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Lakeland Bank

Newfoundland, NJ · Cert 19953

FDIC · 69 branches

Q1 2024

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q1 2024, the quarter ended March 31, 2024, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Lakeland Bank

Newfoundland, NJ · Cert 19953

FDIC · 69 branches

Q1 2024

$11.0BAssets
$8.3BLoans
$8.5BDeposits
$1.3BEquity
Loan mix
89%RE $4.5B11%C&I $0.5B0%Consumer $0.0BQ1 2023Q1 2024
Deposit mix
80%Interest-bearing $6.8B20%Noninterest $1.7BQ1 2023Q1 2024

NIM

3.00%Q1 ’224.24%Q1 ’234.70%Q1 ’24+2%-18%

Non-interest income vs. expense

1.96%Q1 ’221.80%Q1 ’231.62%Q1 ’24-6%-9%

Market Position · New York-Newark-Jersey City, NY-NJ · 2023 SOD (annual) · 0.3% share · #25 of 156 inst. · $8.2B of $2583.1B

5.9% Passaic
34.0% Sussex
5.0% Morris
1.7% Bergen

Executive Summary

  • Earnings: ROA of 0.77%, down 3 bps year over year; NIM at 2.42%.
  • Asset quality: problem loans at 0.18% of loans (-3 bps YoY), with net charge-offs at 0.03%.
  • Capital: tier 1 leverage ratio of 10.29%, up 34 bps from a year ago.
  • Funding: loans stand at 97.36% of deposits as of Q1 2024.

Financial Results

Return on Assets (YTD, annualized)

0.77%-3 bps YoY

Net Interest Margin (YTD, annualized)

2.42%-55 bps YoY

Efficiency Ratio (YTD, annualized)

63.09%+606 bps YoY

Tier 1 Leverage Ratio

10.29%+34 bps YoY

Year to date, annualized, through each quarter.

MetricQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024YoY ΔTrend
Earnings
Return on Assets0.80%0.84%0.81%0.84%0.77%-3 bps
Return on Equity6.89%7.29%7.06%7.24%6.51%-38 bps
Net Interest Margin2.97%2.86%2.78%2.69%2.42%-55 bps
Efficiency Ratio57.03%57.36%57.24%57.25%63.09%+606 bps
Non-Interest Burden1.57%1.51%1.47%1.42%1.43%-14 bps
Growth
Asset Growth (YoY)5.45%5.01%6.28%3.27%1.15%-430 bps
Loan Growth (YoY)11.38%9.34%9.59%6.08%4.63%-675 bps
Deposit Growth (YoY)-2.34%-0.57%-0.84%0.15%-0.48%+186 bps
Asset Quality
Nonperforming Loans / Loans0.21%0.20%0.16%0.31%0.18%-3 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.03%+2 bps
Allowance / Loans0.90%0.91%0.91%0.92%0.92%+3 bps
Allowance Coverage of NPLs4.2x4.6x5.6x3.0x5.2x+0.9x
Capital
Tier 1 Leverage Ratio9.95%10.01%10.04%10.09%10.29%+34 bps
Total Risk-Based Capital13.21%13.34%13.16%13.43%13.64%+43 bps
Equity / Assets11.60%11.60%11.33%11.69%11.97%+37 bps
Liquidity & Funding
Loans / Deposits92.61%95.38%95.90%96.70%97.36%+476 bps
Liquid Assets / Assets10.11%9.42%10.17%9.80%8.96%-115 bps
CRE / Total Capitaln/an/an/an/an/an/an/a