Lakeland Bancorp reports Q2 EPS 34c vs 44c last year

At June 30, 2023, total assets were $10.90 billion, an increase of $114.1 million, compared to December 31, 2022. As of June 30, 2023, total loans increased $235.2 million to $8.10 billion while investment securities decreased $98.8 million to $1.94 billion from December 31, 2022. Thomas Shara, Lakeland Bancorp’s President and CEO, commented on the quarterly financial results, “We are quite pleased with our continued steady loan growth of 3% year-to-date. Overall, deposit balances remain fairly stable while customers shift funds toward time deposits and higher yielding accounts. Asset quality remains stellar and continues to improve with lower nonperforming assets year-over-year which reduces our concern over any significant near term credit degradation in our loan portfolio. Management elected to maintain higher on-balance sheet liquidity balances in response to the volatility in the banking industry this quarter which had a slight negative impact on the net interest margin.”