Company Quick10K Filing
Quick10K
Lakeland Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.62 50 $838
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-15 Shareholder Vote
8-K 2019-04-29 Earnings, Other Events, Exhibits
8-K 2019-01-28 Earnings, Other Events, Exhibits
8-K 2019-01-28 Earnings, Other Events, Exhibits
8-K 2019-01-04 Other Events, Exhibits
8-K 2018-12-13 Other Events, Exhibits
8-K 2018-11-26 Other Events, Exhibits
8-K 2018-10-25 Earnings, Other Events, Exhibits
8-K 2018-08-23 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-07-26 Earnings, Other Events, Exhibits
8-K 2018-06-20 Officers, Exhibits
8-K 2018-05-09 Shareholder Rights, Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-04-25 Earnings, Other Events, Exhibits
8-K 2018-01-26 Earnings, Other Events, Exhibits
DPZ Domino's Pizza 11,600
RPM RPM International 7,760
ENIC Enel Chile 6,170
NPO Enpro Industries 1,360
ALAC Alberton Acquisition 147
AUTO Autoweb 44
EFOI Energy Focus 7
ESIO Electro Scientific Industries 0
RCCC RC-1 0
ETEK Eco Tek 360 0
LBAI 2019-03-31
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Significant Accounting Policies
Note 2 - Acquisitions
Note 3 - Revenue Recognition
Note 4 - Earnings per Share
Note 5 - Investment Securities
Note 6 - Loans and Other Real Estate
Note 7 - Leases
Note 8 - Derivatives
Note 9 - Goodwill and Intangible Assets
Note 10 - Borrowings
Note 11 - Share-Based Compensation
Note 12 - Comprehensive Income
Note 13 - Estimated Fair Value of Financial Instruments and Fair Value Measurement
Note 14 - Recent Accounting Pronouncements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Not Applicable
Item 3. Defaults Upon Senior Securities Not Applicable
Item 4. Mine Safety Disclosures Not Applicable
Item 5. Other Information
Item 6. Exhibits
EX-10.1 paulhosingloycicmarch12019.htm
EX-10.2 amendmenttochangeincontrol.htm
EX-31.1 lbaiq12019ex311.htm
EX-31.2 lbaiq12019ex312.htm
EX-32.1 lbaiq12019ex321.htm

Lakeland Bancorp Earnings 2019-03-31

LBAI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 lbaiq12019doc.htm 10-Q Document


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 
 
March 31, 2019
 
OR
 
[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number
 000-17820
 
LAKELAND BANCORP, INC.
(Exact name of registrant as specified in its charter)
New Jersey          
 22-2953275
(State or other jurisdiction of
 incorporation  or organization) 
 (I.R.S. Employer
Identification No.)
 
 
250 Oak Ridge Road, Oak Ridge, New Jersey 
07438
 (Address of principal executive offices)
(Zip Code)
 
 
(973) 697-2000
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  [X]    No  [  ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).  Yes  [ X ]    No  [  ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer [X]    Accelerated filer []    Non-accelerated filer [  ]  Smaller reporting company [  ]  Emerging growth company [  ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes  [  ]    No  [X]
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, no par value
LBAI
The NASDAQ Stock Market

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of May 1, 2019, there were 50,441,279 outstanding shares of Common Stock, no par value.

1


LAKELAND BANCORP, INC.
Form 10-Q Index
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets as of March 31, 2019 (unaudited) and December 31, 2018
 
Consolidated Statements of Income for the Three Months Ended March 31, 2019 and 2018 (unaudited)
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018 (unaudited)
 
Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2019 and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
 
March 31, 2019
 
December 31, 2018
 
(unaudited)
 
ASSETS
(dollars in thousands)
 
 
 
 
Cash
$
205,322

 
$
205,199

Interest-bearing deposits due from banks
21,037

 
3,400

Total cash and cash equivalents
226,359

 
208,599

Investment securities available for sale, at fair value
659,238

 
638,618

Equity securities, at fair value
15,232

 
15,921

Investment securities held to maturity; fair value of $158,219 at March 31, 2019 and $150,932 at December 31, 2018
159,308

 
153,646

Federal Home Loan Bank and other membership bank stock, at cost
16,951

 
13,301

Loans, net of deferred costs (fees)
4,921,391

 
4,456,733

Less: allowance for loan losses
37,979

 
37,688

Net loans
4,883,412

 
4,419,045

Loans held for sale
600

 
1,113

Premises and equipment, net
51,703

 
49,175

Operating lease right-of-use assets
19,239

 

Accrued interest receivable
17,515

 
16,114

Goodwill
154,153

 
136,433

Other identifiable intangible assets
5,192

 
1,768

Bank owned life insurance
110,430

 
110,052

Other assets
45,731

 
42,308

TOTAL ASSETS
$
6,365,063

 
$
5,806,093

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
1,071,890

 
$
950,218

Savings and interest-bearing transaction accounts
3,046,322

 
2,913,414

Time deposits $250 thousand and under
753,126

 
589,737

Time deposits over $250 thousand
193,246

 
167,301

Total deposits
5,064,584

 
4,620,670

Federal funds purchased and securities sold under agreements to repurchase
261,266

 
233,905

Other borrowings
175,783

 
181,118

Subordinated debentures
118,193

 
105,027

Operating lease liabilities
20,823

 

Other liabilities
43,071

 
41,634

TOTAL LIABILITIES
5,683,720

 
5,182,354

STOCKHOLDERS’ EQUITY
 
 
 
Common stock, no par value; authorized shares, 100,000,000 at March 31, 2019 and December 31, 2018; issued shares, 50,435,663 at March 31, 2019 and 47,486,250 at December 31, 2018
558,245

 
514,703

Retained earnings
126,787

 
116,874

Accumulated other comprehensive loss
(3,689
)
 
(7,838
)
TOTAL STOCKHOLDERS’ EQUITY
681,343

 
623,739

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
6,365,063

 
$
5,806,093

The accompanying notes are an integral part of these consolidated financial statements.

3


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
For the Three Months Ended March 31,
 
2019
 
2018
 
(in thousands, except per share data)
INTEREST INCOME
 
 
 
Loans and fees
$
57,642

 
$
45,544

Federal funds sold and interest-bearing deposits with banks
254

 
166

Taxable investment securities and other
4,873

 
3,992

        Tax-exempt investment securities
408

 
443

TOTAL INTEREST INCOME
63,177

 
50,145

INTEREST EXPENSE
 
 
 
Deposits
11,497

 
5,755

Federal funds purchased and securities sold under agreements to repurchase
608

 
134

Other borrowings
2,466

 
2,020

TOTAL INTEREST EXPENSE
14,571

 
7,909

NET INTEREST INCOME
48,606

 
42,236

Provision for loan losses
508

 
1,284

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
48,098

 
40,952

NONINTEREST INCOME
 
 
 
Service charges on deposit accounts
2,573

 
2,611

Commissions and fees
1,412

 
1,272

Income on bank owned life insurance
683

 
719

Gain (loss) on equity securities
353

 
(18
)
Gains on sales of loans
371

 
246

Other income
331

 
504

TOTAL NONINTEREST INCOME
5,723

 
5,334

NONINTEREST EXPENSE
 
 
 
Salaries and employee benefits
19,231

 
16,861

Net occupancy expense
2,954

 
2,738

Furniture and equipment
2,116

 
2,206

FDIC insurance expense
450

 
425

Stationery, supplies and postage
447

 
416

Marketing expense
469

 
361

Data processing expense
1,327

 
466

Telecommunications expense
493

 
421

ATM and debit card expense
602

 
510

Core deposit intangible amortization
304

 
157

Other real estate and repossessed asset expense
86

 
46

Merger related expenses
2,860

 

Other expenses
2,645

 
2,530

TOTAL NONINTEREST EXPENSE
33,984

 
27,137

Income before provision for income taxes
19,837

 
19,149

Provision for income taxes
4,211

 
3,894

NET INCOME
$
15,626

 
$
15,255

PER SHARE OF COMMON STOCK
 
 
 
Basic earnings
$
0.31

 
$
0.32

Diluted earnings
$
0.31

 
$
0.32

Dividends
$
0.115

 
$
0.100

The accompanying notes are an integral part of these consolidated financial statements.

4


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
 
For the Three Months Ended March 31,
 
2019
 
2018
 
(in thousands)
NET INCOME
$
15,626

 
$
15,255

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
 
 
 
Unrealized gains (losses) on securities available for sale
4,363

 
(5,732
)
Unrealized (losses) gains on derivatives
(214
)
 
283

Other comprehensive income (loss)
4,149

 
(5,449
)
TOTAL COMPREHENSIVE INCOME
$
19,775

 
$
9,806

The accompanying notes are an integral part of these consolidated financial statements.

5


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
For the Three Months Ended March 31, 2019 and 2018
 
 
Common
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
 
(in thousands)
At January 1, 2018
$
512,734

 
$
72,737

 
$
(2,349
)
 
$
583,122

Cumulative adjustment for adoption of ASU 2016-01

 
2,043

 
(2,043
)
 

January 1, 2018, as adjusted
512,734

 
74,780

 
(4,392
)
 
583,122

Net income

 
15,255

 

 
15,255

Other comprehensive loss, net of tax

 

 
(5,449
)
 
(5,449
)
Stock based compensation
994

 

 

 
994

Exercise of stock options
248

 

 

 
248

Retirement of restricted stock
(744
)
 

 

 
(744
)
Cash dividends, common stock

 
(4,778
)
 

 
(4,778
)
At March 31, 2018
$
513,232


$
85,257


$
(9,841
)

$
588,648

 
 
 
 
 
 
 
 
At January 1, 2019
$
514,703

 
$
116,874

 
$
(7,838
)
 
$
623,739

Cumulative adjustment for adoption of ASU 842

 
125

 

 
125

January 1, 2019, as adjusted
514,703

 
116,999

 
(7,838
)
 
623,864

Net income

 
15,626

 

 
15,626

Other comprehensive income, net of tax

 

 
4,149

 
4,149

Stock based compensation
696

 

 

 
696

Issuance of stock for Highlands acquisition
43,417

 

 

 
43,417

Retirement of restricted stock
(571
)
 

 

 
(571
)
Cash dividends, common stock

 
(5,838
)
 

 
(5,838
)
At March 31, 2019
$
558,245


$
126,787


$
(3,689
)

$
681,343

The accompanying notes are an integral part of these consolidated financial statements.

6


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
For the Three Months Ended March 31,
 
2019
 
2018
 
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
15,626

 
$
15,255

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Net amortization of premiums, discounts and deferred loan fees and costs
497

 
1,250

Depreciation and amortization
2,138

 
1,323

Amortization of intangible assets
304

 
157

Amortization of operating lease right-of-use assets
652

 

Provision for loan losses
508

 
1,284

Loans originated for sale
(8,931
)
 
(8,473
)
Proceeds from sales of loans held for sale
10,928

 
9,175

Change in market value of equity securities
(353
)
 
18

Gains on sales of loans held for sale
(371
)
 
(246
)
Gains on other real estate and other repossessed assets
(36
)
 
(25
)
Losses on sales of premises and equipment
85

 

Stock-based compensation
696

 
994

Excess tax benefits
131

 
298

Increase in other assets
(2,590
)
 
(2,388
)
Increase in other liabilities
959

 
1,262

NET CASH PROVIDED BY OPERATING ACTIVITIES
20,243

 
19,884

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Net cash acquired in acquisitions
13,454

 

Proceeds from repayments and maturities of available for sale securities
42,074

 
20,928

Proceeds from repayments and maturities of held to maturity securities
4,153

 
5,820

Proceeds from sales of equity securities
1,138

 

Purchase of available for sale securities
(36,085
)
 
(24,589
)
Purchase of held to maturity securities
(8,510
)
 
(18,461
)
Purchase of equity securities
(95
)
 
(326
)
Proceeds from redemptions of Federal Home Loan Bank stock
25,792

 
688

Purchases of Federal Home Loan Bank stock
(27,675
)
 

Net increase in loans
(38,506
)
 
(73,247
)
Proceeds from sales of other real estate and repossessed assets
253

 
145

Proceeds from dispositions and sales of premises and equipment
953

 

Purchases of premises and equipment
(1,793
)
 
(1,354
)
NET CASH USED IN INVESTING ACTIVITIES
(24,847
)
 
(90,396
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net increase in deposits
34,545

 
79,339

Increase in federal funds purchased and securities sold under agreements to repurchase
27,361

 
1,549

Repayments of other borrowings
(33,133
)
 
(15,000
)
Exercise of stock options

 
248

Retirement of restricted stock
(571
)
 
(744
)
Dividends paid
(5,838
)
 
(4,778
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
22,364

 
60,614

Net increase (decrease) in cash and cash equivalents
17,760

 
(9,898
)
Cash and cash equivalents, beginning of period
$
208,599

 
142,933

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
226,359

 
$
133,035


7


 
For the Three Months Ended March 31,
 
2019
 
2018
 
(in thousands)
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Cash paid during the period for income taxes
$
230

 
$
2,046

Cash paid during the period for interest
13,001

 
6,716

Transfer of loans into other repossessed assets and other real estate owned
102

 
669

Initial recognition of operating lease right-of-use assets
18,651

 

Initial recognition of operating lease liabilities
20,203

 

Acquisitions:
 
 
 
Non-cash assets acquired:
 
 
 
Federal Home Loan Bank stock
1,767

 

Investment securities available for sale
22,734

 

Loans, including loans held for sale
428,072

 

Goodwill and other intangible assets, net
21,448

 

Other assets
8,602

 

Total non-cash assets acquired
482,623

 

Liabilities assumed:
 
 
 
Deposits
409,638

 

Other borrowings
40,957

 

Other liabilities
2,065

 

Total liabilities assumed
452,660

 

Common stock issued and fair value of stock options converted to Lakeland Bancorp stock options
43,417

 

The accompanying notes are an integral part of these consolidated financial statements.

8


Lakeland Bancorp, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and the Bank’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are, in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2019 do not necessarily indicate the results that the Company will achieve for all of 2019.
Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.
NOTE 2 – ACQUISITIONS
On January 4, 2019, the Company completed its acquisition of Highlands Bancorp, Inc. ("Highlands"), a bank holding company headquartered in Vernon, New Jersey. Highlands was the parent of Highlands State Bank, which operated four branches in Sussex, Passaic and Morris Counties in New Jersey. This acquisition enabled the Company to broaden its presence in those counties. Effective as of the close of business on January 4, 2019, Highlands merged into the Company and Highlands State Bank merged into Lakeland. Pursuant to the merger agreement, the shareholders of Highlands received for each outstanding share of Highlands common stock that they owned at the effective time of the merger, 1.015 shares of Lakeland Bancorp, Inc. common stock. The Company issued 2,837,524 shares of its common stock in the merger. Outstanding Highlands options were paid out in cash at the difference between $14.71 and an average strike price of $8.09 for a total cash payment of $797,000.
The acquisition was accounted for under the acquisition method of accounting and accordingly, the assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date. Highlands' assets were recorded at their preliminary estimated fair values as of January 4, 2019 and Highlands' results of operations will be included in the Company's Consolidated Statements of Income from that date forward.
The assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values based on management's best estimates using information available at the date of the acquisition, including the use of a third-party valuation specialist. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the acquisition.

9


The following table summarizes the estimated fair value of the acquired assets and liabilities assumed at the date of acquisition for Highlands.
(in thousands)
 
Cash and cash equivalents
13,454

Securities, available for sale
22,734

Federal Home Loan Bank stock
1,767

Loans held for sale
1,113

Loans
426,959

Premises and equipment
3,253

Goodwill
17,720

Identifiable intangible assets
3,728

Accrued interest receivable and other assets
5,349

    Total assets acquired
496,077

 
 
Deposits
(409,638
)
Other borrowings
(27,800
)
Subordinated debt
(13,157
)
Other liabilities
(2,065
)
    Total liabilities assumed
(452,660
)
Net assets acquired
$
43,417

Loans acquired in the Highlands acquisition were recorded at fair value and subsequently accounted for in accordance with ASC Topic 310. There was no carryover related allowance for loan losses. The fair values of loans acquired from Highlands were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted for estimated future credit losses and the rate of prepayments. Projected cash flows were then discounted to present value using a risk-adjusted market rate for similar loans.
The following is a summary of the credit impaired loans acquired in the Highlands acquisition as of the closing date.
(in thousands)
 
Contractually required principal and interest at acquisition
$
20,025

Contractual cash flows not expected to be collected (non-accretable difference)
4,758

Expected cash flows at acquisition
$
15,267

Interest component of expected cash flows (accretable difference)
1,420

Fair value of acquired loans
$
13,847

The core deposit intangible totaled $3.7 million and is being amortized over its estimated useful life of approximately ten years using an accelerated method. The goodwill will be evaluated annually for impairment. The goodwill is not deductible for tax purposes.
The fair values of deposit liabilities with no stated maturities such as checking, money market and savings accounts, were assumed to equal the carrying amounts since these deposits are payable on demand. The fair values of certificates of deposits and IRAs represent the present value of contractual cash flows discounted at market rates for similar certificates of deposit.
Direct costs related to the acquisition were expensed as incurred. During the three months ended March 31, 2019, the Company incurred $2.9 million of merger and acquisition integration-related expenses, which have been separately stated in the Company's Consolidated Statements of Income.

10



Supplemental Pro Forma Financial Information
The following table provides unaudited condensed pro forma financial information assuming that the Highlands acquisition had been completed as of January 1, 2019, for the three months ended March 31, 2019 and as of January 1, 2018 for the three months ended March 31, 2018. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisitions occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings or the impact of conforming certain accounting policies of the acquired companies to the Company’s policies that may have occurred as a result of the integration and consolidation of Highlands' operations. The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects. The Company has not provided separate information regarding revenue and earnings of Highlands since the acquisition because of the manner in which Highlands' branches and lending team were immediately merged into Lakeland’s branches and lending team making such information impracticable to provide.
 
Pro Forma
 
Pro Forma
(in thousands)
March 31, 2019
 
March 31, 2018
Net interest income
$
48,753

 
$
46,787

Provision for loan losses
508

 
1,382

Noninterest income
5,694

 
6,198

Noninterest expense
31,205

 
30,501

Net income
17,784

 
16,687

Earnings per share:
 
 
 
  Fully diluted
$
0.35

 
$
0.33


NOTE 3 – REVENUE RECOGNITION
The Company’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized according to the terms of the financial instrument agreement over the life of the loan or investment security unless it is determined that the counterparty is unable to continue making interest payments. Interest income also includes prepaid interest fees from commercial customers, which approximates the interest foregone on the balance of the loan prepaid.
The Company’s additional source of income, also referred to as noninterest income, is generated from deposit related fees, interchange fees, loan fees, merchant fees, loan sales and other miscellaneous income and is largely based on contracts with customers. In these cases, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company considers a customer to be any party to which the Company will provide goods or services that are an output of the Company’s ordinary activities in exchange for consideration. There is little seasonality with regards to revenue from contracts with customers and all inter-company revenue is eliminated when the Company’s financial statements are consolidated.
Generally, the Company enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled and payment is processed at the same time. Such examples include revenue related to merchant fees, interchange fees and investment services income. In addition, revenue generated from existing customer relationships such as deposit accounts are also considered short-term in nature, because the relationship may be terminated at any time and payment is processed at the time performance obligations are fulfilled. As a result, the Company does not have contract assets, contract liabilities or related receivable accounts for contracts with customers. In cases where collectability is a concern, the Company does not record revenue.
Generally, the pricing of transactions between the Company and each customer is either (i) established within a legally enforceable contract between the two parties, as is the case with the loan sales, or (ii) disclosed to the customer at a specific point in time, as is the case when a deposit account is opened or before a new loan is underwritten. Fees are usually fixed at a specific amount or as a percentage of a transaction amount. No judgment or estimates by management are required to record revenue related to these transactions and pricing is clearly identified within these contracts.
The Company primarily operates in one geographic region, Northern and Central New Jersey and contiguous areas. Therefore, all significant operating decisions are based upon analysis of the Company as one operating segment or unit.

11


We disaggregate our revenue from contracts with customers by contract-type and timing of revenue recognition, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Noninterest income not generated from customers during the Company’s ordinary activities primarily relates to mortgage servicing rights, gains/losses on the sale of investment securities, gains/losses on the sale of other real estate owned, gains/losses on the sale of property, plant and equipment, and income from bank owned life insurance.
The following table sets forth the components of noninterest income for the three months ended March 31, 2019 and 2018:
 
For the Three Months Ended March 31,
(in thousands)
2019
 
2018
 
 
 
 
Deposit Related Fees and Charges
 
 
 
  Debit card interchange income
$
1,218

 
$
1,118

  Overdraft charges
996

 
1,109

  ATM service charges
184

 
190

  Demand deposit fees and charges
143

 
158

  Savings service charges
32

 
36

Total
2,573

 
2,611

Commissions and Fees

 

  Loan fees
348

 
322

  Wire transfer charges
267

 
248

  Investment services income
352

 
228

  Merchant fees
184

 
216

  Commissions from sales of checks
103

 
108

  Safe deposit income
91

 
84

  Other income
61

 
63

Total
1,406

 
1,269

Gains on Sale of Loans
371

 
246

Other Income

 

  Gains on customer swap transactions
199

 
332

  Title insurance income
90

 
49

  Other income
61

 
97

Total
350

 
478

Revenue not from contracts with customers
1,023

 
730

Total Noninterest Income
5,723

 
5,334

Timing of Revenue Recognition

 

  Products and services transferred at a point in time
4,681

 
4,585

  Products and services transferred over time
19

 
19

  Revenue not from contracts with customers
1,023

 
730

Total Noninterest Income
$
5,723

 
$
5,334


12


NOTE 4 – EARNINGS PER SHARE
The following schedule shows the Company’s earnings per share calculations for the periods presented:
 
For the Three Months Ended March 31,
(in thousands, except per share data)
2019
 
2018
 
 
 
 
Net income available to common shareholders
$
15,626

 
$
15,255

Less: earnings allocated to participating securities
141

 
141

Net income allocated to common shareholders
$
15,485

 
$
15,114

Weighted average number of common shares outstanding - basic
50,275

 
47,503

Share-based plans
167

 
233

Weighted average number of common shares outstanding - diluted
50,442

 
47,736

Basic earnings per share
$
0.31

 
$
0.32

Diluted earnings per share
$
0.31

 
$
0.32

There were no antidilutive options to purchase common stock excluded from the computation for the three months ended March 31, 2019 and 2018.
NOTE 5 – INVESTMENT SECURITIES
The amortized cost, gross unrealized gains and losses and the fair value of the Company's available for sale and held to maturity investment securities are as follows:
 
March 31, 2019
 
December 31, 2018
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. government agencies
$
141,088

 
$
94

 
$
(1,601
)
 
$
139,581

 
$
143,495

 
$

 
$
(2,568
)
 
$
140,927

Mortgage-backed securities, residential
442,358

 
1,473

 
(5,204
)
 
438,627

 
434,208

 
779

 
(8,843
)
 
426,144

Mortgage-backed securities, multifamily
30,956

 
135

 
(82
)
 
31,009

 
21,087

 
67

 
(204
)
 
20,950

Obligations of states and political subdivisions
44,850

 
362

 
(195
)
 
45,017

 
45,951

 
140

 
(586
)
 
45,505

Debt securities
5,000

 
4

 

 
5,004

 
5,000

 
92

 

 
5,092

 
$
664,252

 
$
2,068

 
$
(7,082
)
 
$
659,238

 
$
649,741

 
$
1,078

 
$
(12,201
)
 
$
638,618

 
March 31, 2019
 
December 31, 2018
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HELD TO MATURITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$
32,461

 
$

 
$
(360
)
 
$
32,101

 
$
33,025

 
$

 
$
(677
)
 
$
32,348

Mortgage-backed securities, residential
82,070

 
246

 
(1,033
)
 
81,283

 
75,859

 
169

 
(1,838
)
 
74,190

Mortgage-backed securities, multifamily
1,827

 

 
(19
)
 
1,808

 
1,853

 

 
(35
)
 
1,818

Obligations of states and political subdivisions
36,450

 
274

 
(127
)
 
36,597

 
37,909

 
113

 
(328
)
 
37,694

Debt securities
6,500

 

 
(70
)
 
6,430

 
5,000

 

 
(118
)
 
4,882

 
$
159,308

 
$
520

 
$
(1,609
)
 
$
158,219

 
$
153,646

 
$
282

 
$
(2,996
)
 
$
150,932


13


The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2019. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available for Sale
 
Held to Maturity
(in thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
March 31, 2019
 
 
 
 
 
 
 
Due in one year or less
$
24,755

 
$
24,636

 
$
5,924

 
$
5,929

Due after one year through five years
116,056

 
115,089

 
42,423

 
42,361

Due after five years through ten years
32,550

 
32,602

 
24,379

 
24,144

Due after ten years
17,577

 
17,275

 
2,685

 
2,694

 
190,938

 
189,602

 
75,411

 
75,128

Mortgage-backed securities
473,314

 
469,636

 
83,897

 
83,091

Total securities
$
664,252

 
$
659,238

 
$
159,308

 
$
158,219

There were no sales of available for sale or held to maturity securities during the three months ended March 31, 2019 and 2018.
Securities with a carrying value of approximately $511.3 million and $476.3 million at March 31, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and for other purposes required by applicable laws and regulations.
The following tables indicates the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Unrealized
Losses
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. government agencies
$
12,112

 
$
78

 
$
116,126

 
$
1,523

 
25

 
$
128,238

 
$
1,601

Mortgage-backed securities, residential
719

 
1

 
289,307

 
5,203

 
126

 
290,026

 
5,204

Mortgage-backed securities, multifamily
4,979

 
9

 
12,993

 
73

 
4

 
17,972

 
82

Obligations of states and political subdivisions

 

 
16,088

 
195

 
30

 
16,088

 
195

 
$
17,810

 
$
88

 
$
434,514

 
$
6,994

 
185

 
$
452,324

 
$
7,082

HELD TO MATURITY
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$

 
$

 
$
32,101

 
$
360

 
6

 
$
32,101

 
$
360

Mortgage-backed securities, residential
9,012

 
27

 
47,210

 
1,006

 
31

 
56,222

 
1,033

Mortgage-backed securities, multifamily

 

 
1,808

 
19

 
2

 
1,808

 
19

Obligations of states and political subdivisions

 

 
8,222

 
127

 
7

 
8,222

 
127

Debt securities
3,930

 
70

 

 

 
1

 
3,930

 
70

 
$
12,942

 
$
97

 
$
89,341

 
$
1,512

 
47

 
$
102,283

 
$
1,609


14


 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Number of
Securities
 
Fair Value
 
Unrealized
Losses
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. government agencies
$
20,588

 
$
216

 
$
120,338

 
$
2,352

 
27

 
$
140,926

 
$
2,568

Mortgage-backed securities, residential
10,119

 
58

 
316,851

 
8,785

 
139

 
326,970

 
8,843

Mortgage-backed securities, multifamily
1,977

 
2

 
12,911

 
202

 
4

 
14,888

 
204

Obligations of states and political subdivisions
1,289

 
2

 
26,522

 
584

 
50

 
27,811

 
586

 
$
33,973

 
$
278

 
$
476,622

 
$
11,923

 
220

 
$
510,595

 
$
12,201

HELD TO MATURITY
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$

 
$

 
$
32,348

 
$
677

 
6

 
$
32,348

 
$
677

Mortgage-backed securities, residential
8,325

 
59

 
53,761

 
1,779

 
36

 
62,086

 
1,838

Mortgage-backed securities, multifamily

 

 
1,818

 
35

 
2

 
1,818

 
35

Obligations of states and political subdivisions
1,764

 
8

 
15,580

 
320

 
27

 
17,344

 
328

Debt securities
3,882

 
118

 

 

 
1

 
3,882

 
118

 
$
13,971

 
$
185

 
$
103,507

 
$
2,811

 
72

 
$
117,478

 
$
2,996

Management has evaluated the securities in the above table and has concluded that none of the securities with unrealized losses has impairments that are other-than-temporary. Fair value below cost is solely due to interest rate movements and is deemed temporary.
Investment securities, including the mortgage-backed securities and corporate securities, are evaluated on a periodic basis to determine if factors are identified that would require further analysis. In evaluating the Company’s securities, management considers the following items:
The Company’s ability and intent to hold the securities, including an evaluation of the need to sell the security to meet certain liquidity measures, or whether the Company has sufficient levels of cash to hold the identified security in order to recover the entire amortized cost of the security;
The financial condition of the underlying issuer;
The credit ratings of the underlying issuer and if any changes in the credit rating have occurred;
The length of time the security’s fair value has been less than amortized cost; and
Adverse conditions related to the security or its issuer if the issuer has failed to make scheduled payments or other factors.
If the above factors indicate that an additional analysis is required, management will perform a discounted cash flow analysis evaluating the security.
Equity securities at fair value
The Company has an equity securities portfolio which consists of investments in other financial institutions for market appreciation purposes and investments in Community Reinvestment funds. The market value of these investments was $15.2 million and $15.9 million at March 31, 2019 and December 31, 2018, respectively. Upon implementation of Accounting Standards Update 2016-01 - Financial Instruments ("ASU 2016-01"), the Company made a cumulative adjustment of $2.0 million from other comprehensive income to retained earnings as of January 1, 2018. In the first three months of 2019, the Company recorded proceeds from sales of equity securities of $1.1 million while recording no sales in the first three months of 2018. The Company also recorded $353,000 in market value gain on equity securities in noninterest income for the first quarter of 2019 and $18,000 in market value loss in the same period of 2018.
As of March 31, 2019, the equity investments in other financial institutions and Community Reinvestment funds had a market value of $1.9 million and $13.4 million, respectively. The Community Reinvestment funds include $3.5 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government there are minimal changes in market value between accounting periods. These funds can be redeemed with 60 days notice at the net asset value less unpaid management fees with the approval of the fund manager. As of March 31, 2019, the net amortized cost equaled the market value of the investment. There are no unfunded commitments related to these investments.

15


The Community Reinvestment funds include $9.8 million that are primarily invested in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments.
NOTE 6 – LOANS AND OTHER REAL ESTATE
The following sets forth the composition of the Company’s loan portfolio:
(in thousands)
March 31, 2019
 
December 31, 2018
 
 
 
 
Commercial, secured by real estate
$
3,436,550

 
$
3,057,779

Commercial, industrial and other
389,230

 
336,735

Equipment finance
90,791

 
87,925

Real estate - residential mortgage
335,290

 
329,854

Real estate - construction
332,995

 
319,545

Home equity and consumer
339,815

 
328,609

Total loans
4,924,671

 
4,460,447

Less: deferred fees
(3,280
)
 
(3,714
)
Loans, net of deferred fees
$
4,921,391

 
$
4,456,733

At March 31, 2019 and December 31, 2018, home equity and consumer loans included overdraft deposit balances of $368,000 and $452,000, respectively. At March 31, 2019 and December 31, 2018, the Company had $1.32 billion and $1.16 billion, respectively, in loans pledged for actual and potential borrowings at the Federal Home Loan Bank of New York (“FHLB”).
Purchased Credit Impaired Loans
The carrying value of loans acquired in the Highlands merger and accounted for in accordance with ASC Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” was $13.7 million which was substantially the same as the balance at acquisition on January 4, 2019. The carrying value of the purchased credit impaired ("PCI") loans acquired in the Pascack Community Bank ("Pascack") acquisition was $145,000 at March 31, 2019 compared to $157,000 at December 31, 2018. The carrying value of PCI loans acquired in the Harmony Bank ("Harmony") acquisition was $485,000 at March 31, 2019 compared to $495,000 at December 31, 2018.
The following table presents changes in the accretable yield for PCI loans:
 
For the Three Months Ended
(in thousands)
March 31, 2019
 
March 31, 2018
 
 
 
 
Balance, beginning of period
$
81

 
$
129

Acquisitions
1,420

 

Accretion
(193
)
 
(44
)
Net reclassification non-accretable difference
30

 
28

Balance, end of period
$
1,338

 
$
113


16


Non-Performing Assets and Past Due Loans
The following schedule sets forth certain information regarding the Company’s non-performing assets and its accruing troubled debt restructurings, excluding PCI loans:
(in thousands)
March 31, 2019
 
December 31, 2018
 
 
 
 
Commercial, secured by real estate
$
9,817

 
$
7,192

Commercial, industrial and other
2,202

 
1,019

Equipment finance
383

 
501

Real estate - residential mortgage
1,740

 
1,986

Home equity and consumer
1,581

 
1,432

Total non-accrual loans
$
15,723

 
$
12,130

Other real estate and other repossessed assets
715

 
830

TOTAL NON-PERFORMING ASSETS
$
16,438

 
$
12,960

Troubled debt restructurings, still accruing
$
6,352

 
$
9,293

Non-accrual loans included $2.8 million and $3.6 million of troubled debt restructurings for the periods ended March 31, 2019 and December 31, 2018, respectively. At March 31, 2019 and December 31, 2018, the Company had $1.2 million and $1.5 million, respectively, in residential mortgages and consumer home equity loans that were in the process of foreclosure which are included in non-accrual loans in the above table.
An age analysis of past due loans, segregated by class of loans as of March 31, 2019 and December 31, 2018, is as follows:
(in thousands)
30-59 Days Past Due
 
60-89 Days Past Due
 
Greater Than 89 Days Past Due
 
Total Past Due
 
Current
 
Total Loans
 
Recorded Investment Greater than 89 Days and Still Accruing
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
14,944

 
$
3,060

 
$
3,913

 
$
21,917

 
$
3,414,633

 
$
3,436,550

 
$

Commercial, industrial and other
1,084

 
220

 
377

 
1,681

 
387,549

 
389,230

 

Equipment finance
358

 
210

 
383

 
951

 
89,840

 
90,791

 

Real estate - residential mortgage
2,406

 

 
1,146

 
3,552

 
331,738

 
335,290

 

Real estate - construction

 

 
3,423

 
3,423

 
329,572

 
332,995

 

Home equity and consumer
1,845

 
365

 
1,297

 
3,507

 
336,308

 
339,815

 
78

 
$
20,637

 
$
3,855

 
$
10,539

 
$
35,031

 
$
4,889,640

 
$
4,924,671

 
$
78

December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
1,477

 
$
639

 
$
2,237

 
$
4,353

 
$
3,053,426

 
$
3,057,779

 
$

Commercial, industrial and other
173

 
243

 
750

 
1,166

 
335,569

 
336,735

 

Equipment finance
533

 
13

 
501

 
1,047

 
86,878

 
87,925

 

Real estate - residential mortgage
743

 
111

 
1,776

 
2,630

 
327,224

 
329,854

 

Real estate - construction

 

 

 

 
319,545

 
319,545

 

Home equity and consumer
1,917

 
216

 
850

 
2,983

 
325,626

 
328,609

 

 
$
4,843

 
$
1,222

 
$
6,114

 
$
12,179

 
$
4,448,268

 
$
4,460,447

 
$


17


Impaired Loans
The Company defines impaired loans as all non-accrual loans with recorded investments of $500,000 or greater. Impaired loans also include all loans that have been modified in troubled debt restructurings, but excludes PCI loans. Impaired loans as of March 31, 2019 and December 31, 2018 are as follows:
(in thousands)
Recorded
Investment in
Impaired Loans
 
Contractual
Unpaid
Principal
Balance
 
Specific
Allowance
 
Average
Investment in
Impaired Loans
 
Interest
Income
Recognized
March 31, 2019
 
 
 
 
 
 
 
 
 
Loans without specific allowance:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
12,188

 
$
12,883

 
$

 
$
8,878

 
$
52

Commercial, industrial and other
2,309

 
2,633

 

 
1,142

 
4

Equipment finance
301

 
597

 

 
301

 

Real estate - residential mortgage

 

 

 

 

Real estate - construction

 

 

 

 

Home equity and consumer

 

 

 

 

Loans with specific allowance:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
3,797

 
4,070

 
229

 
6,642

 
72

Commercial, industrial and other
200

 
199

 
8

 
199

 
3

Equipment finance
26

 
26

 
12

 
26

 

Real estate - residential mortgage
715

 
875

 
4

 
718

 
5

Real estate - construction

 

 

 

 

Home equity and consumer
700

 
741

 
6

 
697

 
8

Total:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
15,985

 
$
16,953

 
$
229

 
$
15,520

 
$
124

Commercial, industrial and other
2,509

 
2,832

 
8

 
1,341

 
7

Equipment finance
327

 
623

 
12

 
327

 

Real estate - residential mortgage
715

 
875

 
4

 
718

 
5

Real estate - construction

 

 

 

 

Home equity and consumer
700

 
741

 
6

 
697

 
8

 
$
20,236

 
$
22,024

 
$
259

 
$
18,603

 
$
144


18


(in thousands)
Recorded
Investment in
Impaired Loans
 
Contractual
Unpaid
Principal
Balance
 
Specific
Allowance
 
Average
Investment in
Impaired Loans
 
Interest
Income
Recognized
December 31, 2018
 
 
 
 
 
 
 
 
 
Loans without specific allowance:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
9,284

 
$
9,829

 

 
$
7,369

 
$
188

Commercial, industrial and other
1,151

 
1,449

 

 
1,834

 
19

Equipment finance
301

 
597

 

 
376

 

Real estate - residential mortgage

 

 

 
242

 
4

Real estate - construction

 

 

 
726

 

Home equity and consumer

 

 

 

 

Loans with specific allowance:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
7,270

 
7,597

 
307

 
7,594

 
317

Commercial, industrial and other
209

 
209

 
7

 
209

 
12

Equipment finance
30

 
30

 
14

 
19

 

Real estate - residential mortgage
730

 
884

 
4

 
745

 
20

Real estate - construction

 

 

 

 

Home equity and consumer
727

 
765

 
6

 
898

 
32

Total:
 
 
 
 
 
 
 
 
 
Commercial, secured by real estate
$
16,554

 
$
17,426

 
$
307