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Last $11.55 USD
Change Today +0.06 / 0.52%
Volume 53.4K
LBAI On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 5:20 PM 07/30/15 All times are local (Market data is delayed by at least 15 minutes).

lakeland bancorp inc (LBAI) Key Developments

Lakeland Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Declares Quarterly Cash Dividend, Payable on August 14, 2015

Lakeland Bancorp Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net Income was $7.9 million, or $0.21 per diluted share, compared to $7.8 million, or $0.20 per diluted share, for the same period in 2014. Net interest income was $28.7 million, as compared to $28.4 million for the same period in 2014. Pretax income was $11.69 million compared to $11.67 million a year ago. Annualized return on average assets was 0.88%, annualized return on average common equity was 8.08%, and annualized return on average tangible common equity was 11.33% compared to annualized return on average assets of 0.93%, annualized return on average common equity of 8.58%, and annualized return on average tangible common equity of 12.41% a year ago. Book value per common share was $10.31 compared to $9.70 a year ago. Tangible book value per common share was $7.36 compared to $6.74 a year ago. For the six months, net Income was $16.2 million, or $0.42 per diluted share, compared to $14.9 million, or $0.39 per diluted share, for the same period in 2014. Net interest income was $57.2 million, as compared to $56.3 million reported for the first six months of 2014. Pretax income was $24.04 million compared to $22.35 million a year ago. The annualized return on average assets was 0.92%, the annualized return on average common equity was 8.44%, and the annualized return on average tangible common equity was 11.87% compared to annualized return on average assets of 0.90%, annualized return on average common equity of 8.36%, and annualized return on average tangible common equity of 12.15% a year ago. On July 21, 2015, the company declared a quarterly cash dividend of $0.085 per common share, payable on August 14, 2015 to holders of record as of the close of business on August 4, 2015.

Lakeland Bancorp Inc. Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-28-2015

Lakeland Bancorp Inc. Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-28-2015 . Venue: Grand Central Grand Hyatt, New York, New York, United States. Speakers: Joseph F. Hurley, Chief Financial Officer, Chief Accounting Officer, Executive Vice President, Chief Financial Officer of Lakeland Bank and Executive Vice President of Lakeland Bank, Thomas J. Shara, Chief Executive Officer, President, Director, Chief Executive Officer of Lakeland Bank, President of Lakeland Bank and Director of Lakeland Bank.

Lakeland Bancorp Inc. Declares Quarterly Cash Dividend, Payable on May 15, 2015; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Charges for the First Quarter of 2015

On April 20, 2015, Lakeland Bancorp Inc. declared a quarterly cash dividend of $0.085 per common share, payable on May 15, 2015 to holders of record as of the close of business on May 4, 2015. This dividend represents a 13% increase over the first quarter 2015 dividend of $0.075 per common share. The company reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, total interest income was $30,992,000 against $29,930,000 a year ago. Net interest income was $28,518,000 against $27,845,000 a year ago. The decrease was primarily due to a decrease in the yield on interest-earning assets. Income before provision for income taxes was $12,344,000 against $10,687,000 a year ago. Net income was $8,330,000 against $7,163,000 a year ago. Basic and diluted earnings per common share were $0.22 against $0.19 a year ago. Annualized return on average assets was 0.96% against 0.88% a year ago. Annualized return on average common equity was 8.81% against 8.14% a year ago. Tangible book value per common share was $7.29 against $6.52 a year ago. Tangible book value per share - Non-GAAP was $7.29 against $6.52 a year ago. Return on average tangible common stockholders' equity - Non-GAAP was 12.43% against 11.88% a year ago. In the first quarter of 2015, the company had net charge-offs totaling $1.0 million compared to $1.8 million in the first quarter of 2014.

Lakeland Bancorp Seeks Acquisitions

Lakeland Bancorp Inc. (NasdaqGS:LBAI) has filed a shelf registration in the amount of $150 million. Lakeland Bancorp said, "We expect to use the net proceeds from any offering of securities by us for general corporate purposes, which may include acquisitions, capital expenditures, investments, and the repayment, redemption or refinancing of all or a portion of any indebtedness or other securities outstanding at a particular time. Pending the application of the net proceeds, we expect to invest the proceeds in short-term, interest-bearing instruments or other investment-grade securities."

Lakeland Bancorp Inc., Annual General Meeting, May 20, 2015

Lakeland Bancorp Inc., Annual General Meeting, May 20, 2015., at 17:00 US Eastern Standard Time. Location: Knoll Country Club West. Agenda: To elect four directors for three year terms; to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for 2015; to approve, on an advisory basis, the executive compensation of the company's named executive officers as described in this proxy statement; and to transact such other business as may properly come before the meeting and/or any adjournment or adjournments thereof.

 

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LBAI

Industry Average

Valuation LBAI Industry Range
Price/Earnings 13.6x
Price/Sales 3.4x
Price/Book 1.1x
Price/Cash Flow 13.5x
TEV/Sales NM Not Meaningful
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