Lakeland Bancorp, Inc. (LBAI) has reported a 51.85 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.31 million, or $0.26 a share in the quarter, compared with $8.11 million, or $0.20 a share for the same period last year.
Revenue during the quarter grew 22.73 percent to $46.20 million from $37.64 million in the previous year period. Net interest income for the quarter rose 16.17 percent over the prior year period to $39.32 million. Non-interest income for the quarter rose 66.30 percent over the last year period to $8.09 million.
Lakeland Bancorp, Inc. has made provision of $1.22 million for loan losses during the quarter, up 13.30 percent from $1.08 million in the same period last year.
Net interest margin contracted 15 basis points to 3.33 percent in the quarter from 3.48 percent in the last year period. Efficiency ratio for the quarter improved to 56.36 percent from 60.48 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Thomas J. Shara, Lakeland Bancorp's president and chief executive officer, commented, "We are pleased to report another strong quarter highlighted by robust loan and core deposit growth. Our net interest margin increased this quarter as a result of fully deploying the excess liquidity from our subordinated debt and equity offerings in late 2016."
Investments stood at $835.76 million as on Mar. 31, 2017. Shareholders equity was at $557.64 million as on Mar. 31, 2017.
Return on average assets moved up 20 basis points to 0.97 percent in the quarter from 0.77 percent in the last year period. At the same time, return on average equity increased 162 basis points to 9.02 percent in the quarter from 7.40 percent in the last year period.
Nonperforming assets moved down 28.36 percent or $7.31 million to $18.45 million on Mar. 31, 2017 from $25.76 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.35 percent in the quarter, down from 0.58 percent in the last year period.
Tier-1 leverage ratio stood at 8.97 percent for the quarter, up from 8.33 percent for the previous year quarter. Average equity to average assets ratio was 10.63 percent for the quarter, up from 10.15 percent for the previous year quarter. Book value per share was $11.78 for the quarter, up 8.67 percent or $0.94 compared to $10.84 for the same period last year.
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