OAK RIDGE, N.J., April 15, 2010 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) reported the following positive developments in the first quarter of 2010:
-
Net Income in the first quarter of 2010 totaled $4.6 million, a 44% increase from the $3.2 million reported for the first quarter of 2009. Diluted earnings per common share of $0.15 for the first quarter of 2010, was 36% higher than the $0.11 diluted earnings per common share reported in the first quarter of 2009.
-
Net interest margin in the first quarter of 2010 increased to 3.99%, which compares to 3.90% for the fourth quarter of 2009, and 3.80% for the first quarter of 2009.
-
Noninterest bearing demand deposits increased from year-end 2009 by $23.5 million, or 7%, to $346.7 million. Core deposits were 78% of total deposits at March 31, 2010, as compared to 69% at the end of the first quarter of 2009.
- The efficiency ratio, a non-GAAP measure, at the end of the first quarter of 2010 was 56.9%, compared to 60.0% for the same period last year.
Thomas J. Shara, Lakeland Bancorp's President and CEO said, "We are very pleased with our first quarter 2010 results, which were driven by an increased net interest margin and continued management of expenses. Our community banking model continues to provide individualized service for both retail and commercial customers alike, which is evidenced by a $29.2 million increase in core deposits since year-end 2009."
Lakeland Bancorp declared a quarterly cash dividend of $0.05 per common share. The cash dividend will be paid on May 17, 2010 to holders of record as of the close of business on April 30, 2010. The Company also declared a dividend of 5% for the quarterly dividend payment due May 17, 2010 for the preferred stock issued to the U.S. Treasury under the Capital Purchase Program.
Earnings
Net Interest Income
Net interest income for the first quarter of 2010 was $24.6 million, or 7% greater than the $22.9 million earned in the first quarter of 2009. Net interest margin increased by 19 basis points to 3.99% from the first quarter of 2009 and was nine basis points greater than the fourth quarter of 2009. The increase in net interest margin was primarily driven by the continued decrease in the cost of interest-bearing deposits. The Company's yield on interest-earning assets in the first quarter of 2010 was 5.14%, a decrease of 50 basis points from the same period last year and eight basis points lower than the fourth quarter of 2009. The cost of interest-bearing liabilities was 1.36%, a decrease of 79 basis points from the first quarter of 2009 and 21 basis points from the fourth quarter of 2009.
Noninterest income
Noninterest income for the first quarter of 2010 was $4.1 million which compared to $5.0 million for the same period last year. Excluding gains on investment securities, total noninterest income was $4.1 million in the first quarter of 2010, which equaled noninterest income in the first quarter of 2009. In the first quarter of 2010, gains on investment securities were $1,000, as compared to $885,000 for the same period last year. Service charges on deposits at $2.4 million decreased by $219,000, or 8%, due to reduced overdraft fees collected, while commissions and fees at $885,000 increased by $62,000, or 8%. Gains on leasing related assets increased by $119,000, or 64%, to $304,000 in the first quarter of 2010 as compared to the same period last year.
Noninterest expense
Noninterest expense for the first quarter of 2010 was $16.8 million, which equaled noninterest expense for the same period last year. Salary and employee benefit expenses increased by $320,000, or 4%, to $8.9 million. Within this category, health insurance benefits have increased by $100,000, or 14%, in the first quarter of 2010, as compared to the same period last year. Occupancy, furniture and equipment expenses decreased by $173,000, or 6%, to $3.0 million, primarily due to lower equipment expenses. Collection expenses at $148,000 decreased by $357,000, as leasing collection costs have decreased significantly since the first quarter of 2009, while legal expenses at $341,000 increased by $232,000 as compared to the first quarter last year.
Financial Condition
At March 31, 2010, total assets were $2.8 billion, an increase of $44.0 million, or 2%, from year-end 2009. Total loans at $2.0 billion decreased by $8.8 million from December 31, 2009. This decrease was primarily due to a $15.6 million, or 13%, decrease in leasing loans. Residential mortgage loans at $387.5 million and commercial loans at $1.20 billion, increased in the first quarter of 2010 by $4.7 million and $8.8 million, respectively. Total deposits were $2.2 billion, an increase of $45.6 million, or 2%, from December 31, 2009. Of this overall increase, noninterest bearing demand deposits increased by $23.5 million, or 7%. The loan-to-deposit ratio on March 31, 2010 was 91%, which compared to 100% on March 31, 2009.
Asset Quality
At March 31, 2010, non-performing assets totaled $45.6 million (1.65% of total assets), as compared to $40.6 million (1.49% of total assets) at year-end 2009. The Allowance for Loan and Lease Losses totaled $26.8 million at March 31, 2010, and represented 1.34% of total loans, as compared to 1.27% at year-end 2009. During the first quarter of 2010, the Company had net charge-offs of $3.6 million (annualized 0.73% of total loans).
Capital
Stockholders' equity was $272.7 million and book value per common share was $9.02 as of March 31, 2010. As of March 31, 2010, the Company's leverage ratio was 9.72%. Tier I and total risk based capital ratios were 12.94% and 14.19%, respectively. These regulatory capital ratios exceed those necessary to be considered a well-capitalized institution under Federal guidelines.
Forward-Looking Statements
The information disclosed in this document includes various forward-looking statements (with respect to corporate objectives, and other financial and business matters) that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipates", "projects", "intends", "estimates", "expects", "believes", "plans", "may", "will", "should", "could", and other similar expressions are intended to identify such forward-looking statements. Lakeland cautions that these forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. The following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: changes in the financial services industry and the U.S. and global capital markets, changes in economic conditions nationally, regionally and in the Company's markets, the nature and timing of actions of the Federal Reserve Board and other regulators, the nature and timing of legislation affecting the financial services industry, government intervention in the U.S. financial system, passage by the U.S. Congress of legislation which unilaterally amends the terms of the U.S. Department of the Treasury's preferred stock investment in the Company, changes in levels of market interest rates, pricing pressures on loan and deposit products, credit risks of the Company's lending and leasing activities, customers' acceptance of the Company's products and services and competition. Any statements made by Lakeland that are not historical facts should be considered to be forward-looking statements. Lakeland is not obligated to update and does not undertake to update any of its forward-looking statements made herein.
EXPLANATION OF NON-GAAP FINANCIAL MEASURES
Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
The Company also uses an efficiency ratio that is a non-GAAP financial measure. The ratio that the Company uses excludes amortization of core deposit intangibles, expenses on other real estate owned and other repossessed assets and, where applicable, long-term debt prepayment fees. Income for the non-GAAP ratio is increased by the favorable effect of tax-exempt income and excludes securities gains and losses, which can vary from period to period. The Company uses this ratio because it believes the ratio provides a better comparison of period to period operating performance.
About Lakeland
Lakeland Bancorp, the holding company for Lakeland Bank, has a current asset base of $2.8 billion and forty-eight (48) offices spanning six northwestern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank, headquartered at 250 Oak Ridge Road, Oak Ridge, New Jersey offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about their full line of products and services, visit their website at www.lakelandbank.com.
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (unaudited) | |||||
| Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |
| (dollars in thousands) | 2010 | 2009 | 2009 | 2009 | 2009 |
| INCOME STATEMENT | (unaudited) | ||||
| Net Interest Income | $ 24,587 | $ 24,982 | $ 23,022 | $ 22,483 | $ 22,892 |
| Provision for Loan and Lease Losses | (4,879) | (6,438) | (4,718) | (34,083) | (6,376) |
|
Noninterest Income (excluding investment securities gains (losses)) |
4,108 | 4,368 | 3,554 | 3,942 | 4,088 |
| Gains (losses) on investment securities | 1 | 2,552 | -- | (532) | 885 |
| Long-term debt prepayment fee | -- | (3,075) | -- | -- | -- |
| Noninterest Expense | (16,780) | (17,238) | (17,077) | (19,653) | (16,751) |
| Pretax Income (Loss) | 7,037 | 5,151 | 4,781 | (27,843) | 4,738 |
| Tax (Expense) Benefit | (2,471) | (3,011) | (2,770) | 15,121 | (1,563) |
| Net Income (Loss) | $ 4,566 | $ 2,140 | $ 2,011 | $ (12,722) | $ 3,175 |
| Dividends on Preferred Stock and Discount Accretion | (898) | (885) | (885) | (885) | (539) |
| Net Income Available to Common Stockholders | $ 3,668 | $ 1,255 | $ 1,126 | $ (13,607) | $ 2,636 |
| Basic Earnings (Loss) Per Common Share | $ 0.15 | $ 0.05 | $ 0.05 | $ (0.57) | $ 0.11 |
| Diluted Earnings (Loss) Per Common Share | $ 0.15 | $ 0.05 | $ 0.05 | $ (0.57) | $ 0.11 |
| Dividends per Common Share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
| Weighted Average Shares - Basic | 23,829 | 23,736 | 23,695 | 23,656 | 23,717 |
| Weighted Average Shares - Diluted | 23,839 | 23,739 | 23,731 | 23,656 | 23,735 |
| SELECTED OPERATING RATIOS | |||||
| Annualized Return on Average Assets | 0.67% | 0.30% | 0.29% | NM | 0.48% |
| Annualized Return on Average Common Equity | 8.60% | 3.98% | 3.77% | NM | 5.76% |
| Annualized Return on Tangible Common Equity (2) | 14.63% | 6.82% | 6.52% | NM | 9.62% |
| Annualized Net Interest Margin | 3.99% | 3.90% | 3.62% | 3.63% | 3.80% |
| Efficiency ratio (2) | 56.87% | 56.99% | 62.07% | 70.00% | 59.98% |
| Stockholders' equity to total assets | 9.85% | 9.84% | 9.72% | 9.78% | 10.44% |
| Common stockholders' equity to total assets | 7.82% | 7.78% | 7.70% | 7.73% | 8.37% |
| Tangible common equity to tangible assets (2) | 4.78% | 4.68% | 4.63% | 4.60% | 5.19% |
| Tier 1 risk-based ratio | 12.94% | 12.65% | 12.80% | 12.74% | 13.32% |
| Total risk-based ratio | 14.19% | 13.90% | 14.04% | 13.98% | 14.57% |
| Tier 1 leverage ratio | 9.72% | 9.44% | 9.46% | 9.63% | 10.35% |
| Book value per common share (1) | $9.02 | $8.88 | $8.95 | $8.82 | $9.42 |
| Tangible book value per common share (1) (2) | $5.33 | $5.16 | $5.21 | $5.07 | $5.65 |
| (1) Excludes preferred stock | |||||
| (2) See Supplemental Information - Non GAAP financial measures | |||||
| Lakeland Bancorp, Inc. and Subsidiaries | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
| Three Months Ended March 31, | ||
| 2010 | 2009 | |
| (dollars in thousands, except per share amounts) | ||
| INTEREST INCOME | ||
| Loans and fees | $28,252 | $30,142 |
| Federal funds sold and interest bearing deposits with banks | 28 | 26 |
| Taxable investment securities | 2,983 | 3,419 |
| Tax exempt investment securities | 520 | 569 |
| TOTAL INTEREST INCOME | 31,783 | 34,156 |
| INTEREST EXPENSE | ||
| Deposits | 4,405 | 7,759 |
|
Federal funds purchased and securities sold under agreements to repurchase |
37 | 38 |
| Long-term debt | 2,754 | 3,467 |
| TOTAL INTEREST EXPENSE | 7,196 | 11,264 |
| NET INTEREST INCOME | 24,587 | 22,892 |
| Provision for loan and lease losses | 4,879 | 6,376 |
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES |
19,708 | 16,516 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | 2,448 | 2,667 |
| Commissions and fees | 885 | 823 |
| Gain on sales of investment securities | 1 | 885 |
| Income on bank owned life insurance | 386 | 331 |
| Gain on leasing related assets | 304 | 185 |
| Other income | 85 | 82 |
| TOTAL NONINTEREST INCOME | 4,109 | 4,973 |
| NONINTEREST EXPENSE | ||
| Salaries and employee benefits | 8,903 | 8,583 |
| Net occupancy expense | 1,795 | 1,874 |
| Furniture and equipment | 1,170 | 1,264 |
| Stationery, supplies and postage | 426 | 420 |
| Marketing expense | 554 | 557 |
| Amortization of core deposit intangibles | 265 | 265 |
| FDIC insurance expense | 933 | 900 |
| Collection expense | 148 | 505 |
| Legal expense | 341 | 109 |
| Expenses on other real estate owned and other repossessed assets | 37 | 120 |
| Other expenses | 2,208 | 2,154 |
| TOTAL NONINTEREST EXPENSE | 16,780 | 16,751 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 7,037 | 4,738 |
| Provision for income taxes | 2,471 | 1,563 |
| NET INCOME | $4,566 | $3,175 |
| Dividends on Preferred Stock and Discount Accretion | 898 | 539 |
| Net Income Available to Common Stockholders | $3,668 | $2,636 |
| EARNINGS PER COMMON SHARE | ||
| Basic | $0.15 | $0.11 |
| Diluted | $0.15 | $0.11 |
| DIVIDENDS PER COMMON SHARE | $0.05 | $0.10 |
| Lakeland Bancorp, Inc. and Subsidiaries | ||
| CONSOLIDATED BALANCE SHEETS | ||
| March 31, | December 31, | |
| ASSETS | 2010 | 2009 |
| (dollars in thousands) | (unaudited) | |
| Cash and due from banks | $92,195 | $31,869 |
| Federal funds sold and interest-bearing deposits due from banks | 8,490 | 26,794 |
| Total cash and cash equivalents | 100,685 | 58,663 |
| Investment securities available for sale | 396,089 | 375,530 |
|
Investment securities held to maturity; fair value of $79,795 in 2010 and $84,389 in 2009 |
77,311 | 81,821 |
| Loans: | ||
| Commercial | 1,203,694 | 1,194,944 |
| Leases | 100,738 | 113,161 |
| Residential mortgages | 387,477 | 382,778 |
| Consumer and home equity | 309,290 | 315,930 |
| Leases held for sale, at fair value | 4,128 | 7,314 |
| Total loans | 2,005,327 | 2,014,127 |
| Deferred cost | 2,789 | 2,908 |
| Allowance for loan and lease losses | (26,836) | (25,563) |
| Net loans | 1,981,280 | 1,991,472 |
| Premises and equipment - net | 28,794 | 29,196 |
| Accrued interest receivable | 9,182 | 8,943 |
| Goodwill | 87,111 | 87,111 |
| Other identifiable intangible assets, net | 1,374 | 1,640 |
| Bank owned life insurance | 42,106 | 41,720 |
| Other assets | 44,044 | 47,872 |
| TOTAL ASSETS | $2,767,976 | $2,723,968 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| LIABILITIES: | ||
| Deposits: | ||
| Noninterest bearing | $346,651 | $323,175 |
| Savings and interest-bearing transaction accounts | 1,373,972 | 1,368,272 |
| Time deposits under $100,000 | 280,500 | 283,512 |
| Time deposits $100,000 and over | 201,653 | 182,228 |
| Total deposits | 2,202,776 | 2,157,187 |
|
Federal funds purchased and securities sold under agreements to repurchase |
57,326 | 63,672 |
| Long-term debt | 145,900 | 145,900 |
| Subordinated debentures | 77,322 | 77,322 |
| Other liabilities | 11,968 | 11,901 |
| TOTAL LIABILITIES | 2,495,292 | 2,455,982 |
| STOCKHOLDERS' EQUITY | ||
|
Preferred stock, Series A, no par value, $1,000 liquidation value, authorized 1,000,000 shares; issued 59,000 shares at March 31, 2010 and December 31, 2009 |
56,183 | 56,023 |
|
Common stock, no par value; authorized 40,000,000 shares; issued 24,740,564 shares at March 31, 2010 and December 31, 2009 |
258,510 | 259,521 |
| Accumulated Deficit | (32,489) | (34,961) |
|
Treasury shares, at cost, 741,619 shares at March 31, 2010 and 868,428 at December 31, 2009 |
(10,188) | (11,940) |
| Accumulated other comprehensive income (loss) | 668 | (657) |
| TOTAL STOCKHOLDERS' EQUITY | 272,684 | 267,986 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,767,976 | $2,723,968 |
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (unaudited) | |||||
| Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |
| (dollars in thousands) | 2010 | 2009 | 2009 | 2009 | 2009 |
| SELECTED BALANCE SHEET DATA AT PERIOD-END | |||||
| Loans and Leases | $ 2,005,327 | $ 2,014,127 | $ 1,964,624 | $ 1,980,371 | $ 2,027,458 |
| Allowance for Loan and Lease Losses | (26,836) | (25,563) | (24,149) | (24,379) | (25,578) |
| Investment Securities | 473,400 | 457,351 | 576,160 | 509,516 | 427,482 |
| Total Assets | 2,767,976 | 2,723,968 | 2,769,463 | 2,716,118 | 2,676,044 |
| Total Deposits | 2,202,776 | 2,157,187 | 2,144,151 | 2,089,045 | 2,035,171 |
| Short-Term Borrowings | 57,326 | 63,672 | 62,001 | 47,997 | 45,194 |
| Long-Term Debt | 223,222 | 223,222 | 278,222 | 288,222 | 288,222 |
| Stockholders' Equity | 272,684 | 267,986 | 269,100 | 265,743 | 279,477 |
| Loans and Leases | |||||
| Commercial | $ 1,203,694 | $ 1,194,944 | $ 1,125,505 | $ 1,096,709 | $ 1,071,022 |
| Leases | 100,738 | 113,161 | 130,011 | 154,344 | 276,170 |
| Leases held for sale | 4,128 | 7,314 | 8,946 | 39,228 | -- |
| Residential mortgages | 387,477 | 382,778 | 380,684 | 373,167 | 362,561 |
| Consumer and Home Equity | 309,290 | 315,930 | 319,478 | 316,923 | 317,705 |
| Total loans | $ 2,005,327 | $ 2,014,127 | $ 1,964,624 | $ 1,980,371 | $ 2,027,458 |
| Deposits | |||||
| Noninterest bearing | $ 346,651 | $ 323,175 | $ 323,630 | $ 320,625 | $ 299,835 |
| Savings and interest-bearing transaction accounts | 1,373,972 | 1,368,272 | 1,263,139 | 1,122,923 | 1,104,791 |
| Time deposits under $100,000 | 280,500 | 283,512 | 348,182 | 382,016 | 393,731 |
| Time deposits $100,000 and over | 201,653 | 182,228 | 209,200 | 263,481 | 236,814 |
| Total deposits | $ 2,202,776 | $ 2,157,187 | $ 2,144,151 | $ 2,089,045 | $ 2,035,171 |
| SELECTED AVERAGE BALANCE SHEET DATA | |||||
| Loans and Leases, net | $ 2,009,389 | $ 1,999,830 | $ 1,982,700 | $ 2,020,379 | $ 2,029,214 |
| Investment Securities | 468,138 | 538,830 | 521,468 | 448,257 | 405,991 |
| Interest-Earning Assets | 2,525,632 | 2,572,501 | 2,554,132 | 2,516,754 | 2,475,307 |
| Total Assets | 2,751,793 | 2,790,501 | 2,771,358 | 2,712,421 | 2,673,317 |
| Non Interest-Bearing Demand Deposits | 329,152 | 333,932 | 322,337 | 309,548 | 294,443 |
| Savings Deposits | 313,025 | 309,154 | 306,449 | 305,406 | 295,147 |
| Interest-Bearing Transaction Accounts | 1,075,203 | 1,046,062 | 928,082 | 830,526 | 851,828 |
| Time Deposits | 471,699 | 498,987 | 600,638 | 641,993 | 617,558 |
| Total Deposits | 2,189,079 | 2,188,135 | 2,157,506 | 2,087,473 | 2,058,976 |
| Short-Term Borrowings | 55,807 | 56,507 | 45,628 | 44,021 | 53,404 |
| Long-Term Debt | 223,279 | 261,563 | 281,979 | 288,306 | 288,323 |
| Total Interest-Bearing Liabilities | 2,139,013 | 2,172,272 | 2,162,776 | 2,110,253 | 2,106,260 |
| Stockholders' Equity | 271,309 | 269,358 | 267,288 | 275,601 | 256,921 |
| Common Stockholders' Equity | 215,228 | 213,422 | 211,501 | 219,968 | 223,528 |
| Lakeland Bancorp, Inc. | |||||
| Financial Highlights | |||||
| (unaudited) | |||||
| Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |
| (dollars in thousands) | 2010 | 2009 | 2009 | 2009 | 2009 |
| AVERAGE ANNUALIZED YIELDS (taxable equivalent basis) | |||||
| Assets: | |||||
| Loans and leases | 5.70% | 5.79% | 5.73% | 5.79% | 6.02% |
| Taxable investment securities | 2.94% | 3.18% | 3.31% | 3.55% | 4.01% |
| Tax-exempt securities | 5.12% | 5.12% | 5.23% | 5.32% | 5.39% |
| Federal funds sold and interest-bearing cash accounts | 0.23% | 0.23% | 0.26% | 0.26% | 0.26% |
| Total interest-earning assets | 5.14% | 5.22% | 5.18% | 5.33% | 5.64% |
| Liabilities: | |||||
| Savings accounts | 0.24% | 0.33% | 0.43% | 0.57% | 0.73% |
| Interest-bearing transaction accounts | 0.89% | 0.97% | 0.95% | 1.04% | 1.14% |
| Time deposits | 1.57% | 2.02% | 2.67% | 2.84% | 3.13% |
| Borrowings | 4.00% | 4.05% | 4.16% | 4.24% | 4.10% |
| Total interest-bearing liabilities | 1.36% | 1.57% | 1.84% | 2.03% | 2.15% |
| Net interest spread (taxable equivalent basis) | 3.78% | 3.65% | 3.33% | 3.30% | 3.48% |
| Annualized Net Interest Margin (taxable equivalent basis) | 3.99% | 3.90% | 3.62% | 3.63% | 3.80% |
| ASSET QUALITY DATA | |||||
| Allowance for Loan Losses | |||||
| Balance at beginning of period | $ 25,563 | $ 24,149 | $ 24,379 | $ 25,578 | $ 25,053 |
| Provision for loan losses | 4,879 | 6,438 | 4,718 | 34,083 | 6,376 |
| Net Charge-offs | (3,606) | (5,024) | (4,948) | (35,282) | (5,851) |
| Balance at end of period | $ 26,836 | $ 25,563 | $ 24,149 | $ 24,379 | $ 25,578 |
| Net Loan Charge-offs | |||||
| Commercial | $ 2,439 | $ 2,305 | $ 1,815 | $ 780 | $ 187 |
| Leases | 664 | 1,902 | 2,324 | 33,744 | 5,347 |
| Home equity and consumer | 504 | 573 | 670 | 708 | 317 |
| Real estate - mortgage | (1) | 244 | 139 | 50 | -- |
| Net charge-offs | $ 3,606 | $ 5,024 | $ 4,948 | $ 35,282 | $ 5,851 |
| Nonperforming Assets | |||||
| Commercial | $ 27,134 | $ 27,845 | $ 30,578 | $ 21,400 | $ 9,604 |
| Leases | 7,582 | 3,511 | 4,624 | 2,666 | 11,881 |
| Home equity and consumer | 2,436 | 1,890 | 1,760 | 1,535 | 603 |
| Real estate - mortgage | 7,043 | 5,465 | 5,212 | 2,909 | 1,676 |
| Total non-accruing loans | 44,195 | 38,711 | 42,174 | 28,510 | 23,764 |
| Property acquired through foreclosure or repossession | 1,480 | 1,864 | 1,157 | 1,651 | 3,517 |
| Total non-performing assets | $ 45,675 | $ 40,575 | $ 43,331 | $ 30,161 | $ 27,281 |
| Loans past due 90 days or more | $ 383 | $ 1,437 | $ 2,261 | $ 4,228 | $ 3,052 |
| Loans restructured and still accruing | $ 7,943 | $ 3,432 | $ 2,562 | $ -- | $ -- |
| Ratio of allowance for loan and lease losses to total loans * | 1.34% | 1.27% | 1.23% | 1.23% | 1.26% |
| Non-performing loans to total loans * | 2.20% | 1.92% | 2.15% | 1.44% | 1.17% |
| Non-performing assets to total assets * | 1.65% | 1.49% | 1.56% | 1.11% | 1.02% |
| * Includes leases held for sale | |||||
| Lakeland Bancorp, Inc. | |||||
| Supplemental Information - Non-GAAP Financial Measures | |||||
| (unaudited) | |||||
| Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |
| (dollars in thousands, except per share amounts) | 2010 | 2009 | 2009 | 2009 | 2009 |
| Calculation of tangible book value per common share | |||||
| Total common stockholders' equity at end of period - non GAAP | $ 216,501 | $ 211,963 | $ 213,224 | $ 210,015 | $ 223,896 |
| Less: | |||||
| Goodwill | 87,111 | 87,111 | 87,111 | 87,111 | 87,111 |
| Other identifiable intangible assets, net | 1,374 | 1,640 | 1,905 | 2,170 | 2,436 |
| Total tangible common stockholders' equity at end of period - non- GAAP | $ 128,016 | $ 123,212 | $ 124,208 | $ 120,734 | $ 134,349 |
| Shares outstanding at end of period | 23,999 | 23,872 | 23,833 | 23,807 | 23,759 |
| Book value per share - GAAP | $ 9.02 | $ 8.88 | $ 8.95 | $ 8.82 | $ 9.42 |
| Tangible book value per share - non-GAAP | $ 5.33 | $ 5.16 | $ 5.21 | $ 5.07 | $ 5.65 |
| Calculation of tangible common equity to tangible assets | |||||
| Total tangible common stockholders' equity at end of period - non- GAAP | $ 128,016 | $ 123,212 | $ 124,208 | $ 120,734 | $ 134,349 |
| Total assets at end of period | $ 2,767,976 | $ 2,723,968 | $ 2,769,463 | $ 2,716,118 | $ 2,676,044 |
| Less: | |||||
| Goodwill | 87,111 | 87,111 | 87,111 | 87,111 | 87,111 |
| Other identifiable intangible assets, net | 1,374 | 1,640 | 1,905 | 2,170 | 2,436 |
| Total tangible assets at end of period - non-GAAP | $ 2,679,491 | $ 2,635,217 | $ 2,680,447 | $ 2,626,837 | $ 2,586,497 |
| Common equity to assets - GAAP | 7.82% | 7.78% | 7.70% | 7.73% | 8.37% |
| Tangible common equity to tangible assets - non-GAAP | 4.78% | 4.68% | 4.63% | 4.60% | 5.19% |
| Calculation of return on average tangible common equity | |||||
| Net income - GAAP | $ 4,566 | $ 2,140 | $ 2,011 | $ (12,722) | $ 3,175 |
| Total average common stockholders' equity | $ 215,228 | $ 213,422 | $ 211,501 | $ 219,968 | $ 223,528 |
| Less: | |||||
| Average goodwill | 87,111 | 87,111 | 87,111 | 87,111 | 87,111 |
| Average other identifiable intangible assets, net | 1,521 | 1,785 | 2,052 | 2,317 | 2,583 |
| Total average tangible common stockholders' equity - non GAAP | $ 126,596 | $ 124,526 | $ 122,338 | $ 130,540 | $ 133,834 |
| Return on average common stockholders' equity - GAAP | 8.60% | 3.98% | 3.77% | -23.20% | 5.76% |
| Return on average tangible common stockholders' equity - non-GAAP | 14.63% | 6.82% | 6.52% | -39.09% | 9.62% |
| Calculation of efficiency ratio | |||||
| Total non-interest expense | $ 16,780 | $ 20,313 | $ 17,077 | $ 19,653 | $ 16,751 |
| Less: | |||||
| Amortization of core deposit intangibles | (265) | (266) | (265) | (266) | (265) |
| Other real estate owned and other repossessed asset expense | (37) | (85) | (133) | (665) | (120) |
| Long-term debt prepayment fee | -- | (3,075) | -- | -- | -- |
| Non-interest expense, as adjusted | $ 16,478 | $ 16,887 | $ 16,679 | $ 18,722 | $ 16,366 |
| Net interest income | $ 24,587 | $ 24,982 | $ 23,022 | $ 22,483 | $ 22,892 |
| Noninterest income | 4,109 | 6,920 | 3,554 | 3,410 | 4,973 |
| Total revenue | 28,696 | 31,902 | 26,576 | 25,893 | 27,865 |
| Plus: Tax-equivalent adjustment on municipal securities | 280 | 283 | 296 | 320 | 306 |
| Less: gains (losses) on investment securities | (1) | (2,552) | -- | 532 | (885) |
| Total revenue, as adjusted | $ 28,975 | $ 29,633 | $ 26,872 | $ 26,745 | $ 27,286 |
| Efficiency ratio | 56.87% | 56.99% | 62.07% | 70.00% | 59.98% |