Lakeland Bancorp, Inc. (LBAI) has reported 44.75 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $11.33 million, or $0.25 a share in the quarter, compared with $7.82 million, or $0.20 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $12.29 million, or $0.28 a share compared with $8.26 million or $0.22 a share, a year ago.
Revenue during the quarter grew 20.97 percent to $43.17 million from $35.69 million in the previous year period. Net interest income for the quarter rose 31.31 percent over the prior year period to $38.52 million. Non-interest income for the quarter fell 4.04 percent over the last year period to $6.42 million.
Lakeland Bancorp, Inc. has made provision of $1.76 million for loan losses during the quarter, up 431.02 percent from $0.33 million in the same period last year.
Net interest margin improved 3 basis points to 3.45 percent in the quarter from 3.42 percent in the last year period. Efficiency ratio for the quarter improved to 53.42 percent from 60.77 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 very proud of the Company’s continued progress during the third quarter marked by our completion of the Harmony acquisition, substantial organic growth in both loans and deposits, as well as a marked improvement in our efficiency ratio. In the last year, our assets have grown 31% to $4.9 billion and with the completion of our subordinated debt offering, our capital position has strengthened to foster future growth."
Liabilities outpace assets growth
Total assets stood at $4,904.29 million as on Sep. 30, 2016, up 31.02 percent compared with $3,743.10 million on Sep. 30, 2015. On the other hand, total liabilities stood at $4,405.57 million as on Sep. 30, 2016, up 31.69 percent from $3,345.41 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $3,759.96 million as on Sep. 30, 2016, up 33.32 percent compared with $2,820.35 million on Sep. 30, 2015. Deposits stood at $3,941.74 million as on Sep. 30, 2016, up 35.01 percent compared with $2,919.67 million on Sep. 30, 2015.
Investments stood at $621.52 million as on Sep. 30, 2016, up 13.74 percent or $75.07 million from year-ago. Shareholders equity stood at $498.72 million as on Sep. 30, 2016, up 25.41 percent or $101.03 million from year-ago.
Return on average assets moved up 10 basis points to 0.94 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity increased 124 basis points to 9.10 percent in the quarter from 7.86 percent in the last year period.
Nonperforming assets moved up 10.13 percent or $2.26 million to $24.58 million on Sep. 30, 2016 from $22.32 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, down from 0.60 percent in the last year period.
Tier-1 leverage ratio stood at 8.26 percent for the quarter, down from 8.77 percent for the previous year quarter. Average equity to average assets ratio was 10.17 percent for the quarter, down from 10.62 percent for the previous year quarter. Book value per share was $11.22 for the quarter, up 6.96 percent or $0.73 compared to $10.49 for the same period last year.
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