{"id":726127,"date":"2023-01-26T08:18:38","date_gmt":"2023-01-26T13:18:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lakeland-bancorp-announces-record-quarterly-and-year-end-2022-earnings\/"},"modified":"2023-01-26T08:18:38","modified_gmt":"2023-01-26T13:18:38","slug":"lakeland-bancorp-announces-record-quarterly-and-year-end-2022-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lakeland-bancorp-announces-record-quarterly-and-year-end-2022-earnings\/","title":{"rendered":"Lakeland Bancorp Announces Record Quarterly and Year-End 2022 Earnings"},"content":{"rendered":"
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OAK RIDGE, N.J., Jan. 26, 2023 (GLOBE NEWSWIRE) — Lakeland Bancorp, Inc. (NASDAQ: LBAI<\/strong>) (the \u201cCompany\u201d), the parent company of Lakeland Bank (\u201cLakeland\u201d), reported net income of $33.6 million and earnings per diluted share (“EPS”) of $0.51 for the three months ended December\u00a031, 2022, compared to net income of $22.2 million and diluted EPS of $0.43 for the fourth quarter of 2021. For the fourth quarter of 2022, annualized return on average assets was 1.26%, annualized return on average common equity was 12.19% and annualized return on average tangible common equity was 16.42%.<\/p>\n

For the year ended December\u00a031, 2022, the Company reported net income of $107.4 million, a 13% increase compared to $95.0 million for 2021, resulting in return on average assets of 1.04%, return on average common equity of 9.80%, and return on average tangible common equity of 13.17% for 2022. For 2022, the Company reported diluted EPS of $1.63 compared to diluted EPS of $1.85 for 2021.<\/p>\n

Excluding $8.6 million of merger-related expenses, for our January 2022 acquisition of 1st Constitution Bancorp and our pending merger with Provident Financial Services, Inc. (“Provident Financial”), net income for the year ended December\u00a031, 2022, was $114.3 million, resulting in $1.74 diluted EPS. Excluding merger-related expenses, return on average assets was 1.11%; return on average common equity was 10.43%; and return on average tangible common equity was 14.02%. See “Supplemental Information – Reconciliation of Net Income” for a reconciliation of these non-GAAP financial measures.<\/p>\n

The current year results include a $77.8 million increase in net interest income, offset by increases in non-interest expenses and the provision for credit losses of $47.5 million and $19.4 million, respectively. Fourth quarter 2022 results were favorably impacted by a $22.6 million, or 38%, increase in net interest income and a $3.2 million reduction in the provision for credit losses offset by a $9.8 million increase in non-interest expenses compared to the fourth quarter of 2021.<\/p>\n

Thomas Shara, Lakeland Bancorp\u2019s President and CEO commented, “2022 was an exceptional year for Lakeland Bancorp despite the economic uncertainty and rapidly changing interest rate conditions. Through the acquisition of 1st Constitution Bancorp in January 2022, we expanded Lakeland’s presence into the fastest growing markets in New Jersey and eclipsed $10 billion in total assets. During the year we experienced strong organic loan growth of $790 million while continuing to improve upon our already excellent asset quality. We finished 2022 with record quarterly and annual earnings and total asset growth of 32%. All of these achievements are directly related to the hard work of our dedicated Lakeland associates and we are extremely proud of their accomplishments.”<\/p>\n

Regarding the announced merger with Provident Financial, Mr. Shara continued, “We are awaiting shareholder and regulatory approvals and continue to work to combine the companies into a preeminent super-community bank with an unwavering commitment to associates, customers and our communities.”<\/p>\n

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\n Full Year 2022 Highlights<\/u>
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