Lakeland Bancorp, Inc. (NASDAQ:LBAI) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET

Company Participants

Mary Russell - Assistant Controller and Director, Financial Reporting

Thomas Shara - President and CEO

Thomas Splaine - Executive Vice President and CFO

Conference Call Participants

Chris O'Connell - KBW

Operator

Good morning. And welcome to the Lakeland Bancorp, Incorporated Third Quarter Earnings Conference Call. My name is Megan, and I will be coordinating today’s call. You will have the opportunity to ask a question after the end of the presentation. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Mary Russell, Assistant Controller and Director of Financial Reporting. Please go ahead, ma’am.

Mary Russell

Thank you, Megan. Good morning, ladies and gentlemen. And thank you for joining us for our third quarter earnings call. Today’s presenters are President and CEO, Thomas Shara; and Executive Vice President and Chief Financial Officer, Thomas Splaine.

Before beginning the review of our financial results, we ask that you please take note of our standard caution as to any forward-looking statements, which may be made during the purpose of today’s call. Our full disclaimer is contained in this morning’s earnings release, which has been posted to the Investor Relations page on our website, lakelandbank.com.

Now it is my pleasure to introduce Thomas Shara, who will offer his perspective on our third quarter.

Thomas Shara

Thank you, Mary, and good morning, everyone, and welcome to our third quarter earnings call. I will start the call off with a high-level summary for the quarter, followed by Tom Splaine, our CFO, who will walk you through our earnings in detail.

First off, I’d like to acknowledge our recently announced merger with Provident Financial Services and inform everyone that we will have more information to share with you shortly when we file our joint proxy prospectus with the Securities and Exchange Commission, and our regulatory application in connection with the merger.

Our financial results for the quarter were solid, as we continue to successfully organically grow both loan and deposit portfolios, which were both up over 2% compared to the prior quarter as well as continuing to maintain pristine asset quality.

For the third quarter, we posted net income of $28.7 million or $0.44 a share, which is in line with the prior quarter net income and represents an ROA of 1.10%, ROE of 10.33% and an ROTCE of 13.87%.