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On April 27, 2023, Lakeland Bancorp (NASDAQ: LBAI) reported a net income of $19.8 million for Q1 2023, equating to $0.30 EPS, up from $15.9 million and $0.25 EPS in Q1 2022. The annualized return on average assets was 0.75%, and on average common equity, it was 7.17%. Despite challenges in the banking sector, loan growth was 1%, and non-performing assets decreased to 0.16% of total assets. However, a $6.5 million provision for credit losses on investment securities impacted results, primarily due to an investment in Signature Bank. Total assets reached $10.84 billion, with total loans at $7.95 billion. The company aims to maintain strong capital and liquidity while preparing for a planned merger with Provident Financial Services.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) announced its upcoming first quarter earnings report scheduled for April 27, 2023, at 8:00 a.m. ET. The earnings release will be available on the company’s website. Notably, the company will not hold an earnings conference call to discuss these results.
As of December 31, 2022, Lakeland Bancorp reported approximately $10.78 billion in total assets, supported by an extensive network of branches and commercial lending centers across New Jersey and Highland Mills, New York. The company offers a comprehensive range of business and retail banking products, recognized as one of New Jersey's best banks by Forbes and Statista, and rated a 5-Star Bank by Bauer Financial.
On February 1, 2023, Provident Financial Services and Lakeland Bancorp announced that shareholders approved their merger. The merger is pending regulatory approvals and customary closing conditions. Provident is a community-oriented bank with a history dating back to 1839, while Lakeland Bancorp reported total assets of $10.8 billion by the end of 2022 and offers a range of banking services. The merger aims to enhance financial capabilities and market presence for both institutions, enabling improved service offerings and potential growth.
Lakeland Bancorp reported strong financial results for Q4 2022 with net income of $33.6 million and diluted EPS of $0.51, up from $22.2 million and $0.43 in Q4 2021. For the full year, net income reached $107.4 million, marking a 13% increase, although diluted EPS decreased to $1.63 from $1.85 in 2021. Key metrics included a 32% growth in total assets to $10.78 billion and net interest income of $312.6 million. The company also noted robust loan growth of $1.89 billion, aided by its January 2022 acquisition of 1st Constitution Bancorp. A pending merger with Provident Financial is in progress, awaiting necessary approvals.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) announced it will report earnings for Q4 2022 on January 26, 2023, at 8:00 a.m. ET. A copy of the earnings release will be available on their website. Notably, the company will not host an earnings conference call to discuss the results. As of September 30, 2022, Lakeland Bancorp had total assets of approximately $10.52 billion and offers a range of banking services throughout New Jersey and New York. The company has received several accolades, including recognition as one of New Jersey's Best-In-State Banks by Forbes and a 5-Star Bank rating by Bauer Financial.
Lakeland Bancorp (LBAI) reported a net income of $28.7 million and diluted EPS of $0.44 for Q3 2022, up from $22.3 million and $0.43 in Q3 2021. Year-to-date, net income reached $73.8 million ($1.13 EPS), a slight increase from $72.9 million ($1.42 EPS) in 2021. Loan growth was $160.3 million, a 2.2% increase from Q2 2022, while net interest margin rose to 3.28%. The company announced plans for a merger with Provident Financial Services, maintaining strong asset quality with nonperforming assets decreasing 17%. A dividend of $0.145 per share was declared for November 2022.
Lakeland Bancorp, Inc. (NASDAQ: LBAI) announced its third quarter earnings report for the period ending September 30, 2022, set to be released on October 27, 2022, at 8:00 a.m. ET. The Company will also host a conference call the same day at 10:00 a.m. ET with President Thomas Shara and CFO Thomas Splaine. Participants can dial in using toll-free numbers provided in the release. Lakeland Bancorp reported approximately $10.37 billion in total assets as of June 30, 2022, and is recognized as a leading bank in New Jersey.
Lakeland Bank has settled with the U.S. Department of Justice regarding allegations of violating fair lending laws in Newark, New Jersey. Though Lakeland disagrees with the allegations, the settlement allows for a focus on community credit needs. The bank, recognized for its superior service, will invest $12 million in loan subsidies in Majority Black and Hispanic Census Tracts over five years, along with additional funds for marketing and community partnerships. The bank aims to enhance its commitment to serving underserved communities and achieving economic growth.