Lakeland Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 08:00 am
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Lakeland Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $49,461,000 against $43,683,000 a year ago. Net interest income was $42,379,000 against $38,179,000 a year ago. Income before provision for income taxes was $21,088,000 against $18,193,000 a year ago. Net income was $13,175,000 against $11,953,000 a year ago. Diluted earnings per share were $0.27 against $0.26 a year ago. Annualized return on average assets was 0.97% against 0.95% a year ago. Annualized return on average common equity was 8.99% against 9.31% a year ago. Annualized return on average tangible common equity was 11.82% against 12.83% a year ago. Book value per common share as on December 31, 2017 was $12.31 against $11.65 as on December 31, 2016. Tangible book value per common share as on December 31, 2017 was $9.38 against $8.70 as on December 31, 2016.
For the year, the company reported total interest income of $190,204,000 against $163,296,000 a year ago. Net interest income was $165,238,000 against $145,649,000 a year ago. Income before provision for income taxes was $80,049,000 against $62,839,000 a year ago. Net income was $52,580,000 against $41,518,000 a year ago. Diluted earnings per share were $1.09 against $0.95 a year ago. Return on average common stockholders' equity - GAAP was 9.25% against 8.75% a year ago. Return on average tangible common stockholders' equity - Non-GAAP was 12.24% against 12.19% a year ago.
Lakeland Bancorp, Inc. is a bank holding company for Lakeland Bank (the Bank). The Bank offers a suite of financial products and services for businesses and consumers. The Company offers a range of lending, depository, and related financial services to individuals and small to medium sized businesses located primarily in northern and central New Jersey, the Hudson Valley region in New York and surrounding areas. The Bank provides services in three categories: commercial bank services, consumer banking and other services. The Bank offers a range of lending services include commercial real estate loans, commercial and industrial loans, short- and medium-term loans, letters of credit, and others. Its consumer banking services include checking accounts, savings accounts, money market accounts, certificates of deposit, online banking and other. In addition, the Bank provides commercial title insurance services and life insurance products. The Bank operates approximately 68 branch offices.