Kroll Bond Rating Agency on Aug. 10 affirmed Oak Ridge, N.J.-based Lakeland Bancorp Inc.'s senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3.

The rating agency also affirmed Lakeland Bank's deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and short-term deposit and debt ratings of K2.

All long-term ratings have a stable outlook.

Better asset quality, capitalization, earnings, and a stable approach to both business and growth were cited as factors that support the company's ratings. On the other hand, a significant nonowner-occupied commercial real estate lending concentration and relatively tight minimum capital management standards were cited as constraints to the ratings.