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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended March 31, 2024
			OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


Commission file number: 000-17820

LAKELAND BANCORP, INC.

(Exact name of registrant as specified in its charter)


New Jersey			22-2953275
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

250 Oak Ridge Road, Oak Ridge, New Jersey 07438

(Address of principal executive offices and zip code)

(973) 697-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, no par value	LBAI	The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 19, 2024, there were 65,154,526 outstanding shares of Common Stock, no par value.

Table of Contents

LAKELAND BANCORP, INC.

Form 10-Q Index


		PAGE
	Part I. Financial Information

Item 1.	Financial Statements:

	Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)	6
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	50

	Part II. Other Information

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	51

Item 3.	Defaults Upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

Signatures		53

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets


	March 31, 2024		December 31, 2023
(dollars in thousands)	(unaudited)

Assets
Cash	$	203,186	$	293,366
Interest-bearing deposits due from banks	4,433		27,289
Total cash and cash equivalents	207,619		320,655
Investment securities available for sale, at fair value (allowance for credit losses of $0 at March 31, 2024 and December 31, 2023)	914,029		946,282
Investment securities held to maturity (fair value of $681,857 at March 31, 2024 and $702,563 at December 31, 2023 and allowance for credit losses of $146 at March 31, 2024 and December 31, 2023)	827,107		836,377
Equity securities, at fair value	17,646		17,697
Federal Home Loan Bank and other membership bank stock, at cost	52,205		52,517
Loans held for sale	564		664
Loans, net of deferred fees	8,320,424		8,343,861
Less: Allowance for credit losses	76,823		77,163
Total loans, net	8,243,601		8,266,698
Premises and equipment, net	51,783		52,846
Operating lease right-of-use assets	15,009		16,008
Accrued interest receivable	37,968		37,508
Goodwill	271,829		271,829
Other intangible assets	6,623		7,058
Bank owned life insurance	160,587		159,862
Other assets	158,314		152,566
Total Assets	$	10,964,884	$	11,138,567
Liabilities and Stockholders' Equity
Liabilities





Deposits	$	8,500,438	$	8,581,238
Federal funds purchased and securities sold under agreements to repurchase	602,956		714,152
Federal Home Loan Bank of New York term borrowings	325,000		325,000
Subordinated debentures	194,814		194,705
Operating lease liabilities	15,820		16,891
Other liabilities	146,426		137,212
Total Liabilities	9,785,454		9,969,198
Stockholders' Equity
Common stock, no par value; authorized 100,000,000 shares; issued 65,285,261 shares and outstanding 65,154,226 shares at March 31, 2024 and issued 65,161,310 shares and outstanding 65,030,275 shares at December 31, 2023	859,712		858,857
Retained earnings	386,319		376,044
Treasury shares, at cost, 131,035 shares at March 31, 2024 and December 31, 2023	(1,452)		(1,452)
Accumulated other comprehensive loss	(65,149)		(64,080)
Total Stockholders' Equity	1,179,430		1,169,369
Total Liabilities and Stockholders' Equity	$	10,964,884	$	11,138,567

The accompanying notes are an integral part of these consolidated financial statements.

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Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)


	For the Three Months Ended March 31,
(in thousands, except per share data)		2024		2023
Interest Income
Loans and fees		$	114,680	$	100,481
Federal funds sold and interest-bearing deposits with banks		1,102		728
Taxable investment securities and other		11,631		11,554
Tax-exempt investment securities		1,448		1,642
Total Interest Income		128,861		114,405
Interest Expense
Deposits		54,763		29,158
Federal funds purchased and securities sold under agreements to repurchase		5,560		7,222
Other borrowings		5,980		2,100
Total Interest Expense		66,303		38,480
Net Interest Income		62,558		75,925
(Benefit) provision for credit losses		(2,692)		7,893
Net Interest Income after (Benefit) Provision for Credit Losses		65,250		68,032
Noninterest Income
Service charges on deposit accounts		1,959		2,789
Commissions and fees		1,690		1,925
Income on bank owned life insurance		877		776
(Loss) gain on equity securities		(129)		148
Gains on sales of loans held for sale		305		430

Swap income		289		56
Other income		103		141
Total Noninterest Income		5,094		6,265
Noninterest Expense
Compensation and employee benefits		26,874		29,996
Premises and equipment		7,886		7,977
FDIC insurance expense		1,393		963
Data processing expense		1,781		1,862
Merger-related expenses		68		295
Other expenses		6,647		7,512
Total Noninterest Expense		44,649		48,605
Income before provision for income taxes		25,695		25,692
Provision for income taxes		5,900		5,887
Net Income		$	19,795	$	19,805
Per Share of Common Stock
Basic earnings		$	0.30	$	0.30
Diluted earnings		$	0.30	$	0.30
Dividends paid		$	0.145	$	0.145

The accompanying notes are an integral part of these consolidated financial statements.

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Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	For the Three Months Ended March 31,
(in thousands)		2024		2023

Net income		$	19,795	$	19,805
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on securities available for sale		(963)		7,582


Amortization of gain on debt securities reclassified to held to maturity		(106)		(126)


Other comprehensive (loss) gain		(1,069)		7,456
Total comprehensive income		$	18,726	$	27,261

The accompanying notes are an integral part of these consolidated financial statements.

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Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

For the Three Months Ended March 31, 2024 and 2023


(in thousands, except per share data)	Common Stock		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total

January 1, 2023	$	855,425	$	329,375	$	(1,452)	$	(74,761)	$	1,108,587


Net income	—		19,805		—		—		19,805
Other comprehensive income, net of tax	—		—		—		7,456		7,456


Stock based compensation	1,725		—		—		—		1,725
Retirement of restricted stock	(1,493)		—		—		—		(1,493)

Cash dividends on common stock of $0.145 per share	—		(9,500)		—		—		(9,500)
March 31, 2023	$	855,657	$	339,680	$	(1,452)	$	(67,305)	$	1,126,580

January 1, 2024	$	858,857	$	376,044	$	(1,452)	$	(64,080)	$	1,169,369


Net income	—		19,795		—		—		19,795
Other comprehensive loss, net of tax	—		—		—		(1,069)		(1,069)


Stock based compensation	1,635		—		—		—		1,635
Retirement of restricted stock	(780)		—		—		—		(780)

Cash dividends on common stock of $0.145 per share	—		(9,520)		—		—		(9,520)
March 31, 2024	$	859,712	$	386,319	$	(1,452)	$	(65,149)	$	1,179,430

The accompanying notes are an integral part of these consolidated financial statements.

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Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


	For the Three Months Ended March 31,
(in thousands)	2024		2023
Cash Flows from Operating Activities:
Net income	$	19,795	$	19,805
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums, discounts and deferred loan fees and costs	1,136		1,287
Depreciation and amortization	1,509		1,011
Amortization of intangible assets	436		516
Amortization of operating lease right-of-use assets	999		1,032
(Benefit) provision for credit losses	(2,692)		7,893
Loans originated for sale	(13,782)		(10,341)
Proceeds from sales of loans held for sale	14,186		11,307

Loss (gain) on equity securities	129		(148)
Income on bank owned life insurance	(868)		(776)
Gains on proceeds from bank owned life insurance policies	(24)		—
Gains on sales of loans held for sale	(305)		(430)
Gains on other real estate and other repossessed assets	(10)		(4)
Loss on sales of premises and equipment	37		—
Loss on sale of assets	—		41



Stock-based compensation	1,635		1,725

Excess tax (deficiencies) benefits	(242)		138
(Increase) decrease in other assets	(5,542)		22,861
Increase (decrease) in other liabilities	8,214		(19,156)
Net Cash Provided by Operating Activities	24,611		36,761
Cash Flows from Investing Activities:

Proceeds from repayments and maturities of available for sale securities	33,012		28,151
Proceeds from repayments and maturities of held to maturity securities	8,889		19,579



Purchase of held to maturity securities	(700)		—
Purchase of equity securities	(77)		(65)

Death benefit proceeds from bank owned life insurance policy	168		—
Proceeds from redemptions of Federal Home Loan Bank stock	62,863		48,022
Purchases of Federal Home Loan Bank stock	(62,550)		(51,345)
Net decrease (increase) in loans	23,830		(85,085)

Proceeds from sales of other real estate and repossessed assets	10		1,919

Purchases of premises and equipment	(825)		(2,012)
Net Cash Provided by (Used in) Investing Activities	64,620		(40,836)




















Cash Flows from Financing Activities:
Net decrease in deposits	(80,772)		(30,471)
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase	(111,195)		84,531






Retirement of restricted stock	(780)		(1,493)
Dividends paid	(9,520)		(9,500)
Net Cash (Used in) Provided by Financing Activities	(202,267)		43,067
Net (decrease) increase in cash and cash equivalents	(113,036)		38,992
Cash and cash equivalents, beginning of period	320,655		235,950
Cash and cash equivalents, end of period	$	207,619	$	274,942

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Lakeland Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


	For the Three Months Ended March 31,
(in thousands)	2024		2023
Supplemental schedule of non-cash investing and financing activities:
Cash paid during the period for income taxes	$	365	$	257
Cash paid during the period for interest	65,050		37,444





Right-of-use assets obtained in exchange for new lease liabilities	—		309

The accompanying notes are an integral part of these consolidated financial statements.

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Lakeland Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

Note 1 – Significant Accounting Policies

Basis of Presentation

This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2024 do not necessarily indicate the results that the Company will achieve for all of 2024.

Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Note 2 – Business Combinations

Provident Financial Services, Inc.

On September 26, 2022, the Company entered into a definitive merger agreement with Provident Financial Services, Inc. ("Provident") pursuant to which the companies will combine in an all-stock merger. Under the terms of the merger agreement, the Company will merge with and into Provident, with Provident as the surviving corporation, and Lakeland Bank will merge with and into Provident Bank, with Provident Bank as the surviving bank. Following the closing of the transaction, Lakeland shareholders will receive 0.8319 shares of Provident common stock for each share of Lakeland common stock they own.

The transaction has been approved by the boards of directors of both companies and, on February 1, 2023, shareholders of each company approved the proposed merger. Provident has received all required regulatory approvals subject to certain conditions and commitments (referred to as the “Regulatory Conditions”). The Regulatory Conditions include, but are not limited to: prior to consummation of the merger, Provident must complete the issuance of $200 million of Tier 2 qualifying subordinated debt; for three years following consummation of the merger, Provident Bank must maintain regulatory capital ratios at or above 8.50% for Tier 1 Leverage Capital and 11.25% for Total Risk Based Capital; and Provident Bank must maintain its commercial real estate concentrations (as a percent of capital and reserves) at levels at or below those forecasted in the pro forma financial projections that Provident Bank submitted to the FDIC. The merger is expected to be consummated during the second quarter of 2024.

The Company incurred merger-related expenses on the anticipated transaction with Provident of $68,000 during the first quarter of 2024 compared to $295,000 for the first quarter of 2023.

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Note 3 – Earnings Per Share

The following schedule shows the Company’s earnings per share calculations for the periods presented:


	For the Three Months Ended March 31,
(in thousands, except per share data)		2024		2023
Net income available to common shareholders		$	19,795	$	19,805
Less: earnings allocated to participating securities		187		196
Net income allocated to common shareholders		$	19,608	$	19,609
Weighted average number of common shares outstanding - basic		65,135		64,966
Share-based plans		189		262
Weighted average number of common shares outstanding - diluted		65,324		65,228
Basic earnings per share		$	0.30	$	0.30
Diluted earnings per share		$	0.30	$	0.30

There were no antidilutive options to purchase common stock excluded from the computation for the three months ended March 31, 2024 and 2023.

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Note 4 – Investment Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:


	March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. Treasury and U.S. government agencies	$	324,367	$	92	$	(19,570)	$	—	$	304,889
Mortgage-backed securities, residential	314,413		12		(36,346)		—		278,079
Collateralized mortgage obligations, residential	146,080		—		(13,874)		—		132,206
Mortgage-backed securities, multifamily	851		—		(184)		—		667
Collateralized mortgage obligations, multifamily	45,806		—		(4,033)		—		41,773
Asset-backed securities	41,313		8		(412)		—		40,909
Obligations of states and political subdivisions	19,013		—		(605)		—		18,408
Corporate bonds	112,490		1		(15,393)		—		97,098
Total	$	1,004,333	$	113	$	(90,417)	$	—	$	914,029


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. Treasury and U.S. government agencies	$	339,364	$	99	$	(19,694)	$	—	$	319,769
Mortgage-backed securities, residential	320,947		16		(34,546)		—		286,417
Collateralized mortgage obligations, residential	150,726		—		(13,656)		—		137,070
Mortgage-backed securities, multifamily	856		—		(180)		—		676
Collateralized mortgage obligations, multifamily	46,541		—		(4,045)		—		42,496
Asset-backed securities	44,561		—		(868)		—		43,693
Obligations of states and political subdivisions	19,699		—		(571)		—		19,128
Corporate bonds	112,544		—		(15,511)		—		97,033
Total	$	1,035,238	$	115	$	(89,071)	$	—	$	946,282

The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:


	March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. government agencies	$	10,270	$	6	$	(499)	$	—	$	9,777
Mortgage-backed securities, residential	326,731		5		(57,889)		—		268,847
Collateralized mortgage obligations, residential	12,079		—		(2,878)		—		9,201
Mortgage-backed securities, multifamily	4,126		—		(677)		—		3,449

Obligations of states and political subdivisions	471,047		25		(82,520)		(25)		388,527
Corporate bonds	3,000		—		(823)		(121)		2,056
Total	$	827,253	$	36	$	(145,286)	$	(146)	$	681,857

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	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
U.S. government agencies	$	10,406	$	7	$	(499)	$	—	$	9,914
Mortgage-backed securities, residential	332,509		82		(52,165)		—		280,426
Collateralized mortgage obligations, residential	12,243		—		(2,796)		—		9,447
Mortgage-backed securities, multifamily	4,145		—		(651)		—		3,494

Obligations of states and political subdivisions	474,220		43		(77,379)		(25)		396,859
Corporate bonds	3,000		—		(456)		(121)		2,423
Total	$	836,523	$	132	$	(133,946)	$	(146)	$	702,563

The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2024. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	151,972	$	148,067	$	25,668	$	25,508
Due after one year through five years	143,867		132,305		32,891		30,830
Due after five years through ten years	106,678		92,296		111,040		94,807
Due after ten years	53,353		47,727		314,718		249,215
	455,870		420,395		484,317		400,360
Mortgage-backed and asset-backed securities	548,463		493,634		342,936		281,497
Total	$	1,004,333	$	914,029	$	827,253	$	681,857

During the first quarter of 2023, there were no sales of available for sale securities. In the first quarter of 2024, the Company sold its subordinated debt securities of Signature Bank that it had previously charged off. It recorded a recovery of $2.9 million. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method.

Securities with a carrying value of approximately $1.66 billion and $1.57 billion at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, expand secured borrowing capacity and for other purposes required by applicable laws and regulations.

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The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:


March 31, 2024	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
Available for Sale
U.S. Treasury and U.S. government agencies	$	3,515	$	7	$	290,930	$	19,563	57	$	294,445	$	19,570
Mortgage-backed securities, residential	212		1		276,555		36,345		130	276,767		36,346
Collateralized mortgage obligations, residential	—		—		132,206		13,874		100	132,206		13,874
Mortgage-backed securities, multifamily	—		—		667		184		1	667		184
Collateralized mortgage obligations, multifamily	—		—		41,773		4,033		18	41,773		4,033
Asset-backed securities	1,532		—		32,814		412		14	34,346		412
Obligations of states and political subdivisions	2,288		6		15,570		599		39	17,858		605
Corporate bonds	—		—		94,097		15,393		45	94,097		15,393
Total	$	7,547	$	14	$	884,612	$	90,403	404	$	892,159	$	90,417
Held to Maturity
U.S. government agencies	$	—	$	—	$	8,913	$	499	3	$	8,913	$	499
Mortgage-backed securities, residential	5,208		8		263,239		57,881		184	268,447		57,889
Collateralized mortgage obligations, residential	—		—		9,201		2,878		10	9,201		2,878
Mortgage-backed securities, multifamily	—		—		3,449		677		3	3,449		677

Obligations of states and political subdivisions	4,193		16		371,272		82,504		337	375,465		82,520
Corporate bonds	—		—		2,177		823		1	2,177		823
Total	$	9,401	$	24	$	658,251	$	145,262	538	$	667,652	$	145,286


December 31, 2023	Less Than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
Available for Sale
U.S. Treasury and U.S. government agencies	$	2,587	$	—	$	308,315	$	19,694	59	$	310,902	$	19,694
Mortgage-backed securities, residential	10		—		284,803		34,546		129	284,813		34,546
Collateralized mortgage obligations, residential	—		—		137,070		13,656		100	137,070		13,656
Mortgage-backed securities, multifamily	—		—		676		180		1	676		180
Collateralized mortgage obligations, multifamily	—		—		42,496		4,045		20	42,496		4,045
Asset-backed securities	2,694		25		40,999		843		16	43,693		868
Obligations of states and political subdivisions	270		—		16,353		571		36	16,623		571
Corporate bonds	—		—		97,033		15,511		46	97,033		15,511
Total	$	5,561	$	25	$	927,745	$	89,046	407	$	933,306	$	89,071
Held to Maturity
U.S. government agencies	$	—	$	—	$	8,956	$	499	3	$	8,956	$	499
Mortgage-backed securities, residential	285		2		274,528		52,163		183	274,813		52,165
Collateralized mortgage obligations, residential	—		—		9,447		2,796		11	9,447		2,796

Mortgage-backed securities, multifamily	—		—		3,494		651		3	3,494		651
Obligations of states and political subdivisions	3,691		2		380,787		77,377		341	384,478		77,379
Corporate bonds	—		—		2,544		456		1	2,544		456
Total	$	3,976	$	4	$	679,756	$	133,942	542	$	683,732	$	133,946

For available for sale securities, the Company assesses whether a loss is from credit or other factors and considers the extent to which fair value is less than amortized cost, adverse changes to the rating of the security by a rating agency, a security's market yield as compared to similar securities and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. In the first quarter of 2023, the Company recorded a provision and a subsequent charge-off of $6.6 million in subordinated debt securities of Signature Bank, which failed in March 2023. In the first quarter of 2024, the Company recorded a $2.9 million recovery on the subordinated debt securities of Signature Bank.

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For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero. A range of historical losses method is utilized in estimating the net amount expected to be collected for mortgage-backed securities, collateralized mortgage obligations and obligations of states and political subdivisions.

The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities.

Credit Quality Indicators

Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organizations are considered in conjunction with an assessment by the Company's management. Investment grade reflects a credit quality of BBB or above.

The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost:


March 31, 2024	AAA		AA		A		BB		Not Rated		Total
(in thousands)
U.S. government agencies	$	10,270	$	—	$	—	$	—	$	—	$	10,270
Mortgage-backed securities, residential	326,731		—		—		—		—		326,731
Collateralized mortgage obligations, residential	12,079		—		—		—		—		12,079
Mortgage-backed securities, multifamily	4,126		—		—		—		—		4,126

Obligations of states and political subdivisions	151,638		306,444		—		—		12,965		471,047
Corporate bonds	—		—		—		3,000		—		3,000
Total	$	504,844	$	306,444	$	—	$	3,000	$	12,965	$	827,253


December 31, 2023	AAA		AA		A		BB		Not Rated		Total
(in thousands)
U.S. government agencies	$	10,406	$	—	$	—	$	—	$	—	$	10,406
Mortgage-backed securities, residential	332,509		—		—		—		—		332,509
Collateralized mortgage obligations, residential	12,243		—		—		—		—		12,243
Mortgage-backed securities, multifamily	4,145		—		—		—		—		4,145

Obligations of states and political subdivisions	152,167		309,788		—		—		12,265		474,220
Corporate bonds	—		—		—		3,000		—		3,000
Total	$	511,470	$	309,788	$	—	$	3,000	$	12,265	$	836,523

Equity securities at fair value

The Company has an equity securities portfolio, which primarily consists of investments in Community Reinvestment funds. The fair value of the equity portfolio was $17.6 million and $17.7 million at March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, there were no sales of equity securities or Community Reinvestment funds. The Company recorded fair value losses on equity securities of $129,000 for the first quarter of 2024 and fair value gains of $148,000 for the first quarter of 2023. Fair value gain or loss on equity securities are recorded in noninterest income.

As of March 31, 2024, the Company's investments in Community Reinvestment funds include $7.8 million that are primarily invested in community development loans that are guaranteed by the Small Business Administration (“SBA”). Because the funds are primarily guaranteed by the federal government, there are minimal changes in fair value between accounting periods. These funds can be redeemed with 60 days' notice at the net asset value less unpaid management fees with the approval of the fund manager. As of March 31, 2024, the net amortized cost equaled the fair value of the investment. There are no unfunded commitments related to these investments.

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The Community Reinvestment funds also included $9.8 million of investment in government guaranteed loans, mortgage-backed securities, small business loans and other instruments supporting affordable housing and economic development as of March 31, 2024. The Company may redeem these funds at the net asset value calculated at the end of the current business day less any unpaid management fees. There are no restrictions on redemptions for the holdings in these investments other than the notice required by the fund manager. There are no unfunded commitments related to these investments.

Note 5 – Loans

The following sets forth the composition of the Company’s loan portfolio:


(in thousands)	March 31, 2024		December 31, 2023
Non-owner occupied commercial	$	2,973,652	$	2,987,959
Owner occupied commercial	1,264,061		1,283,221
Multifamily	1,405,399		1,408,905
Non-owner occupied residential	202,014		213,986
Commercial, industrial and other	642,151		638,894
Construction	317,253		302,745
Equipment finance	178,157		179,171
Residential mortgage	997,569		985,768
Home equity and consumer	340,168		343,212
Total	$	8,320,424	$	8,343,861

Loans are recorded at amortized cost, which includes principal balance and net deferred loan fees and costs. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the Consolidated Balance Sheets and totaled $29.5 million at March 31, 2024 and $29.1 million at December 31, 2023. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. Net deferred loan fees are included in loans by respective segment and totaled $2.5 million at March 31, 2024 and $1.8 million at December 31, 2023.

Consumer loans included overdraft deposit balances of $459,000 and $619,000, at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the Company had $4.64 billion and $4.58 billion of loans pledged for potential borrowings at the Federal Home Loan Bank of New York ("FHLB"), respectively.

Credit Quality Indicators

Management closely and continually monitors the quality of its loans and assesses the quantitative and qualitative risks arising from the credit quality of its loans. Lakeland assigns a credit risk rating to all loans and loan commitments. The credit risk rating system has been developed by management to provide a methodology to be used by loan officers, department heads and senior management in identifying various levels of credit risk that exist within the loan portfolios. The risk rating system assists senior management in evaluating the loan portfolio and analyzing trends. In assigning risk ratings, management considers, among other things, the borrower’s ability to service the debt based on relevant information such as current financial information, historical payment experience, credit documentation, public information and current economic conditions.

Management categorizes loans and commitments into the following risk ratings:

Pass: "Pass" assets are well protected by the current net worth and paying capacity of the obligor or guarantors, if any, or by the fair value of any underlying collateral.

Watch: "Watch" assets require more than the usual amount of monitoring due to declining earnings, strained cash flow, increasing leverage and/or weakening market. These borrowers generally have limited additional debt capacity and modest coverage and average or below average asset quality, margins and market share.

Special Mention: "Special mention" assets exhibit identifiable credit weakness, which if not checked or corrected could weaken the loan quality or inadequately protect the bank’s credit position at some future date.

Substandard: "Substandard" assets are inadequately protected by the current sound worth and paying capacity of the obligors or of the collateral pledged, if any. A substandard loan has a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt.

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Doubtful: "Doubtful" assets exhibit all of the weaknesses inherent in substandard loans, but have the added characteristics that the weaknesses make collection or liquidation in full improbable on the basis of existing facts.

Loss: “Loss” is a rating for loans or portions of loans that are considered uncollectible and of such little value that their continuance as bankable loans is not warranted.

The following table presents the risk category of loans by class of loan and vintage as of March 31, 2024.


	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Pre-2020		Revolving Loans		Revolving to Term	Total
Non-owner occupied commercial
Pass	$	21,283	$	314,967	$	621,297	$	366,130	$	484,530	$	1,019,546	$	18,135	303	$	2,846,191
Watch	—		—		3,946		—		12,129		50,573		—		—	66,648
Special mention	—		3,494		—		—		—		27,084		—		—	30,578
Substandard	—		—		—		—		—		29,914		321		—	30,235
Total	21,283		318,461		625,243		366,130		496,659		1,127,117		18,456		303	2,973,652
Owner occupied commercial
Pass	15,707		58,590		335,849		162,969		148,880		391,368		8,535		—	1,121,898
Watch	—		—		—		3,769		3,052		52,826		41		—	59,688
Special mention	—		—		548		2,507		—		6,605		300		—	9,960
Substandard	—		—		960		43,341		19,854		8,360		—		—	72,515
Total	15,707		58,590		337,357		212,586		171,786		459,159		8,876		—	1,264,061
Multifamily
Pass	18,453		142,805		297,810		259,825		243,041		392,509		3,936		—	1,358,379
Watch	—		—		6,263		2,477		14,288		10,255		—		—	33,283
Special mention	—		—		—		—		555		11,611		—		—	12,166
Substandard	—		—		—		1,073		—		498		—		—	1,571
Total	18,453		142,805		304,073		263,375		257,884		414,873		3,936		—	1,405,399
Non-owner occupied residential
Pass	3,810		12,717		35,957		27,107		19,217		90,081		5,552		23	194,464
Watch	—		—		—		—		—		2,443		75		—	2,518
Special mention	—		—		2,102		—		—		1,161		—		—	3,263
Substandard	—		—		—		—		—		1,769		—		—	1,769
Total	3,810		12,717		38,059		27,107		19,217		95,454		5,627		23	202,014



Commercial, industrial and other
Pass	4,913		20,668		37,220		33,002		14,374		66,749		422,265		386	599,577
Watch	279		2,848		179		6,695		1,275		1,094		22,581		—	34,951
Special mention	—		404		1,657		722		38		246		3,527		—	6,594
Substandard	—		—		—		542		23		349		115		—	1,029
Total	5,192		23,920		39,056		40,961		15,710		68,438		448,488		386	642,151







Construction
Pass	7,704		57,258		159,684		62,976		2,706		8,809		2,817		—	301,954
Watch	—		2,499		1,104		—		—		—		—		—	3,603
Special mention	—		—		—		11,696		—		—		—		—	11,696
Substandard	—		—		—		—		—		—		—		—	—
Total	7,704		59,757		160,788		74,672		2,706		8,809		2,817		—	317,253
Current YTD period:
Gross charge-offs	—		—		—		—		—		564		—		—	564
Equipment finance
Pass	14,817		76,086		52,159		20,549		8,955		4,123		—		—	176,689


Substandard	—		70		877		380		50		91		—		—	1,468
Total	14,817		76,156		53,036		20,929		9,005		4,214		—		—	178,157

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	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Pre-2020		Revolving Loans		Revolving to Term		Total




Residential mortgage
Pass	25,164		268,808		310,079		155,979		98,625		136,182		—		—		994,837


Substandard	—		—		—		1,163		417		1,152		—		—		2,732
Total	25,164		268,808		310,079		157,142		99,042		137,334		—		—		997,569




Consumer
Pass	3,548		24,618		39,872		27,283		6,832		20,921		215,543		346		338,963


Substandard	—		—		—		9		—		1,157		39		—		1,205
Total	3,548		24,618		39,872		27,292		6,832		22,078		215,582		346		340,168
Current YTD period:
Gross charge-offs	21		21		—		—		—		11		—		—		53

Total loans	$	115,678	$	985,832	$	1,907,563	$	1,190,194	$	1,078,841	$	2,337,476	$	703,782	$	1,058	$	8,320,424
Current YTD period:
Gross charge-offs	$	21	$	21	$	—	$	—	$	—	$	575	$	—	$	—	$	617

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The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023.


	Term Loans by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Pre-2019		Revolving Loans		Revolving to Term	Total
Non-owner occupied commercial
Pass	$	315,447	$	611,051	$	371,828	$	489,642	$	266,172	$	793,791	$	16,498	—	$	2,864,429
Watch	2,512		3,237		—		7,328		—		49,126		—		—	62,203
Special mention	—		740		—		4,886		2,977		25,104		—		—	33,707
Substandard	—		—		—		—		—		27,325		295		—	27,620
Total	317,959		615,028		371,828		501,856		269,149		895,346		16,793		—	2,987,959
Owner occupied commercial
Pass	58,328		342,669		187,089		150,210		68,978		334,536		9,315		—	1,151,125
Watch	—		—		23,554		1,673		23,288		33,480		644		—	82,639
Special mention	—		556		3,512		1,403		1,646		5,262		—		960	13,339
Substandard	—		—		8,643		19,847		1,836		5,792		—		—	36,118
Total	58,328		343,225		222,798		173,133		95,748		379,070		9,959		960	1,283,221
Multifamily
Pass	143,030		300,128		263,154		250,089		63,413		328,095		5,496		—	1,353,405
Watch	—		1,383		8		29,538		3,783		6,509		—		—	41,221
Special mention	—		—		—		—		—		11,682		—		—	11,682
Substandard	—		—		1,095		—		—		1,502		—		—	2,597
Total	143,030		301,511		264,257		279,627		67,196		347,788		5,496		—	1,408,905






Non-owner occupied residential
Pass	14,720		36,596		27,974		19,708		23,560		75,250		6,261		—	204,069
Watch	—		2,117		—		—		—		3,499		75		—	5,691
Special mention	—		—		—		—		494		1,683		—		—	2,177
Substandard	—		—		—		—		531		1,518		—		—	2,049
Total	14,720		38,713		27,974		19,708		24,585		81,950		6,336		—	213,986







Commercial, industrial and other
Pass	19,628		38,783		41,152		20,639		24,297		43,755		415,925		557	604,736
Watch	4,137		1,558		878		49		272		1,129		16,771		1,875	26,669
Special mention	90		—		—		—		1		1,219		625		—	1,935
Substandard	—		375		820		29		126		325		3,879		—	5,554
Total	23,855		40,716		42,850		20,717		24,696		46,428		437,200		2,432	638,894






Current YTD period:
Gross charge-offs	—		—		13		—		—		14		—		—	27
Construction
Pass	46,970		145,072		60,681		2,688		4,912		3,999		8,079		3,039	275,440
Watch	2,337		1,101		10,512		—		—		—		657		—	14,607

Substandard	—		—		—		—		—		12,698		—		—	12,698
Total	49,307		146,173		71,193		2,688		4,912		16,697		8,736		3,039	302,745






Current YTD period:
Gross charge-offs	—		13		—		—		—		—		—		—	13
Equipment finance
Pass	80,831		56,719		23,839		10,917		5,742		605		—		—	178,653


Substandard	76		219		126		32		65		—		—		—	518
Total	80,907		56,938		23,965		10,949		5,807		605		—		—	179,171







Current YTD period:
Gross charge-offs	29		44		194		—		31		9		—		—	307

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	Term Loans by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Pre-2019		Revolving Loans		Revolving to Term		Total
Residential mortgage
Pass	270,695		312,166		157,716		100,900		33,022		108,868		—		—		983,367
Watch	—		—		—		—		—		—		—		—		—
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		1,176		424		454		347		—		—		2,401
Total	270,695		312,166		158,892		101,324		33,476		109,215		—		—		985,768








Current YTD period:
Gross charge-offs	—		128		—		—		—		—		—		—		128
Consumer
Pass	25,790		40,640		27,989		7,117		3,445		18,865		218,035		99		341,980


Substandard	—		—		—		—		—		1,196		—		36		1,232
Total	25,790		40,640		27,989		7,117		3,445		20,061		218,035		135		343,212
Current YTD period:
Gross charge-offs	237		6		23		7		1		20		—		—		294
Total loans	$	984,591	$	1,895,110	$	1,211,746	$	1,117,119	$	529,014	$	1,897,160	$	702,555	$	6,566	$	8,343,861
Current YTD period:
Gross charge-offs	$	266	$	191	$	230	$	7	$	32	$	43	$	—	$	—	$	769

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Past Due and Non-Accrual Loans

Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. A loan is generally considered non-performing when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection.

The following tables present the payment status of the recorded investment in past due loans as of the periods noted, by class of loans.


March 31, 2024			Past Due
(in thousands)	Current		30 - 59 Days		60 - 89 Days		Greater than 89 days		Total		Total Loans
Non-owner occupied commercial	$	2,973,184	$	256	$	—	$	212	$	468	$	2,973,652
Owner occupied commercial	1,256,517		352		423		6,769		7,544		1,264,061
Multifamily	1,404,901		405		—		93		498		1,405,399
Non-owner occupied residential	201,040		457		—		517		974		202,014
Commercial, industrial and other	641,850		—		1		300		301		642,151
Construction	317,253		—		—		—		—		317,253
Equipment finance	176,169		1,254		77		657		1,988		178,157
Residential mortgage	988,884		5,734		2,010		941		8,685		997,569
Consumer	338,579		1,135		17		437		1,589		340,168
Total	$	8,298,377	$	9,593	$	2,528	$	9,926	$	22,047	$	8,320,424


December 31, 2023			Past Due
(in thousands)	Current		30 - 59 Days		60 - 89 Days		Greater than 89 days		Total		Total Loans
Non-owner occupied commercial	$	2,987,738	$	—	$	—	$	221	$	221	$	2,987,959
Owner occupied commercial	1,276,251		405		—		6,565		6,970		1,283,221
Multifamily	1,407,309		1,503		93		—		1,596		1,408,905
Non-owner occupied residential	213,324		662		—		—		662		213,986
Commercial, industrial and other	638,493		—		—		401		401		638,894
Construction	290,047		—		12,698		—		12,698		302,745
Equipment finance	177,657		249		928		337		1,514		179,171
Residential mortgage	975,408		7,469		1,660		1,231		10,360		985,768
Consumer	341,827		662		231		492		1,385		343,212
Total	$	8,308,054	$	10,950	$	15,610	$	9,247	$	35,807	$	8,343,861

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The following tables present information on non-accrual loans at March 31, 2024 and December 31, 2023:


March 31, 2024
(in thousands)	Non-accrual		Interest Income Recognized on Non-accrual Loans		Amortized Cost Basis of Loans > 89 days Past due but still accruing		Amortized Cost Basis of Non-accrual Loans without Related Allowance
Non-owner occupied commercial	$	745	$	—	$	—	$	—
Owner occupied commercial	7,018		—		—		6,703
Multifamily	1,167		—		—		1,073
Non-owner occupied residential	517		—		—		517
Commercial, industrial and other	323		—		—		—
Construction	—		—		—		—
Equipment finance	1,147		—		—		—
Residential mortgage	2,732		—		—		—
Consumer	1,204		—		—		—
Total	$	14,853	$	—	$	—	$	8,293


December 31, 2023
(in thousands)	Non-accrual		Interest Income Recognized on Non-accrual Loans		Amortized Cost Basis of Loans > 89 days Past due but still accruing		Amortized Cost Basis of Non-accrual Loans without Related Allowance
Non-owner occupied commercial	$	769	$	—	$	—	$	—
Owner occupied commercial	6,849		—		—		6,630
Multifamily	1,096		—		—		1,095
Non-owner occupied residential	—		—		—		—
Commercial, industrial and other	401		—		—		—
Construction	12,698		—		—		12,698
Equipment finance	518		—		—		—
Residential mortgage	2,400		—		—		—
Consumer	1,232		—		—		—
Total	$	25,963	$	—	$	—	$	20,423

At March 31, 2024 and December 31, 2023, there were no loans that were past due more than 89 days and still accruing. The Company had $659,000 and $621,000 in residential mortgages and consumer loans included in non-accrual and that were in the process of foreclosure at March 31, 2024 and December 31, 2023, respectively.

Purchased Credit Deteriorated ("PCD") Loans

The following summarizes the PCD loans acquired in the 1st Constitution acquisition as of the closing date, January 6, 2022.


(in thousands)	PCD Loans
Gross amortized cost basis	$	140,300
Interest component of expected cash flows (accretable difference)	(3,792)
Allowance for credit losses on PCD loans	(12,077)
Net PCD loans	$	124,431

At March 31, 2024, net PCD loans acquired from 1st Constitution totaled $68.4 million.

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Troubled Debt Restructurings and Modifications of Loans to Debtors Experiencing Financial Difficulty

The Company adopted Accounting Standards Update 2022-02, "Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02") as of January 1, 2023. Among other things, ASU 2022-02 eliminates the recognition and measurement guidance of troubled debt restructured loans ("TDRs") so that creditors will apply the same guidance to all modifications when determining whether a modification results in a new receivable or continuation of an existing receivable. ASU 2022-02 requires vintage disclosures of gross charge-offs as shown in the vintage disclosure above. It also replaces the historical disclosure of TDRs with the new disclosure of modifications of receivables to debtors experiencing financial difficulty.

Prior to the adoption of ASU 2022-02, loans were classified as TDRs in cases where borrowers experienced financial difficulties and Lakeland made certain concessionary modifications to contractual terms. Restructured loans typically involved a modification of terms such as a reduction of the stated interest rate, a moratorium of principal payments and/or an extension of the maturity date at a stated interest rate lower than the current market rate of a new loan with similar risk.

During the three months ended March 31, 2024 and for three months ended March 31, 2023, there were no loan modifications that met the definition of a modification to a debtor experiencing financial difficulty. At December 31, 2023, there were no loans that were modified that met the definition of a modification to a debtor experiencing financial difficulty.

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Note 6 - Allowance for Credit Losses

The Company measures expected credit losses for financial assets measured at amortized cost, including loans, investments and certain off-balance-sheet credit exposures in accordance with ASU 2016-13. See Note 1 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a description of the Company's methodology.

Under the standard, the Company's methodology for determining the allowance for credit losses on loans is based upon key assumptions, including the lookback periods, historic net charge-off factors, economic forecasts, reversion periods, prepayments and qualitative adjustments. The allowance is measured on a collective, or pool, basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. At March 31, 2024, loans totaling $8.24 billion were evaluated collectively and the allowance on these balances totaled $74.5 million and loans totaling $77.3 million were evaluated on an individual basis with the specific allocations of the allowance for credit losses totaling $2.3 million. Loans evaluated on an individual basis include $68.7 million in PCD loans, which had a specific allowance for credit losses of $2.3 million. The Company made the election to exclude accrued interest receivable from the estimate of credit losses.

Allowance for Credit Losses - Loans

The allowance for credit losses on loans is summarized in the following table:


	For the Three Months Ended March 31,
(in thousands)		2024		2023
Balance at beginning of the period		$	77,163	$	70,264


Charge-offs		(617)		(139)
Recoveries		38		65
Net charge-offs		(579)		(74)
Provision for credit loss - loans		239		1,213
Balance at end of the period		$	76,823	$	71,403

The decrease in the provision for credit losses on loans for the first quarter of 2024 compared to the first quarter of 2023 included the impact of a decrease in loans outstanding and an improvement in macroeconomic factors.

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The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three months ended 2024 and 2023:


(in thousands)	Balance at December 31, 2023		Charge-offs		Recoveries		Provision (Benefit) for Credit Loss		Balance at March 31, 2024
Non-owner occupied commercial	$	24,319	$	—	$	—	$	(831)	$	23,488
Owner occupied commercial	6,387		—		—		(137)		6,250
Multifamily	9,746		—		—		518		10,264
Non-owner occupied residential	2,400		—		—		(158)		2,242
Commercial, industrial and other	9,044		—		20		(682)		8,382
Construction	2,246		(564)		—		1,819		3,501
Equipment finance	7,521		—		—		(612)		6,909
Residential mortgage	10,386		—		—		18		10,404
Consumer	5,114		(53)		18		304		5,383
Total	$	77,163	$	(617)	$	38	$	239	$	76,823


(in thousands)	Balance at December 31, 2022		Charge-offs		Recoveries		Provision (Benefit) for Credit Loss		Balance at March 31, 2023
Non owner occupied commercial	$	23,462	$	—	$	—	$	819	$	24,281
Owner occupied commercial	6,696		—		—		(638)

LAKELAND BANCORP INC 10-Q