Lakeland Bancorp, Inc. (LBAI: Quote) reported net income for the fourth quarter of $5.8 million or $0.20 per share, up from $4.8 million or $0.18 per share for the year-ago quarter.
Six analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the fourth quarter. Analyst estimates typically exclude special items.
Net interest income for the quarter was $24.2 million, flat with the same quarter last year, while provision for loan and lease losses for the fourth quarter fell to $3.1 million from $4.4 million last year.
Non-interest income, exclusive of gains on sales of investment securities, totaled $4.7 million for the fourth quarter, up from $4.1 million a year earlier.
The company also declared a quarterly cash dividend of $0.07 per common share. The cash dividend is payable on February 15 to holders of record on January 31, 2013.
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by RTT Staff Writer
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