This excerpt taken from the LBAI 8-K filed Oct 17, 2007.
Lakeland Bancorp Reports Third Quarter Net Income and Declares 5% Stock Dividend
Oak Ridge, NJ October 17, 2007 Lakeland Bancorp, Inc. (NASDAQ: LBAI) reported third quarter Net Income of $4.8 million, as compared to $5.1 million reported for the same period last year. Diluted earnings per share was $0.21, as compared to the $0.22 reported in the third quarter of 2006. (All share and per share information have been adjusted for a 5% stock dividend declared on October 16, 2007, unless otherwise noted.) Annualized Return on Average Assets was 0.79% and Annualized Return on Average Equity was 9.30% for the third quarter of 2007.
Net Income for the first nine months of 2007 was $14.7 million, as compared to $14.9 million reported for the same period last year. Diluted earnings per share was $0.63, as compared to the $0.64 reported in the first nine months of 2006. Annualized Return on Average Assets was 0.85% and Annualized Return on Average Equity was 9.71%.
Lakeland Bancorp also announced that it has declared a quarterly cash dividend of $0.10 per common share. The cash dividend will be paid on November 15, 2007 to holders of record as of the close of business on October 31, 2007. In addition, the Company has authorized a 5% stock dividend, which will be paid on November 16, 2007 to holders of record as of the close of business October 31, 2007.
Roger Bosma, Lakeland Bancorps President and CEO, said: We are pleased with our loan and deposit growth this quarter. Average loans increased by $75.7 million, or 5%, while average deposits increased by $58.4 million, or 3%, as compared to the prior quarter. Compared to 2006, third quarter earnings reflected this growth along with higher net interest margins, offset by higher loan loss provisions and lower gains on securities sold.