OAK RIDGE, N.J., April 23, 2015 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) (the "Company") reported the following positive results for the first quarter of 2015:
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Net Income for the first quarter of 2015 was $8.3 million, a 16% increase compared to $7.2 million for the first quarter of 2014. Earnings per diluted share in the first quarter of 2015 were $0.22, compared to $0.19 in the first quarter of 2014, an increase of 16%. Annualized Return on Average Assets was 0.96%, Annualized Return on Average Common Equity was 8.81%, and Annualized Return on Average Tangible Common Equity was 12.43%. Tangible book value per common share at March 31, 2015 was $7.29 compared to $7.06 at year-end 2014.
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On April 20, 2015, the Company declared a quarterly cash dividend of $0.085 per common share, payable on May 15, 2015 to holders of record as of the close of business on May 4, 2015. This dividend represents a 13% increase over the first quarter 2015 dividend of $0.075 per common share.
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The Company reported growth in both loans and non-interest bearing demand deposits in the first quarter of 2015. Loans totaling $2.69 billion at March 31, 2015 increased by $36.1 million from December 31, 2014, including a 3% increase in total commercial loans. Non-interest-bearing demand deposits at $672.3 million increased by $26.2 million, or 4%, and represented 24% of total deposits at March 31, 2015.
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The Company recently announced the opening of a Loan Production Office serving the Middlesex / Monmouth County NJ region and the establishment of a similar office in the greater Hudson Valley, NY area. In addition, the Company previously announced the decision to close three branch locations.
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Net Interest Margin ("NIM") in the first quarter of 2015 was 3.56%, which compared to 3.58% for the fourth quarter of 2014.
- Asset quality metrics improved in the first quarter of 2015 compared to the same period in 2014. The Provision for Loan and Lease Losses in the first quarter of 2015 was $0.9 million compared to $1.5 million for the same period in 2014, a decrease of 42%. Net charge-offs at $1.0 million (0.16% of average loans) were 41% lower than the $1.8 million (0.29% of average loans) for the first quarter of 2014.
Thomas J. Shara, Lakeland Bancorp's President and CEO said, "We are pleased to report increased earnings in the first quarter of 2015, which has afforded us the opportunity to raise our second quarter 2015 cash dividend by 13%. This earnings increase resulted from continued commercial loan growth, improved credit metrics, a stable Net Interest Margin, and controlled noninterest expenses."
Earnings
Net Interest Income
Net interest income for the first quarter of 2015 was $28.5 million, as compared to $27.8 million for the same period in 2014, an increase of 2%. In the first quarter of 2015, NIM was 3.56%, which compared to 3.58% for the fourth quarter of 2014, and 3.72% in the first quarter of 2014. The decrease in NIM in the first quarter of 2015 as compared to the same period in 2014 was primarily due to a decrease in the yield on interest-earning assets. The annualized yield on interest-earning assets declined 13 basis points from 3.99% in the first quarter of 2014 to 3.86% for the first quarter of 2015. This decrease was primarily due to a 14 basis point decrease in the yield on average loans, as loans originated and refinanced in 2015 were made at lower rates in the current interest rate environment. The annualized cost of interest-bearing liabilities increased four basis points from 0.36% in the first quarter of 2014 to 0.40% in the first quarter of 2015.
Noninterest Income
Noninterest income totaled $4.7 million for the first quarter of 2015, as compared to $4.1 million for the same period in 2014. Included in noninterest income in the first quarter of 2015 were $0.3 million in death benefits received on a Bank Owned Life Insurance Policy. Service charges on deposit accounts totaling $2.3 million decreased 9% from the first quarter of 2014, primarily due to a decline in overdraft fees, while commissions and fees totaling $1.3 million increased by $0.3 million, or 29%, primarily due to increased investment commission income. Other income at $0.4 million was $0.3 million higher than the total for the first quarter of 2014, reflecting a $0.2 million increase in gains on sales of mortgage loans.
Noninterest Expense
Noninterest expense for the first quarter of 2015 was $20.0 million compared to $19.7 million for the same period in 2014. Salary and benefit expense at $11.8 million, increased by $0.9 million from the same period last year, including $0.3 million in additional equity compensation costs. Other expenses, totaling $2.7 million, decreased by $0.2 million, reflecting a $0.2 million decrease in professional fees. The efficiency ratio for the first quarter of 2015 was 59.2% compared to 60.9% for the same period in 2014.
Financial Condition
At March 31, 2015, total assets were $3.63 billion, an increase of $89.4 million, or 3%, from December 31, 2014. As previously mentioned, total loans were $2.69 billion, an increase of $36.1 million in 2015. Total deposits were $2.84 billion as of March 31, 2015, an increase of $51.7 million from December 31, 2014. Noninterest bearing demand deposits at $672.3 million increased by $26.2 million, or 4%, in 2015.
Asset Quality
At March 31, 2015, non-performing assets totaled $21.2 million (0.59% of total assets) compared to $21.7 million (0.61% of total assets) at December 31, 2014. The Allowance for Loan and Lease Losses totaled $30.5 million at March 31, 2015 and represented 1.13% of total loans, and 149% of non-accruing loans. In the first quarter of 2015, the Company had net charge-offs totaling $1.0 million compared to $1.8 million in the first quarter of 2014. The provision for loan and lease losses in the first quarter of 2015 was $0.9 million, compared to $1.5 million for the same period of 2014.
Capital
At March 31, 2015, stockholders' equity was $388.1 million. Book value per common share was $10.24 and tangible book value was $7.29, an increase of 3% from December 31, 2014. As of March 31, 2015, the Company's leverage ratio was 9.17%. Tier I and total risk based capital ratios were 11.12% and 12.25%, respectively. The common equity tier 1 capital ratio was 9.70%. The Tangible Common Equity ratio was 7.86%, an increase from 7.81% reported at December 31, 2014. 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, 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, 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 securities gains and losses and gain on debt extinguishment, 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.
About Lakeland Bank
Lakeland Bancorp, the holding company for Lakeland Bank, has $3.6 billion in total assets with 51 offices and two loan production offices spanning nine New Jersey counties: Bergen, Essex, Middlesex, Morris, Passaic, Somerset, Sussex, Union and Warren in addition to a loan production office serving the greater Hudson Valley area of New York State. Lakeland Bank is the second largest commercial bank headquartered in the state and offers an extensive array of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about the full line of products and services, visit LakelandBank.com.
| Lakeland Bancorp, Inc. | ||
| Consolidated Statements of Operations | ||
| (Unaudited) | ||
| Three Months Ended March 31, | ||
| (Dollars in thousands, except per share amounts) | 2015 | 2014 |
| INTEREST INCOME | ||
| Loans and fees | $27,896 | $26,898 |
| Federal funds sold and interest bearing deposits with banks | 12 | 13 |
| Taxable investment securities and other | 2,674 | 2,546 |
| Tax exempt investment securities | 410 | 473 |
| TOTAL INTEREST INCOME | 30,992 | 29,930 |
| INTEREST EXPENSE | ||
| Deposits | 1,283 | 1,263 |
| Federal funds purchased and securities sold under agreements to repurchase | 22 | 15 |
| Other borrowings | 1,169 | 807 |
| TOTAL INTEREST EXPENSE | 2,474 | 2,085 |
| NET INTEREST INCOME | 28,518 | 27,845 |
| Provision for loan and lease losses | 870 | 1,489 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES | 27,648 | 26,356 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | 2,340 | 2,559 |
| Commissions and fees | 1,307 | 1,013 |
| Gains on sales and calls of investment securities | -- | 2 |
| Income on bank owned life insurance | 699 | 360 |
| Other income | 392 | 139 |
| TOTAL NONINTEREST INCOME | 4,738 | 4,073 |
| NONINTEREST EXPENSE | ||
| Salaries and employee benefits | 11,750 | 10,813 |
| Net occupancy expense | 2,548 | 2,617 |
| Furniture and equipment | 1,656 | 1,693 |
| Stationery, supplies and postage | 365 | 354 |
| Marketing expense | 240 | 386 |
| FDIC insurance expense | 518 | 501 |
| Legal expense | 116 | 273 |
| Other real estate owned and other repossessed assets expense (income) | (8) | 15 |
| Core deposit intangible amortization | 111 | 123 |
| Other expenses | 2,746 | 2,967 |
| TOTAL NONINTEREST EXPENSE | 20,042 | 19,742 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 12,344 | 10,687 |
| Provision for income taxes | 4,014 | 3,524 |
| NET INCOME | $8,330 | $7,163 |
| EARNINGS PER COMMON SHARE (1) | ||
| Basic | $0.22 | $0.19 |
| Diluted | $0.22 | $0.19 |
| DIVIDENDS PER COMMON SHARE (1) | $0.075 | $0.071 |
| (1) Adjusted for 5% stock dividend declared on May 21, 2014 | ||
| Lakeland Bancorp, Inc. | ||
| Consolidated Balance Sheets | ||
| March 31, | December 31, | |
| (Dollars in thousands) | 2015 | 2014 |
| (Unaudited) | ||
| ASSETS | ||
| Cash and due from banks | $112,929 | $102,549 |
| Federal funds sold and interest-bearing deposits due from banks | 20,276 | 6,767 |
| Total cash and cash equivalents | 133,205 | 109,316 |
| Investment securities available for sale, at fair value | 473,452 | 457,449 |
| Investment securities held to maturity; fair value of $117,717 in 2015 and $109,030 in 2014 | 115,779 | 107,976 |
| Federal Home Loan Bank and other membership stocks, at cost | 10,755 | 9,846 |
| Loans held for sale | 1,598 | 592 |
| Loans: | ||
| Commercial, secured by real estate | 1,636,128 | 1,593,781 |
| Commercial, industrial and other | 244,162 | 238,252 |
| Leases | 54,271 | 54,749 |
| Residential mortgages | 426,339 | 431,190 |
| Consumer and home equity | 330,805 | 337,642 |
| Total loans | 2,691,705 | 2,655,614 |
| Net deferred costs | (1,909) | (1,788) |
| Allowance for loan and lease losses | (30,505) | (30,684) |
| Net loans | 2,659,291 | 2,623,142 |
| Premises and equipment, net | 35,626 | 35,675 |
| Accrued interest receivable | 8,860 | 8,896 |
| Goodwill | 109,974 | 109,974 |
| Other identifiable intangible assets | 1,849 | 1,960 |
| Bank owned life insurance | 61,481 | 57,476 |
| Other assets | 15,894 | 16,023 |
| TOTAL ASSETS | $3,627,764 | $3,538,325 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| LIABILITIES: | ||
| Deposits: | ||
| Noninterest bearing | $672,264 | $646,052 |
| Savings and interest-bearing transaction accounts | 1,878,598 | 1,864,805 |
| Time deposits under $100,000 | 164,946 | 165,625 |
| Time deposits $100,000 and over | 126,757 | 114,337 |
| Total deposits | 2,842,565 | 2,790,819 |
| Federal funds purchased and securities sold under agreements to repurchase | 117,351 | 108,935 |
| Other borrowings | 222,728 | 202,498 |
| Subordinated debentures | 41,238 | 41,238 |
| Other liabilities | 15,798 | 15,397 |
| TOTAL LIABILITIES | 3,239,680 | 3,158,887 |
| STOCKHOLDERS' EQUITY: | ||
| Common stock, no par value; authorized 70,000,000 shares; issued 37,900,107 shares at March 31, 2015 and 37,910,840 shares at December 31, 2014 | 385,219 | 384,731 |
| Accumulated Deficit | (1,338) | (6,816) |
| Treasury shares, at cost, no shares at March 31, 2015 and December 31, 2014 | -- | -- |
| Accumulated other comprehensive gain | 4,203 | 1,523 |
| TOTAL STOCKHOLDERS' EQUITY | 388,084 | 379,438 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3,627,764 | $3,538,325 |
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (Unaudited) | |||||
| For the Quarter Ended | |||||
| Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | |
| (Dollars in thousands, except per share data) | 2015 | 2014 | 2014 | 2014 | 2014 |
| INCOME STATEMENT | |||||
| Net Interest Income | $ 28,518 | $ 28,850 | $ 28,452 | $ 28,419 | $ 27,845 |
| Provision for Loan and Lease Losses | (870) | (1,589) | (1,194) | (1,593) | (1,489) |
| Noninterest Income: | |||||
| Other Noninterest Income | 4,738 | 4,469 | 4,809 | 4,371 | 4,071 |
| Gains on Investment Securities | -- | -- | -- | -- | 2 |
| Other Noninterest Expense | (20,042) | (20,178) | (19,685) | (19,530) | (19,742) |
| Pretax Income | 12,344 | 11,552 | 12,382 | 11,667 | 10,687 |
| Tax Expense | (4,014) | (3,613) | (4,136) | (3,886) | (3,524) |
| Net Income | $ 8,330 | $ 7,939 | $ 8,246 | $ 7,781 | $ 7,163 |
| Basic Earnings Per Common Share (1) | $ 0.22 | $ 0.21 | $ 0.22 | $ 0.20 | $ 0.19 |
| Diluted Earnings Per Common Share (1) | $ 0.22 | $ 0.21 | $ 0.22 | $ 0.20 | $ 0.19 |
| Dividends Per Common Share (1) | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.071 | $ 0.071 |
| Dividends Paid | $ 2,852 | $ 2,853 | $ 2,853 | $ 2,717 | $ 2,705 |
| Weighted Average Shares - Basic (1) | 37,800 | 37,765 | 37,738 | 37,740 | 37,683 |
| Weighted Average Shares - Diluted (1) | 37,937 | 37,920 | 37,862 | 37,850 | 37,806 |
| SELECTED OPERATING RATIOS | |||||
| Annualized Return on Average Assets | 0.96% | 0.90% | 0.95% | 0.93% | 0.88% |
| Annualized Return on Average Common Equity | 8.81% | 8.35% | 8.83% | 8.58% | 8.14% |
| Annualized Return on Tangible Common Equity (2) | 12.43% | 11.87% | 12.66% | 12.41% | 11.88% |
| Annualized Net Interest Margin | 3.56% | 3.58% | 3.58% | 3.69% | 3.72% |
| Efficiency ratio (2) | 59.17% | 59.87% | 57.97% | 58.73% | 60.90% |
| Common stockholders' equity to total assets | 10.70% | 10.72% | 10.65% | 10.57% | 10.62% |
| Tangible common equity to tangible assets (2) | 7.86% | 7.81% | 7.69% | 7.59% | 7.55% |
| Tier 1 risk-based ratio (3) | 11.12% | 11.76% | 11.75% | 11.54% | 11.76% |
| Total risk-based ratio (3) | 12.25% | 12.98% | 12.97% | 12.75% | 13.01% |
| Tier 1 leverage ratio (3) | 9.17% | 9.08% | 9.02% | 9.06% | 9.01% |
| Common equity tier 1 capital ratio (3) | 9.70% | N/A | N/A | N/A | N/A |
| Book value per common share (1) | $ 10.24 | $ 10.01 | $ 9.83 | $ 9.70 | $ 9.48 |
| Tangible book value per common share (1) (2) | $ 7.29 | $ 7.06 | $ 6.87 | $ 6.74 | $ 6.52 |
| (1) Adjusted for 5% stock dividend declared on May 21, 2014 | |||||
| (2) See Supplemental Information - Non-GAAP financial measures | |||||
| (3) Beginning March 31, 2015, these ratios will be calculated according to the Basel III capital rules that took effect on January 1, 2015. | |||||
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (Unaudited) | |||||
| For the Quarter Ended | |||||
| Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | |
| (Dollars in thousands) | 2015 | 2014 | 2014 | 2014 | 2014 |
| SELECTED BALANCE SHEET DATA AT PERIOD-END | |||||
| Loans and Leases | $ 2,691,705 | $ 2,655,614 | $ 2,613,404 | $ 2,610,198 | $ 2,504,626 |
| Allowance for Loan and Lease Losses | (30,505) | (30,684) | (30,047) | (29,866) | (29,520) |
| Investment Securities | 599,986 | 575,271 | 558,032 | 530,934 | 533,165 |
| Total Assets | 3,627,764 | 3,538,325 | 3,498,905 | 3,479,548 | 3,386,720 |
| Total Deposits | 2,842,565 | 2,790,819 | 2,776,931 | 2,726,850 | 2,736,733 |
| Short-Term Borrowings | 117,351 | 108,935 | 112,796 | 156,511 | 115,952 |
| Other Borrowings | 263,966 | 243,736 | 220,938 | 215,238 | 160,238 |
| Stockholders' Equity | 388,084 | 379,438 | 372,539 | 367,833 | 359,539 |
| Loans and Leases | |||||
| Commercial real estate | $ 1,636,128 | $ 1,593,781 | $ 1,557,168 | $ 1,551,071 | $ 1,486,274 |
| Commercial, industrial and other | 244,162 | 238,252 | 231,961 | 237,071 | 208,056 |
| Leases | 54,271 | 54,749 | 52,285 | 50,191 | 43,720 |
| Residential mortgages | 426,339 | 431,190 | 431,477 | 433,634 | 430,559 |
| Consumer and Home Equity | 330,805 | 337,642 | 340,513 | 338,231 | 336,017 |
| Total loans | $ 2,691,705 | $ 2,655,614 | $ 2,613,404 | $ 2,610,198 | $ 2,504,626 |
| Deposits | |||||
| Noninterest bearing | $ 672,264 | $ 646,052 | $ 674,933 | $ 649,186 | $ 630,499 |
| Savings and interest-bearing transaction accounts | 1,878,598 | 1,864,805 | 1,820,657 | 1,797,358 | 1,816,084 |
| Time deposits under $100,000 | 164,946 | 165,625 | 168,391 | 169,655 | 177,284 |
| Time deposits $100,000 and over | 126,757 | 114,337 | 112,950 | 110,651 | 112,866 |
| Total deposits | $ 2,842,565 | $ 2,790,819 | $ 2,776,931 | $ 2,726,850 | $ 2,736,733 |
| SELECTED AVERAGE BALANCE SHEET DATA | |||||
| Loans and Leases, net | $ 2,660,512 | $ 2,622,602 | $ 2,608,687 | $ 2,552,010 | $ 2,486,990 |
| Investment Securities | 582,912 | 566,039 | 529,379 | 537,974 | 541,721 |
| Interest-Earning Assets | 3,271,110 | 3,227,390 | 3,183,361 | 3,114,539 | 3,061,555 |
| Total Assets | 3,526,898 | 3,483,162 | 3,443,946 | 3,360,289 | 3,312,709 |
| Non Interest-Bearing Demand Deposits | 660,548 | 679,796 | 671,049 | 640,080 | 618,944 |
| Savings Deposits | 395,153 | 384,064 | 382,642 | 387,179 | 385,007 |
| Interest-Bearing Transaction Accounts | 1,495,270 | 1,487,492 | 1,457,680 | 1,433,382 | 1,440,770 |
| Time Deposits | 280,837 | 277,930 | 280,200 | 284,475 | 293,225 |
| Total Deposits | 2,831,808 | 2,829,282 | 2,791,571 | 2,745,116 | 2,737,946 |
| Short-Term Borrowings | 47,827 | 38,653 | 49,725 | 78,475 | 56,602 |
| Other Borrowings | 247,316 | 221,848 | 217,049 | 158,432 | 145,580 |
| Total Interest-Bearing Liabilities | 2,466,403 | 2,409,988 | 2,387,295 | 2,341,944 | 2,321,184 |
| Stockholders' Equity | 383,587 | 377,379 | 370,448 | 363,802 | 356,951 |
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (Unaudited) | |||||
| For the Quarter Ended | |||||
| Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | |
| (Dollars in thousands) | 2015 | 2014 | 2014 | 2014 | 2014 |
| AVERAGE ANNUALIZED YIELDS (taxable equivalent basis) | |||||
| Assets: | |||||
| Loans and leases | 4.25% | 4.26% | 4.25% | 4.33% | 4.39% |
| Taxable investment securities and other | 2.08% | 2.09% | 2.08% | 2.18% | 2.19% |
| Tax-exempt securities | 3.67% | 3.75% | 3.79% | 3.74% | 3.80% |
| Federal funds sold and interest-bearing cash accounts | 0.17% | 0.26% | 0.21% | 0.15% | 0.16% |
| Total interest-earning assets | 3.86% | 3.87% | 3.87% | 3.97% | 3.99% |
| Liabilities: | |||||
| Savings accounts | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| Interest-bearing transaction accounts | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Time deposits | 0.56% | 0.54% | 0.49% | 0.51% | 0.56% |
| Borrowings | 1.61% | 1.65% | 1.63% | 1.50% | 1.63% |
| Total interest-bearing liabilities | 0.40% | 0.39% | 0.39% | 0.36% | 0.36% |
| Net interest spread (taxable equivalent basis) | 3.46% | 3.48% | 3.48% | 3.60% | 3.63% |
| Annualized Net Interest Margin (taxable equivalent basis) | 3.56% | 3.58% | 3.58% | 3.69% | 3.72% |
| Annualized Cost of Deposits | 0.18% | 0.18% | 0.18% | 0.18% | 0.19% |
| ASSET QUALITY DATA | |||||
| Allowance for Loan and Lease Losses | |||||
| Balance at beginning of period | $ 30,684 | $ 30,047 | $ 29,866 | $ 29,520 | $ 29,821 |
| Provision for loan losses | 870 | 1,589 | 1,194 | 1,593 | 1,489 |
| Net Charge-offs | (1,049) | (952) | (1,013) | (1,247) | (1,790) |
| Balance at end of period | $ 30,505 | $ 30,684 | $ 30,047 | $ 29,866 | $ 29,520 |
| Net Loan Charge-offs (Recoveries) | |||||
| Commercial real estate | $ 426 | $ (287) | $ 28 | $ (152) | $ 1,613 |
| Commercial, industrial and other | (31) | 99 | (71) | 511 | (578) |
| Leases | 407 | 185 | 229 | 126 | 39 |
| Home equity and consumer | 231 | 860 | 638 | 411 | 567 |
| Real estate - mortgage | 16 | 95 | 189 | 351 | 149 |
| Net charge-offs | $ 1,049 | $ 952 | $ 1,013 | $ 1,247 | $ 1,790 |
| Nonperforming Assets | |||||
| Commercial real estate | $ 6,994 | $ 7,612 | $ 8,549 | $ 9,647 | $ 12,279 |
| Commercial, industrial and other | 285 | 308 | 599 | 700 | 246 |
| Leases | 111 | 88 | 141 | 61 | 143 |
| Home equity and consumer | 3,472 | 3,415 | 2,114 | 2,251 | 2,431 |
| Real estate - mortgage | 9,552 | 9,246 | 7,221 | 6,730 | 6,875 |
| Total non-accruing loans | 20,414 | 20,669 | 18,624 | 19,389 | 21,974 |
| Property acquired through foreclosure or repossession | 826 | 1,026 | 982 | 850 | 698 |
| Total non-performing assets | $ 21,240 | $ 21,695 | $ 19,606 | $ 20,239 | $ 22,672 |
| Loans past due 90 days or more and still accruing | $ 134 | $ 66 | $ 429 | $ 286 | $ 451 |
| Loans restructured and still accruing | $ 11,538 | $ 10,579 | $ 7,957 | $ 6,818 | $ 6,086 |
| Ratio of allowance for loan and lease losses to total loans | 1.13% | 1.16% | 1.15% | 1.14% | 1.18% |
| Non-performing loans to total loans | 0.76% | 0.78% | 0.71% | 0.74% | 0.88% |
| Non-performing assets to total assets | 0.59% | 0.61% | 0.56% | 0.58% | 0.67% |
| Annualized net charge-offs to average loans | 0.16% | 0.15% | 0.16% | 0.20% | 0.29% |
| Lakeland Bancorp, Inc. | |||||
| Supplemental Information - Non-GAAP Financial Measures | |||||
| (Unaudited) | |||||
| At or for the Quarter Ended | |||||
| Mar 31, | Dec 31, | Sept 30, | Jun 30, | Mar 31, | |
| (Dollars in thousands, except per share amounts) | 2015 | 2014 | 2014 | 2014 | 2014 |
| Calculation of tangible book value per common share | |||||
| Total common stockholders' equity at end of period - GAAP | $ 388,084 | $ 379,438 | $ 372,539 | $ 367,833 | $ 359,539 |
| Less: | |||||
| Goodwill | 109,974 | 109,974 | 109,974 | 109,974 | 109,974 |
| Other identifiable intangible assets, net | 1,849 | 1,960 | 2,071 | 2,182 | 2,301 |
| Total tangible common stockholders' equity at end of period - Non-GAAP | $ 276,261 | $ 267,504 | $ 260,494 | $ 255,677 | $ 247,264 |
| Shares outstanding at end of period (1) | 37,900 | 37,911 | 37,910 | 37,914 | 37,912 |
| Book value per share - GAAP (1) | $ 10.24 | $ 10.01 | $ 9.83 | $ 9.70 | $ 9.48 |
| Tangible book value per share - Non-GAAP (1) | $ 7.29 | $ 7.06 | $ 6.87 | $ 6.74 | $ 6.52 |
| Calculation of tangible common equity to tangible assets | |||||
| Total tangible common stockholders' equity at end of period - Non-GAAP | $ 276,261 | $ 267,504 | $ 260,494 | $ 255,677 | $ 247,264 |
| Total assets at end of period | $ 3,627,764 | $ 3,538,325 | $ 3,498,905 | $ 3,479,548 | $ 3,386,720 |
| Less: | |||||
| Goodwill | 109,974 | 109,974 | 109,974 | 109,974 | 109,974 |
| Other identifiable intangible assets, net | 1,849 | 1,960 | 2,071 | 2,182 | 2,301 |
| Total tangible assets at end of period - Non-GAAP | $ 3,515,941 | $ 3,426,391 | $ 3,386,860 | $ 3,367,392 | $ 3,274,445 |
| Common equity to assets - GAAP | 10.70% | 10.72% | 10.65% | 10.57% | 10.62% |
| Tangible common equity to tangible assets - Non-GAAP | 7.86% | 7.81% | 7.69% | 7.59% | 7.55% |
| Calculation of return on average tangible common equity | |||||
| Net income - GAAP | $ 8,330 | $ 7,939 | $ 8,246 | $ 7,781 | $ 7,163 |
| Total average common stockholders' equity | $ 383,587 | $ 377,379 | $ 370,448 | $ 363,802 | $ 356,951 |
| Less: | |||||
| Average goodwill | 109,974 | 109,974 | 109,974 | 109,974 | 109,974 |
| Average other identifiable intangible assets, net | 1,919 | 2,028 | 2,141 | 2,256 | 2,379 |
| Total average tangible common stockholders' equity - Non-GAAP | $ 271,694 | $ 265,377 | $ 258,333 | $ 251,572 | $ 244,598 |
| Return on average common stockholders' equity - GAAP | 8.81% | 8.35% | 8.83% | 8.58% | 8.14% |
| Return on average tangible common stockholders' equity - Non-GAAP | 12.43% | 11.87% | 12.66% | 12.41% | 11.88% |
| Calculation of efficiency ratio | |||||
| Total non-interest expense | $ 20,042 | $ 20,178 | $ 19,685 | $ 19,530 | $ 19,742 |
| Less: | |||||
| Amortization of core deposit intangibles | (111) | (111) | (111) | (119) | (123) |
| Other real estate owned and other repossessed asset (expense) income | 8 | (69) | (50) | (100) | (15) |
| Provision for unfunded lending commitments, net | (130) | 89 | (106) | 93 | (11) |
| Non-interest expense, as adjusted | $ 19,809 | $ 20,087 | $ 19,418 | $ 19,404 | $ 19,593 |
| Net interest income | $ 28,518 | $ 28,850 | $ 28,452 | $ 28,419 | $ 27,845 |
| Total noninterest income | 4,738 | 4,469 | 4,809 | 4,371 | 4,073 |
| Total revenue | 33,256 | 33,319 | 33,261 | 32,790 | 31,918 |
| Plus: Tax-equivalent adjustment on municipal securities | 221 | 231 | 235 | 251 | 255 |
| Less: | |||||
| Gains on sales investment securities | -- | -- | -- | -- | (2) |
| Total revenue, as adjusted | $ 33,477 | $ 33,550 | $ 33,496 | $ 33,041 | $ 32,171 |
| Efficiency ratio - Non-GAAP | 59.17% | 59.87% | 57.97% | 58.73% | 60.90% |
| (1) Adjusted for 5% stock dividend declared on May 21, 2014 | |||||