SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one )
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2003
OR
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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 33-27312
LAKELAND BANCORP, INC.
(Exact name of registrant as specified in its charter)
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New Jersey |
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22-2953275 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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250 Oak Ridge Road, Oak Ridge, New Jersey |
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07438 |
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(Address of principal executive offices) |
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(Zip Code) |
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(973) 697-2000 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report.) |
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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.
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Yes x |
No o |
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2)
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Yes x |
No o |
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 September 30, 2003 there were 15,934,954 outstanding shares of Common Stock, no par value.
LAKELAND BANCORP, INC.
Form 10-Q Index
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PAGE |
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Part I Financial Information |
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Item 1. |
Financial Statements: |
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Consolidated Balance Sheets - September 30, 2003 (unaudited) and December 31, 2002 |
1 |
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2 |
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3 |
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Consolidated Statements of Cash Flows - Unaudited Nine Months Ended September 30, 2003 and 2002 |
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5 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
10 |
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Item 3. |
17 |
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Item 4. |
17 |
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Item 1. |
18 |
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Item 2. |
18 |
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Item 3. |
18 |
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Item 4. |
18 |
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Item 5. |
18 |
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Item 6. |
18 |
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The Securities and Exchange Commission maintains a web site which contains reports, proxy and information statements and other information relating to registrants that file electronically at the address: http:/ / www.sec.gov. |
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Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
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September 30, |
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December 31, |
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(Unaudited) |
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(dollars in thousands) |
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ASSETS |
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Cash and due from banks |
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$ |
49,247 |
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$ |
32,775 |
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Federal funds sold and interest-bearing deposits due from banks |
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20,402 |
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2,690 |
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Total cash and cash equivalents |
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69,649 |
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35,465 |
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Investment securities available for sale |
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509,642 |
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361,760 |
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Investment securities held to maturity, fair value of $47,196 in 2003 and $48,436 in 2002 |
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46,196 |
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46,083 |
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Loans |
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818,727 |
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718,676 |
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Plus: deferred costs (fees) |
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(261 |
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982 |
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Less: allowance for loan and lease losses |
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16,476 |
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17,940 |
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Net loans |
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801,990 |
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701,718 |
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Premises and equipment - net |
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28,062 |
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25,167 |
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Accrued interest receivable |
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6,343 |
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5,495 |
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Goodwill and other identifiable intangible assets |
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28,309 |
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3,020 |
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Other assets |
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39,814 |
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28,397 |
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TOTAL ASSETS |
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$ |
1,530,005 |
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$ |
1,207,105 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES: |
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Deposits: |
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Non-interest bearing |
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$ |
254,741 |
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$ |
214,110 |
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Savings and interest bearing transaction accounts |
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779,268 |
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593,637 |
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Time deposits under $100 thousand |
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218,769 |
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179,423 |
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Time deposits $100 thousand and over |
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79,313 |
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71,922 |
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Total deposits |
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1,332,091 |
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1,059,092 |
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Federal funds purchased and securities sold under agreements to repurchase |
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17,380 |
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19,974 |
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Long-term debt |
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34,500 |
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31,000 |
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Other liabilities |
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6,405 |
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6,272 |
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Guaranteed preferred beneficial interests in Company’s subordinated debentures |
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30,000 |
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— |
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TOTAL LIABILITIES |
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1,420,376 |
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1,116,338 |
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Commitments and contingencies |
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— |
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— |
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Stockholders’ equity: |
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Common stock, no par value; authorized shares, 40,000,000; issued shares, 16,484,561 at September 30, 2003 and 15,404,651 at December 31, 2002; outstanding shares, 15,934,954 at September 30, 2003 and 14,938,432 at December 31, 2002 |
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131,162 |
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101,664 |
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Accumulated Deficit |
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(15,366 |
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(9,436 |
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Treasury stock, at cost, 549,607 at September 30, 2003 and 466,219 at December 31, 2002 |
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(7,443 |
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(5,881 |
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Accumulated other comprehensive income |
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1,276 |
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4,420 |
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TOTAL STOCKHOLDERS’ EQUITY |
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109,629 |
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90,767 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
1,530,005 |
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$ |
1,207,105 |
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See accompanying notes to consolidated financial statements.
1
Lakeland Bancorp, Inc. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
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For the three months ended |
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For the nine months ended |
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2003 |
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2002 |
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2003 |
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2002 |
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(unaudited) |
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(unaudited) |
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(in thousands, except per share data) |
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INTEREST INCOME |
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Loans and fees |
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$ |
11,828 |
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$ |
11,848 |
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$ |
35,406 |
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$ |
34,434 |
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Federal funds sold |
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67 |
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117 |
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193 |
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261 |
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Taxable investment securities |
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3,710 |
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3,948 |
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10,849 |
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12,052 |
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Tax exempt investment securities |
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774 |
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585 |
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2,144 |
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1,711 |
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TOTAL INTEREST INCOME |
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16,379 |
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16,498 |
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48,592 |
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48,458 |
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INTEREST EXPENSE |
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Deposits |
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$ |
3,282 |
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$ |
4,003 |
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9,748 |
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11,764 |
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Short-term borrowings |
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50 |
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76 |
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160 |
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221 |
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Long-term debt |
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877 |
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411 |
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1,749 |
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1,182 |
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TOTAL INTEREST EXPENSE |
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4,209 |
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4,490 |
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11,657 |
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13,167 |
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NET INTEREST INCOME |
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12,170 |
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12,008 |
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36,935 |
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35,291 |
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Provision for loan and lease losses |
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750 |
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8,250 |
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2,250 |
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9,750 |
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NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES |
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11,420 |
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3,758 |
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34,685 |
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25,541 |
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NONINTEREST INCOME |
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Service charges on deposit accounts |
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1,913 |
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1,444 |
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5,232 |
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4,376 |
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Commissions and fees |
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793 |
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488 |
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1,947 |
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1,433 |
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Gains on the sales of securities |
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934 |
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812 |
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1,686 |
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875 |
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Other income |
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228 |
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296 |
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779 |
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878 |
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TOTAL NONINTEREST INCOME |
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3,868 |
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3,040 |
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9,644 |
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7,562 |
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NONINTEREST EXPENSE |
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Salaries and employee benefits |
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5,240 |
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4,625 |
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15,250 |
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13,993 |
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Net occupancy expense |
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912 |
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838 |
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2,688 |
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2,491 |
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Furniture and equipment |
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877 |
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841 |
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2,452 |
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2,326 |
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Stationery, supplies and postage |
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341 |
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303 |
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1,007 |
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948 |
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Other expenses |
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2,281 |
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1,789 |
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6,609 |
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5,069 |
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