Profile: Lakeland Bancorp Inc (LBAI.OQ)
17 May 2019
Lakeland Bancorp, Inc., incorporated in 1989, is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities. Through Lakeland, the Company offers a range of lending, depository and related financial services to individuals and small to medium sized businesses located in northern and central New Jersey. Lakeland's equipment financing division provides a solution to small and medium sized companies preferring to lease equipment over other financial alternatives. Lakeland's asset based loan department provides commercial borrowers with another lending alternative.
The Company also offers wire transfer, Internet banking, mobile banking and night depository services to the business community and municipal relationships. In addition, Lakeland offers cash management services, such as remote capture of deposits and overnight sweep repurchase agreements. Lakeland also offers a range of consumer banking services, including checking accounts, negotiable order of withdrawal (NOW) accounts, certificates of deposit, secured and unsecured loans, consumer installment loans, mortgage loans and deposit services.
In the lending area, the Company's services include short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans and merchant credit card services. In addition to commercial real estate loans, Lakeland makes commercial and industrial loans. Additionally, it originates residential mortgage loans and services such loans, which are owned by other investors. As of December 31, 2016, the Company's net loans totaled to approximately $3.8 billion.
Investment securities are classified in one of three categories, such as held to maturity, trading or available for sale. The Company's investment securities include the United States Treasury and the United States Government agencies; mortgage-backed securities, residential; mortgage-backed securities, multifamily; obligations of states and political subdivisions; equity securities, and debt securities. As of December 31, 2016, the Company had approximately $606.7 million and $147.6 million in available for sale and held to maturity investment securities, respectively.
Sources of Funds
The Company's depository products include demand deposits, as well as savings, money market and time accounts. As of December 31, 2016, the Company's total deposits amounted to $4 billion. Lakeland also generates funds by utilizing long-term debt or securities sold under agreements to repurchase.
Lakeland Bancorp Inc
250 OAK RIDGE RD
OAK RIDGE NJ 07438-8906