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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 
September 30, 2022
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 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 classTrading SymbolName of exchange on which registered
Common Stock, no par valueLBAIThe 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 November 1, 2022, there were 64,809,579 outstanding shares of Common Stock, no par value.
1
LAKELAND BANCORP, INC.
Form 10-Q Index
 
  PAGE
Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (unaudited)
Item 5.
2
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2022December 31, 2021
(dollars in thousands)(unaudited)
Assets
Cash$234,571 $199,158 
Interest-bearing deposits due from banks11,192 29,372 
Total cash and cash equivalents245,763 228,530 
Investment securities available for sale, at fair value (allowance for credit losses of $4,165 at September 30, 2022 and $83 at December 31, 2021)
1,074,013 769,956 
Investment securities held to maturity (fair value of $753,565 at September 30, 2022 and $815,211 at December 31, 2021 and allowance for credit losses of $152 at September 30, 2022 and $181 at December 31, 2021)
934,947 824,956 
Equity securities, at fair value17,180 17,368 
Federal Home Loan Bank and other membership bank stock, at cost21,046 9,049 
Loans held for sale890 1,943 
Loans, net of deferred fees7,568,826 5,976,148 
Less: Allowance for credit losses68,879 58,047 
Total loans, net7,499,947 5,918,101 
Premises and equipment, net54,670 45,916 
Operating lease right-of-use assets25,854 15,222 
Accrued interest receivable29,542 19,209 
Goodwill271,829 156,277 
Other intangible assets9,669 2,420 
Bank owned life insurance156,273 117,356 
Other assets173,976 71,753 
Total Assets$10,515,599 $8,198,056 
Liabilities and Stockholders' Equity
Liabilities
Deposits8,677,799 6,965,823 
Federal funds purchased and securities sold under agreements to repurchase357,787 106,453 
Other borrowings25,000 25,000 
Subordinated debentures194,148 179,043 
Operating lease liabilities27,224 16,523 
Other liabilities151,235 78,200 
Total Liabilities9,433,193 7,371,042 
Stockholders' Equity
Common stock, no par value; authorized 100,000,000 shares; issued 64,935,026 shares and outstanding 64,803,991 shares at September 30, 2022 and issued 50,737,400 shares and outstanding 50,606,365 shares at December 31, 2021
854,336 565,862 
Retained earnings305,303 259,340 
Treasury shares, at cost, 131,035 shares at September 30, 2022 and December 31, 2021
(1,452)(1,452)
Accumulated other comprehensive (loss) income(75,781)3,264 
Total Stockholders' Equity1,082,406 827,014 
Total Liabilities and Stockholders' Equity$10,515,599 $8,198,056 
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 September 30,For the Nine Months Ended September 30,
(in thousands, except per share data)2022202120222021
Interest Income
Loans and fees$84,924 $59,957 $229,706 $179,264 
Federal funds sold and interest-bearing deposits with banks429 161 846 250 
Taxable investment securities and other9,589 4,232 24,583 12,242 
Tax-exempt investment securities1,485 588 4,229 1,831 
Total Interest Income96,427 64,938 259,364 193,587 
Interest Expense
Deposits13,618 3,987 22,486 13,349 
Federal funds purchased and securities sold under agreements to repurchase717 19 887 58 
Other borrowings1,807 1,594 5,016 4,374 
Total Interest Expense16,142 5,600 28,389 17,781 
Net Interest Income80,285 59,338 230,975 175,806 
Provision for credit losses (benefit)1,358 (2,703)11,274 (11,304)
Net Interest Income after Provision for Credit Losses (benefit)78,927 62,041 219,701 187,110 
Noninterest Income
Service charges on deposit accounts2,808 2,536 8,145 7,277 
Commissions and fees2,212 1,609 6,873 4,962 
Income on bank owned life insurance1,468 645 3,118 1,922 
Loss on equity securities(464)(58)(1,313)(191)
Gains on sales of loans held for sale355 550 2,496 1,865 
Gains on investment securities transactions, net— — — 9 
Swap income711 — 1,110 634 
Other income143 187 647 19 
Total Noninterest Income7,233 5,469 21,076 16,497 
Noninterest Expense
Compensation and employee benefits26,636 21,478 81,253 62,403 
Premises and equipment7,574 6,206 23,225 18,602 
FDIC insurance expense690 461 2,034 1,793 
Data processing expense1,419 1,495 4,980 4,049 
Merger-related expenses3,488 1,072 8,073 1,072 
Other expenses8,004 6,495 23,273 17,288 
Total Noninterest Expense47,811 37,207 142,838 105,207 
Income before provision for income taxes38,349 30,303 97,939 98,400 
Provision for income taxes9,603 8,014 24,147 25,529 
Net Income$28,746 $22,289 $73,792 $72,871 
Per Share of Common Stock
Basic earnings$0.44 $0.43 $1.13 $1.42 
Diluted earnings$0.44 $0.43 $1.13 $1.42 
Dividends paid$0.145 $0.135 $0.425 $0.395 
The accompanying notes are an integral part of these consolidated financial statements.
4
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands)2022202120222021
Net income$28,746 $22,289 $73,792 $72,871 
Other comprehensive income (loss), net of tax:
Unrealized losses on securities available for sale(27,972)(1,504)(78,625)(7,520)
Reclassification for securities gains included in net income
— — — (6)
Net gain on securities reclassified from available for sale to held to maturity— 2,784 — 2,784 
Amortization of gain on debt securities reclassified to held to maturity(137)(116)(420)(116)
Unrealized gains (losses) on derivatives— 5 — (25)
Other comprehensive (loss) income(28,109)1,169 (79,045)(4,883)
Total comprehensive income (loss)$637 $23,458 $(5,253)$67,988 
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 September 30, 2022 and 2021

(in thousands, except per share data)Common StockRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total
July 1, 2021$563,980 $228,803 $(1,452)$5,345 $796,676 
Net income— 22,289 — — 22,289 
Other comprehensive income, net of tax— — — 1,169 1,169 
Stock-based compensation958 — — — 958 
Retirement of restricted stock36 — — — 36 
Cash dividends on common stock of $0.135 per share
— (7,000)— — (7,000)
September 30, 2021$564,974 $244,092 $(1,452)$6,514 $814,128 
July 1, 2022$853,206 $286,063 $(1,452)$(47,672)$1,090,145 
Net income— 28,746 — — 28,746 
Other comprehensive loss, net of tax— — — (28,109)(28,109)
Stock-based compensation1,209 — — — 1,209 
Retirement of restricted stock(79)— — — (79)
Cash dividends on common stock of $0.145 per share
— (9,506)— — (9,506)
September 30, 2022$854,336 $305,303 $(1,452)$(75,781)$1,082,406 
The accompanying notes are an integral part of these consolidated financial statements.
6
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
For the Nine Months Ended September 30, 2022 and 2021
(in thousands, except per share data)Common
Stock		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Income (Loss)		Total
 
January 1, 2021$562,421 $191,418 $(1,452)$11,397 $763,784 
Net income— 72,871 — — 72,871 
Other comprehensive loss, net of tax— — — (4,883)(4,883)
Stock based compensation3,154 — — — 3,154 
Retirement of restricted stock(620)— — — (620)
Exercise of stock options19 — — — 19 
Cash dividends on common stock of $0.395 per share
— (20,197)— — (20,197)
September 30, 2021$564,974 $244,092 $(1,452)$6,514 $814,128 
January 1, 2022$565,862 $259,340 $(1,452)$3,264 $827,014 
Net income— 73,792 — — 73,792 
Other comprehensive loss, net of tax— — — (79,045)(79,045)
Issuance of stock for 1st Constitution acquisition285,742 — — — 285,742 
Stock based compensation3,807 — — — 3,807 
Retirement of restricted stock(1,075)— — — (1,075)
Cash dividends on common stock of $0.425 per share
— (27,829)— — (27,829)
September 30, 2022$854,336 $305,303 $(1,452)$(75,781)$1,082,406 
The accompanying notes are an integral part of these consolidated financial statements.

7
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
 For the Nine Months Ended September 30,
(in thousands)20222021
Cash Flows from Operating Activities:
Net income$73,792 $72,871 
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums, discounts and deferred loan fees and costs4,264 (4,157)
Depreciation and amortization4,071 3,973 
Amortization of intangible assets1,770 658 
Amortization of operating lease right-of-use assets3,098 2,072 
Provision for credit losses (benefit)11,274 (11,304)
Loans originated for sale(53,280)(44,372)
Proceeds from sales of loans held for sale61,449 46,721 
Gains on investment securities transactions, net— (9)
Loss on equity securities1,313 191 
Income on bank owned life insurance(2,376)(1,922)
Gains on proceeds from bank owned life insurance policies(742)— 
Gains on sales of loans held for sale(2,496)(1,865)
Gains on other real estate and other repossessed assets(17)(17)
Loss (gains) on sales of premises and equipment218 (41)
Impairment of property held for sale100 400 
Long-term debt extinguishment costs— 831 
Stock-based compensation3,807 3,154 
Excess tax benefits (deficiencies)62 (93)
(Increase) decrease in other assets(68,258)30,945 
Increase (decrease) in other liabilities60,647 (27,653)
Net Cash Provided by Operating Activities98,696 70,383 
Cash Flows from Investing Activities:
Net cash acquired in acquisitions326,236 — 
Proceeds from repayments and maturities of available for sale securities111,966 145,249 
Proceeds from repayments and maturities of held to maturity securities108,875 38,432 
Proceeds from sales of available for sale securities— 4,402 
Purchase of available for sale securities(312,904)(329,351)
Purchase of held to maturity securities(99,249)(148,684)
Purchase of equity securities(1,125)(1,919)
Death benefit proceeds from bank owned life insurance policy1,825 — 
Proceeds from redemptions of Federal Home Loan Bank stock42,900 13,524 
Purchases of Federal Home Loan Bank stock(53,650)(10,885)
Net (increase) decrease in loans(487,444)128,284 
Proceeds from sales of loans previously held for investment— 21,765 
Proceeds from sales of other real estate and repossessed assets17 17 
Proceeds from dispositions and sales of premises and equipment598 676 
Purchases of premises and equipment(3,726)(3,422)
Net Cash Used in Investing Activities(365,681)(141,912)
Cash Flows from Financing Activities:
Net increase in deposits61,788 475,161 
Increase (decrease) in federal funds purchased and securities sold under agreements to repurchase251,334 (57,653)
Net proceeds from issuance of subordinated debt— 148,195 
Redemption of subordinated debt— (80,831)
Exercise of stock options— 19 
Retirement of restricted stock(1,075)(620)
Dividends paid(27,829)(20,197)
Net Cash Provided by Financing Activities284,218 464,074 
Net increase in cash and cash equivalents17,233 392,545 
Cash and cash equivalents, beginning of period228,530 270,090 
Cash and cash equivalents, end of period$245,763 $662,635 
8
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

 For the Nine Months Ended September 30,
(in thousands)20222021
Supplemental schedule of non-cash investing and financing activities:
Cash paid during the period for income taxes$24,829 $22,964 
Cash paid during the period for interest28,163 19,559 
Transfer of available for sale debt securities to held to maturity securities at fair value— 494,164 
Transfer of loans to loans held for sale— 21,689 
Right-of-use assets obtained in exchange for new lease liabilities739 109 
Acquisitions:
Non-cash assets acquired:
Federal Home Loan Bank stock1,247 — 
Investment securities available for sale217,774 — 
Investment securities held to maturity124,485 — 
Loans held for sale4,620 — 
Loans1,095,266 — 
Fixed Assets13,748 — 
Operating lease right-of-use assets12,991 — 
Goodwill and other intangible assets, net124,570 — 
Bank owned life insurance37,580 — 
Other assets8,820 — 
Total non-cash assets acquired1,641,101 —