Lakeland Bancorp Reports Strong Second Quarter Results

OAK RIDGE, N.J., July 15, 2010 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) reported the following developments in the second quarter of 2010:

• Net Income in the second quarter of 2010 totaled $4.8 million, which compared to a Net Loss of ($12.7) million for the same period last year. Net Income Available to Common Shareholders was $3.8 million or $0.16 per diluted share for the second quarter of 2010, as compared to a Net Loss Available to Common Shareholders of ($13.6) million, or ($0.58) per diluted share reported in the second quarter of 2009. The Provision for Loan and Lease Losses in the current quarter was $5.0 million, as compared to $34.1 million in the second quarter of 2009, which reflected the Company's decision to proactively reduce its exposure in the leasing business.
• Net interest income at $24.9 million for the second quarter of 2010 was $2.4 million, or 11% higher than the second quarter of 2009.
• Noninterest bearing demand deposits at $358.1 million increased by $11.4 million or 3% from March 31, 2010 and by $34.9 million, or 11%, from year-end 2009.
• The efficiency ratio, a non-GAAP measure, was 55.9% in the second quarter of 2010.
• Non-performing assets decreased $3.4 million from March 31, 2010 to $42.3 million. The ratio of the Allowance for Loan and Lease Losses to Total Loans increased from 1.34% at March 31, 2010 to 1.39% at the end of the second quarter of 2010.

Net Income for the first six months of 2010 was $9.3 million, compared to a Net Loss of ($9.5) million for the same period last year. Net Income Available to Common Shareholders for the first six months of 2010 was $7.5 million or $0.31 per diluted share, as compared to a loss of ($11.0) million or ($0.46) per diluted share for the first six months of 2009.