Company Quick10K Filing
Lakeland Bancorp
Price15.85 EPS1
Shares51 P/E15
MCap803 P/FCF13
Net Debt-282 EBIT117
TEV522 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-04-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-05-20
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-04-06
8-K 2020-01-24
8-K 2020-01-15
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-07-26
8-K 2019-05-15
8-K 2019-04-29
8-K 2019-01-28
8-K 2019-01-04
8-K 2018-12-13
8-K 2018-11-26
8-K 2018-10-25
8-K 2018-08-23
8-K 2018-07-26
8-K 2018-06-20
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-01-26

LBAI 10Q Quarterly Report

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 - Fair Value Measurement and Fair Value of Financial Instruments
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
Item 3. Defaults Upon Senior Securities Not Applicable
Item 4. Mine Safety Disclosures Not Applicable
Item 5. Other Information Not Applicable
Item 6. Exhibits
EX-31.1 lbaiq12020ex311.htm
EX-31.2 lbaiq12020ex312.htm
EX-32.1 lbaiq12020ex321.htm

Lakeland Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.10.10.10.00.00.02017201720182019
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 
 
March 31, 2020
 
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 RoadOak RidgeNew Jersey 07438
 (Address of principal executive offices and zip code)
(973) 697-2000
(Registrant’s telephone number, including area code)

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

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      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      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     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  

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, 2020, there were 50,462,552 outstanding shares of Common Stock, no par value.

1



LAKELAND BANCORP, INC.
Form 10-Q Index
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019
 
Consolidated Statements of Income for the Three Months Ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
 
March 31, 2020
 
December 31, 2019
(dollars in thousands)
(unaudited)
 
ASSETS
 
 
 
Cash
$
272,560

 
$
275,794

Interest-bearing deposits due from banks
13,076

 
6,577

Total cash and cash equivalents
285,636

 
282,371

Investment securities available for sale, at fair value
813,090

 
755,900

Equity securities, at fair value
16,902

 
16,473

Investment securities held to maturity; fair value of $119,023 at March 31, 2020 and $124,904 at December 31, 2019
115,752

 
123,975

Federal Home Loan Bank and other membership bank stock, at cost
28,575

 
22,505

Loans held for sale
3,098

 
1,743

Loans, net of deferred fees
5,328,623

 
5,137,823

Less: Allowance for loan losses
48,884

 
40,003

Net loans
5,279,739

 
5,097,820

Premises and equipment, net
47,618

 
47,608

Operating lease right-of-use assets
17,621

 
18,282

Accrued interest receivable
16,775

 
16,832

Goodwill
156,277

 
156,277

Other identifiable intangible assets
4,049

 
4,314

Bank owned life insurance
113,082

 
112,392

Other assets
115,694

 
54,744

TOTAL ASSETS
$
7,013,908

 
$
6,711,236

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
1,129,695

 
$
1,124,121

Savings and interest-bearing transaction accounts
3,241,397

 
3,298,854

Time deposits $250 thousand and under
845,554

 
652,144

Time deposits over $250 thousand
238,492

 
218,660

Total deposits
5,455,138

 
5,293,779

Federal funds purchased and securities sold under agreements to repurchase
419,085

 
328,658

Other borrowings
140,715

 
165,816

Subordinated debentures
118,229

 
118,220

Operating lease liabilities
19,126

 
19,814

Other liabilities
124,693

 
59,686

TOTAL LIABILITIES
6,276,986

 
5,985,973

STOCKHOLDERS’ EQUITY
 
 
 
Common stock, no par value; authorized shares, 100,000,000; issued shares 50,592,673 and outstanding shares 50,461,638 at March 31, 2020 and issued and outstanding shares 50,498,410 at December 31, 2019
560,653

 
560,263

Retained earnings
168,780

 
162,752

Treasury shares, at cost, 131,035 shares at March 31, 2020 and no shares at December 31, 2019
(1,452
)
 

Accumulated other comprehensive income
8,941

 
2,248

TOTAL STOCKHOLDERS’ EQUITY
736,922

 
725,263

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
7,013,908

 
$
6,711,236

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,
(in thousands, except per share data)
2020
 
2019
INTEREST INCOME
 
 
 
Loans and fees
$
57,857

 
$
57,642

Federal funds sold and interest-bearing deposits with banks
159

 
254

Taxable investment securities and other
5,229

 
4,873

        Tax-exempt investment securities
332

 
408

TOTAL INTEREST INCOME
63,577

 
63,177

INTEREST EXPENSE
 
 
 
Deposits
10,863

 
11,497

Federal funds purchased and securities sold under agreements to repurchase
429

 
608

Other borrowings
2,386

 
2,466

TOTAL INTEREST EXPENSE
13,678

 
14,571

NET INTEREST INCOME
49,899

 
48,606

Provision for loan losses
9,223

 
508

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
40,676

 
48,098

NONINTEREST INCOME
 
 
 
Service charges on deposit accounts
2,500

 
2,573

Commissions and fees
1,640

 
1,412

Income on bank owned life insurance
665

 
683

(Loss) gain on equity securities
(653
)
 
353

Gains on sales of loans
415

 
371

Gains on sales of investment securities, net
342

 

Swap income
2,843

 
199

Other income
259

 
132

TOTAL NONINTEREST INCOME
8,011

 
5,723

NONINTEREST EXPENSE
 
 
 
Salaries and employee benefits
20,235

 
19,231

Net occupancy expense
2,836

 
2,954

Furniture and equipment
2,560

 
2,116

FDIC insurance expense
298

 
450

Stationery, supplies and postage
399

 
447

Marketing expense
227

 
469

Data processing expense
1,253

 
1,327

Telecommunications expense
444

 
493

ATM and debit card expense
587

 
602

Core deposit intangible amortization
265

 
304

Other real estate and repossessed asset expense
12

 
86

Long-term debt prepayment fee
356

 

Merger related expenses

 
2,860

Other expenses
3,032

 
2,645

TOTAL NONINTEREST EXPENSE
32,504

 
33,984

Income before provision for income taxes
16,183

 
19,837

Provision for income taxes
3,791

 
4,211

NET INCOME
$
12,392

 
$
15,626

PER SHARE OF COMMON STOCK
 
 
 
Basic earnings
$
0.24

 
$
0.31

Diluted earnings
$
0.24

 
$
0.31

Dividends
$
0.125

 
$
0.115

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,
(in thousands)
2020
 
2019
 
 
 
 
NET INCOME
$
12,392

 
$
15,626

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
 
 
 
Unrealized gains on securities available for sale
7,284

 
4,363

Reclassification for securities gains included in net income
(254
)
 

Unrealized losses on derivatives
(337
)
 
(214
)
Other comprehensive income
6,693

 
4,149

TOTAL COMPREHENSIVE INCOME
$
19,085

 
$
19,775

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, 2020 and 2019
(in thousands, except per share data)
Common
Stock
 
Retained
Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
 
 
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 on common stock of $0.115 per share

 
(5,838
)
 

 

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


$
126,787


$

 
$
(3,689
)

$
681,343

 
 
 
 
 
 
 
 
 
 
January 1, 2020
$
560,263

 
$
162,752

 
$

 
$
2,248

 
$
725,263

Net income

 
12,392

 

 

 
12,392

Other comprehensive income, net of tax

 

 

 
6,693

 
6,693

Purchase of treasury stock, 131,035 shares

 

 
(1,452
)
 

 
(1,452
)
Stock based compensation
847

 

 

 

 
847

Retirement of restricted stock
(457
)
 

 

 

 
(457
)
Cash dividends on common stock of $0.125 per share

 
(6,364
)
 

 

 
(6,364
)
At March 31, 2020
$
560,653


$
168,780


$
(1,452
)
 
$
8,941


$
736,922

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,
(in thousands)
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
12,392

 
$
15,626

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Net amortization of premiums, discounts and deferred loan fees and costs
1,109

 
497

Depreciation and amortization
855

 
2,138

Amortization of intangible assets
265

 
304

Amortization of operating lease right-of-use assets
661

 
652

Provision for loan losses
9,223

 
508

Loans originated for sale
(14,634
)
 
(8,931
)
Proceeds from sales of loans held for sale
13,694

 
10,928

Gains on sales of securities
(342
)
 

Change in market value of equity securities
653

 
(353
)
Gains on sales of loans held for sale
(415
)
 
(371
)
Gains on other real estate and other repossessed assets
(86
)
 
(36
)
Losses on sales of premises and equipment
14

 
85

Long-term debt prepayment penalty
356

 

Stock-based compensation
847

 
696

Excess tax (deficiencies) benefits
(113
)
 
131

Increase in other assets
(64,307
)
 
(2,590
)
Increase in other liabilities
64,225

 
959

NET CASH PROVIDED BY OPERATING ACTIVITIES
24,397

 
20,243

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Net cash acquired in acquisitions

 
13,454

Proceeds from repayments and maturities of available for sale securities
70,134

 
42,074

Proceeds from repayments and maturities of held to maturity securities
8,076

 
4,153

Proceeds from sales of equity securities

 
1,138

Proceeds from sales of available for sale securities
94,696

 

Purchase of available for sale securities
(213,062
)
 
(36,085
)
Purchase of held to maturity securities

 
(8,510
)
Purchase of equity securities
(1,082
)
 
(95
)
Proceeds from redemptions of Federal Home Loan Bank stock
41,450

 
25,792

Purchases of Federal Home Loan Bank stock
(47,520
)
 
(27,675
)
Net increase in loans
(191,014
)
 
(38,506
)
Proceeds from sales of other real estate and repossessed assets
649

 
253

Proceeds from dispositions and sales of premises and equipment

 
953

Purchases of premises and equipment
(1,605
)
 
(1,793
)
NET CASH USED IN INVESTING ACTIVITIES
(239,278
)
 
(24,847
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net increase in deposits
161,448

 
34,545

Increase in federal funds purchased and securities sold under agreements to repurchase
90,427

 
27,361

Repayments of other borrowings
(25,456
)
 
(33,133
)
Purchase of treasury stock
(1,452
)
 

Retirement of restricted stock
(457
)
 
(571
)
Dividends paid
(6,364
)
 
(5,838
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
218,146

 
22,364

Net increase in cash and cash equivalents
3,265

 
17,760

Cash and cash equivalents, beginning of period
282,371

 
208,599

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
285,636

 
$
226,359


7



 
For the Three Months Ended March 31,
(in thousands)
2020
 
2019
 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Cash paid during the period for income taxes
$
368

 
$
230

Cash paid during the period for interest
12,973

 
13,001

Transfer of loans into other repossessed assets and other real estate owned
(393
)
 
102

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

 
22,734

Loans, including loans held for sale

 
426,118

Goodwill and other intangible assets, net

 
23,125

Other assets

 
9,304

Total non-cash assets acquired

 
483,048

Liabilities assumed:
 
 
 
Deposits

 
409,638

Other borrowings

 
40,957

Other liabilities

 
2,490

Total liabilities assumed

 
453,085

Common stock issued
$

 
$
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 Lakeland’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, 2020 do not necessarily indicate the results that the Company will achieve for all of 2020.
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/A for the year ended December 31, 2019. 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 stock 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 have been 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.
During the second quarter of 2019, the Company revised the estimated fair value of the acquired assets as of the acquisition date as the result of additional information obtained. The adjustment related to credit-impaired loans acquired in the acquisition that were recorded at fair value and subsequently accounted for in accordance with Accounting Standards Codification ("ASC") Subtopic 310-30 and resulted in a $1.7 million increase in goodwill.
As a result of new information obtained during the third quarter of 2019, about facts and circumstances that existed as of the acquisition date, the Company revised the estimated fair value on two Highlands branches acquired. The adjustment resulted in an increase in goodwill of $447,000.


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)
 
Assets acquired:
 
Cash and cash equivalents
$
13,454

Securities, available for sale
21,234

Securities, held to maturity
1,500

Federal Home Loan Bank stock
1,767

Loans held for sale
1,113

Loans
425,005

Premises and equipment
2,613

Goodwill
19,844

Identifiable intangible assets
3,728

Accrued interest receivable and other assets
6,244

Total assets acquired
496,502

Liabilities assumed:
 
Deposits
(409,638
)
Other borrowings
(27,800
)
Subordinated debt
(13,157
)
Other liabilities
(2,490
)
Total liabilities assumed
(453,085
)
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
$
22,363

Contractual cash flows not expected to be collected (non-accretable difference)
7,129

Expected cash flows at acquisition
$
15,234

Interest component of expected cash flows (accretable difference)
1,431

Fair value of acquired loans
$
13,803


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. There were no merger or acquisition integration-related expenses in 2020.

10



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, investment services 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 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.
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.

11



The following table sets forth the components of noninterest income for the three months ended March 31, 2020 and 2019:
 
For the Three Months Ended March 31,
(in thousands)
2020
 
2019
Deposit Related Fees and Charges:
 
 
 
  Debit card interchange income
$
1,223

 
$
1,218

  Overdraft charges
953

 
996

  ATM service charges
167

 
184

  Demand deposit fees and charges
134

 
143

  Savings service charges
23

 
32

Total
2,500

 
2,573

Commissions and Fees:

 

  Loan fees
340

 
348

  Wire transfer charges
308

 
267

  Investment services income
523

 
352

  Merchant fees
248

 
184

  Commissions from sales of checks
83

 
103

  Safe deposit income
86

 
91

  Other income
51

 
61

Total
1,639

 
1,406

Gains on Sales of Loans
415

 
371

Other Income:

 

  Gains on customer swap transactions
2,843

 
199

  Title insurance (loss) income
(4
)
 
90

  Other income
97

 
61

Total
2,936

 
350

Revenue not from contracts with customers
521

 
1,023

Total Noninterest Income
$
8,011

 
$
5,723

Timing of Revenue Recognition:

 

  Products and services transferred at a point in time
7,471

 
4,681

  Products and services transferred over time
19

 
19

  Revenue not from contracts with customers
521

 
1,023

Total Noninterest Income
$
8,011

 
$
5,723



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)
2020
 
2019
Net income available to common shareholders
$
12,392

 
$
15,626

Less: earnings allocated to participating securities
102

 
141

Net income allocated to common shareholders
$
12,290

 
$
15,485

 
 
 
 
Weighted average number of common shares outstanding - basic
50,586

 
50,275

Share-based plans
142

 
167

Weighted average number of common shares outstanding - diluted
50,728

 
50,442

 
 
 
 
Basic earnings per share
$
0.24

 
$
0.31

Diluted earnings per share
$
0.24

 
$
0.31


There were no antidilutive options to purchase common stock excluded from the computation for the three months ended March 31, 2020 and 2019.
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, 2020
 
December 31, 2019
(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
$
155,853

 
$
1,807

 
$
(319
)