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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.
Lakeland Bancorp (NASDAQ: LBAI) has received regulatory approval for its proposed merger with 1st Constitution Bancorp (NASDAQ: FCCY). The merger requires additional approvals from the Federal Reserve and shareholders of both banks, set for December 3, 2021. As of September 30, 2021, Lakeland reported total assets of $8.17 billion, while 1st Constitution reported total assets of $1.91 billion. This merger is expected to enhance market presence and operational efficiencies in New Jersey.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) reported a net income of $22.3 million and EPS of $0.43 for Q3 2021, up from $14.4 million and EPS of $0.28 year-over-year. For the first nine months, net income reached $72.9 million, nearly doubling from $38.7 million in 2020. The Company benefitted from a $2.7 million provision benefit for credit losses, and non-performing assets fell 71% to $12.3 million. Deposit growth was strong, increasing $202.7 million in Q3. An upcoming merger with 1st Constitution Bancorp is anticipated to close in January 2022.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) will report its third-quarter earnings for the period ending September 30, 2021, on October 26, 2021, before the market opens. The earnings release will be available on its website. Additionally, the Company will host a conference call on the same day at 10:00 a.m. ET, featuring President and CEO Thomas Shara and CFO Thomas Splaine. Dial-in details are provided for participants. Lakeland is recognized for its services in New Jersey and New York, with $7.85 billion in total assets as of June 30, 2021.
Lakeland Bancorp (NASDAQ: LBAI) recently closed its public offering of $150 million in 2.875% Fixed-to-Floating Rate subordinated notes due 2031. The net proceeds will support general corporate purposes, including refinancing existing debt. The offering was managed by Keefe, Bruyette & Woods and Piper Sandler & Co.. At June 30, 2021, Lakeland Bancorp reported $7.85 billion in total assets, providing a range of banking services through its extensive branch network.
Lakeland Bancorp (NASDAQ: LBAI) announced a public offering of $150 million in fixed-to-floating rate subordinated notes, which will mature in 2031. These notes will initially carry a fixed interest rate of 2.875% and will transition to a quarterly reset based on the three-month SOFR rate starting December 15, 2026. The offering is anticipated to close on September 15, 2021, subject to customary conditions. Proceeds will be used for general corporate purposes, potentially refinancing existing debt.
Lakeland Bancorp reported robust financial results for Q2 2021, posting a net income of $27.4 million and diluted EPS of $0.53, up from $11.9 million and $0.23 in Q2 2020. Year-to-date net income reached $50.6 million, with a diluted EPS of $0.98. The company benefited from negative provisions for credit losses totaling $6.0 million, alongside improved asset quality, as non-performing assets declined to 0.29% of total assets. Highlights include a 3.27% net interest margin and a strong deposit growth of $259.3 million. A merger with 1st Constitution Bancorp is anticipated to close in late 2021 or early 2022.
On July 12, 2021, Lakeland Bancorp (LBAI) announced its acquisition of 1st Constitution Bancorp in a deal valued at approximately $244.4 million, translating to a 14% premium per share. This merger will create a combined entity with $9.6 billion in assets, positioning it as the 5th largest bank in New Jersey. The transaction is expected to enhance market presence and provide significant cost synergies, with projected earnings accretion of about 10% per share. The merger is anticipated to close by early 2022, pending regulatory and shareholder approvals.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) reported a significant increase in net income to $23.2 million for Q1 2021, versus $12.4 million in Q1 2020, resulting in earnings per share of $0.45. The company's annualized return on average assets was 1.22%, and it announced an 8% cash dividend increase. Despite a decrease in noninterest income to $5.8 million, net interest income rose to $56.7 million. The negative provision for credit losses was $2.6 million, reflecting improved asset quality. Total assets reached $7.77 billion.
Lakeland Bancorp reported Q4 2020 net income of $18.8 million and diluted earnings per share (EPS) of $0.37, a rise from $14.4 million and $0.28 EPS in Q3 2020. However, full-year net income was $57.5 million, down 19% from $70.7 million in 2019, with EPS decreasing to $1.13. Credit loss provision soared to $27.2 million, largely due to COVID-19 impacts. Total assets reached $7.66 billion, a 14% increase year-over-year. The company is set to restart its share repurchase program in Q1 2021.
Lakeland Bancorp (NASDAQ: LBAI) reported Q3 2020 net income of $14.4 million or $0.28 EPS, down from $18.9 million or $0.37 EPS in Q3 2019. Year-to-date net income is $38.7 million, compared to $52.0 million in 2019. Provisions for loan losses surged to $8.0 million for Q3 due to COVID-19 impacts. Total assets rose to $7.52 billion, driven by a $705.8 million increase in loans. Deposits grew $972.7 million, while non-performing assets increased to 0.44% of total assets. A dividend of $0.125 per share was declared for November.
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