Lakeland Bancorp reports Q3 EPS 34c, consensus 34c

At September 30, 2023, total assets were $11.18 billion, an increase of $393.0 million, compared to December 31, 2022. akeland Bank remains above FDIC “well capitalized” standards, with a Tier 1 leverage ratio of 9.24% at September 30, 2023. The book value per common share increased 5% to $17.46 at September 30, 2023 compared to $16.70 at September 30, 2022. Tangible book value per common share was $13.17 and $12.36 at September 30, 2023 and 2022, respectively. Thomas Shara, Lakeland Bancorp’s President and CEO, commented on the quarterly financial results, “We are pleased with our continued steady growth during the quarter as we surpassed $11 billion in assets. Loan growth continued to be solid with 2% growth for the quarter and 5% growth year-to-date. The loan growth is diverse across virtually all loan categories for both periods. Deposits grew 2% as well during the quarter and the shift from lower yielding transaction accounts to higher yielding deposit products appears to have slowed. Our asset quality remains pristine with nonperforming loans to total loans dropping to 16 basis points.” Regarding the Company’s pending merger with Provident Financial Services, Inc., Mr. Shara added, “We continue to engage in productive discussions with our regulators and look forward to closing our transaction as soon as we receive the required regulatory approvals.”