Lakeland Bank (merged into Provident Bank)
Lakeland Bank reported total assets of $11.0 bn at Q1 2024, its last Call Report before it merged into Provident Bank. The CET1 capital ratio at Lakeland Bank was 12.74%, and the uninsured share of Lakeland Bank was 45.89%. Source: FDIC Call Reports.
Key takeaways
- Since , Lakeland Bank has taken over 3 institutions; the latest was 1st Constitution Bank on (FDIC Call Reports).
What sets Lakeland Bank apart
How large is Lakeland Bank?
The balance sheet of Lakeland Bank at : assets $11.0 bn, deposits $8.5 bn, net loans $8.2 bn (loans equal to 96.46% of deposits). Securities make up 16.0% of total assets at Lakeland Bank. Since , when Lakeland Bank held $4.4 bn, its assets grew 149.3%. In the year to , deposits at Lakeland Bank fell 0.5% while its total assets rose 1.2%. At , Lakeland Bank employed 845 full-time equivalent staff across 70 offices, about $13.0 mn of assets per employee and $122.1 mn of deposits per office.
How much funding at Lakeland Bank is uninsured?
At Lakeland Bank, uninsured deposits (above the FDIC limit) made up 45.89% of domestic deposits at (+2.22 pp on a year earlier). In dollars, Lakeland Bank estimated $3.9 bn of uninsured deposits.
Key facts, Q1 2024
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $8.5 bn | $8.6 bn (Q1 2023) | |
| Net loans and leases | $8.2 bn | $7.9 bn (Q1 2023) | |
| Loan-to-deposit ratio | 96.46% | 91.77% (Q1 2023) | |
| Tier 1 leverage ratio | 10.29% | 9.95% (Q1 2023) | |
| Total risk-based capital ratio | 13.64% | 13.21% (Q1 2023) | |
| Net interest margin | 2.53% | 3.12% (Q1 2023) | |
| Return on assets (ROA) | 0.77% | 0.80% (Q1 2023) | |
| Efficiency ratio | 63.09% | 57.03% (Q1 2023) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $145.2 mn | Widened by $5.5 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $90.3 mn | Narrowed by $3.5 mn | |
| Noncurrent loans to total loans | 0.18% | 0.21% (Q1 2023) | |
| Net charge-offs to average loans | 0.03% | 0.00% (Q1 2023) |
US rank of Lakeland Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Lakeland Bank: assets, deposits and loans
- Total assets $11.0bn
- Deposits $8.5bn
- Net loans $8.2bn
Capital and securities
The CET1 ratio of Lakeland Bank stood at 12.74% in , +0.38 pp year on year. Low and high at Lakeland Bank since : 9.38% () to 12.85% (). Equity capital of Lakeland Bank at : $1.3 bn, or 12.0% of total assets. Lakeland Bank also reported a total capital ratio of 13.64% for , and a tier 1 leverage ratio of 10.29%.
On held-to-maturity securities, Lakeland Bank carried an unrealized loss of $145.2 mn at , equal to 11.1% of equity capital. The loss widened by $5.5 mn over the year. Its deepest point: $191.0 mn in . The available-for-sale portfolio of Lakeland Bank showed an unrealized loss of $90.3 mn at ; the loss narrowed by $3.5 mn over the year.
Lakeland Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 10%
Lakeland Bank: unrealized securities gains and losses
- Available for sale -$90mn
- Held to maturity -$145mn
Profitability and loan quality
For the year to , Lakeland Bank earned a return on equity of 6.51%; return on assets: 0.77%. Net interest margin at Lakeland Bank: 2.53%, -0.59 pp in a year. Lakeland Bank net income: $21.3 mn, down 1.2% year on year. The efficiency ratio of Lakeland Bank was 63.09%: about 63 cents cost per revenue dollar, against 61 cents at the median peer.
At , noncurrent loans were 0.18% of total loans at Lakeland Bank; net charge-offs: 0.03% of average loans. Gross loans and leases at Lakeland Bank: $8.3 bn at , against $8.0 bn at .
Lakeland Bank: profitability
- Return on equity 6.5%
- Net interest margin 2.5%
- Return on assets 0.8%
Peer group of Lakeland Bank
The peer group of Lakeland Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of Lakeland Bank (state nonmember bank) and 0 have head offices in New Jersey. Against them, Lakeland Bank shows CET1 ratio 12.74% against a peer median of 12.88%, return on equity 6.51% against a peer median of 10.32% and uninsured deposit share 45.89% against a peer median of 38.11%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Dollar Bank, Federal Savings Bank | Federal savings bank | PA | $11.6 bn | 16.39% | 3.06% | 25.06% | |
| Live Oak Banking Company | State nonmember bank | NC | $11.4 bn | 11.86% | 13.55% | 14.02% | |
| Oriental Bank | State nonmember bank | PR | $11.0 bn | 13.14% | 17.38% | 51.15% | |
| Lakeland Bank | State nonmember bank | NJ | $11.0 bn | 12.74% | 6.51% | 45.89% | |
| Washington Trust Bank | State nonmember bank | WA | $10.9 bn | 11.85% | 5.44% | 53.43% | |
| Stifel Bank | State member bank | MO | $10.8 bn | 14.80% | 20.68% | 17.21% | |
| Stellar Bank | State member bank | TX | $10.7 bn | 12.61% | 7.08% | 54.38% | |
. FDIC Call Reports.
Last eight quarters
Two years at Lakeland Bank, to : assets $10.4 bn to $11.0 bn, deposits $8.5 bn to $8.5 bn, equity $1.2 bn to $1.3 bn. Staff 899 to 845; offices 61 to 70.
| Metric | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $10.4 bn | $10.5 bn | $10.8 bn | $10.8 bn | $10.9 bn | $11.2 bn | $11.1 bn | $11.0 bn |
| Total deposits | $8.5 bn | $8.7 bn | $8.6 bn | $8.6 bn | $8.5 bn | $8.7 bn | $8.6 bn | $8.5 bn |
| Bank equity capital | $1.2 bn | $1.2 bn | $1.2 bn | $1.3 bn | $1.3 bn | $1.3 bn | $1.3 bn | $1.3 bn |
| CET1 ratio | 12.31% | 12.29% | 12.31% | 12.36% | 12.47% | 12.29% | 12.53% | 12.74% |
| Return on equity (ROE) | 8.39% | 8.97% | 9.63% | 6.89% | 7.29% | 7.06% | 7.24% | 6.51% |
| Uninsured share of domestic deposits | 47.66% | 50.78% | 50.55% | 43.67% | 43.32% | 45.30% | 45.68% | 45.89% |
| Full-time equivalent employees | 899 | 901 | 891 | 883 | 885 | 842 | 855 | 845 |
| Number of offices | 61 | 61 | 61 | 70 | 70 | 70 | 70 | 70 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Lakeland Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Pascack Community Bank (FDIC certificate 57215).
- . Absorbed Harmony Bank (FDIC certificate 58713).
- . Absorbed Highlands State Bank (FDIC certificate 58048).
- . Absorbed 1st Constitution Bank (FDIC certificate 27552).
- . Merged into Provident Bank (FDIC certificate 12010).
Large one-quarter moves at Lakeland Bank
- Total assets at Lakeland Bank changed by +25.4% in the quarter to 2022-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from 1st Constitution Bank.
Questions and identifiers
What were the total assets of Lakeland Bank?
Lakeland Bank reported $11.0 bn at in its Call Report.
Is Lakeland Bank the same as its holding company?
No. This page covers Lakeland Bank, FDIC certificate 19953; LAKELAND BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Lakeland Bank profitable?
Lakeland Bank reported net income of $21.3 mn for the year to ; annualized return on equity: 6.51%. So yes: Lakeland Bank made a profit over these months.
When is data for Lakeland Bank next updated?
Lakeland Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Lakeland Bank?
In the FDIC BankFind Suite record for certificate 19953, and in the Call Reports of Lakeland Bank (RSSD ID 687009) at the FFIEC Central Data Repository.