Lakeland Bancorp, Inc. (NASDAQ:LBAI) (the "Company") reported the
following results in the third quarter of 2015:
- Net Income in the third quarter of 2015 was $7.8 million, or
$0.20 per diluted share, compared to $8.2 million, or $0.22 per
diluted share, for the same period in 2014. Excluding the impact of
$734 thousand in non-routine transactions, net income for the third
quarter of 2015 would have been $8.3 million, or $0.22 per diluted
share.
- For the third quarter of 2015, Annualized Return on Average
Assets was 0.84%, Annualized Return on Average Common Equity was
7.86%, and Annualized Return on Average Tangible Common Equity was
10.96%. As of September 30, 2015, tangible book value per common
share was $7.55, an increase of 6.9% compared to December 31,
2014.
- Net Income for the first nine months of 2015 was $24.0 million,
or $0.63 per diluted share, which was $0.8 million, or $0.02 per
diluted share, higher than the same period in 2014. Excluding the
impact of $734 thousand in non-routine transactions, net income for
the first nine months of 2015 would have been $24.5 million, or
$0.64 per diluted share. Annualized Return on Average Assets was
0.89%, the Annualized Return on Average Common Equity was 8.24%,
and the Annualized Return on Average Tangible Common Equity was
11.56%.
- The $734 thousand in non-routine transactions included $330
thousand of expenses related to the proposed merger with Pascack
Bancorp, Inc., $1.8 million of realized gain when the Company
redeemed and extinguished Lakeland Bancorp Capital Trust IV trust
preferred securities having a notional value of $10.0 million, $2.4
million of prepayment fees from the repayment of $20.0 million in
4.44% long-term debt, and $173 thousand in net realized gains on
the sale of securities relating to the two aforementioned
transactions.
- At September 30, 2015, loans totaled $2.85 billion, an increase
of $198.2 million, or 7.5%, compared to December 31, 2014. The
overall year-to-date increase was primarily in total commercial
loans, which increased by $235.8 million, or 12.9%, aided in part
by the new Hudson Valley, N.Y. and Middlesex/Monmouth County, N.J.
Loan Production Offices ("LPOs").
- Noninterest bearing demand deposits totaled $694.3 million at
September 30, 2015, an increase of $48.2 million, or 7.5%, since
December 31, 2014. As of September 30, 2015, noninterest bearing
demand deposits represent 23.8% of total deposits, up from 23.1% at
December 31, 2014.
- On October 23, 2015, the Company declared a quarterly cash
dividend of $0.085 per common share, payable on November 16, 2015
to holders of record as of the close of business on November 6,
2015.
Thomas J. Shara, Lakeland Bancorp's President and CEO said,
"Total loans and total assets at $2.9 billion and $3.7 billion,
respectively, are now at record levels. Our loan growth continues
to be driven by our commercial lending teams, which now include
meaningful contributions from our recently formed LPOs. For the
third quarter, our growth in commercial real estate was 4.8%, and
for the last twelve months totaled 14.1%. Our commercial,
industrial and other growth for the third quarter was 10.8% and for
the last twelve months totaled 25.4%. Our organic loan growth,
along with the fully operational LPOs, recent debt prepayments and
the anticipated merger with Pascack, have us well positioned for
the future."
Earnings
Net Interest Income
Net interest income for the third quarter of 2015 was $29.3
million, an increase of 3.1% as compared to $28.5 million for the
same period in 2014. Annualized Net Interest Margin ("NIM") was
3.42%, as compared to 3.46% for the second quarter of 2015 and
3.58% reported in the third quarter of 2014. The 16 basis point
decrease in NIM from the third quarter of 2014 to the third quarter
of 2015 was primarily driven by a 14 basis point decline in the
yield on loans and leases as new and repriced loans were added at
lower rates. Average loan and lease balances increased by $202.9
million over this time period. The annualized cost of interest
bearing liabilities also increased during this period by five basis
points.
Year-to-date 2015 net interest income of $86.5 million increased
2.1% as compared to the $84.7 million reported for the same period
in 2014. Annualized NIM for the first nine months of 2015 was
3.48%, as compared to 3.66% for the same period in 2014. The
Company's annualized yield on interest earning assets decreased
from 3.94% for the first nine months of 2014 to 3.79% for the same
period in 2015. The Company's cost of interest bearing liabilities
increased from 0.37% for the first nine months of 2014 to 0.42% for
the same period in 2015.
Noninterest Income
Noninterest income totaled $6.7 million for the third quarter of
2015, as compared to $4.8 million for the same period in 2014.
Excluding the $1.8 million gain on debt extinguishment and $173
thousand net gain on sale of securities related to debt
prepayments, total noninterest income totaling $4.7 million was
$0.1 million less than the same period in 2014. The gain on sale of
mortgage loans at $0.5 million rose by $0.4 million due to an
increase in the number of mortgages sold, partially offset by a
$0.2 million decline in investment services fee income and a $0.1
million decline in the gain on sale of other real estate
property.
For the first nine months of 2015, noninterest income totaled
$16.4 million, as compared to $13.3 million for the same period in
2014. Excluding the $1.8 million gain on debt extinguishment and
$173 thousand net gain on sale of securities related to debt
prepayments, total noninterest income totaling $14.4 million was
$1.1 million greater than the same period in 2014. Service charges
on deposits totaled $7.4 million and decreased $0.5 million as
compared to the same period in 2014, due to reduced demand deposit
account fees and overdraft charges. Swap fees yielded $0.4
million during the first nine months of 2015, but none in
2014. Finally, gains on the sale of mortgage loans at $1.2
million exceeded the $0.4 million earned in the same period in 2014
due to an increase in the number of mortgages sold.
Noninterest Expense
Noninterest expense for the third quarter of 2015 was $23.8
million, as compared to $19.7 million for the same period in 2014.
Excluding the $330 thousand in merger related expenses and
$2.4 million of debt prepayment fees, noninterest expense totaling
$21.1 million was $1.4 million greater than the same period in
2014. Salary and benefit expense at $12.4 million comprised
most of this increase as $0.4 million in salary and benefit
expenses were incurred related to the two new LPOs, coupled with
year-over-year incremental salary and benefit increases.
For the first nine months of 2015, noninterest expense totaled
$65.1 million, as compared to $59.0 million for the same period in
2014. Excluding the $330 thousand in merger related expenses
and $2.4 million of debt prepayment fees, noninterest expense
totaling $62.3 million was $3.4 million greater than the same
period in 2014. Salary and benefit expense at $36.3 million
increased by $2.9 million and was the primary driver of the
year-over-year increase in noninterest expense. This increase
was primarily due to $0.7 million in salary and benefits expenses
related to the two new LPOs, coupled with year-over-year
incremental salary and benefit increases.
Financial Condition
At September 30, 2015, total assets were $3.74 billion, an
increase of $204.8 million, or 5.8%, from December 31, 2014.
As previously mentioned, at September 30, 2015, loans totaled
$2.85 billion, an increase of $198.2 million, or 7.5%, compared to
December 31, 2014. Total deposits were $2.92 billion, an
increase of $128.9 million, or 4.6%, from December 31, 2014.
Noninterest bearing demand deposits at $694.3 million have
increased by $48.2 million, or 7.5%, in 2015, while interest
bearing deposits at $2.2 billion have increased $80.6 million, or
3.8%, in 2015.
Asset Quality
At September 30, 2015, non-performing assets totaled $22.3
million (0.60% of total assets). The Allowance for Loan and
Lease Losses totaled $31.0 million at September 30, 2015 and
represented 1.09% of total loans. In the third quarter of
2015, the Company had net recoveries of $0.5 million, as compared
to net charge offs totaling $1.0 million in the third quarter of
2014. For the first nine months of 2015, the Company had net
charge-offs of $1.6 million (0.08% of average loans), as compared
to $4.1 million (0.21% of average loans) for the same period in
2014. The provision for loan and lease losses in the third
quarter of 2015 was $0.3 million, compared to $1.2 million in the
same quarter of 2014. The provision for loan and lease losses
for the first nine months of 2015 was $1.9 million, as compared to
$4.3 million for the same period in 2014.
Capital
At September 30, 2015, stockholders' equity was $397.7 million,
while book value per common share was $10.49. Tangible book
value per common share was $7.55 at September 30, 2015, an increase
of 6.9% since December 31, 2014. As of September 30, 2015,
the Company's leverage ratio was 8.77%. Tier I and total risk
based capital ratios were 10.81% and 11.93%, respectively. The
common equity tier 1 capital ratio was 9.78%. The tangible
common equity ratio was 7.88%. The regulatory capital ratios
exceed those necessary to be considered a well-capitalized
institution under Federal guidelines.
Regulatory Approvals
The Company and Pascack Bancorp have received approvals from the
Federal Deposit Insurance Corporation and the New Jersey Department
of Banking and Insurance to complete the merger of the bank
subsidiaries, Pascack Community Bank with and into Lakeland
Bank. The Federal Reserve Board has advised that the merger of
the bank holding companies, Pascack Bancorp with and into the
Company, does not require its approval. The merger remains
subject to the approval of Pascack Bancorp's shareholders and other
customary closing conditions.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended. In connection with the
proposed mergers, Lakeland Bancorp has filed with the Securities
and Exchange Commission a registration statement on Form S-4 that
includes a preliminary proxy statement of Pascack Bancorp and a
preliminary prospectus of Lakeland Bancorp. The registration
statement has not yet become effective. This material is not a
substitute for the final proxy statement and prospectus or any
other document Lakeland Bancorp may file with the SEC. After
the registration statement has been declared effective by the SEC,
the definitive proxy statement and prospectus will be delivered to
the shareholders of Pascack Bancorp. INVESTORS AND SECURITY HOLDERS
ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND PROSPECTUS
(INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER
DOCUMENTS RELATING TO THE TRANSACTIONS THAT HAVE BEEN OR WILL BE
FILED BY LAKELAND CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE, BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders may obtain a free copy
of the registration statement and the definitive proxy statement
and prospectus (when available) and other documents filed by
Lakeland Bancorp with the SEC at the SEC's web site at www.sec.gov.
These documents may be accessed and downloaded for free at Lakeland
Bancorp's website at www.lakelandbank.com or by directing a request
to Investor Relations, Lakeland Bancorp, Inc., 250 Oak Ridge Road,
Oak Ridge, NJ 07438 (973-697-2000). Requests for the definitive
proxy statement and prospectus (when available) may also be made to
Investor Relations, Pascack Bancorp, Inc., 64 Crescent Avenue,
Waldwick, New Jersey 07463 (201-345-9348).
Participants in the Solicitation
This communication is not a solicitation of a proxy from any
security holder of Lakeland Bancorp or Pascack Bancorp. However,
Lakeland Bancorp, Pascack Bancorp and their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from Pascack Bancorp's shareholders in
respect of the proposed transaction. Information regarding the
directors and executive officers of Lakeland Bancorp may be found
in its definitive proxy statement relating to its 2015 Annual
Meeting of Shareholders, which was filed with the Commission on
April 10, 2015, and can be obtained free of charge from
Lakeland Bancorp's website. Information regarding the directors and
executive officers of Pascack Bancorp may be found in its
definitive proxy statement relating to its 2015 Annual Meeting of
Shareholders, and can be obtained free of charge from Pascack
Bancorp's website. Other information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interest, by security holdings or otherwise, will be
contained in the definitive proxy statement and prospectus and
other relevant materials to be filed with the Commission when they
become available.
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, competition, failure to obtain the required approval from
Pascack Bancorp, Inc. shareholders for the merger of Pascack
Bancorp, Inc. into Lakeland Bancorp, Inc. and failure to realize
anticipated efficiencies and synergies if the holding company
merger and the merger of Pascack Community Bank into Lakeland Bank
are consummated. 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
September 30, |
Nine Months Ended
September 30, |
(Dollars in thousands,
except per share amounts) |
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
|
|
|
INCOME
STATEMENT |
|
|
|
|
|
|
Net Interest Income |
|
|
$ 29,334 |
$ 28,452 |
$ 86,521 |
$ 84,716 |
Provision for Loan and Lease
Losses |
|
(332) |
(1,194) |
(1,942) |
(4,276) |
Other Noninterest Income |
|
|
4,169 |
4,666 |
13,119 |
12,873 |
Gain on Investment
Securities |
|
173 |
-- |
190 |
2 |
Gain on Sale of Loans |
|
|
515 |
143 |
1,244 |
378 |
Gain on Debt Extinguishment |
|
1,830 |
-- |
1,830 |
-- |
Long-Term Debt Prepayment
Fee |
|
(2,407) |
-- |
(2,407) |
-- |
Merger Related Expenses |
|
|
(330) |
-- |
(330) |
-- |
Other Noninterest Expense |
|
(21,095) |
(19,685) |
(62,332) |
(58,957) |
Pretax Income |
|
|
11,857 |
12,382 |
35,893 |
34,736 |
Tax Expense |
|
|
(4,032) |
(4,136) |
(11,876) |
(11,546) |
Net Income |
|
|
|
$ 7,825 |
$ 8,246 |
$ 24,017 |
$ 23,190 |
|
|
|
|
|
|
|
|
Basic Earnings per Common
Share |
|
$ 0.20 |
$ 0.22 |
$ 0.63 |
$ 0.61 |
Diluted Earnings per Common
Share |
|
$ 0.20 |
$ 0.22 |
$ 0.63 |
$ 0.61 |
Dividends per Common Share |
|
$ 0.085 |
$ 0.075 |
$ 0.245 |
$ 0.218 |
Weighted Average Shares -
Basic |
|
37,856 |
37,738 |
37,837 |
37,720 |
Weighted Average Shares -
Diluted |
|
38,016 |
37,862 |
37,976 |
37,838 |
|
|
|
|
|
|
|
|
SELECTED OPERATING
RATIOS |
|
|
|
|
|
Annualized Return on Average
Assets |
|
0.84% |
0.95% |
0.89% |
0.92% |
Annualized Return on Average
Common Equity |
7.86% |
8.83% |
8.24% |
8.52% |
Annualized Return on Average
Tangible Common Equity (1) |
10.96% |
12.66% |
11.56% |
12.33% |
Annualized Return on Interest
Earning Assets |
3.75% |
3.87% |
3.79% |
3.94% |
Annualized Cost of Interest
Bearing Liabilities |
0.44% |
0.39% |
0.42% |
0.37% |
Annualized Net Interest
Spread |
|
3.31% |
3.48% |
3.37% |
3.57% |
Annualized Net Interest
Margin |
|
3.42% |
3.58% |
3.48% |
3.66% |
Efficiency Ratio (1) |
|
|
60.77% |
57.97% |
60.68% |
59.18% |
Stockholders' Equity to Total
Assets |
|
|
|
10.62% |
10.65% |
Book Value per Common Share |
|
|
|
$ 10.49 |
$ 9.83 |
Tangible Book Value per Common
Share (1) |
|
|
$ 7.55 |
$ 6.87 |
Tangible Common Equity to
Tangible Assets (1) |
|
|
7.88% |
7.69% |
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS |
|
|
|
9/30/2015 |
9/30/2014 |
Ratio of Allowance for Loan and
Lease Losses to Total Loans |
|
1.09% |
1.15% |
Non-accruing Loans to Total
Loans |
|
|
|
0.75% |
0.71% |
Non-performing Assets to Total
Assets |
|
|
|
0.60% |
0.56% |
Annualized Net Charge-Offs to
Average Loans |
|
|
0.08% |
0.21% |
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET
DATA AT PERIOD-END |
|
|
9/30/2015 |
9/30/2014 |
Loans and Leases |
|
|
|
|
$ 2,853,764 |
$ 2,613,404 |
Allowance for Loan and Lease
Losses |
|
|
(30,994) |
(30,047) |
Investment Securities |
|
|
|
|
559,295 |
558,032 |
Total Assets |
|
|
|
|
|
3,743,100 |
3,498,905 |
Total Deposits |
|
|
|
2,919,673 |
2,776,931 |
Short-Term Borrowings |
|
|
|
|
131,356 |
112,796 |
Other Borrowings |
|
|
|
|
275,666 |
220,938 |
Stockholders' Equity |
|
|
|
397,687 |
372,539 |
|
|
|
|
|
|
|
|
SELECTED AVERAGE BALANCE
SHEET DATA |
For the Three Months
Ended |
For the Nine Months
Ended |
|
|
|
|
9/30/2015 |
9/30/2014 |
9/30/2015 |
9/30/2014 |
Loans and Leases, net |
|
|
$ 2,811,581 |
$ 2,608,687 |
$ 2,731,518 |
$ 2,549,675 |
Investment Securities |
|
|
581,565 |
529,379 |
588,337 |
536,313 |
Interest Earning
Assets |
|
3,431,018 |
3,183,361 |
3,349,755 |
3,120,265 |
Total Assets |
|
3,685,573 |
3,443,946 |
3,604,713 |
3,372,591 |
Noninterest Bearing Demand
Deposits |
|
710,011 |
671,049 |
686,652 |
643,548 |
Savings Deposits |
|
|
398,147 |
382,642 |
398,491 |
384,934 |
Interest Bearing Transaction
Accounts |
|
1,497,340 |
1,457,680 |
1,491,166 |
1,444,006 |
Time Deposits |
|
|
309,235 |
280,200 |
295,460 |
285,919 |
Total Deposits |
|
2,914,733 |
2,791,571 |
2,871,769 |
2,758,407 |
Short-Term Borrowings |
|
|
61,679 |
49,725 |
56,303 |
61,575 |
Other Borrowings |
|
|
297,140 |
217,049 |
270,871 |
173,949 |
Total Interest Bearing
Liabilities |
|
2,563,542 |
2,387,295 |
2,512,291 |
2,350,383 |
Stockholders' Equity |
|
|
394,948 |
370,448 |
389,604 |
363,783 |
|
|
|
|
|
|
|
|
(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) |
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
Loans and fees |
$29,123 |
$27,949 |
$85,230 |
$82,405 |
Federal funds sold and interest bearing
deposits with banks |
7 |
24 |
30 |
46 |
Taxable investment securities and
other |
2,639 |
2,387 |
8,001 |
7,448 |
Tax exempt investment
securities |
390 |
436 |
1,198 |
1,376 |
TOTAL INTEREST
INCOME |
32,159 |
30,796 |
94,459 |
91,275 |
INTEREST EXPENSE |
|
|
|
|
Deposits |
1,464 |
1,256 |
4,093 |
3,762 |
Federal funds purchased and securities
sold under agreements to repurchase |
33 |
19 |
92 |
69 |
Other borrowings |
1,328 |
1,069 |
3,753 |
2,728 |
TOTAL INTEREST
EXPENSE |
2,825 |
2,344 |
7,938 |
6,559 |
NET INTEREST INCOME |
29,334 |
28,452 |
86,521 |
84,716 |
Provision for loan and lease
losses |
332 |
1,194 |
1,942 |
4,276 |
NET INTEREST INCOME AFTER PROVISION FOR
LOAN AND LEASE LOSSES |
29,002 |
27,258 |
84,579 |
80,440 |
NONINTEREST INCOME |
|
|
|
|
Service charges on deposit accounts |
2,614 |
2,689 |
7,404 |
7,911 |
Commissions and fees |
984 |
1,371 |
3,487 |
3,466 |
Gain on investment securities |
173 |
-- |
190 |
2 |
Gain on sale of loans |
515 |
143 |
1,244 |
378 |
Gain on debt extinguishment |
1,830 |
-- |
1,830 |
-- |
Income on bank owned life insurance |
455 |
365 |
1,542 |
1,090 |
Other income |
116 |
241 |
686 |
406 |
TOTAL NONINTEREST
INCOME |
6,687 |
4,809 |
16,383 |
13,253 |
NONINTEREST EXPENSE |
|
|
|
|
Salaries and employee benefits |
12,376 |
11,327 |
36,270 |
33,340 |
Net occupancy expense |
2,067 |
2,017 |
6,888 |
6,675 |
Furniture and equipment |
1,881 |
1,605 |
5,166 |
4,958 |
Stationery, supplies and postage |
395 |
368 |
1,137 |
1,056 |
Marketing expense |
396 |
629 |
1,052 |
1,491 |
FDIC insurance expense |
474 |
489 |
1,523 |
1,501 |
Legal expense |
301 |
144 |
742 |
636 |
Other real estate owned and other
repossessed assets expense |
27 |
50 |
46 |
165 |
Long-term debt prepayment fee |
2,407 |
-- |
2,407 |
-- |
Merger related expenses |
330 |
-- |
330 |
-- |
Core deposit intangible amortization |
98 |
111 |
316 |
353 |
Other expenses |
3,080 |
2,945 |
9,192 |
8,782 |
TOTAL NONINTEREST
EXPENSE |
23,832 |
19,685 |
65,069 |
58,957 |
INCOME BEFORE PROVISION FOR INCOME
TAXES |
11,857 |
12,382 |
35,893 |
34,736 |
Provision for income taxes |
4,032 |
4,136 |
11,876 |
11,546 |
NET INCOME |
$7,825 |
$8,246 |
$24,017 |
$23,190 |
EARNINGS PER COMMON SHARE |
|
|
|
|
Basic |
$0.20 |
$0.22 |
$0.63 |
$0.61 |
Diluted |
$0.20 |
$0.22 |
$0.63 |
$0.61 |
DIVIDENDS PER COMMON SHARE |
$0.085 |
$0.075 |
$0.245 |
$0.218 |
|
|
Lakeland Bancorp,
Inc. |
Consolidated Balance
Sheets |
|
|
|
|
September 30, |
December 31, |
(Dollars in thousands) |
2015 |
2014 |
|
(Unaudited) |
|
ASSETS |
|
|
Cash and due from banks |
$117,743 |
$102,549 |
Federal funds sold and interest bearing
deposits due from banks |
5,396 |
6,767 |
Total cash and cash equivalents |
123,139 |
109,316 |
|
|
|
Investment securities available for sale, at
fair value |
424,893 |
457,449 |
Investment securities held to maturity; fair
value of $123,154 in 2015 and $109,030 in 2014 |
121,550 |
107,976 |
Federal Home Loan Bank and other membership
stocks, at cost |
12,852 |
9,846 |
Loans held for sale |
1,920 |
592 |
Loans: |
|
|
Commercial, secured by real estate |
1,776,911 |
1,593,781 |
Commercial, industrial and other |
290,961 |
238,252 |
Leases |
55,057 |
54,749 |
Residential mortgages |
400,247 |
431,190 |
Consumer and home
equity |
330,588 |
337,642 |
Total loans |
2,853,764 |
2,655,614 |
Net deferred costs |
(2,417) |
(1,788) |
Allowance for loan and
lease losses |
(30,994) |
(30,684) |
Net loans |
2,820,353 |
2,623,142 |
Premises and equipment, net |
35,439 |
35,675 |
Accrued interest receivable |
8,827 |
8,896 |
Goodwill |
109,974 |
109,974 |
Other identifiable intangible assets |
1,644 |
1,960 |
Bank owned life insurance |
65,014 |
57,476 |
Other assets |
17,495 |
16,023 |
TOTAL
ASSETS |
$3,743,100 |
$3,538,325 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
LIABILITIES: |
|
|
Deposits: |
|
|
Noninterest bearing |
$694,267 |
$646,052 |
Savings and interest bearing transaction
accounts |
1,907,858 |
1,864,805 |
Time deposits under $100,000 |
164,291 |
165,625 |
Time deposits $100,000
and over |
153,257 |
114,337 |
Total deposits |
2,919,673 |
2,790,819 |
Federal funds purchased and securities sold
under agreements to repurchase |
131,356 |
108,935 |
Other borrowings |
244,428 |
202,498 |
Subordinated debentures |
31,238 |
41,238 |
Other liabilities |
18,718 |
15,397 |
TOTAL LIABILITIES |
3,345,413 |
3,158,887 |
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
Common stock, no par value; authorized
70,000,000 shares; issued 37,906,481 shares at September 30, 2015
and 37,910,840 shares at December 31, 2014 |
385,941 |
384,731 |
Retained Earnings (Accumulated
Deficit) |
7,861 |
(6,816) |
Accumulated other
comprehensive gain |
3,885 |
1,523 |
TOTAL STOCKHOLDERS'
EQUITY |
397,687 |
379,438 |
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY |
$3,743,100 |
$3,538,325 |
|
|
Lakeland Bancorp,
Inc. |
Financial
Highlights |
(Unaudited) |
|
|
|
|
|
|
|
For the Quarter
Ended |
|
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
(Dollars in thousands, except per share
data) |
2015 |
2015 |
2015 |
2014 |
2014 |
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
Net Interest Income |
$ 29,334 |
$ 28,669 |
$ 28,518 |
$ 28,850 |
$ 28,452 |
Provision for Loan and Lease Losses |
(332) |
(740) |
(870) |
(1,589) |
(1,194) |
Other Noninterest Income |
4,169 |
4,477 |
4,473 |
4,274 |
4,666 |
Gain on Investment Securities |
173 |
17 |
-- |
-- |
-- |
Gain on Sale of Loans |
515 |
464 |
265 |
195 |
143 |
Gain on Debt Extinguishment |
1,830 |
-- |
-- |
-- |
-- |
Long-Term Debt Prepayment Fee |
(2,407) |
-- |
-- |
-- |
-- |
Merger Related Expenses |
(330) |
-- |
-- |
-- |
-- |
Other Noninterest Expense |
(21,095) |
(21,195) |
(20,042) |
(20,178) |
(19,685) |
Pretax Income |
11,857 |
11,692 |
12,344 |
11,552 |
12,382 |
Tax Expense |
(4,032) |
(3,830) |
(4,014) |
(3,613) |
(4,136) |
Net Income |
$ 7,825 |
$ 7,862 |
$ 8,330 |
$ 7,939 |
$ 8,246 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ 0.20 |
$ 0.21 |
$ 0.22 |
$ 0.21 |
$ 0.22 |
Diluted Earnings Per Common Share |
$ 0.20 |
$ 0.21 |
$ 0.22 |
$ 0.21 |
$ 0.22 |
Dividends Per Common Share |
$ 0.085 |
$ 0.085 |
$ 0.075 |
$ 0.075 |
$ 0.075 |
Dividends Paid |
$ 3,244 |
$ 3,243 |
$ 2,852 |
$ 2,853 |
$ 2,853 |
Weighted Average Shares - Basic |
37,856 |
37,854 |
37,800 |
37,765 |
37,738 |
Weighted Average Shares - Diluted |
38,016 |
37,988 |
37,937 |
37,920 |
37,862 |
|
|
|
|
|
|
SELECTED OPERATING
RATIOS |
|
|
|
|
|
Annualized Return on Average
Assets |
0.84% |
0.88% |
0.96% |
0.90% |
0.95% |
Annualized Return on Average Common
Equity |
7.86% |
8.08% |
8.81% |
8.35% |
8.83% |
Annualized Return on Tangible Common Equity
(1) |
10.96% |
11.33% |
12.43% |
11.87% |
12.66% |
Annualized Net Interest Margin |
3.42% |
3.46% |
3.56% |
3.58% |
3.58% |
Efficiency Ratio (1) |
60.77% |
62.09% |
59.17% |
59.87% |
57.97% |
Common Stockholders' Equity to Total
Assets |
10.62% |
10.57% |
10.70% |
10.72% |
10.65% |
Tangible Common Equity to Tangible Assets
(1) |
7.88% |
7.78% |
7.86% |
7.81% |
7.69% |
Tier 1 Risk-Based Ratio (2) |
10.81% |
11.05% |
11.23% |
11.76% |
11.75% |
Total Risk-Based Ratio (2) |
11.93% |
12.15% |
12.37% |
12.98% |
12.97% |
Tier 1 Leverage Ratio (2) |
8.77% |
9.12% |
9.17% |
9.08% |
9.02% |
Common Equity Tier 1 Capital Ratio (2) |
9.78% |
9.66% |
9.79% |
N/A |
N/A |
Book Value per Common Share |
$ 10.49 |
$ 10.31 |
$ 10.24 |
$ 10.01 |
$ 9.83 |
Tangible Book Value per Common Share (1) |
$ 7.55 |
$ 7.36 |
$ 7.29 |
$ 7.06 |
$ 6.87 |
|
|
|
|
|
|
(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 |
|
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
(Dollars in thousands) |
2015 |
2015 |
2015 |
2014 |
2014 |
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA AT
PERIOD-END |
|
|
|
|
|
Loans and Leases |
$ 2,853,764 |
$ 2,756,694 |
$ 2,691,705 |
$ 2,655,614 |
$ 2,613,404 |
Allowance for Loan and Lease Losses |
(30,994) |
(30,174) |
(30,505) |
(30,684) |
(30,047) |
Investment Securities |
559,295 |
597,598 |
599,986 |
575,271 |
558,032 |
Total Assets |
3,743,100 |
3,699,127 |
3,627,764 |
3,538,325 |
3,498,905 |
Total Deposits |
2,919,673 |
2,842,953 |
2,842,565 |
2,790,819 |
2,776,931 |
Short-Term Borrowings |
131,356 |
146,249 |
117,351 |
108,935 |
112,796 |
Other Borrowings |
275,666 |
303,966 |
263,966 |
243,736 |
220,938 |
Stockholders' Equity |
397,687 |
390,860 |
388,084 |
379,438 |
372,539 |
|
|
|
|
|
|
Loans and Leases |
|
|
|
|
|
Commercial Real Estate |
$ 1,776,911 |
$ 1,695,276 |
$ 1,636,128 |
$ 1,593,781 |
$ 1,557,168 |
Commercial, Industrial and Other |
290,961 |
262,617 |
244,162 |
238,252 |
231,961 |
Leases |
55,057 |
53,798 |
54,271 |
54,749 |
52,285 |
Residential Mortgages |
400,247 |
414,339 |
426,339 |
431,190 |
431,477 |
Consumer and Home Equity |
330,588 |
330,664 |
330,805 |
337,642 |
340,513 |
Total Loans |
$ 2,853,764 |
$ 2,756,694 |
$ 2,691,705 |
$ 2,655,614 |
$ 2,613,404 |
|
|
|
|
|
|
Deposits |
|
|
|
|
|
Noninterest Bearing |
$ 694,267 |
$ 714,227 |
$ 672,264 |
$ 646,052 |
$ 674,933 |
Savings and Interest Bearing Transaction
Accounts |
1,907,858 |
1,822,295 |
1,878,598 |
1,864,805 |
1,820,657 |
Time Deposits Under $100,000 |
164,291 |
165,105 |
164,946 |
165,625 |
168,391 |
Time Deposits $100,000 and Over |
153,257 |
141,326 |
126,757 |
114,337 |
112,950 |
Total Deposits |
$ 2,919,673 |
$ 2,842,953 |
$ 2,842,565 |
$ 2,790,819 |
$ 2,776,931 |
|
|
|
|
|
|
SELECTED AVERAGE BALANCE SHEET
DATA |
|
|
|
|
|
Loans and Leases, net |
$ 2,811,581 |
$ 2,720,801 |
$ 2,660,512 |
$ 2,622,602 |
$ 2,608,687 |
Investment Securities |
581,565 |
600,547 |
582,912 |
566,039 |
529,379 |
Interest Earning Assets |
3,431,018 |
3,345,380 |
3,271,110 |
3,227,390 |
3,183,361 |
Total Assets |
3,685,573 |
3,600,416 |
3,526,898 |
3,483,162 |
3,443,946 |
Noninterest Bearing Demand Deposits |
710,011 |
688,854 |
660,548 |
679,796 |
671,049 |
Savings Deposits |
398,147 |
402,142 |
395,153 |
384,064 |
382,642 |
Interest Bearing Transaction Accounts |
1,497,340 |
1,480,866 |
1,495,270 |
1,487,492 |
1,457,680 |
Time Deposits |
309,235 |
295,996 |
280,837 |
277,930 |
280,200 |
Total Deposits |
2,914,733 |
2,867,858 |
2,831,808 |
2,829,282 |
2,791,571 |
Short-Term Borrowings |
61,679 |
59,249 |
47,827 |
38,653 |
49,725 |
Other Borrowings |
297,140 |
267,610 |
247,316 |
221,848 |
217,049 |
Total Interest Bearing Liabilities |
2,563,542 |
2,505,863 |
2,466,403 |
2,409,988 |
2,387,295 |
Stockholders' Equity |
394,948 |
390,151 |
383,587 |
377,379 |
370,448 |
|
|
Lakeland Bancorp,
Inc. |
Financial
Highlights |
(Unaudited) |
|
|
|
|
|
|
|
For the Quarter
Ended |
|
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
(Dollars in thousands) |
2015 |
2015 |
2015 |
2014 |
2014 |
|
|
|
|
|
|
AVERAGE ANNUALIZED YIELDS (Taxable
Equivalent Basis) |
|
|
|
|
|
Assets: |
|
|
|
|
|
Loans and leases |
4.11% |
4.16% |
4.25% |
4.26% |
4.25% |
Taxable investment securities and other |
2.06% |
2.02% |
2.08% |
2.09% |
2.08% |
Tax-exempt securities |
3.41% |
3.58% |
3.67% |
3.75% |
3.79% |
Federal funds sold and interest bearing cash
accounts |
0.07% |
0.18% |
0.17% |
0.26% |
0.21% |
Total interest earning assets |
3.75% |
3.78% |
3.86% |
3.87% |
3.87% |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Savings accounts |
0.05% |
0.05% |
0.05% |
0.05% |
0.05% |
Interest bearing transaction accounts |
0.25% |
0.23% |
0.23% |
0.23% |
0.23% |
Time deposits |
0.63% |
0.59% |
0.56% |
0.54% |
0.49% |
Borrowings |
1.52% |
1.58% |
1.61% |
1.65% |
1.63% |
Total interest bearing liabilities |
0.44% |
0.42% |
0.40% |
0.39% |
0.39% |
Net interest spread (taxable equivalent
basis) |
3.31% |
3.36% |
3.46% |
3.48% |
3.48% |
|
|
|
|
|
|
Annualized net interest margin (taxable
equivalent basis) |
3.42% |
3.46% |
3.56% |
3.58% |
3.58% |
Annualized cost of deposits |
0.20% |
0.19% |
0.18% |
0.18% |
0.18% |
|
|
|
|
|
|
ASSET QUALITY DATA |
|
|
|
|
|
Allowance for Loan and Lease
Losses |
|
|
|
|
|
Balance at beginning of period |
$ 30,174 |
$ 30,505 |
$ 30,684 |
$ 30,047 |
$ 29,866 |
Provision for loan losses |
332 |
740 |
870 |
1,589 |
1,194 |
Net recoveries (charge-offs) |
488 |
(1,071) |
(1,049) |
(952) |
(1,013) |
Balance at end of period |
$ 30,994 |
$ 30,174 |
$ 30,505 |
$ 30,684 |
$ 30,047 |
|
|
|
|
|
|
Net Loan Charge-offs
(Recoveries) |
|
|
|
|
|
Commercial real estate |
$ (936) |
$ 476 |
$ 426 |
$ (287) |
$ 28 |
Commercial, industrial and other |
88 |
21 |
(31) |
99 |
(71) |
Leases |
13 |
102 |
407 |
185 |
229 |
Home equity and consumer |
204 |
386 |
231 |
860 |
638 |
Real estate - mortgage |
143 |
86 |
16 |
95 |
189 |
Net charge-offs (recoveries) |
$ (488) |
$ 1,071 |
$ 1,049 |
$ 952 |
$ 1,013 |
|
|
|
|
|
|
Non-performing Assets |
|
|
|
|
|
Commercial real estate |
$ 8,176 |
$ 5,307 |
$ 6,994 |
$ 7,612 |
$ 8,549 |
Commercial, industrial and other |
832 |
1,354 |
285 |
308 |
599 |
Leases |
154 |
79 |
111 |
88 |
141 |
Home equity and consumer |
3,530 |
3,143 |
3,472 |
3,415 |
2,114 |
Real estate - mortgage |
8,805 |
9,098 |
9,552 |
9,246 |
7,221 |
Total non-accruing loans |
21,497 |
18,981 |
20,414 |
20,669 |
18,624 |
Property acquired through foreclosure or
repossession |
819 |
1,078 |
826 |
1,026 |
982 |
Total non-performing assets |
$ 22,316 |
$ 20,059 |
$ 21,240 |
$ 21,695 |
$ 19,606 |
|
|
|
|
|
|
Loans past due 90 days or more and still
accruing |
$ 123 |
$ 102 |
$ 134 |
$ 66 |
$ 429 |
Loans restructured and still accruing |
$ 11,927 |
$ 12,419 |
$ 11,538 |
$ 10,579 |
$ 7,957 |
|
|
|
|
|
|
Ratio of allowance for loan and lease losses
to total loans |
1.09% |
1.09% |
1.13% |
1.16% |
1.15% |
Non-performing loans to total loans |
0.75% |
0.69% |
0.76% |
0.78% |
0.71% |
Non-performing assets to total assets |
0.60% |
0.54% |
0.59% |
0.61% |
0.56% |
Annualized net charge-offs (recoveries) to
average loans |
-0.07% |
0.16% |
0.16% |
0.15% |
0.16% |
|
|
Lakeland Bancorp,
Inc. |
Supplemental
Information - Non-GAAP Financial Measures |
(Unaudited) |
|
|
|
|
|
|
|
At or for the Quarter
Ended |
|
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
(Dollars in thousands, except per share
amounts) |
2015 |
2015 |
2015 |
2014 |
2014 |
|
|
|
|
|
|
Calculation of tangible book value
per common share |
|
|
|
|
|
Total common stockholders' equity at end of
period - GAAP |
$ 397,687 |
$ 390,860 |
$ 388,084 |
$ 379,438 |
$ 372,539 |
Less: |
|
|
|
|
|
Goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
Other identifiable
intangible assets, net |
1,644 |
1,742 |
1,849 |
1,960 |
2,071 |
Total tangible common stockholders'
equity at end of period - Non-GAAP |
$ 286,069 |
$ 279,144 |
$ 276,261 |
$ 267,504 |
$ 260,494 |
|
|
|
|
|
|
Shares outstanding at end of
period |
37,906 |
37,903 |
37,900 |
37,911 |
37,910 |
|
|
|
|
|
|
Book value per share - GAAP |
$ 10.49 |
$ 10.31 |
$ 10.24 |
$ 10.01 |
$ 9.83 |
|
|
|
|
|
|
Tangible book value per share -
Non-GAAP |
$ 7.55 |
$ 7.36 |
$ 7.29 |
$ 7.06 |
$ 6.87 |
|
|
|
|
|
|
Calculation of tangible common equity
to tangible assets |
|
|
|
|
|
Total tangible common stockholders'
equity at end of period - Non-GAAP |
$ 286,069 |
$ 279,144 |
$ 276,261 |
$ 267,504 |
$ 260,494 |
|
|
|
|
|
|
Total assets at end of period |
$ 3,743,100 |
$ 3,699,127 |
$ 3,627,764 |
$ 3,538,325 |
$ 3,498,905 |
Less: |
|
|
|
|
|
Goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
Other identifiable
intangible assets, net |
1,644 |
1,742 |
1,849 |
1,960 |
2,071 |
Total tangible assets at end of period
- Non-GAAP |
$ 3,631,482 |
$ 3,587,411 |
$ 3,515,941 |
$ 3,426,391 |
$ 3,386,860 |
|
|
|
|
|
|
Common equity to assets - GAAP |
10.62% |
10.57% |
10.70% |
10.72% |
10.65% |
|
|
|
|
|
|
Tangible common equity to tangible
assets - Non-GAAP |
7.88% |
7.78% |
7.86% |
7.81% |
7.69% |
|
|
|
|
|
|
Calculation of return on average
tangible common equity |
|
|
|
|
|
Net income - GAAP |
$ 7,825 |
$ 7,862 |
$ 8,330 |
$ 7,939 |
$ 8,246 |
|
|
|
|
|
|
Total average common stockholders'
equity |
$ 394,948 |
$ 390,151 |
$ 383,587 |
$ 377,379 |
$ 370,448 |
Less: |
|
|
|
|
|
Average goodwill |
109,974 |
109,974 |
109,974 |
109,974 |
109,974 |
Average other
identifiable intangible assets, net |
1,706 |
1,807 |
1,919 |
2,028 |
2,141 |
Total average tangible common
stockholders' equity - Non-GAAP |
$ 283,268 |
$ 278,370 |
$ 271,694 |
$ 265,377 |
$ 258,333 |
|
|
|
|
|
|
Return on average common stockholders'
equity - GAAP |
7.86% |
8.08% |
8.81% |
8.35% |
8.83% |
|
|
|
|
|
|
Return on average tangible common
stockholders' equity - Non-GAAP |
10.96% |
11.33% |
12.43% |
11.87% |
12.66% |
|
|
|
|
|
|
Calculation of efficiency
ratio |
|
|
|
|
|
Total noninterest expense |
$ 23,832 |
$ 21,195 |
$ 20,042 |
$ 20,178 |
$ 19,685 |
Amortization of core deposit
intangibles |
(98) |
(107) |
(111) |
(111) |
(111) |
Other real estate owned and other
repossessed asset (expense) income |
(27) |
(27) |
8 |
(69) |
(50) |
Long-term debt prepayment fee |
(2,407) |
-- |
-- |
-- |
-- |
Merger related expenses |
(330) |
-- |
-- |
-- |
-- |
Provision for unfunded
lending commitments, net |
(168) |
(60) |
(130) |
89 |
(106) |
Noninterest expense, as adjusted |
$ 20,802 |
$ 21,001 |
$ 19,809 |
$ 20,087 |
$ 19,418 |
|
|
|
|
|
|
Net interest income |
$ 29,334 |
$ 28,669 |
$ 28,518 |
$ 28,850 |
$ 28,452 |
Total noninterest income |
6,687 |
4,958 |
4,738 |
4,469 |
4,809 |
Total revenue |
36,021 |
33,627 |
33,256 |
33,319 |
33,261 |
Tax-equivalent adjustment on municipal
securities |
210 |
214 |
221 |
231 |
235 |
Gains on debt extinguishment |
(1,830) |
-- |
-- |
-- |
-- |
Gains on sales investment
securities |
(173) |
(17) |
-- |
-- |
-- |
Total revenue, as adjusted |
$ 34,228 |
$ 33,824 |
$ 33,477 |
$ 33,550 |
$ 33,496 |
|
|
|
|
|
|
Efficiency ratio - Non-GAAP |
60.77% |
62.09% |
59.17% |
59.87% |
57.97% |
|
|
Lakeland Bancorp,
Inc. |
Supplemental
Information - Non-GAAP Financial Measures |
(Unaudited) |
|
|
For the Nine Months
Ended, |
|
Sept 30, |
Sept 30, |
(Dollars in thousands, except per share
amounts) |
2015 |
2014 |
|
|
|
Calculation of return on average
tangible common equity |
|
|
Net income - GAAP |
$ 24,017 |
$ 23,190 |
|
|
|
Total average common stockholders'
equity |
$ 389,604 |
$ 363,783 |
Less: |
|
|
Average goodwill |
109,974 |
109,974 |
Average other
identifiable intangible assets, net |
1,810 |
2,257 |
Total average tangible common
stockholders' equity - Non-GAAP |
$ 277,820 |
$ 251,552 |
|
|
|
Return on average common stockholders'
equity - GAAP |
8.24% |
8.52% |
|
|
|
Return on average tangible common
stockholders' equity - Non-GAAP |
11.56% |
12.33% |
|
|
|
Calculation of efficiency
ratio |
|
|
Total noninterest expense |
$ 65,069 |
$ 58,957 |
Amortization of core deposit
intangibles |
(316) |
(353) |
Other real estate owned and other
repossessed asset expense |
(46) |
(165) |
Long-term debt prepayment fee |
(2,407) |
-- |
Merger related expenses |
(330) |
-- |
Provision for unfunded
lending commitments |
(358) |
(24) |
Noninterest expense, as adjusted |
$ 61,612 |
$ 58,415 |
|
|
|
Net interest income |
$ 86,521 |
$ 84,716 |
Noninterest income |
16,383 |
13,253 |
Total revenue |
102,904 |
97,969 |
Tax-equivalent adjustment on municipal
securities |
645 |
741 |
Gains on investment securities |
(190) |
(2) |
Gains on extinguishment
of debt |
(1,830) |
-- |
Total revenue, as adjusted |
$ 101,529 |
$ 98,708 |
|
|
|
Efficiency ratio - Non-GAAP |
60.68% |
59.18% |
CONTACT: Thomas J. Shara
President & CEO
Joseph F. Hurley
EVP & CFO
973-697-2000
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