Company Quick10K Filing
Lakeland Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 51 $803
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-15 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-15 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-04-28 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-15 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-16 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2019-10-24 Other Events, Exhibits
8-K 2019-10-22 Earnings, Other Events, Exhibits
8-K 2019-07-26 Earnings, Other Events, Exhibits
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 2019-01-04 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
LBAI 2019-09-30
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 Not Applicable
Item 6. Exhibits
EX-31.1 lbaiq32019ex3111.htm
EX-31.2 lbaiq32019ex3121.htm
EX-32.1 lbaiq32019ex3211.htm

Lakeland Bancorp Earnings 2019-09-30

LBAI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GSBC 845 4,872 4,299 0 0 76 106 664 6.3 2%
CPF 838 5,920 5,404 25 0 61 106 841 0% 7.9 1%
SYBT 825 3,464 3,074 11 0 0 30 709 0% 23.6 0%
LION 820 4,790 4,331 18 0 38 90 738 0% 8.2 1%
LBAI 803 6,407 5,709 0 0 65 156 556 3.6 1%
OBNK 795 5,120 4,535 0 0 52 110 596 5.4 1%
CARO 786 3,888 3,282 4 0 60 111 765 0% 6.9 2%
CNOB 784 6,109 5,410 0 0 69 163 1,197 7.4 1%
HMST 782 7,201 6,477 0 0 20 125 808 6.5 0%
CTBI 756 4,377 3,783 0 0 65 109 434 4.0 1%

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 
 
September 30, 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 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 November 1, 2019, there were 50,498,410 outstanding shares of Common Stock, no par value.

1

Table of Contents


LAKELAND BANCORP, INC.
Form 10-Q Index
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

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PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
 
September 30, 2019
 
December 31, 2018
(dollars in thousands)
(unaudited)
 
ASSETS
 
 
 
Cash
$
249,553

 
$
205,199

Interest-bearing deposits due from banks
32,405

 
3,400

Total cash and cash equivalents
281,958

 
208,599

Investment securities available for sale, at fair value
720,405

 
638,618

Equity securities, at fair value
15,552

 
15,921

Investment securities held to maturity; fair value of $152,495 at September 30, 2019 and $150,932 at December 31, 2018
151,115

 
153,646

Federal Home Loan Bank and other membership bank stock, at cost
18,006

 
13,301

Loans held for sale
3,077

 
1,113

Loans, net of deferred fees
4,923,414

 
4,456,733

Allowance for loan losses
(38,655
)
 
(37,688
)
Net loans
4,884,759

 
4,419,045

Premises and equipment, net
47,372

 
49,175

Operating lease right-of-use assets
17,953

 

Accrued interest receivable
16,573

 
16,114

Goodwill
156,277

 
136,433

Other identifiable intangible assets
4,602

 
1,768

Bank owned life insurance
111,717

 
110,052

Other assets
63,108

 
42,308

TOTAL ASSETS
$
6,492,474

 
$
5,806,093

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
1,101,083

 
$
950,218

Savings and interest-bearing transaction accounts
3,196,323

 
2,913,414

Time deposits $250 thousand and under
682,677

 
589,737

Time deposits over $250 thousand
230,536

 
167,301

Total deposits
5,210,619

 
4,620,670

Federal funds purchased and securities sold under agreements to repurchase
199,326

 
233,905

Other borrowings
165,818

 
181,118

Subordinated debentures
118,211

 
105,027

Operating lease liabilities
19,509

 

Other liabilities
65,787

 
41,634

TOTAL LIABILITIES
5,779,270

 
5,182,354

STOCKHOLDERS’ EQUITY
 
 
 
Common stock, no par value; authorized shares, 100,000,000; issued shares, 50,489,161 at September 30, 2019 and 47,486,250 at December 31, 2018
559,595

 
514,703

Retained earnings
150,399

 
116,874

Accumulated other comprehensive income (loss)
3,210

 
(7,838
)
TOTAL STOCKHOLDERS’ EQUITY
713,204

 
623,739

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
6,492,474

 
$
5,806,093

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

3

Table of Contents


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)
2019
 
2018
 
2019
 
2018
 
 
 
 
INTEREST INCOME
 
 
 
 
 
 
 
Loans and fees
$
58,563

 
$
49,181

 
$
175,324

 
$
142,384

Federal funds sold and interest-bearing deposits with banks
695

 
533

 
1,297

 
844

Taxable investment securities and other
5,007

 
4,141

 
14,865

 
12,160

        Tax-exempt investment securities
361

 
427

 
1,165

 
1,299

TOTAL INTEREST INCOME
64,626

 
54,282

 
192,651

 
156,687

INTEREST EXPENSE
 
 
 
 
 
 
 
Deposits
13,267

 
8,429

 
37,526

 
20,685

Federal funds purchased and securities sold under agreements to repurchase
231

 
42

 
1,333

 
409

Other borrowings
2,446

 
2,187

 
7,306

 
6,240

TOTAL INTEREST EXPENSE
15,944

 
10,658

 
46,165

 
27,334

NET INTEREST INCOME
48,682

 
43,624

 
146,486

 
129,353

Provision for loan losses
536

 
1,046

 
1,044

 
3,822

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
48,146

 
42,578

 
145,442

 
125,531

NONINTEREST INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
2,851

 
2,614

 
8,179

 
7,770

Commissions and fees
1,545

 
1,414

 
4,682

 
4,096

Income on bank owned life insurance
691

 
1,127

 
2,064

 
2,557

Gain on equity securities
72

 
(439
)
 
525

 
(384
)
Gains on sales of loans
486

 
484

 
1,285

 
1,030

Other income
1,055

 
439

 
2,077

 
1,613

TOTAL NONINTEREST INCOME
6,700

 
5,639

 
18,812

 
16,682

NONINTEREST EXPENSE
 
 
 
 
 
 
 
Salaries and employee benefits
19,062

 
17,352

 
57,672

 
50,921

Net occupancy expense
2,767

 
2,316

 
8,350

 
7,657

Furniture and equipment
2,084

 
2,070

 
6,365

 
6,287

FDIC insurance expense
(420
)
 
400

 
431

 
1,225

Stationery, supplies and postage
366

 
371

 
1,214

 
1,230

Marketing expense
423

 
343

 
1,430

 
1,160

Data processing expense
1,248

 
1,083

 
3,800

 
2,525

Telecommunications expense
480

 
438

 
1,451

 
1,321

ATM and debit card expense
588

 
556

 
1,773

 
1,624

Core deposit intangible amortization
288

 
142

 
893

 
452

Other real estate and repossessed asset expense
29

 
45

 
223

 
112

Merger related expenses

 

 
3,178

 

Other expenses
2,648

 
2,677

 
8,453

 
7,990

TOTAL NONINTEREST EXPENSE
29,563

 
27,793

 
95,233

 
82,504

Income before provision for income taxes
25,283

 
20,424

 
69,021

 
59,709

Provision for income taxes
6,409

 
3,666

 
17,064

 
11,858

NET INCOME
$
18,874

 
$
16,758

 
$
51,957

 
$
47,851

PER SHARE OF COMMON STOCK
 
 
 
 
 
 
 
Basic earnings
$
0.37

 
$
0.35

 
$
1.02

 
$
1.00

Diluted earnings
$
0.37

 
$
0.35

 
$
1.02

 
$
0.99

Dividends
$
0.125

 
$
0.115

 
$
0.365

 
$
0.330

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

4

Table of Contents


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
(in thousands)
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
NET INCOME
$
18,874

 
$
16,758

 
$
51,957

 
$
47,851

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale
1,480

 
(2,019
)
 
11,619

 
(9,441
)
Unrealized (losses) gains on derivatives
(78
)
 
6

 
(571
)
 
342

Other comprehensive income (loss)
1,402

 
(2,013
)
 
11,048

 
(9,099
)
TOTAL COMPREHENSIVE INCOME
$
20,276

 
$
14,745

 
$
63,005

 
$
38,752

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

5

Table of Contents


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
For the Three Months Ended September 30, 2019 and 2018
(in thousands, except per share data)
Common
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
 
 
At July 1, 2018
$
513,756

 
$
95,586

 
$
(11,478
)
 
$
597,864

Net income

 
16,758

 

 
16,758

Other comprehensive loss, net of tax

 

 
(2,013
)
 
(2,013
)
Stock based compensation
471

 

 

 
471

Retirement of restricted stock
(15
)
 

 

 
(15
)
Cash dividends on common stock of $0.115 per share

 
(5,510
)
 

 
(5,510
)
At September 30, 2018
$
514,212

 
$
106,834

 
$
(13,491
)
 
$
607,555

 
 
 
 
 
 
 
 
At July 1, 2019
$
558,768

 
$
137,887

 
$
1,808

 
$
698,463

Net income

 
18,874

 

 
18,874

Other comprehensive income, net of tax

 

 
1,402

 
1,402

Stock based compensation
558

 

 

 
558

Exercise of stock options
307

 

 

 
307

Retirement of restricted stock
(38
)
 

 

 
(38
)
Cash dividends on common stock of $0.125 per share

 
(6,362
)
 

 
(6,362
)
At September 30, 2019
$
559,595

 
$
150,399

 
$
3,210

 
$
713,204

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


6

Table of Contents


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
For the Nine Months Ended September 30, 2019 and 2018
(in thousands, except per share data)
Common
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
 
 
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

 
47,851

 

 
47,851

Other comprehensive loss, net of tax

 

 
(9,099
)
 
(9,099
)
Stock based compensation
1,930

 

 

 
1,930

Exercise of stock options
307

 

 

 
307

Retirement of restricted stock
(759
)
 

 

 
(759
)
Cash dividends on common stock of $0.33 per share

 
(15,797
)
 

 
(15,797
)
At September 30, 2018
$
514,212


$
106,834


$
(13,491
)

$
607,555

 
 
 
 
 
 
 
 
At January 1, 2019
$
514,703

 
$
116,874

 
$
(7,838
)
 
$
623,739

Cumulative adjustment for adoption of ASU 2016-02

 
125

 

 
125

January 1, 2019, as adjusted
514,703

 
116,999

 
(7,838
)
 
623,864

Net income

 
51,957

 

 
51,957

Other comprehensive income, net of tax

 

 
11,048

 
11,048

Stock based compensation
1,822

 

 

 
1,822

Exercise of stock options
307

 

 

 
307

Issuance of stock for Highlands acquisition
43,417

 

 

 
43,417

Retirement of restricted stock
(654
)
 

 

 
(654
)
Cash dividends on common stock of $0.365 per share

 
(18,557
)
 

 
(18,557
)
At September 30, 2019
$
559,595


$
150,399


$
3,210


$
713,204

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


7

Table of Contents


Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
For the Nine Months Ended September 30,
(in thousands)
2019
 
2018
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
51,957

 
$
47,851

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Net amortization of premiums, discounts and deferred loan fees and costs
1,838

 
3,548

Depreciation and amortization
1,162

 
4,114

Amortization of intangible assets
893

 
452

Amortization of operating lease right-of-use assets
1,938

 

Provision for loan losses
1,044

 
3,822

Loans originated for sale
(40,074
)
 
(35,270
)
Proceeds from sales of loans held for sale
40,508

 
34,932

Change in market value of equity securities
(525
)
 
366

Gains on proceeds from bank owned life insurance policies

 
(421
)
Gains on sales of loans held for sale
(1,285
)
 
(546
)
Losses (gains) on other real estate and other repossessed assets
87

 
(98
)
Losses on sales of premises and equipment
486

 
3

Stock-based compensation
1,822

 
1,930

Deferred tax benefit

 
(1,263
)
Excess tax benefits
183

 
313

Increase in other assets
(20,386
)
 
(1,438
)
Increase in other liabilities
21,935

 
8,105

NET CASH PROVIDED BY OPERATING ACTIVITIES
61,583

 
66,400

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

 

Proceeds from repayments and maturities of available for sale securities
102,133

 
68,240

Proceeds from repayments and maturities of held to maturity securities
22,330

 
18,229

Proceeds from sales of equity securities
1,153

 
2,155

Purchase of available for sale securities
(149,182
)
 
(68,845
)
Purchase of held to maturity securities
(18,897
)
 
(37,655
)
Purchase of equity securities
(259
)
 
(469
)
Death benefit proceeds from bank owned life insurance policy
121

 
755

Proceeds from redemptions of Federal Home Loan Bank stock
79,217

 
5,716

Purchases of Federal Home Loan Bank stock
(82,155
)
 
(6,598
)
Net increase in loans
(38,613
)
 
(181,561
)
Proceeds from sales of other real estate and repossessed assets
399

 
1,795

Proceeds from dispositions and sales of premises and equipment
1,827

 
61

Purchases of premises and equipment
(4,166
)
 
(3,899
)
NET CASH USED IN INVESTING ACTIVITIES
(72,638
)
 
(202,076
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net increase in deposits
180,990

 
274,029

Decrease in federal funds purchased and securities sold under agreements to repurchase
(34,579
)
 
(77,538
)
Proceeds from other borrowings
46,260

 
39,437

Repayments of other borrowings
(89,353
)
 
(46,700
)
Exercise of stock options
307

 
307

Retirement of restricted stock
(654
)
 
(759
)
Dividends paid
(18,557
)
 
(15,797
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
84,414

 
172,979

Net increase in cash and cash equivalents
73,359

 
37,303

Cash and cash equivalents, beginning of period
208,599

 
142,933

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
281,958

 
$
180,236


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Table of Contents


 
For the Nine Months Ended September 30,
(in thousands)
2019
 
2018
 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Cash paid during the period for income taxes
$
10,847

 
$
4,614

Cash paid during the period for interest
46,532

 
25,748

Transfer of loans into other repossessed assets and other real estate owned
599

 
3,608

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
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.

9

Table of Contents


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 nine months ended September 30, 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 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 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.
As a result of new information obtained during the quarter ended September 30, 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.

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Table of Contents


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
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

 
 
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 and nine months ended September 30, 2019, the Company incurred $