Lakeland Bancorp, Inc. (LBAI) has reported a 41.22 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $11.95 million, or $0.26 a share in the quarter, compared with $8.46 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.83 million, or $0.26 a share compared with $9.17 million or $0.24 a share, a year ago.
Revenue during the quarter grew 23.12 percent to $42.96 million from $34.90 million in the previous year period. Net interest income for the quarter rose 26.76 percent over the prior year period to $38.18 million. Non-interest income for the quarter rose 8.02 percent over the last year period to $5.16 million.
Lakeland Bancorp, Inc. has made provision of $0.38 million for loan losses during the quarter, down 80.69 percent from $1.94 million in the same period last year.
Net interest margin contracted 16 basis points to 3.27 percent in the quarter from 3.43 percent in the last year period. Efficiency ratio for the quarter improved to 56.16 percent from 58.70 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Thomas J. Shara, Lakeland Bancorp's President and CEO, commented, "We are very proud of the Company’s many achievements in 2016 including our continued organic growth in both loans and deposits; the successful integration of two acquisitions in strategic market areas; and building our franchise to $5 billion in total assets. In addition to these successes, we took advantage of the opportunity to bolster our capital levels through an equity offering in December and the subordinated debt issuance in September. These moves position us favorably for future growth."
Assets outpace liabilities growth
Total assets stood at $5,093.13 million as on Dec. 31, 2016, up 31.62 percent compared with $3,869.55 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,543.09 million as on Dec. 31, 2016, up 30.96 percent from $3,469.03 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,838.26 million as on Dec. 31, 2016, up 30.81 percent compared with $2,934.33 million on Dec. 31, 2015. Deposits stood at $4,092.84 million as on Dec. 31, 2016, up 36.63 percent compared with $2,995.57 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $927.27 million or 22.66 percent of total deposits on Dec. 31, 2016, compared with $693.74 million or 23.16 percent of total deposits on Dec. 31, 2015.
Investments stood at $754.32 million as on Dec. 31, 2016, up 34.92 percent or $195.23 million from year-ago. Shareholders equity stood at $550.04 million as on Dec. 31, 2016, up 37.33 percent or $149.53 million from year-ago.
Return on average assets moved up 6 basis points to 0.95 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity increased 91 basis points to 9.31 percent in the quarter from 8.40 percent in the last year period.
Nonperforming assets moved down 9.30 percent or $2.20 million to $21.48 million on Dec. 31, 2016 from $23.68 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.42 percent in the quarter, down from 0.61 percent in the last year period.
Tier-1 leverage ratio stood at 9.06 percent for the quarter, up from 8.70 percent for the previous year quarter. Average equity to average assets ratio was 10.80 percent for the quarter, up from 10.35 percent for the previous year quarter. Book value per share was $11.65 for the quarter, up 10.22 percent or $1.08 compared to $10.57 for the same period last year.
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