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Lakeland Bancorp Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2012 12:23PM
Lakeland Bancorp Inc. (LBAI) filed Quarterly Report for the period ended 2012-06-30.
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 second quarter of 2012 was $5.5 million, compared to net income of $4.9 million for the same period in 2011. Net income available to common shareholders was $5.5 million compared to net income of $4.6 million for the second quarter of 2011. Diluted earnings per share was $0.20 for the second quarter of 2012, compared to diluted earnings per share of $0.17 for the same period last year. The increase in net income was primarily a result of a $1.5 million reduction in the provision for loan and lease losses, which totaled $3.9 million in the second quarter of 2012. Net interest income declined $673,000 from the second quarter of 2011 to the second quarter of 2012 due to the continuing low rate environment. This decline was partially offset by declines in non-interest expense and dividends on preferred stock and accretion during that same time period.
Stocks Discussed: LBAI,