Newspaper article The Record (Bergen County, NJ)

Lakeland Bancorp Reports Drop in Net Income

Newspaper article The Record (Bergen County, NJ)

Lakeland Bancorp Reports Drop in Net Income

Article excerpt

OAK RIDGE -- Lakeland Bancorp Inc. said first-quarter net income slipped to $8.1 million, or 20 cents a share, from $8.3 million, or 22 cents, from the same season a year ago. Excluding the pretax impact of $1.7 million in merger-related expenses pertaining to Lakeland's acquisition of Pascack Bancorp Inc., which closed Jan. 7, net income for the first quarter of 2016 was $9.3 million, or 22 cents a share. The bank also said it increased its quarterly dividend.

On April 20, the company declared a quarterly cash dividend of 9.5 cents a share, payable May 16 to holders of record as of the close of business May 6. The dividend represents a 12 percent increase over the first-quarter 2016 dividend of 8.5 cents a share.

Excluding loans obtained through the acquisition of Pascack, commercial loans increased by $92. …

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