Lakeland Bancorp First Quarter Earnings Per Share Increases

Apr 12, 2001, 01:00 ET from Lakeland Bancorp

    OAK RIDGE, N.J., April 12 /PRNewswire/ -- Lakeland Bancorp (Nasdaq: LBAI)
 today reported diluted Earnings Per Share of $0.19 for the first quarter of
 2001, up 6% from $0.18 for the same period in 2000. Net Income was
 $2.4 million, equal to the net income for the same period last year. Return on
 Average Assets was 1.08% and Return on Average Equity was 12.45% for the first
 quarter 2001.
     Lakeland Bancorp also announced the declaration of its regular quarterly
 cash dividend of $0.08 per common share. The cash dividend will be payable on
 May 15, 2001 to holders of record as of the close of business on April 27,
 2001.
     "Despite the slowing economy, Lakeland continues to experience healthy
 loan, deposit and earnings growth," said Roger Bosma, Lakeland Bancorp's
 President and CEO. "With the rollout of Internet Banking and debit cards in
 the first quarter, Lakeland continues to expand its product array to meet
 customer needs."
     Net interest income for the first quarter of 2001 was $9.3 million
 compared to $8.9 million for the first quarter of 2000. The net interest
 margin was 4.62%. Noninterest income was $2.1 million in the current quarter
 up from $1.6 million for the first quarter 2000. Included in this category in
 2001, is income from the Leasing Division which was purchased in the second
 quarter of 2000. Noninterest expenses for the first quarter of 2001 were
 $7.4 million as compared to $6.4 million in the first quarter of 2000. The
 increase reflects additional costs incurred in the newly acquired leasing
 division and the impact of new branches.
     At March 31, 2001, non-performing assets totaled $5.6 million (0.61% of
 total assets) compared to $6.3 million at March 31, 2000. The Allowance for
 Possible Loan Losses totaled $9.2 million at quarter-end and represented 197%
 of non-performing loans and 1.72% of total loans.
     Lakeland Bancorp's total assets at March 31, 2001 were $931.4 million up
 3% from $906.6 million at year-end 2000. Total loans at March quarter-end were
 $538.7 million, an increase of $16.9 million from December 31, 2000. At
 March 31, 2000, total deposits were $812.8 million, stockholders' equity was
 $81.5 million and book value per common share was $6.23. All regulatory
 capital ratios exceed those necessary to be considered a well-capitalized
 institution. Lakeland Bancorp's leverage capital ratio was 8.4%.
     Lakeland Bancorp is the bank holding company for Lakeland Bank and The
 National Bank of Sussex County having 30 banking offices in northern New
 Jersey.
 
     This release contains forward-looking statements within the meaning of the
 Private Securities Litigation Reform Act of 1995. Forward-looking statements
 can be identified by the use of words such as "believes," "expects," and
 similar words or variations.  Such statements are not historical facts and
 involve certain risks and uncertainties. Actual results may differ materially
 from the results discussed in these forward-looking statements. Factors that
 may cause a difference include, but are not limited to, changes  in interest
 rates, economic conditions, deposit and loan growth, loan loss provisions,
 customer retention, or failure to realize expected cost savings or revenue
 enhancements from acquisitions. Lakeland Bancorp assumes no obligation for
 updating any such forward-looking statements at any time.
 
                             Lakeland Bancorp, Inc.
                              Financial Highlights
                     (In thousands, except per share data)
 
                                                 Three Months Ended March 31,
     INCOME STATEMENT                                    2001           2000
     Net Interest Income                               $9,314         $8,921
     Provision for Possible Loan
     Losses                                               400            500
     Noninterest Income                                 2,062          1,585
     Noninterest Expense                                7,437          6,366
     Pretax Income                                      3,539          3,640
     Tax Expense                                        1,101          1,236
     Net Income                                        $2,438         $2,404
 
     Basic Earnings Per Share*                          $0.19          $0.18
     Diluted Earnings Per Share*                        $0.19          $0.18
     Return on Average Assets                           1.08%          1.16%
     Return on Average Equity                          12.45%         13.31%
     Weighted Average Shares
     Basic*                                        13,114,607     13,302,374
     Weighted Average Shares
     Diluted*                                      13,174,387     13,364,814
 
     *Share amounts have been restated for the 5% stock dividend paid on
      November 15, 2000.
 
                             Lakeland Bancorp, Inc.
                              Financial Highlights
                     (In thousands, except per share data)
 
     SELECTED BALANCE SHEET
     DATA AT PERIOD-END
                                                     03/31/01       12/31/00
     Loans                                           $538,695       $521,840
     Allowance for Loan Losses                          9,244          8,890
     Investment Securities                            303,294        295,740
     Total Assets                                     931,393        906,612
     Deposits                                         812,789        800,762
     Borrowings                                         8,169         10,650
     Long Term Debt                                    21,000         11,000
     Stockholders' Equity                              81,536         78,624
 
     SELECTED AVERAGE BALANCE SHEET
     DATA FOR THE QUARTER ENDED
                                                     03/31/01       03/31/00
     Loans                                           $532,423       $481,170
     Interest-Earning Assets                          843,878        773,097
     Deposits                                         799,090        735,957
     Total Assets                                     918,295        832,924
     Common Equity                                     79,381         72,630
 
 

SOURCE Lakeland Bancorp
    OAK RIDGE, N.J., April 12 /PRNewswire/ -- Lakeland Bancorp (Nasdaq: LBAI)
 today reported diluted Earnings Per Share of $0.19 for the first quarter of
 2001, up 6% from $0.18 for the same period in 2000. Net Income was
 $2.4 million, equal to the net income for the same period last year. Return on
 Average Assets was 1.08% and Return on Average Equity was 12.45% for the first
 quarter 2001.
     Lakeland Bancorp also announced the declaration of its regular quarterly
 cash dividend of $0.08 per common share. The cash dividend will be payable on
 May 15, 2001 to holders of record as of the close of business on April 27,
 2001.
     "Despite the slowing economy, Lakeland continues to experience healthy
 loan, deposit and earnings growth," said Roger Bosma, Lakeland Bancorp's
 President and CEO. "With the rollout of Internet Banking and debit cards in
 the first quarter, Lakeland continues to expand its product array to meet
 customer needs."
     Net interest income for the first quarter of 2001 was $9.3 million
 compared to $8.9 million for the first quarter of 2000. The net interest
 margin was 4.62%. Noninterest income was $2.1 million in the current quarter
 up from $1.6 million for the first quarter 2000. Included in this category in
 2001, is income from the Leasing Division which was purchased in the second
 quarter of 2000. Noninterest expenses for the first quarter of 2001 were
 $7.4 million as compared to $6.4 million in the first quarter of 2000. The
 increase reflects additional costs incurred in the newly acquired leasing
 division and the impact of new branches.
     At March 31, 2001, non-performing assets totaled $5.6 million (0.61% of
 total assets) compared to $6.3 million at March 31, 2000. The Allowance for
 Possible Loan Losses totaled $9.2 million at quarter-end and represented 197%
 of non-performing loans and 1.72% of total loans.
     Lakeland Bancorp's total assets at March 31, 2001 were $931.4 million up
 3% from $906.6 million at year-end 2000. Total loans at March quarter-end were
 $538.7 million, an increase of $16.9 million from December 31, 2000. At
 March 31, 2000, total deposits were $812.8 million, stockholders' equity was
 $81.5 million and book value per common share was $6.23. All regulatory
 capital ratios exceed those necessary to be considered a well-capitalized
 institution. Lakeland Bancorp's leverage capital ratio was 8.4%.
     Lakeland Bancorp is the bank holding company for Lakeland Bank and The
 National Bank of Sussex County having 30 banking offices in northern New
 Jersey.
 
     This release contains forward-looking statements within the meaning of the
 Private Securities Litigation Reform Act of 1995. Forward-looking statements
 can be identified by the use of words such as "believes," "expects," and
 similar words or variations.  Such statements are not historical facts and
 involve certain risks and uncertainties. Actual results may differ materially
 from the results discussed in these forward-looking statements. Factors that
 may cause a difference include, but are not limited to, changes  in interest
 rates, economic conditions, deposit and loan growth, loan loss provisions,
 customer retention, or failure to realize expected cost savings or revenue
 enhancements from acquisitions. Lakeland Bancorp assumes no obligation for
 updating any such forward-looking statements at any time.
 
                             Lakeland Bancorp, Inc.
                              Financial Highlights
                     (In thousands, except per share data)
 
                                                 Three Months Ended March 31,
     INCOME STATEMENT                                    2001           2000
     Net Interest Income                               $9,314         $8,921
     Provision for Possible Loan
     Losses                                               400            500
     Noninterest Income                                 2,062          1,585
     Noninterest Expense                                7,437          6,366
     Pretax Income                                      3,539          3,640
     Tax Expense                                        1,101          1,236
     Net Income                                        $2,438         $2,404
 
     Basic Earnings Per Share*                          $0.19          $0.18
     Diluted Earnings Per Share*                        $0.19          $0.18
     Return on Average Assets                           1.08%          1.16%
     Return on Average Equity                          12.45%         13.31%
     Weighted Average Shares
     Basic*                                        13,114,607     13,302,374
     Weighted Average Shares
     Diluted*                                      13,174,387     13,364,814
 
     *Share amounts have been restated for the 5% stock dividend paid on
      November 15, 2000.
 
                             Lakeland Bancorp, Inc.
                              Financial Highlights
                     (In thousands, except per share data)
 
     SELECTED BALANCE SHEET
     DATA AT PERIOD-END
                                                     03/31/01       12/31/00
     Loans                                           $538,695       $521,840
     Allowance for Loan Losses                          9,244          8,890
     Investment Securities                            303,294        295,740
     Total Assets                                     931,393        906,612
     Deposits                                         812,789        800,762
     Borrowings                                         8,169         10,650
     Long Term Debt                                    21,000         11,000
     Stockholders' Equity                              81,536         78,624
 
     SELECTED AVERAGE BALANCE SHEET
     DATA FOR THE QUARTER ENDED
                                                     03/31/01       03/31/00
     Loans                                           $532,423       $481,170
     Interest-Earning Assets                          843,878        773,097
     Deposits                                         799,090        735,957
     Total Assets                                     918,295        832,924
     Common Equity                                     79,381         72,630
 
 SOURCE  Lakeland Bancorp