Lakeland Bancorp Inc. Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Cash Dividend Payable on February 15, 2013
January 24, 2013 at 09:20 am
Share
Lakeland Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $24,164,000, as compared to $24,057,000 for the same period in 2011. Pretax income was $8,517,000 compared to $7,361,000 a year ago. Net income was $5,829,000 compared to $5,116,000 a year ago. Net income available to common stockholders was $5,829,000 compared to $4,822,000 a year ago. Basic and diluted earnings per common share were $0.20 compared to $0.18 a year ago. Annualized return on average assets was 0.81% compared to 0.72% a year ago. Annualized return on average common equity was 8.30% compared to 8.50% a year ago. Annualized return on average tangible common equity was 12.06% against 13.39% a year ago. Total interest income was $27,232,000 compared to $28,747,000 a year ago. Net interest income after provision for loan and lease losses was $21,040,000 compared to $19,632,000 a year ago. Non-GAAP return on average tangible common stockholders' equity was 12.06% against 13.39% a year ago.
For the year, the company reported net interest income of $95,513,000, as compared to $97,413,000 for the same period in 2011. Pretax income was $31,838,000 compared to $28,563,000 a year ago. Net income was $21,742,000 compared to $19,851,000 a year ago. Net income available to common stockholders was $21,122,000 compared to $17,684,000 a year ago. Basic and diluted earnings per common share were $0.76 compared to $0.66 a year ago. Annualized return on average assets was 0.77% compared to 0.71% a year ago. Annualized return on average common equity was 8.48% compared to 8.53% a year ago. Annualized return on average tangible common equity was 12.85% against 13.65% a year ago. Total interest income was $110,959,000 compared to $117,524,000 a year ago. Net interest income after provision for loan and lease losses was $80,606,000 compared to $78,597,000 a year ago. Book value per common share was $9.45 against $8.99 a year ago. Tangible book value per share was $6.52 against $5.75 a year ago.
The company declared a quarterly cash dividend of $0.07 per common share, payable on February 15, 2013 to holders of record as of the close of business on January 31, 2013.
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.
Lakeland Bancorp Inc. Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Cash Dividend Payable on February 15, 2013