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Lakeland Bancorp Inc. (Nasdaq: LBAI) is the holding company for Lakeland Bank, a prominent financial institution with a significant presence in Northern New Jersey and the Hudson Valley region of New York. Headquartered in Oak Ridge, NJ, Lakeland Bancorp oversees operations encompassing 48 branch offices, five regional lending centers, and two loan production offices. As of September 30, 2023, the company boasts total assets of $11.18 billion.
Lakeland Bank is dedicated to providing a comprehensive suite of banking products and services designed to meet the diverse needs of both business and retail customers. Business services offered include commercial loans and lines of credit, commercial real estate loans, asset-based lending, equipment financing, and specialized loans for healthcare services. Additionally, the bank supports small businesses with tailored loans and cash management services.
For individual consumers, Lakeland Bank delivers a range of services including online and mobile banking, home equity loans, mortgage options, and wealth management solutions. The bank has been recognized as New Jersey’s Best-In-State Bank by Forbes and Statista for five consecutive years, reflecting its strong commitment to customer satisfaction and service excellence.
In recent developments, Lakeland Bancorp and Provident Financial Services, Inc. (NYSE: PFS), the parent company of Provident Bank, have announced a merger agreement. This strategic move, aiming for completion by the second calendar quarter of 2024, awaits the final regulatory approval from the Board of Governors of the Federal Reserve System. The combined entity, operating under the Provident name, is set to benefit from enhanced scale, growth opportunities, and profitability. The merger will leverage the complementary strengths of both institutions to deliver exceptional service to their communities.
Recognition and Achievements:
- Named one of “America’s 50 Most Trustworthy Financial Companies” by Forbes.
- Ranked as one of New Jersey’s 50 Fastest Growing Companies by NJBIZ.
- Rated a 5-Star Bank by Bauer Financial.
- Recognized as Best Banks to Work For by American Banker.
Lakeland Bank’s mission is to make banking easier and more accessible through an extensive array of products and services. Their online and mobile banking platforms provide secure, convenient access to accounts, enabling customers to manage their finances anytime, anywhere. Additionally, Lakeland’s commitment to community banking has made it a trusted financial service provider in the region for nearly 45 years.
For the latest updates, news, and developments related to Lakeland Bancorp Inc., shareholders and interested parties are encouraged to monitor company announcements and financial disclosures.
Provident Financial Services and Lakeland Bancorp announced a definitive merger agreement valued at approximately $1.3 billion to create a leading super-community bank in New Jersey.
The combined entity will manage over $25 billion in assets and $20 billion in deposits, enhancing market share and service capabilities.
Projected accretion in GAAP earnings per share is estimated at 24% for 2024, with significant cost savings expected from the merger.
Regulatory approvals and shareholder consent are needed for the merger, anticipated to close in Q2 2023.
Lakeland Bancorp reported net income of $29.1 million for Q2 2022, with earnings per diluted share of $0.44, a slight increase from $27.4 million in Q2 2021. The annualized return on average assets was 1.15%, while return on equity and tangible equity were 10.71% and 14.45%, respectively. Notable highlights include a 4% loan growth, record net interest income of $80.3 million, and an improved net interest margin of 3.38%. The effective tax rate decreased to 24.7% from 25.7% year-over-year.
Lakeland Bancorp (NASDAQ: LBAI) announced it will report its second-quarter earnings on July 28, 2022, at 8:00 a.m. ET. A conference call will follow at 10:00 a.m. ET, hosted by President and CEO Thomas Shara and CFO Thomas Splaine. The call can be accessed using the toll-free number (844) 200-6205, and a replay will be available until August 4, 2022. As of March 31, 2022, the Company had total assets of approximately $10.28 billion and offers a range of banking services across New Jersey and New York.
Lakeland Bancorp (NASDAQ: LBAI) reported a net income of $15.9 million and EPS of $0.25 for Q1 2022, down from $23.2 million and $0.45 in Q1 2021. The results were affected by a $6.3 million provision for credit losses, largely from its recent acquisition of 1st Constitution. Total assets increased to $10.28 billion, bolstered by the merger. The company declared a quarterly cash dividend of $0.145 per share, representing a 7% increase. Despite challenges, key metrics such as asset quality and net interest income showed positive trends.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) will announce first-quarter earnings on April 28, 2022, at 8:00 a.m. ET. The earnings conference call, led by CEO Thomas Shara and CFO Thomas Splaine, will occur later that day at 10:00 a.m. ET. Participants can access the call via toll-free numbers, and a replay will be available until May 5, 2022. As of December 31, 2021, the company reported $8.20 billion in total assets and completed its acquisition of 1st Constitution Bancorp in January 2022, enhancing its New Jersey franchise.
Lakeland Bancorp (NASDAQ: LBAI) reported net income of $22.2 million and earnings per share (EPS) of $0.43 for Q4 2021, increasing from $18.8 million and $0.37 in Q4 2020. Annual net income for 2021 reached $95.0 million, a 65% increase from $57.5 million in 2020, with a diluted EPS of $1.85. The bank's assets grew 7% to $8.20 billion, and deposits rose 8%. The acquisition of 1st Constitution Bancorp on January 6, 2022, is expected to enhance market presence. The company also declared a quarterly cash dividend of $0.135 per share.
Lakeland Bancorp (NASDAQ: LBAI) announced it will report its fourth-quarter earnings on January 26, 2022, before market opening. The earnings conference call, hosted by CEO Thomas Shara and CFO Thomas Splaine, is scheduled for the same day at 10:00 a.m. ET. The company recently completed the acquisition of 1st Constitution Bancorp, enhancing its New Jersey franchise, which had total assets of $8.17 billion as of September 30, 2021. The earnings release and call details will be accessible via the company's website.
Lakeland Bancorp (NASDAQ: LBAI) announced the completion of its acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) on January 6, 2022. In the transaction, Lakeland will issue approximately 14.1 million shares, with 1st Constitution shareholders receiving 1.3577 shares of Lakeland stock for each share owned. The merger enhances Lakeland's position in New Jersey, giving it over $10 billion in assets, making it the 5th largest bank in the state. Full systems integration is anticipated by Q1 2022, with significant contributions expected from 1st Constitution's $1.91 billion assets and $1.64 billion deposits.
On December 10, 2021, Lakeland Bancorp, Inc. (NASDAQ: LBAI) received a non-objection from the Federal Reserve Bank of New York for the merger with 1st Constitution Bancorp (NASDAQ: FCCY). The merger is now fully approved and is anticipated to close on January 6, 2022, pending customary closing conditions. Lakeland Bancorp reported consolidated assets of $8.17 billion and has been recognized as one of New Jersey’s top banks, while 1st Constitution Bancorp has total assets of $1.91 billion.
On December 7, 2021, Lakeland Bancorp (NASDAQ: LBAI) and 1st Constitution Bancorp (NASDAQ: FCCY) announced the shareholder approvals for their proposed merger. The merger is set to close in January 2022, pending Federal Reserve approval and other customary conditions. Lakeland currently has over $8.17 billion in assets, while 1st Constitution holds $1.91 billion. This merger reflects a strategic move to enhance market presence and operational efficiencies, which could potentially lead to increased revenue growth for both entities.
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