Lakeland Bancorp Inc Stock Price, News & Analysis

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 1^st 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 5^th 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.