This excerpt taken from the LBAI 8-K filed Jan 17, 2008.
Lakeland Bancorp Reports 6% Increase in 2007 Earnings
Oak Ridge, NJ January 17, 2008 Lakeland Bancorp, Inc. (NASDAQ: LBAI) reported Net Income for the fourth quarter of 2007 of $3.3 million, or $0.14 per diluted share, as compared to $2.1 million, or $0.09 per diluted share for the same period last year. Net Income for the year ended December 31, 2007 was $18.0 million, compared to the $17.0 million reported for 2006, an increase of 6%. Diluted earnings per share was $0.77, compared to the $0.73 reported in 2006, an increase of 6%. Return on Average Assets was 0.76% and Return on Average Equity was 8.81% for 2007.
The Company achieved several key milestones in 2007 including:
Lakeland Bancorp declared a quarterly cash dividend of $0.10 per common share. The cash dividend will be paid on February 15, 2008 to holders of record as of the close of business on January 31, 2008.
Roger Bosma, Lakeland Bancorps President and CEO, said: We are pleased with the overall results in 2007, even after recording an additional $3.1 million loan loss provision in the fourth quarter. This situation was related to a single entity, and the loss was recognized in the year 2007.