Lakeland Bancorp: 2Q Earnings Snapshot
OAK RIDGE, N.J. (AP) _ Lakeland Bancorp Inc. (LBAI) on Friday reported second-quarter net income of $17.5 million.
The Oak Ridge, New Jersey-based bank said it had earnings of 34 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 35 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 35 cents per share.
The bank holding company posted revenue of $71.2 million in the period. Its revenue net of interest expense was $55.6 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $56.2 million.
Lakeland Bancorp shares have risen 11% since the beginning of the year. The stock has dropped 19% in the last 12 months.