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Lakeland Bancorp Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 01:32PM
Lakeland Bancorp Inc. (LBAI) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. There have been no material changes in the Companys critical accounting policies, judgments and estimates, including assumptions or estimation techniques utilized, as compared to those disclosed in the Companys most recent Annual Report on Form 10-K.
Net income for the first quarter of 2012 was $5.0 million, compared to net income of $4.8 million for the same period in 2011. Net income available to common shareholders was $4.4 million compared to net income of $3.5 million for the same period last year. Diluted earnings per share was $0.16 for the first quarter of 2012, compared to diluted earnings per share of $0.13 for the same period last year. Dividends on preferred stock and accretion decreased to $620,000 from $1.3 million for the same period last year. The lower dividends and accretion reflect repayments to the U.S. Department of the Treasury to repurchase preferred stock under the CPP. During the first quarter of 2012 the Company repaid the remaining $19.0 million in preferred stock to the U.S. Department of the Treasury, resulting in a non cash charge of $501,000, reflecting the acceleration of the preferred stock discount accretion. During the first quarter of 2011 the Company incurred a similar charge of $745,000, as $20.0 million in repayments to repurchase preferred stock were made during that period. The Company also repurchased the outstanding common stock warrant previously issued to the treasury for the purchase of 1,046,901 shares of its common stock, for $2.8 million, completing the Companys participation in the Treasurys CPP.