Lakeland Bancorp is pleased to announce another solid performance for 2013, as we ended the year with earnings and capital at record levels, improved asset quality, and a stable Net Interest Margin. Following are the financial highlights for the fourth quarter and full-year 2013:
- Net Income Available to Common Shareholders in the fourth quarter of 2013 was $7.3 million, up 26% from $5.8 million in the fourth quarter of 2012. Earnings per diluted share in the fourth quarter of 2013 was $0.20 per share, which equaled the diluted earnings per share (EPS) for the same period in 2012.
- Net Income Available to Common Shareholders for year-ended 2013 was $25.0 million, or $0.75 per diluted share, an 18% increase compared to $21.1 million, or $0.76 per diluted share, for 2012. Excluding pre-tax merger-related expenses of $2.8 million, Net Income Available to Common Shareholders was $27.0 million, or $0.81 per diluted share in 2013.
- Asset quality continued to improve in the fourth quarter of 2013, as non-performing assets, which totaled $17.5 million at December 31, 2013, were 6% lower than $18.7 million, reported at September 30, 2013, and 39% lower than $28.5 million, reported at year-end 2012. The Allowance for Loan and Lease Losses at year-end 2013 was 176% of non-accruing loans, compared to 103% at year-end 2012.
- Net Interest Margin improved to 3.70% in the fourth quarter of 2013 compared to 3.67% in the fourth quarter of 2012. For the year 2013, Net Interest Margin was 3.69%, compared to 3.70% in 2012.
- On January 28, 2014, the Company declared a quarterly cash dividend of $0.075 per common share, payable on February 18, 2014, to shareholders of record as of the close of business on February 10, 2014.
Thank you to our shareholders, customers, directors and colleagues for their continued support.
Thomas J. Shara
President and Chief Executive Officer