Lakeland Bancorp Inc. Reports Operating Results (10-Q)
Lakeland Bancorp Inc. has a market cap of $233.6 million; its shares were traded at around $9.16 with a P/E ratio of 13.1 and P/S ratio of 1.6. The dividend yield of Lakeland Bancorp Inc. stocks is 2.6%.This is the annual revenues and earnings per share of LBAI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LBAI .
Highlight of Business Operations: Net income for the third quarter of 2011 was $5.1 million, compared to net income of $4.9 million for the same period in 2010. Net income available to common shareholders was $4.8 million compared to $3.3 million for the same period last year. Dividends on preferred stock and accretion decreased to $293,000 for the third quarter of 2011 from $1.6 million for the same period last year. The lower dividends and accretion reflect a total of $40.0 million in repayments to the U.S. Department of the Treasury to repurchase preferred stock under the CPP. Diluted earnings per share was $0.19 for the third quarter of 2011, compared to diluted earnings per share of $0.13 for the same period last year. During the third quarter of 2010 the Company repaid $20.0 million in preferred stock to the U.S. Department of the Treasury under the CPP. In doing so, a non-cash charge of $898,000 was recorded, reflecting the acceleration of the preferred stock discount accretion. The non-cash charge affected diluted earnings per share in the third quarter of 2010 by $0.04.
Interest income on a tax equivalent basis decreased from $31.6 million in the third quarter of 2010 to $29.6 million in the third quarter of 2011, a decrease of $2.0 million, or 6%. The decrease in interest income was due primarily to a 30 basis point decrease in the yield on interest earning assets, as a result of increased loan modifications and refinances along with lower yields on new loans and investments. The yield on average loans and leases at 5.
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last three years as it added new planes and competed against state-owned Air India Ltd. Earlier this year, it won as much as 12.1 billion rupees of new loans after banks agreed to convert 13 billion rupees of existing debt into preferred shares.
During the third quarter of 2010 the Company repaid $20.0 million in preferred stock to the US Department of the Treasury under the CPP. In doing so, a non-cash charge of $898000 was recorded, reflecting the acceleration of the preferred stock discount
"We are pleased with our results for the third quarter, the first full quarter of operations since going public April 5, 2011, where we reported Cash Available for Distribution of $0.150 per share," said John A. Williams, Preferred Apartment
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