Lakeland Bancorp was recently recognized by Forbes in
their 2014 list of “America’s 50 Most Trustworthy Financial
Companies.” One of Lakeland Bank’s core values is
communicating clearly and honestly while keeping our
customers at the forefront of everything we do. This recognition
by Forbes augments our strong belief in the importance of
integrity in the relationships we build with our customers,
shareholders and colleagues.
We are pleased to report the following positive financial
developments in the first quarter of 2014:
• Net Income in the first quarter of 2014 was $7.2 million,
or $0.20 per diluted share, as compared to $5.1 million,
or $0.17 per diluted share, reported for the same period last
year. Included in the 2013 first quarter earnings were
$0.6 million in pre-tax expenses related to the merger with
Somerset Hills Bancorp. Exclusive of these expenses,
diluted Earnings Per Share (EPS) for the first quarter of
2013 were $0.19 per common share.
• Total loans and total assets ended the first quarter at record
levels. Loans and non-interest bearing demand deposits
showed strong growth especially in the commercial sector,
reflecting an improvement in the local economy in which we
operate. Loans totaling $2.50 billion at March 31, 2014
increased by $34.3 million from December 31, 2013, including
a 3% increase in commercial loans secured by real estate.
Non-interest bearing demand deposits at $630.5 million
increased by $29.8 million, or 5% from year-end 2013.
• Net Interest Margin was 3.72%, a two-basis-point improvement
from the fourth quarter of 2013, primarily due to increased
commercial loan demand, as well as the reduced cost of
• The Company declared a quarterly cash dividend of $0.075
per common share payable on May 15, 2014 to holders of
record as of the close of business on May 8, 2014.
We would like to inform you that, effective April 27, 2014, we
transferred the Lakeland Bancorp, Inc. Dividend Reinvestment
and Stock Purchase Plan (“Lakeland DRP”) to the American
Stock Transfer & Trust Company’s Dividend Reinvestment
and Stock Purchase Plan (“AST DRP”). This plan mirrors in all
material respects the Lakeland DRP. All participants in the
Lakeland DRP were automatically enrolled in the AST DRP,
and your cash dividend for the May 15, 2014 distribution was
reinvested in additional shares of Lakeland Bancorp, Inc.
Thank you to our shareholders, customers, directors and
colleagues for their continued support.