EXHIBIT 99.1

Lakeland Bancorp Announces Third Quarter Results

OAK RIDGE, N.J., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the “Company”), the parent company of Lakeland Bank (“Lakeland”), reported net income of $16.8 million for the three months ended September 30, 2018, a 22% increase compared to $13.7 million for the three months ended September 30, 2017. For the three months ended September 30, 2018, the Company reported diluted EPS of $0.35, an increase of 21% compared to $0.29 for the same period in 2017. For the third quarter of 2018, return on average assets was 1.19%, return on average common equity was 11.02% and return on average tangible common equity was 14.31%.

Reflected in September 30, 2018 results is the impact of the State of New Jersey tax law effective in July and retroactive to the beginning of 2018. The tax changes include a 2.5% tax surcharge which increased tax expense by approximately $0.5 million and a resulting increase in the Company’s deferred tax assets of $1.3 million, reducing tax expense.

For the nine months ended September 30, 2018, the Company reported net income of $47.9 million, a 21% increase compared to $39.4 million for the same period in 2017. For the nine months ended September 30, 2018, the Company reported diluted EPS of $0.99, an increase of 21% compared to $0.82 for the first nine months of 2017. For the first nine months of 2018, return on average assets was 1.17%, return on average common equity was 10.78%, and return on average tangible common equity was 14.06%. 

Thomas Shara, Lakeland Bancorp’s President and CEO commented, “We are pleased to report record quarterly income for the third quarter. Our results were driven by continued steady loan growth and robust deposit growth of over 5% this quarter. We are particularly pleased with our 1.19% return on assets, coupled with a 14.31% return on tangible common equity for the quarter. On the merger front, we were excited to announce the acquisition of Highlands Bancorp during the quarter and look forward to welcoming their customers, shareholders and staff to the Lakeland team.  We anticipate the transaction will be completed in early 2019.”

Net Interest Margin and Income

Net interest margin for the third quarter of 2018 of 3.32% decreased seven basis points from the third quarter of 2017. The decrease in net interest margin was due primarily to an increase in the cost of interest-bearing liabilities, partially offset by an increase in the yield on interest-earning assets. Net interest margin for the first nine months of 2018 of 3.38% equaled net interest margin for the first nine months of 2017. 

The yield on interest-earning assets for the third quarter of 2018 was 4.14% compared to 3.93% for the third quarter of 2017. The increase in yield was due primarily to a 21 basis point increase in the yield on loans and leases as rates continue to rise. The yield on interest-earning assets for the first nine months of 2018 was 4.09% compared to 3.86% during the same period in 2017.

The cost of interest-bearing liabilities for the third quarter of 2018 was 1.08% compared to 0.71% for the third quarter of 2017. The cost of interest-bearing transaction accounts, time deposits and borrowings have increased 40, 58, and 46 basis points, respectively, since the third quarter of 2017 largely driven by higher market interest rates. The Company has run deposit promotions during 2018 to support loan growth and in response to increased market competition. The cost of interest-bearing liabilities for the first nine months of 2018 was 0.94% compared to 0.65% during the same period in 2017.

Net interest income increased to $43.6 million for the third quarter of 2018 compared to $42.1 million for the third quarter of 2017, due primarily to the growth of interest-earning assets and increases in loan and lease yields offset by an increase in the cost of interest-bearing liabilities. Net interest income for the first nine months of 2018 was $129.4 million, as compared to $122.9 million for the same period in 2017. 

Noninterest Income

Noninterest income increased $0.2 million to $5.6 million for the third quarter of 2018 from $5.5 million for the third quarter of 2017 primarily due to death benefit income of $0.4 million in the third quarter of 2018. Commissions and fees increased $0.2 million compared to the third quarter of 2017 due primarily to an increase in investment services income. Partially offsetting these positive variances was a $0.4 million loss on equity securities during the quarter.

For the first nine months of 2018, noninterest income totaled $16.7 million compared to $19.7 million for the same period in 2017. The first nine months of 2017 included $2.5 million in gains on sales of investment securities, $0.9 million gain on the sales of three former branches, $0.4 million in gains on sales of other real estate owned and a $0.3 million gain on the payoff of an acquired loan. Noninterest income for first nine months of 2018 had increases in commissions and fees of $0.5 million, an increase in income on bank owned life insurance of $1.0 million, including the death benefit income discussed above, partially offset by a $0.4 million loss on equity securities.

Noninterest Expense

Noninterest expense totaled $27.8 million for the third quarter of 2018 compared to $24.8 million for the third quarter of 2017, primarily due to salary and employee benefit expense increasing $2.3 million as a result of additions to our staff to support continued growth, normal merit increases, higher benefit costs and a life insurance payout of $0.6 million related to the BOLI death benefit mentioned above. In the third quarter of 2018, data processing expense increased $0.6 million compared to the third quarter of 2017 due primarily to the Company’s expansion and improvement of its digital infrastructure.  

For the first nine months of 2018, noninterest expense totaled $82.5 million compared to $78.7 million for the same period in 2017. Included within 2017 was $2.8 million in long-term debt prepayment fees. Excluding the 2017 long-term debt prepayment fees, the resulting $6.6 million net increase was primarily due to a $5.3 million increase in salary and employee benefit costs resulting from additions to our staff to support continued growth, as well as normal merit increases and higher benefit costs and the life insurance payout related to the BOLI death benefit previously mentioned. Data processing also increased $1.0 million compared to the first nine months of 2017 due primarily to the Company’s expansion and improvement of its digital infrastructure.

Financial Condition

In 2018, total assets increased $221.4 million to $5.63 billion as total loans and leases grew $175.6 million to $4.33 billion, while investment securities increased $4.1 million to $771.8 million. On the funding side, total deposits increased $273.7 million to $4.64 billion, while borrowings decreased $84.8 million to $337.0 million. As of September 30, 2018, total loans and leases as a percent of total deposits was 93%. 

Asset Quality

At September 30, 2018, non-performing assets totaled $13.9 million (0.25% of total assets) compared to $14.5 million (0.27% of total assets) at December 31, 2017. Non-accrual loans and leases as a percent of total loans and leases equaled 0.26% at September 30, 2018 compared to 0.33% at December 31, 2017. The allowance for loan and lease losses increased to $37.3 million at September 30, 2018 (0.86% of total loans and leases) compared to $35.5 million at December 31, 2017 (0.85% of total loans and leases). In the third quarter of 2018, the Company had net charge-offs of $0.4 million (0.03% of average loans and leases, annualized) compared to $0.7 million (0.07% of average loans and leases, annualized) for the same period in 2017. The third quarter of 2018 provision for loan and lease losses was $1.0 million compared to $1.8 million in the third quarter of 2017.

Capital

At September 30, 2018, stockholders' equity was $607.6 million compared to $583.1 million at December 31, 2017, a 4% increase. Lakeland Bank remains above FDIC “well capitalized” standards, with a Tier 1 Leverage Ratio of 9.42% at September 30, 2018. At September 30, 2018, the book value per common share and tangible book value per common share were $12.79 and $9.88 compared to $12.19 and $9.25 at September 30, 2017. On October 23, 2018, the Company declared a quarterly cash dividend of $0.115 per share to be paid on November 15, 2018 to stockholders of record as of November 5, 2018.

Forward-Looking Statements

The information disclosed in this document includes various forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The words “anticipates”, “projects”, “intends”, “estimates”, “expects”, “believes”, “plans”, “may”, “will”, “should”, “could”, and other similar expressions are intended to identify such forward-looking statements. The Company cautions that these forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. The following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: changes in the financial services industry and the U.S. and global capital markets, changes in economic conditions nationally, regionally and in the Company’s markets, the nature and timing of actions of the Federal Reserve Board and other regulators, the nature and timing of legislation and regulation affecting the financial services industry, government intervention in the U.S. financial system, changes in federal and state tax laws, changes in levels of market interest rates, pricing pressures on loan and deposit products, credit risks of the Company’s lending and leasing activities, successful implementation, deployment and upgrades of new and existing technology, systems, services and products, customers’ acceptance of the Company’s products and services, competition, failure to obtain the required approval from Highlands Bancorp, Inc. shareholders for the merger of Highlands Bancorp, Inc. into Lakeland Bancorp, Inc. and failure to realize anticipated efficiencies and synergies if the holding company merger and the merger of Highlands State Bank into Lakeland Bank are consummated.  Any statements made by the Company that are not historical facts should be considered to be forward-looking statements. The Company is not obligated to update and does not undertake to update any of its forward-looking statements made herein.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results.  Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis, and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods in question.

The Company also provides measurements and ratios based on tangible equity and tangible assets. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

The Company also uses an efficiency ratio that is a non-GAAP financial measure. The ratio that the Company uses excludes amortization of core deposit intangibles, provision for unfunded lending commitments and, where applicable, long-term debt prepayment fees and merger related expenses. Income for the non-GAAP ratio is increased by the favorable effect of tax-exempt income and excludes gains and losses from the sale of investment securities and gain on debt extinguishment, which can vary from period to period. The Company uses this ratio because it believes the ratio provides a relevant measure to compare the operating performance period to period.

These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. See accompanying non-GAAP tables. 

About Lakeland Bank

Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $5.6 billion in total assets. The Bank operates 50 branch offices throughout Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex, and Union counties in New Jersey including one branch in Highland Mills, New York; six New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Newton, Teaneck and Waldwick; and one New York commercial lending center to serve the Hudson Valley region. Lakeland also has a commercial loan production office serving Middlesex and Monmouth counties in New Jersey.  Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit LakelandBank.com for more information.

Thomas J. Shara
President & CEO

Thomas F. Splaine
EVP & CFO
973-697-2000

 
Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
           
    Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in thousands, except per share amounts) 2018   2017   2018   2017 
           
INCOME STATEMENT        
Net interest income  $  43,624  $  42,115  $  129,353  $  122,859 
Provision for loan and lease losses    (1,046)    (1,827)    (3,822)    (4,872)
Gains (losses) on sales of investment securities   -      -      -      2,524 
Gains on sales of loans     484     478     1,030     1,347 
Gain (loss) on equity securities    (439)    -      (384)    -  
Other noninterest income     5,594     4,976     16,036     15,788 
Long-term debt prepayment fee    -      -      -      (2,828)
Other noninterest expense    (27,793)    (24,849)    (82,504)    (75,857)
  Pretax income     20,424     20,893     59,709     58,961 
Provision for income taxes    (3,666)    (7,170)    (11,858)    (19,556)
  Net income   $  16,758  $  13,723  $  47,851  $  39,405 
           
Basic earnings per common share $  0.35  $  0.29  $  1.00  $  0.82 
Diluted earnings per common share $  0.35  $  0.29  $  0.99  $  0.82 
Dividends paid per common share $  0.115  $  0.100  $  0.330  $  0.295 
Weighted average shares - basic    47,605     47,466     47,570     47,429 
Weighted average shares - diluted    47,788     47,692     47,764     47,660 
           
SELECTED OPERATING RATIOS        
Annualized return on average assets  1.19%  1.03%  1.17%  1.01%
Annualized return on average common equity 11.02%  9.48%  10.78%  9.33%
Annualized return on average tangible common equity (1) 14.31%  12.51%  14.06%  12.38%
Annualized return on interest-earning assets 4.14%  3.93%  4.09%  3.86%
Annualized cost of interest-bearing liabilities 1.08%  0.71%  0.94%  0.65%
Annualized net interest spread  3.06%  3.22%  3.15%  3.22%
Annualized net interest margin  3.32%  3.39%  3.38%  3.38%
Efficiency ratio (1)   56.00%  51.72%  56.05%  53.52%
Stockholders' equity to total assets      10.80%  10.69%
Book value per common share     $  12.79  $  12.19 
Tangible book value per common share (1)    $  9.88  $  9.25 
Tangible common equity to tangible assets (1)     8.55%  8.33%
           
ASSET QUALITY RATIOS     9/30/2018 9/30/2017
Ratio of allowance for loan and lease losses to total loans and leases    0.86%  0.83%
Non-performing loans and leases to total loans and leases     0.26%  0.33%
Non-performing assets to total assets       0.25%  0.27%
Annualized net charge-offs to average loans and leases     0.06%  0.07%
           
SELECTED BALANCE SHEET DATA AT PERIOD-END   9/30/2018 9/30/2017
Loans and leases      $  4,332,238  $  4,092,893 
Allowance for loan and lease losses        37,293     33,925 
Investment securities         801,315     795,096 
Total assets          5,627,057     5,399,481 
Total deposits         4,642,443     4,356,996 
Short-term borrowings         47,398     133,960 
Other borrowings         289,635     301,411 
Stockholders' equity         607,555     577,081 
           
SELECTED AVERAGE BALANCE SHEET DATAFor the Three Months Ended For the Nine Months Ended
    9/30/2018 9/30/2017 9/30/2018 9/30/2017
Loans and leases  $  4,296,244  $  4,060,838  $  4,246,338  $  3,993,030 
Investment securities     811,217     815,773     814,508     814,392 
Interest-earning assets     5,221,612     4,957,856     5,126,677     4,897,550 
Total assets     5,570,286     5,300,191     5,473,001     5,232,283 
Noninterest-bearing demand deposits    999,217     971,143     978,020     949,474 
Savings deposits     491,095     484,982     491,810     489,562 
Interest-bearing transaction accounts    2,319,863     2,206,206     2,252,112     2,247,674 
Time deposits     789,691     645,333     781,230     587,086 
Total deposits     4,599,866     4,307,664     4,503,172     4,273,796 
Short-term borrowings     36,702     42,172     54,981     41,211 
Other borrowings     291,477     344,775     286,138     323,180 
Total interest-bearing liabilities    3,928,828     3,723,468     3,866,271     3,688,713 
Stockholders' equity     603,059     574,113     593,453     564,443 
           
(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)     2018  2017  2018  2017
           
INTEREST INCOME         
Loans, leases and fees    $  49,181 $  44,302 $  142,384 $  127,453
Federal funds sold and interest-bearing deposits with banks   533   210   844   618
Taxable investment securities and other    4,141   3,720   12,160   11,137
Tax exempt investment securities     427   503   1,299   1,535
 TOTAL INTEREST INCOME    54,282   48,735   156,687   140,743
INTEREST EXPENSE         
Deposits       8,429   4,443   20,685   11,561
Federal funds purchased and securities sold under agreements to repurchase   42   52   409   160
Other borrowings      2,187   2,125   6,240   6,163
 TOTAL INTEREST EXPENSE    10,658   6,620   27,334   17,884
NET INTEREST INCOME     43,624   42,115   129,353   122,859
Provision for loan and lease losses       1,046    1,827    3,822    4,872
 NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES  42,578   40,288   125,531   117,987
NONINTEREST INCOME        
Service charges on deposit accounts     2,614   2,797   7,770   7,926
Commissions and fees      1,414   1,258   4,096   3,549
Income on bank owned life insurance     1,127   624   2,557   1,550
Gain (loss) on equity securities      (439)   -     (384)   - 
Gains on sales of loans      484   478   1,030   1,347
Gains on sales of investment securities      -     -     -    2,524
Other income       439   297   1,613   2,763
 TOTAL NONINTEREST INCOME      5,639   5,454   16,682   19,659
NONINTEREST EXPENSE        
Salaries and employee benefit expense     17,352   15,100   50,921   45,613
Net occupancy expense      2,316   2,327   7,657   7,670
Furniture and equipment expense     2,070   2,073   6,287   6,166
FDIC insurance expense      400   430   1,225   1,173
Stationary, supplies and postage expense    371   404   1,230   1,419
Marketing expense      343   442   1,160   1,351
Data processing expense      1,083   441   2,525   1,496
Telecommunications expense     438   380   1,321   1,156
ATM and debit card expense     556   546   1,624   1,504
Core deposit intangible amortization      142    104    452    489
Other real estate owned and other repossessed assets expense   45   67   112   108
Long-term debt prepayment fee      -     -     -     2,828
Other expenses       2,677   2,535   7,990   7,712
 TOTAL NONINTEREST EXPENSE   27,793   24,849   82,504   78,685
INCOME BEFORE PROVISION FOR INCOME TAXES       20,424   20,893   59,709   58,961
Provision for income taxes       3,666   7,170   11,858   19,556
NET INCOME    $  16,758 $  13,723 $  47,851 $  39,405
           
Basic     $  0.35 $  0.29 $  1.00 $  0.82
Diluted     $  0.35 $  0.29 $  0.99 $  0.82
DIVIDENDS PAID PER COMMON SHARE     $  0.115 $  0.100 $  0.330 $  0.295
           

 

Lakeland Bancorp, Inc.
Consolidated Balance Sheets
        
     September 30 December 31,
(Dollars in thousands)    2018   2017 
     (Unaudited)  
ASSETS       
Cash    $  170,099  $  114,138 
Interest-bearing deposits due from banks     10,137   28,795 
  Total cash and cash equivalents      180,236    142,933 
Investment securities available for sale, at fair value    613,243     628,046 
Equity securities, at fair value     16,038     18,089 
Investment securities held to maturity; fair value of $153,975 at September 30, 2018   
  and $138,688 at December 31, 2017    158,576    139,685 
Federal Home Loan Bank and other membership stocks, at cost  13,458    12,576 
Loans held for sale      1,340     456 
Loans and leases:      
  Commercial, real estate     3,281,946    3,096,092 
  Commercial, industrial and other    334,241    340,400 
  Leases      82,881    75,039 
  Residential mortgages     315,135    322,880 
  Consumer and home equity    318,035    322,269 
       Total loans and leases    4,332,238    4,156,680 
  Net deferred costs (fees)    (4,120)    (3,960)
  Allowance for loan and lease losses   (37,293)  (35,455)
       Net loans and leases      4,290,825    4,117,265 
Premises and equipment, net     50,127    50,313 
Accrued interest receivable    15,435    14,416 
Goodwill       136,433    136,433 
Other identifiable intangible assets    1,910     2,362 
Bank owned life insurance     109,338    107,489 
Other assets       40,098    35,576 
       TOTAL ASSETS    $  5,627,057  $  5,405,639 
        
LIABILITIES AND STOCKHOLDERS' EQUITY    
LIABILITIES      
Deposits:       
  Noninterest-bearing   $  996,296  $  967,335 
  Savings and interest-bearing transaction accounts   2,855,318    2,663,985 
  Time deposits $250 thousand and under      607,448    556,863 
  Time deposits over $250 thousand      183,381    180,565 
       Total deposits      4,642,443    4,368,748 
Federal funds purchased and securities sold under agreements to repurchase  47,398    124,936 
Other borrowings     184,640    192,011 
Subordinated debentures     104,995     104,902 
Other liabilities        40,026    31,920 
       TOTAL LIABILITIES     5,019,502    4,822,517 
        
STOCKHOLDERS' EQUITY     
Common stock, no par value; authorized 100,000,000 shares at September 30, 2018   
  and 70,000,000 shares at December 31, 2017;  issued 47,485,283 shares at   
  September 30, 2018 and 47,353,864 shares at December 31, 2017      514,212    512,734 
Retained earnings     106,834    72,737 
Accumulated other comprehensive gain (loss)    (13,491)  (2,349)
       TOTAL STOCKHOLDERS' EQUITY      607,555    583,122 
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $  5,627,057  $  5,405,639 
        

 

Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
        
   For the Quarter Ended
   Sept 30,June 30,Mar 31,Dec 31,Sept 30,
(Dollars in thousands, except per share data)  2018  2018  2018  2017  2017 
        
INCOME STATEMENT      
Net interest income $  43,624 $  43,493 $  42,236 $  42,379 $  42,115 
Provision for loan and lease losses    (1,046)   (1,492)   (1,284)   (1,218)   (1,827)
Gains on sales of loans    484    300    246    489    478 
Gain (loss) on equity securities    (439)   73    (18)   -     -  
Other noninterest income    5,594    5,336    5,106    5,287    4,976 
Other noninterest expense    (27,793)   (27,574)   (27,137)   (25,849)   (24,849)
  Pretax income    20,424    20,136    19,149    21,088    20,893 
Provision for income taxes    (3,666)   (4,298)   (3,894)   (7,913)   (7,170)
  Net income $  16,758 $  15,838 $  15,255 $  13,175 $  13,723 
        
Basic earnings per common share $  0.35 $  0.33 $  0.32 $  0.28 $  0.29 
Diluted earnings per common share $  0.35 $  0.33 $  0.32 $  0.27 $  0.29 
Dividends paid per common share $  0.115 $  0.115 $  0.100 $  0.100 $  0.100 
Dividends paid $  5,510 $  5,509 $  4,778 $  4,776 $  4,775 
Weighted average shares - basic    47,605    47,600    47,503    47,466    47,466 
Weighted average shares - diluted    47,788    47,770    47,736    47,719    47,692 
        
SELECTED OPERATING RATIOS      
Annualized return on average assets   1.19% 1.17% 1.14% 0.97% 1.03%
Annualized return on average common equity   11.02% 10.71% 10.60% 8.99% 9.48%
Annualized return on average tangible common equity (1) 14.31% 13.97% 13.90% 11.82% 12.51%
Annualized net interest margin  3.32% 3.43% 3.39% 3.37% 3.39%
Efficiency ratio (1)  56.00% 55.60% 56.58% 53.06% 51.72%
Common stockholders' equity to total assets  10.80% 10.80% 10.75% 10.79% 10.69%
Tangible common equity to tangible assets (1)  8.55% 8.51% 8.43% 8.44% 8.33%
Tier 1 risk-based ratio  11.21% 11.16% 11.08% 10.87% 10.82%
Total risk-based ratio  13.69% 13.67% 13.61% 13.40% 13.37%
Tier 1 leverage ratio  9.42% 9.43% 9.28% 9.12% 9.07%
Common equity tier 1 capital ratio  10.56% 10.49% 10.40% 10.18% 10.13%
Book value per common share $  12.79 $  12.59 $  12.40 $  12.31 $  12.19 
Tangible book value per common share (1) $  9.88 $  9.67 $  9.48 $  9.38 $  9.25 
        
(1) See Supplemental Information - Non-GAAP Financial Measures    
 

 

Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
         
    For the Quarter Ended
    Sept 30,June 30,Mar 31,Dec 31,Sept 30,
(Dollars in thousands)   2018  2018  2018  2017  2017 
       
SELECTED BALANCE SHEET DATA AT PERIOD-END    
Loans and leases  $  4,332,238 $  4,281,302 $  4,228,052 $  4,156,680 $  4,092,893 
Allowance for loan and lease losses    37,293    36,604    35,644    35,455    33,925 
Investment securities     801,315    798,096    805,654    798,396    795,096 
Total assets      5,627,057    5,534,488    5,477,829    5,405,639    5,399,481 
Total deposits     4,642,443    4,400,019    4,447,965    4,368,748    4,356,996 
Short-term borrowings     47,398    197,870    126,485    124,936    133,960 
Other borrowings     289,635    301,339    281,906    296,913    301,411 
Stockholders' equity     607,555    597,864    588,648    583,122    577,081 
         
LOANS AND LEASES       
Commercial, real estate  $  3,281,946 $  3,222,461 $  3,169,375 $  3,096,092 $  3,018,106 
Commercial, industrial and other    334,241    339,974    339,665    340,400    342,775 
Leases      82,881    82,006    78,238    75,039    71,698 
Residential mortgages     315,135    321,717    323,054    322,880    329,625 
Consumer and home equity     318,035    315,144    317,720    322,269    330,689 
  Total loans and leases  $  4,332,238 $  4,281,302 $  4,228,052 $  4,156,680 $  4,092,893 
         
DEPOSITS        
Noninterest-bearing  $  996,296 $  967,911 $  974,641 $  967,335 $  955,444 
Savings and interest-bearing transaction accounts   2,855,318    2,625,325    2,682,726    2,663,985    2,681,512 
Time deposits     790,829    806,783    790,598    737,428    720,040 
  Total deposits  $  4,642,443 $  4,400,019 $  4,447,965 $  4,368,748 $  4,356,996 
         
Total loans and leases to total deposits ratio 93.3% 97.3% 95.1% 95.1% 93.9%
         
SELECTED AVERAGE BALANCE SHEET DATA     
Loans and leases  $  4,296,244 $  4,247,443 $  4,194,207 $  4,116,920 $  4,060,838 
Investment securities     811,217    811,361    821,055    798,687    815,773 
Interest-earning assets     5,221,612    5,094,048    5,062,628    5,014,333    4,957,856 
Total assets      5,570,286    5,437,540    5,409,409    5,372,248    5,300,191 
Noninterest-bearing demand deposits    999,217    969,965    964,498    988,451    971,143 
Savings deposits     491,095    496,630    487,666    478,685    484,982 
Interest-bearing transaction accounts    2,319,863    2,195,553    2,240,044    2,222,221    2,206,206 
Time deposits     789,691    792,270    761,418    730,590    645,333 
Total deposits     4,599,866    4,454,418    4,453,626    4,419,947    4,307,664 
Short-term borrowings     36,702    73,305    55,137    43,130    42,172 
Other borrowings     291,477    283,206    283,645    295,818    344,775 
Total interest-bearing liabilities    3,928,828    3,840,964    3,827,910    3,770,444    3,723,468 
Stockholders' equity     603,059    593,388    583,700    581,254    574,113 
      

 

Lakeland Bancorp, Inc.
Financial Highlights
(Unaudited)
         
    For the Quarter Ended
    Sept 30,June 30,Mar 31,Dec 31,Sept 30,
(Dollars in thousands)   2018  2018  2018  2017  2017 
      
AVERAGE ANNUALIZED YIELDS (TAXABLE EQUIVALENT BASIS)    
ASSETS        
Loans and leases   4.54% 4.50% 4.40% 4.33% 4.33%
Taxable investment securities and other  2.26% 2.21% 2.17% 2.17% 2.09%
Tax-exempt securities   2.71% 2.66% 2.65% 3.21% 2.98%
Federal funds sold and interest-bearing cash accounts 1.87% 1.65% 1.40% 1.06% 1.03%
  Total interest-earning assets  4.14% 4.12% 4.02% 3.95% 3.93%
         
LIABILITIES       
Savings accounts   0.06% 0.06% 0.06% 0.06% 0.06%
Interest-bearing transaction accounts  0.89% 0.69% 0.61% 0.51% 0.49%
Time deposits   1.61% 1.34% 1.23% 1.17% 1.03%
Borrowings    2.66% 2.51% 2.54% 2.36% 2.20%
  Total interest-bearing liabilities  1.08% 0.91% 0.83% 0.75% 0.71%
Net interest spread (taxable equivalent basis) 3.06% 3.21% 3.19% 3.20% 3.22%
         
Annualized net interest margin (taxable equivalent basis) 3.32% 3.43% 3.39% 3.37% 3.39%
Annualized cost of deposits  0.73% 0.59% 0.52% 0.45% 0.41%
         
ASSET QUALITY DATA      
ALLOWANCE FOR LOAN AND LEASE LOSSES     
Balance at beginning of period $  36,604 $  35,644 $  35,455 $  33,925 $  32,823 
Provision for loan and lease losses    1,046    1,492    1,284    1,218    1,827 
Charge-offs      (753)   (963)   (1,250)   (347)   (869)
Recoveries      396    431    155    659    144 
  Balance at end of period  $  37,293 $  36,604 $  35,644 $  35,455 $  33,925 
         
NET LOAN AND LEASE CHARGE-OFFS (RECOVERIES)     
Commercial, real estate  $  (115)$  181 $  (13)$  132 $  285 
Commercial, industrial and other    (26)   213    992    25    168 
Leases      366    69    21    34    80 
Residential mortgages     36    (3)   79    31    95 
Consumer and home equity    96    72    16    (534)   97 
  Net charge-offs (recoveries) $  357 $  532 $  1,095 $  (312)$  725 
         
NON-PERFORMING ASSETS      
Commercial, real estate  $  5,737 $  7,353 $  6,204 $  7,362 $  6,820 
Commercial, industrial and other    1,189    1,171    1,505    184    172 
Leases      441    834    250    144    110 
Residential mortgages     2,347    2,992    3,045    3,860    4,410 
Consumer and home equity    1,410    1,917    2,341    2,105    2,033 
  Total non-accrual loans and leases    11,124    14,267    13,345    13,655    13,545 
Property acquired through foreclosure or repossession   2,754    2,184    1,392    843    1,168 
  Total non-performing assets $  13,878 $  16,451 $  14,737 $  14,498 $  14,713 
         
Loans past due 90 days or more and still accruing$  16 $  -  $  1 $  200 $  9 
Loans restructured and still accruing $  9,030 $  7,926 $  9,526 $  11,462 $  11,279 
         
Ratio of allowance for loan and lease losses to total loans and leases    0.86% 0.85% 0.84% 0.85% 0.83%
Total non-accrual loans and leases to total loans and leases    0.26% 0.33% 0.32% 0.33% 0.33%
Total non-performing assets to total assets     0.25% 0.30% 0.27% 0.27% 0.27%
Annualized net charge-offs (recoveries) to average loans and leases    0.03% 0.05% 0.10% -0.03% 0.07%
         

 

Lakeland Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(Unaudited)
         
    At or for the Quarter Ended
    Sept 30,June 30,Mar 31,Dec 31,Sept 30,
(Dollars in thousands, except per share amounts) 2018  2018  2018  2017  2017 
         
CALCULATION OF TANGIBLE BOOK VALUE PER COMMON SHARE     
Total common stockholders' equity at end of period - GAAP$  607,555 $  597,864 $  588,648 $  583,122 $  577,081 
Less:  Goodwill      136,433    136,433    136,433    136,433    136,433 
Less:  Other identifiable intangible assets    1,910    2,052    2,205    2,362    2,526 
  Total tangible common stockholders' equity at end of period - Non-GAAP$  469,212 $  459,379 $  450,010 $  444,327 $  438,122 
         
Shares outstanding at end of period    47,485    47,484    47,476    47,354    47,353 
         
Book value per share - GAAP   12.79 $  12.59 $  12.40 $  12.31 $  12.19 
         
Tangible book value per share - Non-GAAP  9.88 $  9.67 $  9.48 $  9.38 $  9.25 
         
CALCULATION OF TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS     
Total tangible common stockholders' equity at end of period - Non-GAAP$  469,212 $  459,379 $  450,010 $  444,327 $  438,122 
         
Total assets at end of period - GAAP $  5,627,057 $  5,534,488 $  5,477,829 $  5,405,639 $  5,399,481 
Less:  Goodwill      136,433    136,433    136,433    136,433    136,433 
Less:  Other identifiable intangible assets    1,910    2,052    2,205    2,362    2,526 
  Total tangible assets at end of period - Non-GAAP$  5,488,714 $  5,396,003 $  5,339,191 $  5,266,844 $  5,260,522 
         
Common equity to assets - GAAP   10.80% 10.80% 10.75% 10.79% 10.69%
         
Tangible common equity to tangible assets - Non-GAAP 8.55% 8.51% 8.43% 8.44% 8.33%
         
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON EQUITY     
Net income - GAAP   $  16,758 $  15,838 $  15,255 $  13,175 $  13,723 
         
Total average common stockholders' equity - GAAP$  603,059 $  593,388 $  583,700 $  581,254 $  574,113 
Less:  Average goodwill     136,433    136,433    136,433    136,433    136,433 
Less:  Average other identifiable intangible assets   1,982    2,134    2,300    2,450    2,606 
  Total average tangible common stockholders' equity - Non-GAAP$  464,644 $  454,821 $  444,967 $  442,371 $  435,074 
         
Return on average common stockholders' equity - GAAP 11.02% 10.71% 10.60% 8.99% 9.48%
         
Return on average tangible common stockholders' equity - Non-GAAP 14.31% 13.97% 13.90% 11.82% 12.51%
         
CALCULATION OF EFFICIENCY RATIO      
Total noninterest expense  $  27,793 $  27,574 $  27,137 $  25,849 $  24,849 
Amortization of core deposit intangibles    (142)   (153)   (157)   (165)   (104)
  Noninterest expense, as adjusted  $  27,651 $  27,421 $  26,980 $  25,684 $  24,745 
         
Net interest income   $  43,624 $  43,493 $  42,236 $  42,379 $  42,115 
Total noninterest income     5,639    5,709    5,334    5,776    5,454 
  Total revenue      49,263    49,202    47,570    48,155    47,569 
Tax-equivalent adjustment on municipal securities   113    114    118    247    271 
  Total revenue, as adjusted  $  49,376 $  49,316 $  47,688 $  48,402 $  47,840 
         
Efficiency ratio - Non-GAAP   56.00% 55.60% 56.58% 53.06% 51.72%
         

 

Lakeland Bancorp, Inc.
Supplemental Information - Non-GAAP Financial Measures
(Unaudited)
    For the Nine Months Ended,
    Sept 30Sept 30
(Dollars in thousands)    2018  2017 
      
CALCULATION OF RETURN ON AVERAGE TANGIBLE COMMON EQUITY   
Net income - GAAP   $  47,851 $  39,405 
      
Total average common stockholders' equity - GAAP  $  593,453 $  564,443 
Less:  Average goodwill      136,433    135,981 
Less:  Average other identifiable intangible assets     2,138    2,981 
  Total average tangible common stockholders' equity - Non-GAAP $  454,882 $  425,481 
      
Return on average common stockholders' equity - GAAP   10.78% 9.33%
      
Return on average tangible common stockholders' equity - Non-GAAP  14.06% 12.38%
      
CALCULATION OF EFFICIENCY RATIO     
Total noninterest expense   $  82,504 $  78,685 
      
Amortization of core deposit intangibles      (452)   (489)
Long-term debt prepayment fee      -     (2,828)
  Noninterest expense, as adjusted   $  82,052 $  75,368 
      
Net interest income   $  129,353 $  122,859 
Noninterest income      16,682    19,659 
  Total revenue      146,035    142,518 
Tax-equivalent adjustment on municipal securities     345    827 
Gains on sales of investment securities      -     (2,524)
  Total revenue, as adjusted   $  146,380 $  140,821 
      
Efficiency ratio - Non-GAAP    56.05% 53.52%
      


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