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We are pleased to report strong fourth-quarter earnings and record Net Income for the full year 2014, which increased by
15% compared to 2013, excluding merger-related expenses.
This improvement resulted from strong commercial loan
growth, a stable Net Interest Margin as compared to the
third quarter of 2014, and controlled non-interest expenses.

• Net Income for the fourth quarter of 2014 was $7.9 million,
an 8% increase compared to the fourth quarter of 2013.
Earnings per diluted share were $0.21, compared to $0.19 in
the fourth quarter of 2013. Annualized Return on Average Assets was 0.90%, Annualized Return on Average Common Equity was 8.35%, and Annualized Return on Average Tangible Common Equity
was 11.87%.

• Net Income for the year ended December 31, 2014, was $31.1 million, or $0.82 per diluted share, compared to $25.0 million, or $0.71 per diluted share, for 2013. Excluding pretax merger-related expenses of $2.8 million in 2013, Net Income was $27.1 million, or $0.77 per diluted share.
Tangible book value per common share at December 31, 2014, was $7.06, an increase of 12% compared to year-end 2013.

• At December 31, 2014, loans totaled $2.66 billion, an increase of $185.3 million, or 8%, compared
to December 31, 2013.  Net Interest Margin (NIM) in the fourth quarter of 2014 was 3.58%, which equaled NIM for the third quarter of 2014.

• The Provision for Loan and Lease Losses for the full year 2014 totaled $5.9 million, which was 37% lower than 2013. Net charge-offs at $5.0 million for the full year 2014 were 41% lower than the $8.5 million for 2013.

• On January 27, 2015, the Company declared a quarterly cash dividend of $0.075 per common share, payable on February 17, 2015, to holders of record as of the close of business on February 10, 2015.

On behalf of our directors, executive management and our colleagues, we extend our appreciation to you for your continued support.


Sincerely,

Thomas J. Shara
President and Chief Executive Officer