Lakeland Bancorp Inc. (LBAI) Tuesday reported an increase in profit for the second quarter, driven mainly by lower loan and lease provisions.
The Oak Ridge, New Jersey-based company's second-quarter net profit available to common stockholders was $5.45 million or $0.20 per share, compared to $4.56 million or $0.17 per share last year. On average, six analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped to $23.75 million from $24.42 million in the year-ago quarter. Total non-interest income excluding investment securities gains or losses rose to $4.53 million from $4.27 million in the prior-year quarter.
Six analysts had a consensus revenue estimate of $28.25 million for the quarter.
Loan and lease loss provisions for the quarter decreased to $3.88 million from $5.41 million last year.
Non-interest expense for the quarter decreased to $16.47 million from $16.73 million in the prior-year quarter.
For the quarter, the company declared a cash dividend of $0.06 per share, payable on August 15 to shareholders on record July 31.
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