UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2015
Lakeland Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| New Jersey |
000-17820 |
22-2953275 |
(State or other jurisdiction
of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 250 Oak Ridge Road, Oak Ridge, New Jersey |
07438 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (973) 697-2000
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| |
[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On July 22, 2015, Lakeland Bancorp, Inc. ("Company") disseminated a press release reporting second quarter results for the period ended June 30, 2015. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 8.01. Other Events.
In the press release referred to in Item 2.02, the Company reported the following events. On July 21, 2015, the Company declared a $0.085 cash dividend per common share payable on August 14, 2015 to shareholders of record at the close of business August 4, 2015.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit 99.1 Press Release, dated July 22, 2015.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
|
Lakeland Bancorp, Inc.
(Registrant)
|
July 22, 2015
(Date) |
|
/s/ THOMAS J. SHARA
Thomas J. Shara
President and Chief Executive Officer |
EXHIBIT 99.1
Lakeland Bancorp Second Quarter Results Driven by Strong Loan Growth
OAK RIDGE, N.J., July 22, 2015 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ:LBAI) (the "Company") reported the following results for the second quarter of 2015:
-
Net Income in the second quarter of 2015 was $7.9 million, or $0.21 per diluted share, compared to $7.8 million, or $0.20 per diluted share, for the same period in 2014. For the second quarter of 2015, Annualized Return on Average Assets was 0.88%, Annualized Return on Average Common Equity was 8.08%, and Annualized Return on Average Tangible Common Equity was 11.33%.
-
Net Income for the first six months of 2015 was $16.2 million, or $0.42 per diluted share, compared to $14.9 million, or $0.39 per diluted share, for the same period in 2014. The Annualized Return on Average Assets for the six months ended June 30, 2015 was 0.92%, the Annualized Return on Average Common Equity was 8.44%, and the Annualized Return on Average Tangible Common Equity was 11.87%.
-
The Company reported strong loan growth in the second quarter of 2015. Total loans increased by $65.0 million, or 2.4%, to $2.76 billion during the quarter. This overall increase was primarily in commercial loans, which increased by $77.6 million, or 4.1%. For the first six months of 2015, total loans increased by $101.1 million, or 3.8%, with a $125.9 million, or 6.9%, increase in commercial loans.
-
During the second quarter, the Company opened its second new Loan Production Office ("LPO") in as many quarters. This LPO serves the greater Hudson Valley, NY area and represents a new market for the Company. As previously announced, the Company also consolidated three branch locations in the quarter.
-
Net Interest Margin ("NIM") was 3.46% for the second quarter of 2015, compared to 3.56% for the first quarter of 2015 and 3.69% for the second quarter of 2014.
-
Total deposits have increased $52.1 million to $2.84 billion since December 31, 2014. Most notably, noninterest bearing deposits increased $68.2 million, or 10.6%, in 2015.
-
On July 21, 2015, the Company declared a quarterly cash dividend of $0.085 per common share, payable on August 14, 2015 to holders of record as of the close of business on August 4, 2015.
Thomas J. Shara, Lakeland Bancorp's President and CEO said, "The second quarter was highlighted by the opening of our Loan Production Office in the Hudson Valley region of New York, continued strong growth of commercial loans as a result of our highly focused lending strategy and sustained growth in noninterest bearing deposits."
Earnings
Net Interest Income
Net interest income for the second quarter of 2015 was $28.7 million, as compared to $28.4 million for the same period in 2014. The ten basis point decline in NIM from first quarter 2015 to second quarter 2015 was primarily due to the growth in new commercial loans originated and the refinancing of existing loans, both at lower rates, as well as a decline in yields from lower net interest recoveries. The annualized yield on interest earning assets for the second quarter of 2015 was 3.78%, as compared to 3.86% reported in the first quarter of 2015. The annualized cost of interest bearing liabilities for the second quarter of 2015 was 0.42%, as compared to 0.40% in the first quarter of 2015.
Net interest income for the first six months of 2015 was $57.2 million, as compared to $56.3 million reported for the first six months of 2014. Annualized NIM for the first six months of 2015 was 3.51%, compared to 3.71% for the same period in 2014. The Company's annualized yield on earning assets decreased from 3.98% for the first six months of 2014 to 3.82% for the same period in 2015. The Company's cost of interest bearing liabilities increased from 0.36% for the first six months of 2014 to 0.41% for the first six months of 2015.
Noninterest Income
Noninterest income totaled $5.0 million for the second quarter of 2015, as compared to $4.4 million for the same period last year. This $0.6 million, or 13.4%, increase is primarily due to the $0.3 million increase in gain on sale of loans and $0.3 million in swap income.
Noninterest income totaled $9.7 million for the first six months of 2015, which was $1.3 million, or 14.8%, higher than the same period in 2014. Included in noninterest income was a $0.5 million increase in gain on sale of loans, $0.3 million in swap income, and $0.3 million in death benefits received on a Bank Owned Life Insurance Policy.
Noninterest Expense
Noninterest expense for the second quarter of 2015 was $21.2 million, as compared to $19.5 million for the same period in 2014. Salary and benefit expense at $12.1 million increased by $0.9 million, primarily due to $0.3 million in costs associated with the addition of the new LPOs, $0.2 million in increased medical benefit costs, and year-over-year incremental salary and benefit increases. Net occupancy expense at $2.3 million increased $0.2 million and included a $0.2 million write down to fair market value for one of the closed branches. Other expenses at $3.4 million increased $0.5 million, primarily due to $0.3 million in additional loan related expenses.
For the first six months of 2015, noninterest expenses were $41.2 million, as compared to $39.3 million for the same period in 2014. Salary and benefit expense at $23.9 million increased by $1.9 million, primarily due to $0.4 million in new costs associated with the addition of the new LPOs in 2015, $0.3 million due to the timing of the issuance of restricted stock compensation, $0.3 million in increased medical benefit costs, and year-over-year incremental salary and benefit increases. The $0.2 million increase in net occupancy expense was due to a $0.2 million write down to the fair market value for one of the closed branches.
Financial Condition
At June 30, 2015, total assets were $3.70 billion, an increase of $160.8 million, or 4.5%, from December 31, 2014. Total loans were $2.76 billion, an increase of $101.1 million, or 3.8%, from December 31, 2014. Total deposits were $2.84 billion, an increase of $52.1 million from December 31, 2014. Noninterest bearing deposits at $714.2 million have increased by $68.2 million, or 10.6%, in 2015. Interest bearing deposits at $2.13 billion have decreased this year by $16.0 million, primarily due to a $68.0 million decrease in interest bearing public funds. This decrease was partially offset by a $34.4 million increase in money market demand accounts and a $26.5 million increase in CDs issued.
Asset Quality
At June 30, 2015, non-performing assets totaled $20.1 million (0.54% of total assets), a decrease of $1.6 million, or 7.5%, when compared to $21.7 million (0.61% of total assets) at December 31, 2014. Non-performing loans to total loans at 0.69% decreased nine basis points from December 31, 2014. The Allowance for Loan and Lease Losses totaled $30.2 million at June 30, 2015 and represented 1.09% of total loans, compared to $30.7 million at December 31, 2014, which represented 1.16% of total loans. For the first six months of 2015, the Company had net charge-offs of $2.1 million (0.16% of average loans), as compared to $3.0 million (0.24% of average loans) for the same period in 2014. The provision for loan and lease losses for the first six months of 2015 was $1.6 million, compared to $3.1 million for the same period in 2014.
Capital
At June 30, 2015, stockholders' equity was $390.9 million, while book value per common share was $10.31. Tangible book value per common share was $7.36, an increase of 4.2% from December 31, 2014. As of June 30, 2015, the Company's leverage ratio was 9.12%. Tier I and total risk based capital ratios were 11.05% and 12.15%, respectively. The common equity tier 1 capital ratio was 9.66%. The tangible common equity ratio was 7.78%. The 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 $3.7 billion in total assets with 48 New Jersey branch offices in Bergen, Essex, Morris, Passaic, Somerset, Sussex, Union and Warren counties, five New Jersey regional commercial lending centers in Bernardsville, Montville, Newton, Teaneck and Wyckoff and two commercial loan production offices serving Middlesex and Monmouth counties in New Jersey and the Hudson Valley region of New York. Lakeland Bank 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. |
|
Financial Highlights |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
(Dollars in thousands, except per share amounts) |
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
Net Interest Income |
$ 28,669 |
$ 28,419 |
$ 57,187 |
$ 56,264 |
|
Provision for Loan and Lease Losses |
(740) |
(1,593) |
(1,610) |
(3,082) |
|
Other Noninterest Income |
4,494 |
4,219 |
8,967 |
8,209 |
|
Gain on Sale of Loans |
464 |
152 |
729 |
235 |
|
Noninterest Expense |
(21,195) |
(19,530) |
(41,237) |
(39,272) |
|
Pretax Income |
11,692 |
11,667 |
24,036 |
22,354 |
|
Tax Expense |
(3,830) |
(3,886) |
(7,844) |
(7,410) |
|
Net Income |
$ 7,862 |
$ 7,781 |
$ 16,192 |
$ 14,944 |
|
|
|
|
|
|
|
Basic Earnings per Common Share |
$ 0.21 |
$ 0.20 |
$ 0.42 |
$ 0.39 |
|
Diluted Earnings per Common Share |
$ 0.21 |
$ 0.20 |
$ 0.42 |
$ 0.39 |
|
Dividends per Common Share |
$ 0.085 |
$ 0.071 |
$ 0.160 |
$ 0.142 |
|
Weighted Average Shares - Basic |
37,854 |
37,740 |
37,827 |
37,711 |
|
Weighted Average Shares - Diluted |
37,988 |
37,850 |
37,961 |
37,828 |
|
|
|
|
|
|
|
SELECTED OPERATING RATIOS |
|
|
|
|
|
Annualized Return on Average Assets |
0.88% |
0.93% |
0.92% |
0.90% |
|
Annualized Return on Average Common Equity |
8.08% |
8.58% |
8.44% |
8.36% |
|
Annualized Return on Average Tangible Common Equity (1) |
11.33% |
12.41% |
11.87% |
12.15% |
|
Annualized Return on Interest Earning Assets |
3.78% |
3.97% |
3.82% |
3.98% |
|
Annualized Cost of Interest Bearing Liabilities |
0.42% |
0.36% |
0.41% |
0.36% |
|
Annualized Net Interest Spread |
3.36% |
3.60% |
3.41% |
3.62% |
|
Annualized Net Interest Margin |
3.46% |
3.69% |
3.51% |
3.71% |
|
Efficiency Ratio (1) |
62.09% |
58.73% |
60.64% |
59.80% |
|
Stockholders' Equity to Total Assets |
|
|
10.57% |
10.57% |
|
Book Value per Common Share |
|
|
$ 10.31 |
$ 9.70 |
|
Tangible Book Value per Common Share (1) |
|
|
$ 7.36 |
$ 6.74 |
|
Tangible Common Equity to Tangible Assets (1) |
|
|
7.78% |
7.59% |
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
6/30/2015 |
6/30/2014 |
|
Ratio of Allowance for Loan and Lease Losses to Total Loans |
|
|
1.09% |
1.14% |
|
Non-accruing Loans to Total Loans |
|
|
0.69% |
0.74% |
|
Non-performing Assets to Total Assets |
|
|
0.54% |
0.58% |
|
Annualized Net Charge-Offs to Average Loans |
|
|
0.16% |
0.24% |
|
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA AT PERIOD-END |
|
|
6/30/2015 |
6/30/2014 |
|
Loans and Leases |
|
|
$ 2,756,694 |
$ 2,610,198 |
|
Allowance for Loan and Lease Losses |
|
|
(30,174) |
(29,866) |
|
Investment Securities |
|
|
597,598 |
530,934 |
|
Total Assets |
|
|
3,699,127 |
3,479,548 |
|
Total Deposits |
|
|
2,842,953 |
2,726,850 |
|
Short-Term Borrowings |
|
|
146,249 |
156,511 |
|
Other Borrowings |
|
|
303,966 |
215,238 |
|
Stockholders' Equity |
|
|
390,860 |
367,833 |
|
|
|
|
|
|
|
SELECTED AVERAGE BALANCE SHEET DATA |
For the Three Months Ended |
For the Six Months Ended |
|
|
6/30/2015 |
6/30/2014 |
6/30/2015 |
6/30/2014 |
|
Loans and Leases, net |
$ 2,720,801 |
$ 2,552,010 |
$ 2,690,823 |
$ 2,519,679 |
|
Investment Securities |
600,547 |
537,974 |
591,778 |
539,837 |
|
Interest Earning Assets |
3,345,380 |
3,114,539 |
3,308,450 |
3,088,193 |
|
Total Assets |
3,600,416 |
3,360,289 |
3,563,860 |
3,336,630 |
|
Noninterest Bearing Demand Deposits |
688,854 |
640,080 |
674,780 |
629,570 |
|
Savings Deposits |
402,142 |
387,179 |
398,667 |
386,099 |
|
Interest Bearing Transaction Accounts |
1,480,866 |
1,433,382 |
1,488,028 |
1,437,055 |
|
Time Deposits |
295,996 |
284,475 |
288,459 |
288,826 |
|
Total Deposits |
2,867,858 |
2,745,116 |
2,849,934 |
2,741,550 |
|
Short-Term Borrowings |
59,249 |
78,475 |
53,570 |
67,599 |
|
Other Borrowings |
267,610 |
158,432 |
257,519 |
152,042 |
|
Total Interest Bearing Liabilities |
2,505,863 |
2,341,944 |
2,486,243 |
2,331,621 |
|
Stockholders' Equity |
390,151 |
363,802 |
386,887 |
360,395 |
|
|
|
|
|
|
|
(1) See supplemental information - Non-GAAP financial measures |
|
|
|
|
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Consolidated Statements of Operations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
(Dollars in thousands, except per share amounts) |
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Loans and fees |
$28,211 |
$27,558 |
$56,107 |
$54,456 |
|
Federal funds sold and interest bearing deposits with banks |
11 |
9 |
23 |
22 |
|
Taxable investment securities and other |
2,688 |
2,515 |
5,362 |
5,061 |
|
Tax exempt investment securities |
398 |
467 |
808 |
940 |
|
TOTAL INTEREST INCOME |
31,308 |
30,549 |
62,300 |
60,479 |
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
1,346 |
1,243 |
2,629 |
2,506 |
|
Federal funds purchased and securities sold under agreements to repurchase |
37 |
35 |
59 |
50 |
|
Other borrowings |
1,256 |
852 |
2,425 |
1,659 |
|
TOTAL INTEREST EXPENSE |
2,639 |
2,130 |
5,113 |
4,215 |
|
NET INTEREST INCOME |
28,669 |
28,419 |
57,187 |
56,264 |
|
Provision for loan and lease losses |
740 |
1,593 |
1,610 |
3,082 |
|
NET INTEREST INCOME AFTER PROVISION FOR |
|
|
|
|
|
LOAN AND LEASE LOSSES |
27,929 |
26,826 |
55,577 |
53,182 |
|
NONINTEREST INCOME |
|
|
|
|
|
Service charges on deposit accounts |
2,450 |
2,663 |
4,790 |
5,222 |
|
Commissions and fees |
1,196 |
1,082 |
2,503 |
2,095 |
|
Gain on investment securities |
17 |
-- |
17 |
2 |
|
Gain on sale of loans |
464 |
152 |
729 |
235 |
|
Income on bank owned life insurance |
388 |
365 |
1,087 |
725 |
|
Other income |
443 |
109 |
570 |
165 |
|
TOTAL NONINTEREST INCOME |
4,958 |
4,371 |
9,696 |
8,444 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
Salaries and employee benefits |
12,144 |
11,200 |
23,894 |
22,013 |
|
Net occupancy expense |
2,273 |
2,041 |
4,821 |
4,658 |
|
Furniture and equipment |
1,629 |
1,660 |
3,285 |
3,353 |
|
Stationery, supplies and postage |
377 |
334 |
742 |
688 |
|
Marketing expense |
416 |
476 |
656 |
862 |
|
FDIC insurance expense |
531 |
511 |
1,049 |
1,012 |
|
Legal expense |
325 |
219 |
441 |
492 |
|
Other real estate owned and other repossessed assets expense |
27 |
100 |
19 |
115 |
|
Core deposit intangible amortization |
107 |
119 |
218 |
242 |
|
Other expenses |
3,366 |
2,870 |
6,112 |
5,837 |
|
TOTAL NONINTEREST EXPENSE |
21,195 |
19,530 |
41,237 |
39,272 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
11,692 |
11,667 |
24,036 |
22,354 |
|
Provision for income taxes |
3,830 |
3,886 |
7,844 |
7,410 |
|
NET INCOME |
$7,862 |
$7,781 |
$16,192 |
$14,944 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
Basic |
$0.21 |
$0.20 |
$0.42 |
$0.39 |
|
Diluted |
$0.21 |
$0.20 |
$0.42 |
$0.39 |
|
DIVIDENDS PER COMMON SHARE |
$0.085 |
$0.071 |
$0.160 |
$0.142 |
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
June 30, |
December 31, |
|
(Dollars in thousands) |
2015 |
2014 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Cash and due from banks |
$118,207 |
$102,549 |
|
Federal funds sold and interest bearing deposits due from banks |
19,359 |
6,767 |
|
Total cash and cash equivalents |
137,566 |
109,316 |
|
|
|
|
|
Investment securities available for sale, at fair value |
461,686 |
457,449 |
|
Investment securities held to maturity; fair value of $123,585 in 2015 and $109,030 in 2014 |
123,133 |
107,976 |
|
Federal Home Loan Bank and other membership stocks, at cost |
12,779 |
9,846 |
|
Loans held for sale |
3,348 |
592 |
|
Loans: |
|
|
|
Commercial, secured by real estate |
1,695,276 |
1,593,781 |
|
Commercial, industrial and other |
262,617 |
238,252 |
|
Leases |
53,798 |
54,749 |
|
Residential mortgages |
414,339 |
431,190 |
|
Consumer and home equity |
330,664 |
337,642 |
|
Total loans |
2,756,694 |
2,655,614 |
|
Net deferred costs |
(2,177) |
(1,788) |
|
Allowance for loan and lease losses |
(30,174) |
(30,684) |
|
Net loans |
2,724,343 |
2,623,142 |
|
Premises and equipment, net |
35,524 |
35,675 |
|
Accrued interest receivable |
8,911 |
8,896 |
|
Goodwill |
109,974 |
109,974 |
|
Other identifiable intangible assets |
1,742 |
1,960 |
|
Bank owned life insurance |
61,869 |
57,476 |
|
Other assets |
18,252 |
16,023 |
|
TOTAL ASSETS |
$3,699,127 |
$3,538,325 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
LIABILITIES: |
|
|
|
Deposits: |
|
|
|
Noninterest bearing |
$714,227 |
$646,052 |
|
Savings and interest bearing transaction accounts |
1,822,295 |
1,864,805 |
|
Time deposits under $100,000 |
165,105 |
165,625 |
|
Time deposits $100,000 and over |
141,326 |
114,337 |
|
Total deposits |
2,842,953 |
2,790,819 |
|
Federal funds purchased and securities sold under agreements to repurchase |
146,249 |
108,935 |
|
Other borrowings |
262,728 |
202,498 |
|
Subordinated debentures |
41,238 |
41,238 |
|
Other liabilities |
15,099 |
15,397 |
|
TOTAL LIABILITIES |
3,308,267 |
3,158,887 |
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
Common stock, no par value; authorized 70,000,000 shares; issued 37,903,282 shares at June 30, 2015 and 37,910,840 shares at December 31, 2014 |
385,565 |
384,731 |
|
Retained Earnings (Accumulated Deficit) |
3,281 |
(6,816) |
|
Accumulated other comprehensive gain |
2,014 |
1,523 |
|
TOTAL STOCKHOLDERS' EQUITY |
390,860 |
379,438 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$3,699,127 |
$3,538,325 |
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Financial Highlights |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
|
(Dollars in thousands, except per share data) |
2015 |
2015 |
2014 |
2014 |
2014 |
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
|
Net Interest Income |
$ 28,669 |
$ 28,518 |
$ 28,850 |
$ 28,452 |
$ 28,419 |
|
Provision for Loan and Lease Losses |
(740) |
(870) |
(1,589) |
(1,194) |
(1,593) |
|
Other Noninterest Income |
4,494 |
4,473 |
4,274 |
4,666 |
4,219 |
|
Gain on Sale of Loans |
464 |
265 |
195 |
143 |
152 |
|
Other Noninterest Expense |
(21,195) |
(20,042) |
(20,178) |
(19,685) |
(19,530) |
|
Pretax Income |
11,692 |
12,344 |
11,552 |
12,382 |
11,667 |
|
Tax Expense |
(3,830) |
(4,014) |
(3,613) |
(4,136) |
(3,886) |
|
Net Income |
$ 7,862 |
$ 8,330 |
$ 7,939 |
$ 8,246 |
$ 7,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ 0.21 |
$ 0.22 |
$ 0.21 |
$ 0.22 |
$ 0.20 |
|
Diluted Earnings Per Common Share |
$ 0.21 |
$ 0.22 |
$ 0.21 |
$ 0.22 |
$ 0.20 |
|
Dividends Per Common Share |
$ 0.085 |
$ 0.075 |
$ 0.075 |
$ 0.075 |
$ 0.071 |
|
Dividends Paid |
$ 3,243 |
$ 2,852 |
$ 2,853 |
$ 2,853 |
$ 2,717 |
|
Weighted Average Shares - Basic |
37,854 |
37,800 |
37,765 |
37,738 |
37,740 |
|
Weighted Average Shares - Diluted |
37,988 |
37,937 |
37,920 |
37,862 |
37,850 |
|
|
|
|
|
|
|
|
SELECTED OPERATING RATIOS |
|
|
|
|
|
|
Annualized Return on Average Assets |
0.88% |
0.96% |
0.90% |
0.95% |
0.93% |
|
Annualized Return on Average Common Equity |
8.08% |
8.81% |
8.35% |
8.83% |
8.58% |
|
Annualized Return on Tangible Common Equity (1) |
11.33% |
12.43% |
11.87% |
12.66% |
12.41% |
|
Annualized Net Interest Margin |
3.46% |
3.56% |
3.58% |
3.58% |
3.69% |
|
Efficiency Ratio (1) |
62.09% |
59.17% |
59.87% |
57.97% |
58.73% |
|
Common Stockholders' Equity to Total Assets |
10.57% |
10.70% |
10.72% |
10.65% |
10.57% |
|
Tangible Common Equity to Tangible Assets (1) |
7.78% |
7.86% |
7.81% |
7.69% |
7.59% |
|
Tier 1 Risk-Based Ratio (2) |
11.05% |
11.12% |
11.76% |
11.75% |
11.54% |
|
Total Risk-Based Ratio (2) |
12.15% |
12.25% |
12.98% |
12.97% |
12.75% |
|
Tier 1 Leverage Ratio (2) |
9.12% |
9.17% |
9.08% |
9.02% |
9.06% |
|
Common Equity Tier 1 Capital Ratio (2) |
9.66% |
9.70% |
N/A |
N/A |
N/A |
|
Book Value per Common Share |
$ 10.31 |
$ 10.24 |
$ 10.01 |
$ 9.83 |
$ 9.70 |
|
Tangible Book Value per Common Share (1) |
$ 7.36 |
$ 7.29 |
$ 7.06 |
$ 6.87 |
$ 6.74 |
|
|
|
|
|
|
|
|
(1) See Supplemental Information - Non-GAAP financial measures |
|
|
|
|
|
|
(2) Beginning March 31, 2015, these ratios were 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 |
|
|
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
|
(Dollars in thousands) |
2015 |
2015 |
2014 |
2014 |
2014 |
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA AT PERIOD-END |
|
|
|
|
|
|
Loans and Leases |
$ 2,756,694 |
$ 2,691,705 |
$ 2,655,614 |
$ 2,613,404 |
$ 2,610,198 |
|
Allowance for Loan and Lease Losses |
(30,174) |
(30,505) |
(30,684) |
(30,047) |
(29,866) |
|
Investment Securities |
597,598 |
599,986 |
575,271 |
558,032 |
530,934 |
|
Total Assets |
3,699,127 |
3,627,764 |
3,538,325 |
3,498,905 |
3,479,548 |
|
Total Deposits |
2,842,953 |
2,842,565 |
2,790,819 |
2,776,931 |
2,726,850 |
|
Short-Term Borrowings |
146,249 |
117,351 |
108,935 |
112,796 |
156,511 |
|
Other Borrowings |
303,966 |
263,966 |
243,736 |
220,938 |
215,238 |
|
Stockholders' Equity |
390,860 |
388,084 |
379,438 |
372,539 |
367,833 |
|
|
|
|
|
|
|
|
Loans and Leases |
|
|
|
|
|
|
Commercial Real Estate |
$ 1,695,276 |
$ 1,636,128 |
$ 1,593,781 |
$ 1,557,168 |
$ 1,551,071 |
|
Commercial, Industrial and Other |
262,617 |
244,162 |
238,252 |
231,961 |
237,071 |
|
Leases |
53,798 |
54,271 |
54,749 |
52,285 |
50,191 |
|
Residential Mortgages |
414,339 |
426,339 |
431,190 |
431,477 |
433,634 |
|
Consumer and Home Equity |
330,664 |
330,805 |
337,642 |
340,513 |
338,231 |
|
Total Loans |
$ 2,756,694 |
$ 2,691,705 |
$ 2,655,614 |
$ 2,613,404 |
$ 2,610,198 |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
Noninterest Bearing |
$ 714,227 |
$ 672,264 |
$ 646,052 |
$ 674,933 |
$ 649,186 |
|
Savings and Interest Bearing Transaction Accounts |
1,822,295 |
1,878,598 |
1,864,805 |
1,820,657 |
1,797,358 |
|
Time Deposits Under $100,000 |
165,105 |
164,946 |
165,625 |
168,391 |
169,655 |
|
Time Deposits $100,000 and Over |
141,326 |
126,757 |
114,337 |
112,950 |
110,651 |
|
Total Deposits |
$ 2,842,953 |
$ 2,842,565 |
$ 2,790,819 |
$ 2,776,931 |
$ 2,726,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED AVERAGE BALANCE SHEET DATA |
|
|
|
|
|
|
Loans and Leases, net |
$ 2,720,801 |
$ 2,660,512 |
$ 2,622,602 |
$ 2,608,687 |
$ 2,552,010 |
|
Investment Securities |
600,547 |
582,912 |
566,039 |
529,379 |
537,974 |
|
Interest Earning Assets |
3,345,380 |
3,271,110 |
3,227,390 |
3,183,361 |
3,114,539 |
|
Total Assets |
3,600,416 |
3,526,898 |
3,483,162 |
3,443,946 |
3,360,289 |
|
Noninterest Bearing Demand Deposits |
688,854 |
660,548 |
679,796 |
671,049 |
640,080 |
|
Savings Deposits |
402,142 |
395,153 |
384,064 |
382,642 |
387,179 |
|
Interest Bearing Transaction Accounts |
1,480,866 |
1,495,270 |
1,487,492 |
1,457,680 |
1,433,382 |
|
Time Deposits |
295,996 |
280,837 |
277,930 |
280,200 |
284,475 |
|
Total Deposits |
2,867,858 |
2,831,808 |
2,829,282 |
2,791,571 |
2,745,116 |
|
Short-Term Borrowings |
59,249 |
47,827 |
38,653 |
49,725 |
78,475 |
|
Other Borrowings |
267,610 |
247,316 |
221,848 |
217,049 |
158,432 |
|
Total Interest Bearing Liabilities |
2,505,863 |
2,466,403 |
2,409,988 |
2,387,295 |
2,341,944 |
|
Stockholders' Equity |
390,151 |
383,587 |
377,379 |
370,448 |
363,802 |
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Financial Highlights |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
|
(Dollars in thousands) |
2015 |
2015 |
2014 |
2014 |
2014 |
|
|
|
|
|
|
|
|
AVERAGE ANNUALIZED YIELDS (Taxable Equivalent Basis) |
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
Loans and leases |
4.16% |
4.25% |
4.26% |
4.25% |
4.33% |
|
Taxable investment securities and other |
2.02% |
2.08% |
2.09% |
2.08% |
2.18% |
|
Tax-exempt securities |
3.58% |
3.67% |
3.75% |
3.79% |
3.74% |
|
Federal funds sold and interest bearing cash accounts |
0.18% |
0.17% |
0.26% |
0.21% |
0.15% |
|
Total interest earning assets |
3.78% |
3.86% |
3.87% |
3.87% |
3.97% |
|
|
|
|
|
|
|
|
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 |
0.59% |
0.56% |
0.54% |
0.49% |
0.51% |
|
Borrowings |
1.58% |
1.61% |
1.65% |
1.63% |
1.50% |
|
Total interest bearing liabilities |
0.42% |
0.40% |
0.39% |
0.39% |
0.36% |
|
Net interest spread (taxable equivalent basis) |
3.36% |
3.46% |
3.48% |
3.48% |
3.60% |
|
|
|
|
|
|
|
|
Annualized net interest margin (taxable equivalent basis) |
3.46% |
3.56% |
3.58% |
3.58% |
3.69% |
|
Annualized cost of deposits |
0.19% |
0.18% |
0.18% |
0.18% |
0.18% |
|
|
|
|
|
|
|
|
ASSET QUALITY DATA |
|
|
|
|
|
|
Allowance for Loan and Lease Losses |
|
|
|
|
|
|
Balance at beginning of period |
$ 30,505 |
$ 30,684 |
$ 30,047 |
$ 29,866 |
$ 29,520 |
|
Provision for loan losses |
740 |
870 |
1,589 |
1,194 |
1,593 |
|
Net charge-offs |
(1,071) |
(1,049) |
(952) |
(1,013) |
(1,247) |
|
Balance at end of period |
$ 30,174 |
$ 30,505 |
$ 30,684 |
$ 30,047 |
$ 29,866 |
|
|
|
|
|
|
|
|
Net Loan Charge-offs (Recoveries) |
|
|
|
|
|
|
Commercial real estate |
$ 476 |
$ 426 |
$ (287) |
$ 28 |
$ (152) |
|
Commercial, industrial and other |
21 |
(31) |
99 |
(71) |
511 |
|
Leases |
102 |
407 |
185 |
229 |
126 |
|
Home equity and consumer |
386 |
231 |
860 |
638 |
411 |
|
Real estate - mortgage |
86 |
16 |
95 |
189 |
351 |
|
Net charge-offs |
$ 1,071 |
$ 1,049 |
$ 952 |
$ 1,013 |
$ 1,247 |
|
|
|
|
|
|
|
|
Non-performing Assets |
|
|
|
|
|
|
Commercial real estate |
$ 5,307 |
$ 6,994 |
$ 7,612 |
$ 8,549 |
$ 9,647 |
|
Commercial, industrial and other |
1,354 |
285 |
308 |
599 |
700 |
|
Leases |
79 |
111 |
88 |
141 |
61 |
|
Home equity and consumer |
3,143 |
3,472 |
3,415 |
2,114 |
2,251 |
|
Real estate - mortgage |
9,098 |
9,552 |
9,246 |
7,221 |
6,730 |
|
Total non-accruing loans |
18,981 |
20,414 |
20,669 |
18,624 |
19,389 |
|
Property acquired through foreclosure or repossession |
1,078 |
826 |
1,026 |
982 |
850 |
|
Total non-performing assets |
$ 20,059 |
$ 21,240 |
$ 21,695 |
$ 19,606 |
$ 20,239 |
|
|
|
|
|
|
|
|
Loans past due 90 days or more and still accruing |
$ 102 |
$ 134 |
$ 66 |
$ 429 |
$ 286 |
|
Loans restructured and still accruing |
$ 12,419 |
$ 11,538 |
$ 10,579 |
$ 7,957 |
$ 6,818 |
|
|
|
|
|
|
|
|
Ratio of allowance for loan and lease losses to total loans |
1.09% |
1.13% |
1.16% |
1.15% |
1.14% |
|
Non-performing loans to total loans |
0.69% |
0.76% |
0.78% |
0.71% |
0.74% |
|
Non-performing assets to total assets |
0.54% |
0.59% |
0.61% |
0.56% |
0.58% |
|
Annualized net charge-offs to average loans |
0.16% |
0.16% |
0.15% |
0.16% |
0.20% |
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Supplemental Information - Non-GAAP Financial Measures |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
At or for the Quarter Ended |
|
|
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
|
(Dollars in thousands, except per share amounts) |
2015 |
2015 |
2014 |
2014 |
2014 |
|
|
|
|
|
|
|
|
Calculation of tangible book value per common share |
|
|
|
|
|
|
Total common stockholders' equity at end of period - GAAP |
$ 390,860 |
$ 388,084 |
$ 379,438 |
$ 372,539 |
$ 367,833 |
|
Less: |
|
|
|
|
|
|
Goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
|
Other identifiable intangible assets, net |
1,742 |
1,849 |
1,960 |
2,071 |
2,182 |
|
Total tangible common stockholders' equity at end of period - Non-GAAP |
$ 279,144 |
$ 276,261 |
$ 267,504 |
$ 260,494 |
$ 255,677 |
|
|
|
|
|
|
|
|
Shares outstanding at end of period |
37,903 |
37,900 |
37,911 |
37,910 |
37,914 |
|
|
|
|
|
|
|
|
Book value per share - GAAP |
$ 10.31 |
$ 10.24 |
$ 10.01 |
$ 9.83 |
$ 9.70 |
|
|
|
|
|
|
|
|
Tangible book value per share - Non-GAAP |
$ 7.36 |
$ 7.29 |
$ 7.06 |
$ 6.87 |
$ 6.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of tangible common equity to tangible assets |
|
|
|
|
|
|
Total tangible common stockholders' equity at end of period - Non-GAAP |
$ 279,144 |
$ 276,261 |
$ 267,504 |
$ 260,494 |
$ 255,677 |
|
|
|
|
|
|
|
|
Total assets at end of period |
$ 3,699,127 |
$ 3,627,764 |
$ 3,538,325 |
$ 3,498,905 |
$ 3,479,548 |
|
Less: |
|
|
|
|
|
|
Goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
|
Other identifiable intangible assets, net |
1,742 |
1,849 |
1,960 |
2,071 |
2,182 |
|
Total tangible assets at end of period - Non-GAAP |
$ 3,587,411 |
$ 3,515,941 |
$ 3,426,391 |
$ 3,386,860 |
$ 3,367,392 |
|
|
|
|
|
|
|
|
Common equity to assets - GAAP |
10.57% |
10.70% |
10.72% |
10.65% |
10.57% |
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets - Non-GAAP |
7.78% |
7.86% |
7.81% |
7.69% |
7.59% |
|
|
|
|
|
|
|
|
Calculation of return on average tangible common equity |
|
|
|
|
|
|
Net income - GAAP |
$ 7,862 |
$ 8,330 |
$ 7,939 |
$ 8,246 |
$ 7,781 |
|
|
|
|
|
|
|
|
Total average common stockholders' equity |
$ 390,151 |
$ 383,587 |
$ 377,379 |
$ 370,448 |
$ 363,802 |
|
Less: |
|
|
|
|
|
|
Average goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
|
Average other identifiable intangible assets, net |
1,807 |
1,919 |
2,028 |
2,141 |
2,256 |
|
Total average tangible common stockholders' equity - Non-GAAP |
$ 278,370 |
$ 271,694 |
$ 265,377 |
$ 258,333 |
$ 251,572 |
|
|
|
|
|
|
|
|
Return on average common stockholders' equity - GAAP |
8.08% |
8.81% |
8.35% |
8.83% |
8.58% |
|
|
|
|
|
|
|
|
Return on average tangible common stockholders' equity - Non-GAAP |
11.33% |
12.43% |
11.87% |
12.66% |
12.41% |
|
|
|
|
|
|
|
|
Calculation of efficiency ratio |
|
|
|
|
|
|
Total noninterest expense |
$ 21,195 |
$ 20,042 |
$ 20,178 |
$ 19,685 |
$ 19,530 |
|
Amortization of core deposit intangibles |
(107) |
(111) |
(111) |
(111) |
(119) |
|
Other real estate owned and other repossessed asset (expense) income |
(27) |
8 |
(69) |
(50) |
(100) |
|
Provision for unfunded lending commitments, net |
(60) |
(130) |
89 |
(106) |
93 |
|
Noninterest expense, as adjusted |
$ 21,001 |
$ 19,809 |
$ 20,087 |
$ 19,418 |
$ 19,404 |
|
|
|
|
|
|
|
|
Net interest income |
$ 28,669 |
$ 28,518 |
$ 28,850 |
$ 28,452 |
$ 28,419 |
|
Total noninterest income |
4,958 |
4,738 |
4,469 |
4,809 |
4,371 |
|
Total revenue |
33,627 |
33,256 |
33,319 |
33,261 |
32,790 |
|
Tax-equivalent adjustment on municipal securities |
214 |
221 |
231 |
235 |
251 |
|
Gains on sales investment securities |
(17) |
-- |
-- |
-- |
-- |
|
Total revenue, as adjusted |
$ 33,824 |
$ 33,477 |
$ 33,550 |
$ 33,496 |
$ 33,041 |
|
|
|
|
|
|
|
|
Efficiency ratio - Non-GAAP |
62.09% |
59.17% |
59.87% |
57.97% |
58.73% |
|
|
|
|
|
Lakeland Bancorp, Inc. |
|
Supplemental Information - Non-GAAP Financial Measures |
|
(Unaudited) |
|
|
For the Six Months Ended, |
|
|
June 30, |
June 30, |
|
(Dollars in thousands, except per share amounts) |
2015 |
2014 |
|
|
|
|
|
Calculation of return on average tangible common equity |
|
|
|
Net income - GAAP |
$ 16,192 |
$ 14,944 |
|
|
|
|
|
Total average common stockholders' equity |
$ 386,887 |
$ 360,395 |
|
Less: |
|
|
|
Average goodwill |
109,974 |
109,974 |
|
Average other identifiable intangible assets, net |
1,863 |
2,317 |
|
Total average tangible common stockholders' equity - Non-GAAP |
$ 275,050 |
$ 248,104 |
|
|
|
|
|
Return on average common stockholders' equity - GAAP |
8.44% |
8.36% |
|
|
|
|
|
Return on average tangible common stockholders' equity - Non-GAAP |
11.87% |
12.15% |
|
|
|
|
|
Calculation of efficiency ratio |
|
|
|
Total noninterest expense |
$ 41,237 |
$ 39,272 |
|
Amortization of core deposit intangibles |
(218) |
(242) |
|
Other real estate owned and other repossessed asset expense |
(19) |
(115) |
|
Provision for unfunded lending commitments |
(190) |
82 |
|
Noninterest expense, as adjusted |
$ 40,810 |
$ 38,997 |
|
|
|
|
|
Net interest income |
$ 57,187 |
$ 56,264 |
|
Noninterest income |
9,696 |
8,444 |
|
Total revenue |
66,883 |
64,708 |
|
Tax-equivalent adjustment on municipal securities |
435 |
506 |
|
Gains on investment securities |
(17) |
(2) |
|
Total revenue, as adjusted |
$ 67,301 |
$ 65,212 |
|
|
|
|
|
Efficiency ratio - Non-GAAP |
60.64% |
59.80% |
CONTACT: Thomas J. Shara
President & CEO
Joseph F. Hurley
EVP & CFO
973-697-2000
Lakeland Bancorp (NASDAQ:LBAI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lakeland Bancorp (NASDAQ:LBAI)
Historical Stock Chart
From Apr 2023 to Apr 2024
