Published on 28 Jan 2024 on GuruFocus.com via Yahoo Finance

Lakeland Bancorp Inc (LBAI) Reports Decline in Net Income and Earnings Per Share for Q4 and ...

Net Income: Q4 net income decreased to $20.1 million from $33.6 million in Q4 2022; Full-year net income fell by 21% to $84.7 million.Earnings Per Share (EPS): Diluted EPS for Q4 dropped to $0.30 from $0.51 in the prior year's quarter; Full-year diluted EPS declined to $1.29 from $1.63.Net Interest Income: Q4 net interest income decreased by 20% to $65.3 million; Full-year net interest income decreased by 10% to $281.7 million.Net Interest Margin: Q4 net interest margin fell to 2.52% from 3.28% in Q4 2022; Full-year net interest margin decreased by 47 basis points to 2.77%.Noninterest Income: Decreased by $237,000 to $6.8 million in Q4; Full-year noninterest income decreased by $3.0 million to $25.1 million.Asset Quality: Non-performing assets increased to 0.23% of total assets, compared to 0.16% at the end of 2022.Merger Update: Merger deadline with Provident Financial Services, Inc. extended to March 31, 2024, to obtain necessary regulatory approvals.

Warning! GuruFocus has detected 2 Warning Sign with LBAI.

Lakeland Bancorp Inc (NASDAQ:LBAI) released its 8-K filing on January 25, 2024, detailing its financial performance for the fourth quarter and full year ended December 31, 2023. The bank holding company, which offers a range of banking and investment services through its offices in New Jersey and New York, faced a challenging economic environment in 2023, impacting its financial results.