OAK RIDGE, N.J., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ:LBAI) (the “Company”), the parent company of Lakeland Bank (“Lakeland”), reported net income of $13.7 million for the three months ended September 30, 2017 compared to $11.3 million for the same period in 2016. For the three months ended September 30, 2017, diluted earnings per share (“EPS”) of $0.29 increased 16% from $0.25 for the same period in 2016. For the third quarter of 2017, return on average assets was 1.03%, return on average common equity was 9.48%, and return on average tangible common equity was 12.51%.
For the nine months ended September 30, 2017, the Company reported net income of $39.4 million, compared to $29.6 million for the same period in 2016. Over the same period, the Company reported diluted EPS of $0.82 in 2017 compared to $0.69 in 2016. Year-to-date 2017, return on average assets was 1.01%, return on average common equity was 9.33%, and return on average tangible common equity was 12.38%.
Thomas Shara, Lakeland Bancorp’s President and CEO, commented on the Company’s quarterly results, “We are pleased with our continued strong quarterly financial metrics as demonstrated by our enhancements in net income, earnings per share, return on assets, return on equity, efficiency ratio and asset quality. We continue to grow our Bank by generating new customers with our relationship banking philosophy and providing best in class customer service.”
The following represents performance highlights and significant events as of or for the third quarter of 2017:
- Net income of $13.7 million increased from $13.4 million in the second quarter of 2017 and $11.3 million in the third quarter of 2016.
- Return on average assets of 1.03% grew from 1.02% in the second quarter of 2017 and 0.94% in the third quarter of 2016.
- The efficiency ratio of 51.72% improved from 52.64% in the second quarter of 2017 and 53.35% in the third quarter of 2016.
- Tangible book value per share rose to $9.25 at September 30, 2017, a 14.6% increase from $8.07 at September 30, 2016.
- Net interest margin of 3.39% fell slightly from 3.41% in the second quarter of 2017 and 3.45% in the third quarter of 2016.
- Total deposits grew $129.8 million, or 3.1%, during the third quarter of 2017 and $415.3 million, or 10.5%, since September 30, 2016.
- Total loans and leases grew $38.6 million, or 1.0%, during the third quarter of 2017 and $298.4 million, or 7.9%, since September 30, 2016.
- On October 24, 2017, the Company declared a cash dividend of $0.10 per share to be paid on November 15, 2017 to stockholders of record as of November 6, 2017.
Earnings
Net income for the third quarter of 2017 was $13.7 million, a 21% increase compared to $11.3 million for the same period in 2016. Excluding merger related expenses incurred in the third quarter of 2016, this increase was 11%.
Year-to-date net income for 2017 was $39.4 million, a 33% increase compared to $29.6 million for the same period in 2016. After excluding merger related expenses incurred in 2016, this increase was 22%.
Net Interest Income
Net interest income for the third quarter of 2017 was $42.1 million, compared to $38.5 million for the same period in 2016 due to the organic growth of earning assets. Year-to-date net interest income for 2017 was $122.9 million, as compared to $107.5 million for the same period in 2016. For 2017, year-to-date total interest income increased due to higher interest earning assets from organic growth and the merger with Harmony Bank in July 2016 (the “merger”). For 2017, year-to-date total interest expense increased primarily due to increased deposits related to the merger, continued organic deposit growth coupled with higher CD rates in the third quarter of 2017 due to market competition and the impact of the additional interest expense from the subordinated debt offering in September 2016.
Noninterest Income
Noninterest income totaled $5.5 million for the third quarter of 2017 compared to $6.4 million for the same period in 2016. This decrease was primarily due to $0.9 million in death benefits received on bank owned life insurance in 2016.
Year-to-date 2017 noninterest income totaled $19.7 million compared to $16.2 million for the same period in 2016. This increase was primarily due to $2.2 million in gains on sales of investment securities in the first quarter of 2017, $0.9 million in gains on sales of three former branches during 2017, $0.3 million gain on the payoff of an acquired loan in 2017 and a $0.2 million increase on the sales of other real estate owned in 2017, partially offset by $0.9 million in death benefits received on bank owned life insurance in 2016 and a $0.3 million decline in gains on sales of loans during 2017.
Noninterest Expense
Noninterest expense totaled $24.8 million for the third quarter of 2017 compared to $26.0 million for the same period in 2016. Excluding $1.7 million in merger related expenses incurred in 2016, noninterest expense would have increased $0.5 million due to additional salary and employee benefit expense, partially offset by a $0.3 million reduction in the cost of FDIC insurance.
Year-to-date 2017 noninterest expense totaled $78.7 million compared to $75.1 million for the same period in 2016. During 2017, the Company incurred long-term debt prepayment penalties of $2.8 million, and during 2016, the Company incurred $4.1 million in merger related expenses. Excluding these one-time items, the resulting $4.8 million net increase in noninterest expense was primarily due to $3.8 million in increased salary and employee benefit expense related to additional headcount from the merger as well as supplementing the operating infrastructure of the Company. In addition, other expenses increased by $0.7 million primarily due to higher legal, correspondent, audit and consulting fees.
Financial Condition
For the nine months ended September 30, 2017, total assets increased $306.4 million, or 6%, to $5.40 billion as total loans and leases grew $219.0 million, or 6%, to $4.09 billion, investment in bank owned life insurance grew $34.4 million, or 48%, to $106.8 million and investment securities increased $25.7 million, or 3%, to $795.1 million. On the funding side, total deposits grew $264.2 million, or 6%, to $4.36 billion while borrowings increased $13.4 million, or 3%, to $435.4 million. As of September 30, 2017, total loans and leases to total deposits was 93.9%.
Asset Quality
At September 30, 2017, non-performing assets totaled $14.7 million (0.27% of total assets) compared to $21.5 million (0.42% of total assets) at December 31, 2016. Non-accrual loans and leases as a percent of total loans and leases decreased to 0.33% at September 30, 2017 from 0.53% at December 31, 2016. The allowance for loan and lease losses increased to $33.9 million at September 30, 2017, and represented 0.83% of total loans and leases. For the nine months ended September 30, 2017, the Company had net charge-offs of $2.2 million (annualized 0.07% of average loans and leases) compared to $3.4 million (annualized 0.13% of average loans and leases) for the same period in 2016. The year-to-date provision for loan and lease losses was $4.9 million compared to $3.8 million for the same period in 2016.
Capital
At September 30, 2017, stockholders' equity was $577.1 million compared to $550.0 million at December 31, 2016. At September 30, 2017, the book value per common share and tangible book value per common share were $12.19 and $9.25 compared to $11.65 and $8.70, respectively, at December 31, 2016.
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. 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 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, successful implementation, deployment and upgrades of new and existing technology, systems, services and products, customers’ acceptance of the Company’s products and services, and competition. Any statements made by the Company that are not historical facts 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 Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $5.4 billion in total assets. The Bank 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; six New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Newton, Teaneck and Waldwick; and one in New York 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
INCOME STATEMENT | ||||||||||||||||||
Net interest income | $ | 42,115 | $ | 38,518 | $ | 122,859 | $ | 107,470 | ||||||||||
Provision for loan and lease losses | (1,827 | ) | (1,763 | ) | (4,872 | ) | (3,848 | ) | ||||||||||
Other noninterest income | 4,976 | 5,664 | 15,788 | 14,201 | ||||||||||||||
Gains (losses) on sales of investment securities | - | - | 2,524 | 370 | ||||||||||||||
Gains on sales of loans | 478 | 753 | 1,347 | 1,598 | ||||||||||||||
Long-term debt prepayment fee | - | - | (2,828 | ) | - | |||||||||||||
Merger related expenses | - | (1,697 | ) | - | (4,103 | ) | ||||||||||||
Other noninterest expense | (24,849 | ) | (24,309 | ) | (75,857 | ) | (71,042 | ) | ||||||||||
Pretax income | 20,893 | 17,166 | 58,961 | 44,646 | ||||||||||||||
Provision for income taxes | (7,170 | ) | (5,839 | ) | (19,556 | ) | (15,081 | ) | ||||||||||
Net income | $ | 13,723 | $ | 11,327 | $ | 39,405 | $ | 29,565 | ||||||||||
Basic earnings per common share | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||||||
Diluted earnings per common share | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||||||
Dividends per common share | $ | 0.10 | $ | 0.095 | $ | 0.295 | $ | 0.275 | ||||||||||
Weighted average shares - basic | 47,466 | 44,439 | 47,429 | 42,211 | ||||||||||||||
Weighted average shares - diluted | 47,692 | 44,659 | 47,660 | 42,390 | ||||||||||||||
SELECTED OPERATING RATIOS | ||||||||||||||||||
Annualized return on average assets | 1.03 | % | 0.94 | % | 1.01 | % | 0.88 | % | ||||||||||
Annualized return on average common equity | 9.48 | % | 9.10 | % | 9.33 | % | 8.54 | % | ||||||||||
Annualized return on average tangible common equity (1) | 12.51 | % | 12.68 | % | 12.38 | % | 11.95 | % | ||||||||||
Annualized return on interest-earning assets | 3.93 | % | 3.85 | % | 3.86 | % | 3.86 | % | ||||||||||
Annualized cost of interest-bearing liabilities | 0.71 | % | 0.53 | % | 0.65 | % | 0.51 | % | ||||||||||
Annualized net interest spread | 3.22 | % | 3.32 | % | 3.22 | % | 3.35 | % | ||||||||||
Annualized net interest margin | 3.39 | % | 3.45 | % | 3.38 | % | 3.47 | % | ||||||||||
Efficiency ratio (1) | 51.72 | % | 53.35 | % | 53.52 | % | 56.52 | % | ||||||||||
Stockholders' equity to total assets | 10.69 | % | 10.17 | % | ||||||||||||||
Book value per common share | $ | 12.19 | $ | 11.22 | ||||||||||||||
Tangible book value per common share (1) | $ | 9.25 | $ | 8.07 | ||||||||||||||
Tangible common equity to tangible assets (1) | 8.33 | % | 7.53 | % | ||||||||||||||
ASSET QUALITY RATIOS | 9/30/2017 | 9/30/2016 | ||||||||||||||||
Ratio of allowance for loan and lease losses to total loans and leases | 0.83 | % | 0.83 | % | ||||||||||||||
Non-performing loans and leases to total loans and leases | 0.33 | % | 0.60 | % | ||||||||||||||
Non-performing assets to total assets | 0.27 | % | 0.50 | % | ||||||||||||||
Annualized net charge-offs to average loans and leases | 0.07 | % | 0.13 | % | ||||||||||||||
SELECTED BALANCE SHEET DATA AT PERIOD-END | 9/30/2017 | 9/30/2016 | ||||||||||||||||
Loans and leases | $ | 4,092,893 | $ | 3,794,519 | ||||||||||||||
Allowance for loan and lease losses | (33,925 | ) | (31,369 | ) | ||||||||||||||
Investment securities | 795,096 | 638,091 | ||||||||||||||||
Total assets | 5,399,481 | 4,904,291 | ||||||||||||||||
Total deposits | 4,356,996 | 3,941,742 | ||||||||||||||||
Short-term borrowings | 133,960 | 29,699 | ||||||||||||||||
Other borrowings | 301,411 | 398,671 | ||||||||||||||||
Stockholders' equity | 577,081 | 498,722 | ||||||||||||||||
SELECTED AVERAGE BALANCE SHEET DATA | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | |||||||||||||||
Loans and leases | $ | 4,060,838 | $ | 3,743,434 | $ | 3,993,030 | $ | 3,481,053 | ||||||||||
Investment securities | 815,773 | 606,779 | 814,392 | 584,271 | ||||||||||||||
Interest-earning assets | 4,957,856 | 4,467,524 | 4,897,550 | 4,166,190 | ||||||||||||||
Total assets | 5,300,191 | 4,805,381 | 5,232,283 | 4,486,979 | ||||||||||||||
Noninterest-bearing demand deposits | 971,143 | 895,851 | 949,474 | 819,459 | ||||||||||||||
Savings deposits | 484,982 | 487,918 | 489,562 | 483,140 | ||||||||||||||
Interest-bearing transaction accounts | 2,206,206 | 1,988,405 | 2,247,674 | 1,816,003 | ||||||||||||||
Time deposits | 645,333 | 533,224 | 587,086 | 495,278 | ||||||||||||||
Total deposits | 4,307,664 | 3,905,398 | 4,273,796 | 3,613,880 | ||||||||||||||
Short-term borrowings | 42,172 | 35,608 | 41,211 | 39,165 | ||||||||||||||
Other borrowings | 344,775 | 339,204 | 323,180 | 344,859 | ||||||||||||||
Total interest-bearing liabilities | 3,723,468 | 3,384,359 | 3,688,713 | 3,178,445 | ||||||||||||||
Stockholders' equity | 574,113 | 495,343 | 564,443 | 462,445 | ||||||||||||||
(1) See Supplemental Information - Non-GAAP Financial Measures |
Lakeland Bancorp, Inc. | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(Dollars in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||
INTEREST INCOME | ||||||||||||||
Loans, leases and fees | $ | 44,302 | $ | 39,766 | $ | 127,453 | $ | 109,687 | ||||||
Federal funds sold and interest-bearing deposits with banks | 210 | 142 | 618 | 341 | ||||||||||
Taxable investment securities and other | 3,720 | 2,627 | 11,137 | 8,285 | ||||||||||
Tax exempt investment securities | 503 | 470 | 1,535 | 1,300 | ||||||||||
TOTAL INTEREST INCOME | 48,735 | 43,005 | 140,743 | 119,613 | ||||||||||
INTEREST EXPENSE | ||||||||||||||
Deposits | 4,443 | 2,886 | 11,561 | 7,495 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 52 | 19 | 160 | 66 | ||||||||||
Other borrowings | 2,125 | 1,582 | 6,163 | 4,582 | ||||||||||
TOTAL INTEREST EXPENSE | 6,620 | 4,487 | 17,884 | 12,143 | ||||||||||
NET INTEREST INCOME | 42,115 | 38,518 | 122,859 | 107,470 | ||||||||||
Provision for loan and lease losses | 1,827 | 1,763 | 4,872 | 3,848 | ||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES | 40,288 | 36,755 | 117,987 | 103,622 | ||||||||||
NONINTEREST INCOME | ||||||||||||||
Service charges on deposit accounts | 2,797 | 2,615 | 7,926 | 7,580 | ||||||||||
Commissions and fees | 1,258 | 1,182 | 3,549 | 3,260 | ||||||||||
Gains on sales of investment securities | - | - | 2,524 | 370 | ||||||||||
Gains on sales of loans | 478 | 753 | 1,347 | 1,598 | ||||||||||
Income on bank owned life insurance | 624 | 1,303 | 1,550 | 2,125 | ||||||||||
Other income | 297 | 564 | 2,763 | 1,236 | ||||||||||
TOTAL NONINTEREST INCOME | 5,454 | 6,417 | 19,659 | 16,169 | ||||||||||
NONINTEREST EXPENSE | ||||||||||||||
Salaries and employee benefit expense | 15,100 | 14,626 | 45,613 | 41,802 | ||||||||||
Net occupancy expense | 2,327 | 2,372 | 7,670 | 7,401 | ||||||||||
Furniture and equipment expense | 2,073 | 1,876 | 6,166 | 5,904 | ||||||||||
Stationary, supplies and postage expense | 404 | 412 | 1,419 | 1,271 | ||||||||||
Marketing expense | 442 | 429 | 1,351 | 1,123 | ||||||||||
FDIC insurance expense | 430 | 715 | 1,173 | 1,986 | ||||||||||
ATM and debit card expense | 546 | 420 | 1,504 | 1,149 | ||||||||||
Telecommunications expense | 380 | 479 | 1,156 | 1,289 | ||||||||||
Data processing expense | 441 | 518 | 1,496 | 1,497 | ||||||||||
Other real estate owned and other repossessed assets expense | 67 | (32 | ) | 108 | 33 | |||||||||
Long-term debt prepayment fee | - | - | 2,828 | - | ||||||||||
Merger related expenses | - | 1,697 | - | 4,103 | ||||||||||
Core deposit intangible amortization | 104 | 201 | 489 | 532 | ||||||||||
Other expenses | 2,535 | 2,293 | 7,712 | 7,055 | ||||||||||
TOTAL NONINTEREST EXPENSE | 24,849 | 26,006 | 78,685 | 75,145 | ||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 20,893 | 17,166 | 58,961 | 44,646 | ||||||||||
Provision for income taxes | 7,170 | 5,839 | 19,556 | 15,081 | ||||||||||
NET INCOME | $ | 13,723 | $ | 11,327 | $ | 39,405 | $ | 29,565 | ||||||
EARNINGS PER COMMON SHARE | ||||||||||||||
Basic | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||
Diluted | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||
DIVIDENDS PER COMMON SHARE | $ | 0.100 | $ | 0.095 | $ | 0.295 | $ | 0.275 |
Lakeland Bancorp, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
September 30, | December 31, | ||||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash | $ | 178,905 | $ | 169,149 | |||||||
Interest-bearing deposits due from banks | 24,012 | 6,652 | |||||||||
Total cash and cash equivalents | 202,917 | 175,801 | |||||||||
Investment securities available for sale, at fair value | 647,292 | 606,704 | |||||||||
Investment securities held to maturity; fair value of $135,085 at September 30, 2017 | |||||||||||
and $146,990 at December 31, 2016 | 135,021 | 147,614 | |||||||||
Federal Home Loan Bank and other membership stocks, at cost | 12,783 | 15,099 | |||||||||
Loans held for sale | 2,221 | 1,742 | |||||||||
Loans and leases: | |||||||||||
Commercial, real estate | 3,018,106 | 2,767,710 | |||||||||
Commercial, industrial and other | 342,775 | 350,228 | |||||||||
Leases | 71,698 | 67,016 | |||||||||
Residential mortgages | 329,625 | 349,581 | |||||||||
Consumer and home equity | 330,689 | 339,360 | |||||||||
Total loans and leases | 4,092,893 | 3,873,895 | |||||||||
Net deferred costs (fees) | (3,720 | ) | (3,297 | ) | |||||||
Allowance for loan and lease losses | (33,925 | ) | (31,245 | ) | |||||||
Net loans and leases | 4,055,248 | 3,839,353 | |||||||||
Premises and equipment, net | 49,699 | 52,236 | |||||||||
Accrued interest receivable | 13,592 | 12,557 | |||||||||
Goodwill | 136,433 | 135,747 | |||||||||
Other identifiable intangible assets | 2,526 | 3,344 | |||||||||
Bank owned life insurance | 106,831 | 72,384 | |||||||||
Other assets | 34,918 | 30,550 | |||||||||
TOTAL ASSETS | $ | 5,399,481 | $ | 5,093,131 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 955,444 | $ | 927,270 | |||||||
Savings and interest-bearing transaction accounts | 2,681,512 | 2,620,657 | |||||||||
Time deposits $250 thousand and under | 549,893 | 404,680 | |||||||||
Time deposits over $250 thousand | 170,147 | 140,228 | |||||||||
Total deposits | 4,356,996 | 4,092,835 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 133,960 | 56,354 | |||||||||
Other borrowings | 196,539 | 260,866 | |||||||||
Subordinated debentures | 104,872 | 104,784 | |||||||||
Other liabilities | 30,033 | 28,248 | |||||||||
TOTAL LIABILITIES | 4,822,400 | 4,543,087 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock, no par value; authorized 70,000,000 shares; | |||||||||||
issued 47,352,714 shares at September 30, 2017 | |||||||||||
and 47,222,914 shares at December 31, 2016 | 512,383 | 510,861 | |||||||||
Retained earnings | 63,917 | 38,590 | |||||||||
Accumulated other comprehensive gain | 781 | 593 | |||||||||
TOTAL STOCKHOLDERS' EQUITY | 577,081 | 550,044 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 5,399,481 | $ | 5,093,131 | |||||||
Lakeland Bancorp, Inc. | |||||||||||||||||
Financial Highlights | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | |||||||||||||
(Dollars in thousands, except per share data) | 2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||
INCOME STATEMENT | |||||||||||||||||
Net interest income | $ | 42,115 | $ | 41,421 | $ | 39,323 | $ | 38,179 | $ | 38,518 | |||||||
Provision for loan and lease losses | (1,827 | ) | (1,827 | ) | (1,218 | ) | (375 | ) | (1,763 | ) | |||||||
Other noninterest income | 4,976 | 5,655 | 5,157 | 4,636 | 5,664 | ||||||||||||
Gains (losses) on sales of investment securities | - | (15 | ) | 2,539 | - | - | |||||||||||
Gains on sales of loans | 478 | 471 | 398 | 525 | 753 | ||||||||||||
Long-term debt prepayment fee | - | - | (2,828 | ) | - | - | |||||||||||
Merger related expenses | - | - | - | - | (1,697 | ) | |||||||||||
Other noninterest expense | (24,849 | ) | (25,366 | ) | (25,642 | ) | (24,772 | ) | (24,309 | ) | |||||||
Pretax income | 20,893 | 20,339 | 17,729 | 18,193 | 17,166 | ||||||||||||
Provision for income taxes | (7,170 | ) | (6,969 | ) | (5,417 | ) | (6,240 | ) | (5,839 | ) | |||||||
Net income | $ | 13,723 | $ | 13,370 | $ | 12,312 | $ | 11,953 | $ | 11,327 | |||||||
Basic earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.26 | $ | 0.26 | $ | 0.25 | |||||||
Diluted earnings per common share | $ | 0.29 | $ | 0.28 | $ | 0.26 | $ | 0.26 | $ | 0.25 | |||||||
Dividends per common share | $ | 0.10 | $ | 0.100 | $ | 0.095 | $ | 0.095 | $ | 0.095 | |||||||
Dividends paid | $ | 4,775 | $ | 4,775 | $ | 4,527 | $ | 4,265 | $ | 4,261 | |||||||
Weighted average shares - basic | 47,466 | 47,465 | 47,354 | 45,002 | 44,439 | ||||||||||||
Weighted average shares - diluted | 47,692 | 47,674 | 47,623 | 45,257 | 44,659 | ||||||||||||
SELECTED OPERATING RATIOS | |||||||||||||||||
Annualized return on average assets | 1.03 | % | 1.02 | % | 0.97 | % | 0.95 | % | 0.94 | % | |||||||
Annualized return on average common equity | 9.48 | % | 9.49 | % | 9.02 | % | 9.31 | % | 9.10 | % | |||||||
Annualized return on average tangible common equity (1) | 12.51 | % | 12.58 | % | 12.04 | % | 12.83 | % | 12.68 | % | |||||||
Annualized net interest margin | 3.39 | % | 3.41 | % | 3.33 | % | 3.27 | % | 3.45 | % | |||||||
Efficiency ratio (1) | 51.72 | % | 52.64 | % | 56.36 | % | 56.35 | % | 53.35 | % | |||||||
Common stockholders' equity to total assets | 10.69 | % | 10.58 | % | 10.63 | % | 10.80 | % | 10.17 | % | |||||||
Tangible common equity to tangible assets (1) | 8.33 | % | 8.20 | % | 8.20 | % | 8.30 | % | 7.53 | % | |||||||
Tier 1 risk-based ratio | 10.82 | % | 10.77 | % | 10.73 | % | 10.85 | % | 9.70 | % | |||||||
Total risk-based ratio | 13.37 | % | 13.32 | % | 13.29 | % | 13.48 | % | 12.40 | % | |||||||
Tier 1 leverage ratio | 9.07 | % | 8.99 | % | 8.97 | % | 9.07 | % | 8.26 | % | |||||||
Common equity tier 1 capital ratio | 10.13 | % | 10.06 | % | 10.01 | % | 10.11 | % | 8.94 | % | |||||||
Book value per common share | $ | 12.19 | $ | 11.99 | $ | 11.78 | $ | 11.65 | $ | 11.22 | |||||||
Tangible book value per common share (1) | $ | 9.25 | $ | 9.05 | $ | 8.84 | $ | 8.70 | $ | 8.07 | |||||||
(1) See Supplemental Information - Non-GAAP Financial Measures | |||||||||||||||||
Lakeland Bancorp, Inc. | ||||||||||||||||||
Financial Highlights | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
For the Quarter Ended | ||||||||||||||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2017 | 2016 | 2016 | |||||||||||||
SELECTED BALANCE SHEET DATA AT PERIOD-END | ||||||||||||||||||
Loans and leases | $ | 4,092,893 | $ | 4,054,276 | $ | 3,974,718 | $ | 3,873,895 | $ | 3,794,519 | ||||||||
Allowance for loan and lease losses | (33,925 | ) | (32,823 | ) | (31,590 | ) | (31,245 | ) | (31,369 | ) | ||||||||
Investment securities | 795,096 | 830,531 | 847,833 | 769,417 | 638,091 | |||||||||||||
Total assets | 5,399,481 | 5,362,187 | 5,247,815 | 5,093,131 | 4,904,291 | |||||||||||||
Total deposits | 4,356,996 | 4,227,204 | 4,293,393 | 4,092,835 | 3,941,742 | |||||||||||||
Short-term borrowings | 133,960 | 118,487 | 84,850 | 56,354 | 29,699 | |||||||||||||
Other borrowings | 301,411 | 417,093 | 278,238 | 365,650 | 398,671 | |||||||||||||
Stockholders' equity | 577,081 | 567,545 | 557,642 | 550,044 | 498,722 | |||||||||||||
LOANS AND LEASES | ||||||||||||||||||
Commercial, real estate | $ | 3,018,106 | $ | 2,955,596 | $ | 2,881,972 | $ | 2,767,710 | $ | 2,675,154 | ||||||||
Commercial, industrial and other | 342,775 | 352,977 | 342,264 | 350,228 | 339,291 | |||||||||||||
Leases | 71,698 | 70,295 | 67,488 | 67,016 | 65,659 | |||||||||||||
Residential mortgages | 329,625 | 337,765 | 344,890 | 349,581 | 370,766 | |||||||||||||
Consumer and home equity | 330,689 | 337,643 | 338,104 | 339,360 | 343,649 | |||||||||||||
Total loans and leases | $ | 4,092,893 | $ | 4,054,276 | $ | 3,974,718 | $ | 3,873,895 | $ | 3,794,519 | ||||||||
DEPOSITS | ||||||||||||||||||
Noninterest-bearing | $ | 955,444 | $ | 978,668 | $ | 924,581 | $ | 927,270 | $ | 931,385 | ||||||||
Savings and interest-bearing transaction accounts | 2,681,512 | 2,682,291 | 2,809,705 | 2,620,657 | 2,471,097 | |||||||||||||
Time deposits | 720,040 | 566,245 | 559,107 | 544,908 | 539,260 | |||||||||||||
Total deposits | $ | 4,356,996 | $ | 4,227,204 | $ | 4,293,393 | $ | 4,092,835 | $ | 3,941,742 | ||||||||
Total loans and leases to total deposits | 93.9 | % | 95.9 | % | 92.6 | % | 94.7 | % | 96.3 | % | ||||||||
SELECTED AVERAGE BALANCE SHEET DATA | ||||||||||||||||||
Loans and leases | $ | 4,060,838 | $ | 4,011,325 | $ | 3,905,216 | $ | 3,806,588 | $ | 3,743,434 | ||||||||
Investment securities | 815,773 | 837,075 | 790,046 | 683,986 | 606,779 | |||||||||||||
Interest-earning assets | 4,957,856 | 4,907,488 | 4,825,855 | 4,680,156 | 4,467,524 | |||||||||||||
Total assets | 5,300,191 | 5,241,155 | 5,153,893 | 5,015,439 | 4,805,381 | |||||||||||||
Noninterest-bearing demand deposits | 971,143 | 954,966 | 921,770 | 951,418 | 895,851 | |||||||||||||
Savings deposits | 484,982 | 492,991 | 490,777 | 490,556 | 487,918 | |||||||||||||
Interest-bearing transaction accounts | 2,206,206 | 2,295,256 | 2,241,954 | 2,072,154 | 1,988,405 | |||||||||||||
Time deposits | 645,333 | 559,665 | 555,270 | 539,870 | 533,224 | |||||||||||||
Total deposits | 4,307,664 | 4,302,878 | 4,209,771 | 4,053,998 | 3,905,398 | |||||||||||||
Short-term borrowings | 42,172 | 52,951 | 28,358 | 27,538 | 35,608 | |||||||||||||
Other borrowings | 344,775 | 291,882 | 332,750 | 392,789 | 339,204 | |||||||||||||
Total interest-bearing liabilities | 3,723,468 | 3,692,745 | 3,649,109 | 3,522,907 | 3,384,359 | |||||||||||||
Stockholders' equity | 574,113 | 565,211 | 553,782 | 510,562 | 495,343 | |||||||||||||
Lakeland Bancorp, Inc. | |||||||||||||||||||
Financial Highlights | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||
AVERAGE ANNUALIZED YIELDS (TAXABLE EQUIVALENT BASIS) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Loans and leases | 4.33 | % | 4.27 | % | 4.20 | % | 4.19 | % | 4.23 | % | |||||||||
Taxable investment securities and other | 2.09 | % | 2.11 | % | 2.13 | % | 2.00 | % | 2.06 | % | |||||||||
Tax-exempt securities | 2.98 | % | 2.86 | % | 2.78 | % | 2.75 | % | 3.01 | % | |||||||||
Federal funds sold and interest-bearing cash accounts | 1.03 | % | 0.89 | % | 0.85 | % | 0.48 | % | 0.48 | % | |||||||||
Total interest-earning assets | 3.93 | % | 3.88 | % | 3.78 | % | 3.74 | % | 3.85 | % | |||||||||
LIABILITIES | |||||||||||||||||||
Savings accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | |||||||||
Interest-bearing transaction accounts | 0.49 | % | 0.44 | % | 0.38 | % | 0.35 | % | 0.34 | % | |||||||||
Time deposits | 1.03 | % | 0.86 | % | 0.83 | % | 0.84 | % | 0.81 | % | |||||||||
Borrowings | 2.20 | % | 2.30 | % | 2.37 | % | 2.37 | % | 1.71 | % | |||||||||
Total interest-bearing liabilities | 0.71 | % | 0.63 | % | 0.60 | % | 0.62 | % | 0.53 | % | |||||||||
Net interest spread (taxable equivalent basis) | 3.22 | % | 3.25 | % | 3.18 | % | 3.12 | % | 3.32 | % | |||||||||
Annualized net interest margin (taxable equivalent basis) | 3.39 | % | 3.41 | % | 3.33 | % | 3.27 | % | 3.45 | % | |||||||||
Annualized cost of deposits | 0.41 | % | 0.35 | % | 0.32 | % | 0.30 | % | 0.29 | % | |||||||||
ASSET QUALITY DATA | |||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | |||||||||||||||||||
Balance at beginning of period | $ | 32,823 | $ | 31,590 | $ | 31,245 | $ | 31,369 | $ | 30,667 | |||||||||
Provision for loan and lease losses | 1,827 | 1,827 | 1,218 | 375 | 1,763 | ||||||||||||||
Charge-offs | (869 | ) | (870 | ) | (1,360 | ) | (795 | ) | (1,273 | ) | |||||||||
Recoveries | 144 | 276 | 487 | 296 | 212 | ||||||||||||||
Balance at end of period | $ | 33,925 | $ | 32,823 | $ | 31,590 | $ | 31,245 | $ | 31,369 | |||||||||
NET LOAN AND LEASE CHARGE-OFFS (RECOVERIES) | |||||||||||||||||||
Commercial, real estate | $ | 285 | $ | (67 | ) | $ | 595 | $ | (87 | ) | $ | (11 | ) | ||||||
Commercial, industrial and other | 168 | 44 | 68 | (96 | ) | (30 | ) | ||||||||||||
Leases | 80 | 92 | 39 | 42 | 40 | ||||||||||||||
Residential mortgages | 95 | 169 | 141 | 231 | 385 | ||||||||||||||
Consumer and home equity | 97 | 356 | 30 | 409 | 677 | ||||||||||||||
Net charge-offs (recoveries) | $ | 725 | $ | 594 | $ | 873 | $ | 499 | $ | 1,061 | |||||||||
NON-PERFORMING ASSETS | |||||||||||||||||||
Commercial, real estate | $ | 6,820 | $ | 10,240 | $ | 10,443 | $ | 11,885 | $ | 13,068 | |||||||||
Commercial, industrial and other | 172 | 378 | 136 | 167 | 39 | ||||||||||||||
Leases | 110 | 81 | 179 | 153 | 78 | ||||||||||||||
Residential mortgages | 4,410 | 3,857 | 4,715 | 6,048 | 7,264 | ||||||||||||||
Consumer and home equity | 2,033 | 1,689 | 2,270 | 2,151 | 2,210 | ||||||||||||||
Total non-accrual loans and leases | 13,545 | 16,245 | 17,743 | 20,404 | 22,659 | ||||||||||||||
Property acquired through foreclosure or repossession | 1,168 | 1,415 | 710 | 1,072 | 1,918 | ||||||||||||||
Total non-performing assets | $ | 14,713 | $ | 17,660 | $ | 18,453 | $ | 21,476 | $ | 24,577 | |||||||||
Loans past due 90 days or more and still accruing | $ | 9 | $ | 20 | $ | - | $ | 10 | $ | 10 | |||||||||
Loans restructured and still accruing | $ | 11,279 | $ | 11,697 | $ | 11,553 | $ | 8,802 | $ | 9,251 | |||||||||
Ratio of allowance for loan and lease losses to total loans and leases | 0.83 | % | 0.81 | % | 0.79 | % | 0.81 | % | 0.83 | % | |||||||||
Total non-accrual loans and leases to total loans and leases | 0.33 | % | 0.40 | % | 0.45 | % | 0.53 | % | 0.60 | % | |||||||||
Total non-performing assets to total assets | 0.27 | % | 0.33 | % | 0.35 | % | 0.42 | % | 0.50 | % | |||||||||
Annualized net charge-offs (recoveries) to average loans and leases | 0.07 | % | 0.06 | % | 0.09 | % | 0.05 | % | 0.11 | % | |||||||||
Lakeland Bancorp, Inc. | ||||||||||||||||||
Supplemental Information - Non-GAAP Financial Measures | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
At or for the Quarter Ended | ||||||||||||||||||
Sept 30, | June 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||
(Dollars in thousands, except per share amounts) | 2017 | 2017 | 2017 | 2016 | 2016 | |||||||||||||
CALCULATION OF TANGIBLE BOOK VALUE PER COMMON SHARE | ||||||||||||||||||
Total common stockholders' equity at end of period - GAAP | $ | 577,081 | $ | 567,545 | $ | 557,642 | $ | 550,044 | $ | 498,722 | ||||||||
Less: Goodwill | 136,433 | 136,433 | 135,747 | 135,747 | 136,392 | |||||||||||||
Less: Other identifiable intangible assets | 2,526 | 2,631 | 3,149 | 3,344 | 3,545 | |||||||||||||
Total tangible common stockholders' equity at end of period - Non-GAAP | $ | 438,122 | $ | 428,481 | $ | 418,746 | $ | 410,953 | $ | 358,785 | ||||||||
Shares outstanding at end of period | 47,353 | 47,353 | 47,350 | 47,223 | 44,443 | |||||||||||||
Book value per share - GAAP | $ | 12.19 | $ | 11.99 | $ | 11.78 | $ | 11.65 | $ | 11.22 | ||||||||
Tangible book value per share - Non-GAAP | $ | 9.25 | $ | 9.05 | $ | 8.84 | $ | 8.70 | $ | 8.07 | ||||||||
CALCULATION OF TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS | ||||||||||||||||||
Total tangible common stockholders' equity at end of period - Non-GAAP | $ | 438,122 | $ | 428,481 | $ | 418,746 | $ | 410,953 | $ | 358,785 | ||||||||
Total assets at end of period - GAAP | $ | 5,399,481 | $ | 5,362,187 | $ | 5,247,815 | $ | 5,093,131 | $ | 4,904,291 | ||||||||
Less: Goodwill | 136,433 | 136,433 | 135,747 | 135,747 | 136,392 | |||||||||||||
Less: Other identifiable intangible assets | 2,526 | 2,631 | 3,149 | 3,344 | 3,545 | |||||||||||||
Total tangible assets at end of period - Non-GAAP | $ | 5,260,522 | $ | 5,223,123 | $ | 5,108,919 | $ | 4,954,040 | $ | 4,764,354 | ||||||||
Common equity to assets - GAAP | 10.69 | % | 10.58 | % | 10.63 | % | 10.80 | % | 10.17 | % | ||||||||
Tangible common equity to tangible assets - Non-GAAP | 8.33 | % | 8.20 | % | 8.20 | % | 8.30 | % | 7.53 | % | ||||||||
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON EQUITY | ||||||||||||||||||
Net income - GAAP | $ | 13,723 | $ | 13,370 | $ | 12,312 | $ | 11,953 | $ | 11,327 | ||||||||
Total average common stockholders' equity - GAAP | $ | 574,113 | $ | 565,211 | $ | 553,782 | $ | 510,562 | $ | 495,343 | ||||||||
Less: Average goodwill | 136,433 | 135,755 | 135,747 | 136,385 | 136,392 | |||||||||||||
Less: Average other identifiable intangible assets | 2,606 | 3,069 | 3,276 | 3,459 | 3,685 | |||||||||||||
Total average tangible common stockholders' equity - Non-GAAP | $ | 435,074 | $ | 426,387 | $ | 414,759 | $ | 370,718 | $ | 355,266 | ||||||||
Return on average common stockholders' equity - GAAP | 9.48 | % | 9.49 | % | 9.02 | % | 9.31 | % | 9.10 | % | ||||||||
Return on average tangible common stockholders' equity - Non-GAAP | 12.51 | % | 12.58 | % | 12.04 | % | 12.83 | % | 12.68 | % | ||||||||
CALCULATION OF EFFICIENCY RATIO | ||||||||||||||||||
Total noninterest expense | $ | 24,849 | $ | 25,366 | $ | 28,470 | $ | 24,772 | $ | 26,006 | ||||||||
Amortization of core deposit intangibles | (104 | ) | (190 | ) | (195 | ) | (202 | ) | (201 | ) | ||||||||
Long-term debt prepayment fee | - | - | (2,828 | ) | - | - | ||||||||||||
Merger related expenses | - | - | - | - | (1,697 | ) | ||||||||||||
Noninterest expense, as adjusted | $ | 24,745 | $ | 25,176 | $ | 25,447 | $ | 24,570 | $ | 24,108 | ||||||||
Net interest income | $ | 42,115 | $ | 41,421 | $ | 39,323 | $ | 38,179 | $ | 38,518 | ||||||||
Total noninterest income | 5,454 | 6,111 | 8,094 | 5,161 | 6,417 | |||||||||||||
Total revenue | 47,569 | 47,532 | 47,417 | 43,340 | 44,935 | |||||||||||||
Tax-equivalent adjustment on municipal securities | 271 | 281 | 275 | 262 | 253 | |||||||||||||
(Gains) losses on sales of investment securities | - | 15 | (2,539 | ) | - | - | ||||||||||||
Total revenue, as adjusted | $ | 47,840 | $ | 47,828 | $ | 45,153 | $ | 43,602 | $ | 45,188 | ||||||||
Efficiency ratio - Non-GAAP | 51.72 | % | 52.64 | % | 56.36 | % | 56.35 | % | 53.35 | % | ||||||||
For the Quarter Ended | For the Nine Months Ended | |||||||||||||||||
Sept 30, | Sept 30, | Sept 30, | Sept 30, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
RECONCILIATION OF EARNINGS PER SHARE | ||||||||||||||||||
Net income - GAAP | $ | 13,723 | $ | 11,327 | $ | 39,405 | $ | 29,565 | ||||||||||
NON-ROUTINE TRANSACTIONS, NET OF TAX | ||||||||||||||||||
Tax deductible merger related expenses | - | 893 | - | 1,915 | ||||||||||||||
Non-tax deductible merger related expenses | - | 187 | - | 866 | ||||||||||||||
Net effect of non-routine transactions | - | 1,080 | - | 2,781 | ||||||||||||||
Net income available to common shareholders excluding non-routine transactions | 13,723 | 12,407 | 39,405 | 32,346 | ||||||||||||||
Less: Earnings allocated to participating securities | (122 | ) | (114 | ) | (362 | ) | (275 | ) | ||||||||||
$ | 13,601 | $ | 12,293 | $ | 39,043 | $ | 32,071 | |||||||||||
Weighted average shares - Basic | 47,466 | 44,439 | 47,429 | 42,211 | ||||||||||||||
Weighted average shares - Diluted | 47,692 | 44,659 | 47,660 | 42,390 | ||||||||||||||
Basic earnings per share - GAAP | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||||||
Diluted earnings per share - GAAP | $ | 0.29 | $ | 0.25 | $ | 0.82 | $ | 0.69 | ||||||||||
Basic earnings per share, adjusted for non-routine transactions | $ | 0.29 | $ | 0.28 | $ | 0.82 | $ | 0.76 | ||||||||||
Diluted earnings per share, adjusted for non-routine transactions (Core EPS) | $ | 0.29 | $ | 0.28 | $ | 0.82 | $ | 0.76 | ||||||||||
Lakeland Bancorp, Inc. | |||||||||
Supplemental Information - Non-GAAP Financial Measures | |||||||||
(Unaudited) | |||||||||
For the Nine Months Ended, | |||||||||
Sept 30, | Sept 30, | ||||||||
(Dollars in thousands) | 2017 | 2016 | |||||||
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON EQUITY | |||||||||
Net income - GAAP | $ | 39,405 | $ | 29,565 | |||||
Total average common stockholders' equity - GAAP | $ | 564,443 | $ | 462,445 | |||||
Less: Average goodwill | 135,981 | 128,774 | |||||||
Less: Average other identifiable intangible assets | 2,981 | 3,146 | |||||||
Total average tangible common stockholders' equity - Non-GAAP | $ | 425,481 | $ | 330,525 | |||||
Return on average common stockholders' equity - GAAP | 9.33 | % | 8.54 | % | |||||
Return on average tangible common stockholders' equity - Non-GAAP | 12.38 | % | 11.95 | % | |||||
CALCULATION OF EFFICIENCY RATIO | |||||||||
Total noninterest expense | $ | 78,685 | $ | 75,145 | |||||
Amortization of core deposit intangibles | (489 | ) | (532 | ) | |||||
Long-term debt prepayment fee | (2,828 | ) | - | ||||||
Merger related expenses | - | (4,103 | ) | ||||||
Provision for unfunded lending commitments | - | (438 | ) | ||||||
Noninterest expense, as adjusted | $ | 75,368 | $ | 70,072 | |||||
Net interest income | $ | 122,859 | $ | 107,470 | |||||
Noninterest income | 19,659 | 16,169 | |||||||
Total revenue | 142,518 | 123,639 | |||||||
Tax-equivalent adjustment on municipal securities | 827 | 700 | |||||||
Gains on sales of investment securities | (2,524 | ) | (370 | ) | |||||
Total revenue, as adjusted | $ | 140,821 | $ | 123,969 | |||||
Efficiency ratio - Non-GAAP | 53.52 | % | 56.52 | % | |||||