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State regulator OKs Harmony Bank's merger into Lakeland Bank

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State regulator OKs Harmony Bank's merger into Lakeland Bank

The New Jersey Department of Banking and Insurance on April 21approved the mergerof Jackson, N.J.-based Harmony Bankinto Oak Ridge, N.J.-based LakelandBank, a unit of LakelandBancorp Inc.

The dealremains subject to the approval of the FDIC and Harmony Bank's shareholders, accordingto a news release.

Lakeland Bancorp closedthe acquisition ofPascack Bancorp Inc. onJan. 7. The acquisition added $410.0 million in total assets; $319.6 million intotal loans; and $304.5 million in total deposits. Goodwill amounted to $15.5 millionand core deposit intangibles were $1.5 million.

Anticipated synergies and overlapping markets allowed the companyto close three branches during the quarter, according to the news release.

Lakeland Bancorp on April 26 reported net income of $8.1 million,or 20 cents per share, for the first quarter. Excluding the pretax impact of $1.7million in merger-related expenses pertaining to the acquisition of Pascack Bancorp,the company's net income for the first quarter was $9.3 million, or 22 cents pershare. The company reported net income of $8.3 million, or 22 cents per share, forthe first quarter of 2015.

On April 20, Lakeland Bancorp declared a quarterly cash dividendof 9.5 cents per common share, payable May 16 to holders of record as of May 6.The dividend represents a 12% increase over the first-quarter 2016 dividend of .