,776
           
           
SELECTED AVERAGE BALANCE SHEET DATA          
Loans and Leases, net  $ 2,000,057  $ 1,995,857  $ 1,976,248  $ 1,999,494  $ 2,009,389
Investment Securities  544,282  549,034  506,485  482,386  468,138
Interest-Earning Assets   2,577,235  2,577,464  2,546,557  2,550,143  2,525,632
Total Assets   2,797,539  2,802,024  2,781,733  2,771,724  2,751,793
Non Interest-Bearing Demand Deposits  400,891  393,710  364,075  351,970  329,152
Savings Deposits  322,225  316,261  319,438  321,699  313,025
Interest-Bearing Transaction Accounts  1,093,625  1,118,540  1,082,769  1,051,107  1,075,203
Time Deposits  413,481  425,951  452,129  477,542  471,699
Total Deposits   2,230,222  2,254,462  2,218,411  2,202,318  2,189,079
Short-Term Borrowings  59,972  75,020  62,015  58,050  55,807
Other Borrowings  234,134  197,316  220,371  223,269  223,279
Total Interest-Bearing Liabilities  2,123,437  2,133,088  2,136,722  2,131,667  2,139,013
Stockholders' Equity  260,148  262,270  268,295  275,277  271,309
Common Stockholders' Equity  226,051  224,849  223,941  219,028  215,228
           
Lakeland Bancorp, Inc.
Financial Highlights
(unaudited)
           
  For the quarter ended
  Mar 31, Dec 31, Sept. 30, June 30, Mar. 31,
(dollars in thousands) 2011 2010 2010 2010 2010
  (unaudited)
AVERAGE ANNUALIZED YIELDS (taxable equivalent basis)        
Assets:          
Loans and leases 5.41% 5.49% 5.55% 5.63% 5.70%
Taxable investment securities 2.28% 2.35% 2.80% 2.86% 2.94%
Tax-exempt securities 4.54% 4.67% 4.81% 5.03% 5.12%
Federal funds sold and interest-bearing cash accounts 0.15% 0.14% 0.26% 0.23% 0.23%
 Total interest-earning assets 4.74% 4.81% 4.93% 5.01% 5.14%
Liabilities:          
Savings accounts 0.16% 0.17% 0.18% 0.19% 0.24%
Interest-bearing transaction accounts 0.56% 0.63% 0.68% 0.76% 0.89%
Time deposits 1.26% 1.33% 1.40% 1.45% 1.57%
Borrowings 3.23% 3.48% 3.88% 3.98% 4.00%
 Total interest-bearing liabilities 1.00% 1.07% 1.18% 1.25% 1.36%
Net interest spread (taxable equivalent basis) 3.73% 3.74% 3.74% 3.76% 3.78%
Annualized Net Interest Margin (taxable equivalent basis) 3.91% 3.93% 3.93% 3.96% 3.99%
Annualized Cost of Deposits 0.53% 0.59% 0.64% 0.70% 0.82%
           
ASSET QUALITY DATA          
Allowance for Loan Losses          
Balance at beginning of period  $ 27,331  $ 27,218  $ 27,728  $ 26,836  $ 25,563
Provision for loan losses  4,927  4,544  4,857  5,001  4,879
Net Charge-offs  (4,066)  (4,431)  (5,367)  (4,109)  (3,606)
 Balance at end of period  $ 28,192  $ 27,331  $ 27,218  $ 27,728  $ 26,836
           
Net Loan Charge-offs (Recoveries)          
Commercial real estate  $ 2,003  $ 1,991  $ 2,937  $ 1,963  $ 2,241
Commercial, industrial and other  598  972  1,077  989  198
Leases  587  963  462  828  664
Home equity and consumer  586  298  784  254  504
Real estate - mortgage  292  207  107  75  (1)
 Net charge-offs  $ 4,066  $ 4,431  $ 5,367  $ 4,109  $ 3,606
           
Nonperforming Assets          
Commercial real estate  $ 26,202  $ 19,226  $ 20,766  $ 20,053  $ 23,150
Commercial, industrial and other  920  1,702  2,641  3,701  3,984
Leases  5,299  6,277  5,453  6,274  7,582
Home equity and consumer  3,259  2,930  2,653  2,436  2,436
Real estate - mortgage  13,023  12,834  11,960  8,576  7,043
 Total non-accruing loans  48,703  42,969  43,473  41,040  44,195
Property acquired through foreclosure or repossession  1,729  1,592  1,745  1,277  1,480
 Total non-performing assets  $ 50,432  $ 44,561  $ 45,218  $ 42,317  $ 45,675
           
Loans past due 90 days or more  $ 1,902  $ 1,218  $ 263  $ 578  $ 383
Loans restructured and still accruing  $ 8,943  $ 8,905  $ 6,326  $ 8,561  $ 7,943
           
Ratio of allowance for loan and lease losses to total loans * 1.43% 1.36% 1.37% 1.39% 1.34%
Non-performing loans to total loans * 2.47% 2.14% 2.19% 2.06% 2.20%
Non-performing assets to total assets * 1.83% 1.60% 1.63% 1.55% 1.65%
Annualized net charge-offs to average loans * 0.81% 0.89% 1.09% 0.82% 0.72%
           
* Includes leases held for sale          
           
           
Lakeland Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(unaudited)
           
           
  At or for the quarter ended,
  Mar 31, Dec 31, Sept 30, June 30, Mar 31,
(dollars in thousands, except per share amounts) 2011 2010 2010 2010 2010
Calculation of tangible book value per common share          
Total common stockholders' equity at end of period - GAAP  $ 226,760  $ 223,235  $ 223,360  $ 221,512  $ 216,501
Less:          
 Goodwill  87,111  87,111  87,111  87,111  87,111
 Other identifiable intangible assets, net  312  578  843  1,109  1,374
Total tangible common stockholders' equity at end of period - Non- GAAP  $ 139,337  $ 135,546  $ 135,406  $ 133,292  $ 128,016
           
Shares outstanding at end of period (1)  25,466  25,322  25,264  25,229  25,199
           
Book value per share - GAAP (1)  $ 8.90  $ 8.82  $ 8.84  $ 8.78  $ 8.59
           
Tangible book value per share - Non-GAAP (1)  $ 5.47  $ 5.35  $ 5.36  $ 5.28  $ 5.08
           
           
Calculation of tangible common equity to tangible assets          
Total tangible common stockholders' equity at end of period - Non- GAAP  $ 139,337  $ 135,546  $ 135,406  $ 133,292  $ 128,016
           
Total assets at end of period  $ 2,751,576  $ 2,792,674  $ 2,769,471  $ 2,738,557  $ 2,767,976
Less:          
 Goodwill  87,111  87,111  87,111  87,111  87,111
 Other identifiable intangible assets, net  312  578  843  1,109  1,374
Total tangible assets at end of period - Non-GAAP  $ 2,664,153  $ 2,704,985  $ 2,681,517  $ 2,650,337  $ 2,679,491
           
Common equity to assets - GAAP 8.24% 7.99% 8.07% 8.09% 7.82%
           
Tangible common equity to tangible assets - Non-GAAP 5.23% 5.01% 5.05% 5.03% 4.78%
           
Calculation of return on average tangible common equity          
Net income - GAAP  $ 4,771  $ 5,020  $ 4,872  $ 4,753  $ 4,566
           
Total average common stockholders' equity  226,051  224,849  223,941  219,028  215,228
Less:          
 Average goodwill  87,111  87,111  87,111  87,111  87,111
 Average other identifiable intangible assets, net  460  724  990  1,255  1,521
Total average tangible common stockholders' equity - Non-GAAP  $ 138,480  $ 137,014  $ 135,840  $ 130,662  $ 126,596
           
Return on average common stockholders' equity - GAAP 8.56% 8.86% 8.63% 8.70% 8.60%
           
Return on average tangible common stockholders' equity - Non-GAAP 13.97% 14.54% 14.23% 14.59% 14.63%
           
Calculation of efficiency ratio          
Total non-interest expense  $ 17,026  $ 17,567  $ 18,951  $ 17,107  $ 16,780
Less:          
 Amortization of core deposit intangibles  (265)  (266)  (265)  (266)  (265)
 Other real estate owned and other repossessed asset expense  (272)  (129)  (119)  (198)  (37)
 Long-term debt prepayment fee  --   --   (1,835)  --   -- 
Non-interest expense, as adjusted  $ 16,489  $ 17,172  $ 16,732  $ 16,643  $ 16,478
           
Net interest income  $ 24,584  $ 25,248  $ 24,990  $ 24,929  $ 24,587
Noninterest income  4,230  4,517  6,089  4,553  4,109
Total revenue  28,814  29,765  31,079  29,482  28,696
 Plus: Tax-equivalent adjustment on municipal securities  269  268  267  268  280
 Less: (gains) losses on investment securities  --   68  (1,681)  --   (1)
Total revenue, as adjusted  $ 29,083  $ 30,101  $ 29,665  $ 29,750  $ 28,975
           
Efficiency ratio - Non-GAAP 56.70% 57.05% 56.40% 55.94% 56.87%
           
(1) Adjusted for 5% stock dividend payable on February 16, 2011 to shareholders of record January 31, 2011.      
           
CONTACT: Thomas J. Shara
         President & CEO
         
         Joseph F. Hurley
         EVP & CFO
         973-697-2000

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