LAKELAND BANCORP INC
investorrelations.lakelandbank.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed Apr 26, 2024. Its latest SEC filing is a SC 13G/A from Oct 31, 2024.
10-Q for Q1 FY2024, filed Apr 26, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides loans, deposit accounts and cash management services to individuals and small and medium-sized businesses in northern and central New Jersey and the Hudson Valley region of New York.
10-K for FY2023, filed Feb 28, 2024
How Did They Make Money?
Charges account holders fees for deposit and card services when those services are provided, while earning interest on loans and investments over their terms; it also charges fees for lending, merchant and investment services when delivered.
10-K for FY2023, filed Feb 28, 2024The Company’s primary source of revenue is interest income generated from loans and investment securities. Interest income is recognized…View ↗
The Company’s additional source of income, also referred to as noninterest income, is generated from deposit related fees, interchange…View ↗
Generally, the Company enters into contracts with customers that are short-term in nature where the performance obligations are fulfilled…View ↗
The following table sets forth the components of noninterest income for the years ended December 31, 2023, 2022 and 2021.View ↗
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10-K for FY2023, filed Feb 28, 2024
FY2023 revenue by product or service ↗
$2.5M
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10-K for FY2023, filed Feb 29, 2024
$2.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Deposit-Related Fees and Charges
Sold outright
10-K for FY2023, filed Feb 28, 2024 |
422%
FY2020: 172%
|
Deposit-Related Fees and Charges, FY2023
$10.3M Sources
|
Sold outright |
|
Commissions and Fees
Sold outright
10-K for FY2023, filed Feb 28, 2024 |
294%
FY2020: 111%
|
Commissions and Fees, FY2023
$7.2M Sources
|
Sold outright |
|
Gains on customer swap transactions
|
65%
FY2020: 88%
|
Gains on customer swap transactions, FY2023
$1.6M Sources
|
|
|
Title insurance income
|
0.8%
FY2020: 3.3%
|
Title insurance income, FY2023
$19K Sources
|
|
|
Other income
|
34%
FY2020: 8.2%
|
Other income, FY2023
$835K Sources
|
Who Were Their Customers?
Individuals and small and medium-sized businesses use Lakeland's branches, online and mobile banking, and commercial lending centers for loans, deposit accounts, cash management and other financial services.
10-K for FY2023, filed Feb 28, 2024Lakeland Bancorp, Inc. (the “Company” or “Lakeland Bancorp”) is a bank holding company headquartered in Oak Ridge, New Jersey. The Company…View ↗
Through Lakeland, the Company offers a broad range of lending, depository, and related financial services to individuals and small to…View ↗
Depository products include demand deposits, as well as savings, money market and time accounts. Lakeland offers online banking, mobile…View ↗
Lakeland also offers a broad range of consumer banking services, including checking accounts, savings accounts, interest-bearing checking…View ↗
Did Revenues Turn Into Profits?
Yes. Its net income in FY2023 was larger than its revenue and turned 4512 cents into free cash flow.
How Were They Changing?
10-Q for Q1 FY2024, filed Apr 26, 2024
Open tableView ↗
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May 16, 2024
Lakeland completed its merger with Provident
Lakeland shares converted into rights to receive Provident shares, and the bank merger was also completed.
Sources
8-K, filed May 16, 2024
On May 15, 2024, after the close of business, the Merger and the Holdco Merger were consummated. On May 16, 2024, following the Holdco…View ↗
Shrank. Revenue fell 99% in 4 years, from $256.5M in FY2019 to $2.5M in FY2023, about 69% a year.
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