Lakeland Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge Offs for the Fourth Quarter of 2013
January 30, 2014 at 08:39 am EST
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Lakeland Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, net interest income was $27,973,000 against $24,164,000 a year ago. This increase was due to the improved NIM, as well as a 14% increase in interest-earning assets, resulting from the Somerset Hills' merger, as well as organic growth. Pretax income was $11,044,000 against $8,517,000 a year ago. Net income was $7,341,000 against $5,829,000 a year ago. Net income available to common stockholders was $7,341,000 or $0.20 per basic and diluted share against $5,829,000 or $0.20 per basic and diluted share a year ago. Annualized return on average assets was 0.88% against 0.81% a year ago. Annualized return on average common equity was 8.30% against 8.30% a year ago. Annualized return on average tangible common equity was 12.23% against 12.06% a year ago. Total revenue was $33,445,000 against $29,601,000 a year ago. Adjusted total revenue was $33,360,000 against $29,067,000 a year ago.
For the full year, net interest income was $104,542,000 against $95,513,000 a year ago. Pretax income was $37,419,000 against $31,838,000 a year ago. Net income was $24,969,000 against $21,742,000 a year ago. Net income available to common stockholders was $24,969,000 or $0.75 per basic and diluted share against $21,122,000 or $0.76 per basic and diluted share a year ago. Annualized return on average assets was 0.80% against 0.77% a year ago. Annualized return on average common equity was 7.78% against 8.48% a year ago. Annualized return on average tangible common equity was 11.42% against 12.85% a year ago. Book value per common share was $9.74 as at December 31, 2013 against $9.45 as at December 31, 2012. Tangible book value per common share was $6.63 as at December 31, 2013 against $6.52 as at December 31, 2012. Tangible book value per share - non-GAAP was $6.63 as at December 31, 2013 against $6.52 as at December 31, 2012. Return on average tangible common stockholders' equity - non-GAAP was $12.23% against $12.06% a year ago. Total revenue was $125,503,000 against $114,418,000 a year ago. Adjusted total revenue was $124,432,000 against $114,350,000 a year ago.
For the quarter, the company had net charge offs totaling $1,623,000 against $2,862,000 for the same period in the last year.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge Offs for the Fourth Quarter of 2013