LBAI - Earnings call transcript Q4 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to the Lakeland Bancorp, Inc. Fourth Quarter Earnings Conference Call. My name is Victoria and I'll be coordinating today's call.

You have the opportunity to ask a question at the end of the presentation. [Operator Instructions] Please note, this event is being recorded. to and conference Director like Russell, to now Controller Assistant of would turn over the Mary I Financial Reporting. ma'am. ahead, go Please

Mary Russell

Thank President our ladies for morning, and CEO, Today's you, and and President Financial Victoria. you Executive Officer, Shara; thank Splaine. Vice presenters and are joining Chief quarter fourth gentlemen for Thomas earnings and call. us Good Thomas

forward-looking please caution our the results -- today's any you review as that standard our of of financial which made take beginning be of Before ask note course may during statements to we the call.

in Our full our disclaimer morning's which is the page contained has to been on Investor Relations this posted release lakelandbank.com. website, earnings

Thomas who to Now, it his pleasure is will Shara, my fourth perspective introduce quarter. offer on our

Thomas Shara

everybody pleased and us. and morning, joining quarter fourth good to our year for We're earnings full results. thanks and Mary discuss Thanks,

I Constitution remind $X.X during Xst through want year Xst us, billion week going that Before the first fourth strong in and with the just results, merger finished closed with Constitution and year quarter we had very our full a Like our January. assets. to everybody of

to systems scheduled conversion XX weeks February things in Our good three with for are shape and is go.

the reminder, same additional are of both an banks Fiserv. As platform on

in cost surprises announced. since We teams than made our earlier place. we we as been grow over anticipated saves of integration are no been retail the As we and strong $XX employee fourth a bit comfortable There July. and have with do when previously result remain commenced, lending have the the billion process all key selections is in This March of quarter, expect back acquisition a to XX, announced XXXX.

included. for was quarter, $X.XX As our million fourth costs $X.XX with net our or it of the merger-related relates quarter income of EPS $XX.X to

quarter. mid-single-digit for with the anticipate which allow hopeful Originations that year prepayment ever. in and $XXX quarter. we for of year year and to was up were was The nearly grow better growth of the nicely will we the rates X.X% XXXX solid with ex-PPP the X% penalties us were were equity the which XXXX and our and comparable up most to quarter on we up. moving best was were the loans year at $XX was consumer. move experienced down quarter starting finished than Loan origination construction linked lessen growth million was on million fourth Credit with the nonperforming disappointing pipeline XXXX million late, year. for a of growth X.XX%, exception X more year. growth $XX or are originations is the the year with Loan strong for the reserves and back XX.XX%. charge-offs for or basis X.XX and We return starting penalties fourth came utilization up for but only in category the for year, assets trends remain was XX originations, and the quarter the with strong down in fourth $XX at ex-PPP bit million every line equity $XX basis strong. of points on XXXX. million $X.X million a prepayment exceptionally spite in the tangible was in XX.XX% and Net in assets with of ended points Our return even loans small loans. basis Loan in quarter X% of of the elevated return were PPP quarter or were of points C&I recovery for year of

equity X.XX%. came tangible ROA for on at of EPS XX.XX% in $XX average year the equity $X.XX, full on Return the a return year, earnings was totaled XX.XX%. For was million and record. with

generally see to continue we economy, board. Jersey New trends the the Regarding positive across

continued pandemic improve these recovered, has jobs point nearly rate during at unemployment of XX% in the state the now the New has lost At and here. now and stands and the Omicron abating. from continue All that Jersey's well X.X%. cycle positive in will this hospitality, to with asset look be trends that classes, are seems the to exception XXXX hopeful we're of performing

For we of Xst Xst refocused the the on we integration Constitution, on and Constitution first remain the balance quarter, conversion of the positive incredibly merger.

markets. about forward products expanded excited sheet we to Chief are in looking strong our our associates and I'd new balance to growth over to like turn are Financial services Thomas Splaine, the and expanded Our Tom? leveraging With and that, potential call our Officer,

Thomas Splaine

morning, everyone. good and Tom you, Thank

fourth provision well with QX $XXX,XXX, through XXXX. the as QX of a million for QX as our compared during $X.XX had we which QX as a negative Tom or from $X.X we benefit of for losses a credit results per of As to the regarding as income earnings the credit loss diluted benefit recorded mentioned, notable for provision provisions share in negative of were reported quarter million $XX.X $XX.X was for of consistent net million is provisions losses in credit cumulative QX.

net expenses. assets. $XXX,XXX the offset was into higher-yielding or cost was sheet the addition, remixing a in impacted on balance of In unfavorably $XX.X by annualized These growth, the million reduction of were QX in a average continued items X.XX% our return deposits. merger-related revenue by earning assets asset Pre-provision and

trailing the quarter, Our during margin towards the high the portfolio versus being liquidity before as loan points of quarter remained later excess part QX. interest in XX and growth net investment the deployed compressed basis into

of assets QX year. of a we finished X.X% in where average As the normalized remained cash to assets is comprise balance average our elevated and of total result, which level compared as total more average X.X% our

at decrease PPP to continued that C&I the their we the reduced experienced remain quarter. $XXX but we pleased mortgage On loan increase as loans, rate $XXX liquidity compared now our to grew improve QX balance deposits in of CRE, fairly increased investment $X.XX portfolio the Investments and prepayments portfolio. and QX and residential $XX or are XX% income stands assets. in net as noninterest-bearing that deposits. quarter portfolio QX grew billion the including prior QX, mentioned, to X.X% million million loan compared two significantly or we Tom increased elevated PPP during Loan or XX% interest in Total as from the the portfolio, to growth multifamily, The million sheet, in earnings. the quarters' excluding excess deployed and total forgiveness portfolio trailing

remain Our in in the basis to continue quarter total of our of quarter fell best XX bank one and peer the this deposits basis from cost XX points to points group. trailing

to transaction the deposit remix off continuing interest-bearing to noninterest-bearing and while deposits continue accounts We higher run by portfolio time deposits. growing rate

strong accrete We retention. did during stock as any repurchase to through valuations capital remains position capital XXXX continue under stock we earnings were existing not Our favorable. program and not stock repurchase common our

ratio tangible to of regulatory is and capital X.XX% at equity our common XX/XX/XXXX have increased ratios XXXX. all of tangible Our end since asset the

prior common of since value increased the year. tangible Our has per $XX.XX share XX.X% book

the losses provision for income On statement, was our of expense an credit $XXX,XXX.

of Our basis current quarter. quarter excluding wealth the quarter. additional of pandemic upon XX $X.X lower increased million growth loan fee economic conditions the to services on the offset income provision portfolio sale assets partially QX, the XXXX. during residential trailing quarter loans dramatic in by to more -- reflected $XXX,XXX. loans loan based a fourth during residential on in into to PPP the increased uncertainty in by loans points surge part Nonperforming organic of increased and in expenses in retain trailing XXX loans Noninterest allowance the from one QX C&I strategy of for September gain assets basis placing our points total were compared of XX, on to The market, to impacted due as due XX, XX to basis expenses our income of status. December loan basis as versus and credit nonaccrual at total losses secondary negatively advisory XXXX, represents income, to merger-related primarily remain nonrecurring points operating points XX $XXX,XXX the

decreased prepayment debt quarter long-term from lower during linked and medical fees lower $XXX,XXX expenses expenses merger-related the benefits and QX, to costs expenses. due operating Excluding

the XX% of to XX% XXXX quarter well Our quarter quarter fourth of the of XXXX. as compares ratio efficiency the for trailing XX% in fourth for as

full XX.X% to XX.X% in effective compared in this QX and QX the Our to rate of rate tax effective for year in tax an XX.X% of dropped resulted XXXX.

changing complicated and as in Bank's our curb Xst Federal rapidly that Constitution positioned successful the the Reserve XXXX. well as acquisition rates. is well of are rising completion Bancorp outlook inflation January rate believe Regarding to rising the We for forecast for environment our XXXX; move of interest anticipated by of interest the we

accounting and interest across projected risk adjustments, show Xst to Our consolidated rates will in and are income in year. parallel over purchase interest the any we increases interest that net subsequent add the asset-sensitive Lakeland position, curve experienced prior rate Constitution

point environment. rate earning interest assist margin basis a net an increasing XXXX. has funds deployment percentage will will In the addition, We securities X QX of the interest an variable Xst has us and increase and higher in anticipate reached Constitution to inflection loans late assets interest of into in which that points due of

a approximately with development continued loan I changes the with credit concludes secondary year to Noninterest until earlier, value to due for to cost to the for the to remain tax loan expected in addition fair companies $XXX which losses higher of is million to questions. primarily XX.X%, the due As remarks portfolio the is acquired Victoria That approximately conditions saves Salary and in are at merger-related merger. XXXX and XXXX two be completed over our Constitution our and current mark are any tax million acquired to merger-related and to SBA expenses high marketing digital to the Tom excluding forecast the $XX we end the to anticipated hiring expense discussed XXXX, pending in back initiatives. not loan of Xst day the to expanded million With digits turn will QX asset quality be to and at portfolio high. estimated organic the than will state grow as during previous any benefit for provisions any loan be of to rates. estimated to remain in expenses in activity. XXXX federal the loan for in conversion Xst are and at will rate prepared income consistent years $XX start in mid-single facing higher grow achieved QX expect Noninterest in capacity run year generation quarter. our credit-related systems be organically is call range. residential to markets is provision for the Income QX, IT from current recorded costs, $XX The the Constitution related million

Operator

And Please from from [Operator first Schiraldi our ahead. Frank question Piper go Sandler. comes Instructions]

open. is line Your

Frank Schiraldi

morning. Good

Thomas Shara

Good morning, Frank.

Thomas Splaine

Frank. Hi,

Frank Schiraldi

next loan for wanted I growth the year. to ask expectations on mid-single-digit

what that mortgage wondering for Constitution's assumes Just Xst business? warehouse

Thomas Shara

Yes, assumes for a the small increase Frank, year. it

bit a we them with down As you have come but mortgage are know, existing volumes portfolio. expected to growing the passed

Constitution, growth recall, constrained was you the bit balance the within If it size Xst sheet. a of for because of

which So find we've and some go asked to customers them doing. they are new out

customers have the been business just raising function with along talking lines that be It existing We and seasonality. of of to existing mortgage drive some that will markets the volume in a credit.

So year we up expect it to in one. be modestly

Frank Schiraldi

Okay.

additive overall mid-single digits? So the slower that that's like than sound at growth maybe necessarily overall grows a pace the to loan doesn't it in

Thomas Shara

actually No, the or pace in is slightly better. included at growth. digit But the it mid-single same

Frank Schiraldi

securities terms shift deposit you, Or flattish Do book additional of within of are think obviously there okay. XXXX? opportunities for positive sort outlook in the year? there's mix that are you in then Got some -- this to And balances build deposits.

Thomas Splaine

us deposit that Xst is the on forecast starting deploy. Constitution come slower that continue, the now rates at still be pace we'll stimulus have the has to looking liquidity and now, of will from rise sheet we interest but balance out a growth some albeit to the Right that merger coming possibly to

rate term, the in growth. the So would use portfolio. the pushing year, be duration we securities over we of some the portfolio might into looking coming rising fund in of the liquidity loan environment, securities be the But the more to off possibly short to the

Frank Schiraldi

an for point then, wondered improvement? if And us just of share XX NIM okay. finally rate just could on with me; what thoughts you you, your initial you terms get basis in hike for Got

Thomas Splaine

I'd like Right interest it's now, the still like Frank, and with Yes, things to rate risk going share through sensitivity purchase that. you. marks accounting

sensitive the want We've asset right historically. I number Xst quote And we makes So -- asset slightly us Constitution positioned way can't well only to little bit that but a are behind that a don't sensitive. that we bank stand now. more

So have I marks as the a information you number more merger done quote of. get for we you can't but taken care and the purchase we'll all accounting

Frank Schiraldi

you. fair Okay, Thank enough.

Thomas Splaine

Thanks, Frank.

Operator

from Navas question. Davidson. D.A. our your from comes for question Frank, you, Thank next And Please Manuel go ahead.

is open. line Your

Manuel Navas

morning. Good

coming have Given type like in you loans mix of think are your what resi more outlook; loan of commercial? do I in outlook, versus that breakdown of in a the

Thomas Shara

Yes.

predominantly expect strong. which We in strong We'll Xst to portfolio. Constitution originations resi continue the the sell growth still are

have origination. that keeping We're in We program mortgage Lakeland and the a launched. then that legacy we've some picking cherry the correspondent portfolio of

good seeing we're great. be move see C&I see continue growth there'll good in is within And So resi growth we start as side. We're to to again which to the utilization well. up line and on the free portfolio the portfolio mid-single-digit growth starting back

Manuel Navas

Okay. to Switching over asset sensitivity.

sensitivity deposit you soon you your down I costs, own get have you in to kind but guess, disclosures? I assuming both your deposit hands brought disclosures asset betas, are on more You've what of assuming deposit own of, with guess kind what around are betas entities your -- on

Thomas Splaine

for a rise -- move The different be when the to categories. real happens will rates, around now, expectation what well. sensitivities, around to the sensitivity Fed XX% markets based rates do as planned deposit upon in XX% Right Yes. starts we assets and local

So been low we rise chatter moves betas close some like modeling when as -- Fed rates. that little and they first maybe what the as a cycle rate rates actually the happens the a X of to went last couple remain than time could upward rates There environment were betas the raised begin for rise. progressed to through continue then the first last different where rising extremely time to were in has the be

anticipating of line now. XXXX that right we along kind So as more into something head we're

Manuel Navas

that for you Okay. on, near And Is the first quarter of higher. NIM the of discussed then of the this basis points just entering How my question being Or year? given is last that NIM I kind X 'XX? think that term is should about expectation? kind

Thomas Splaine

balance a was the QX. into in liquidity that's historical on Lakeland standpoint from all probably sheet basis a stand-alone off more deploying Yes, of heading 'XX, where the taking funds, the late

we will point will higher as characteristics than impact of portfolio assist interest Constitution, of go have When the we heading their upon do legacy you into and hidden based portfolio. So well at us inflection we net a have that from XXXX look Xst our forward. margin the they as

Manuel Navas

Thank much. you. Thank you very

Thomas Splaine

Manuel. Thanks,

Operator

Perfect. O'Connell ahead. Thank your Manuel, on from KBW. And will Please go to you Chris question. much, we so for now move

Your line is open.

Chris O'Connell

gentlemen. morning, good Hi,

Thomas Splaine

Good morning, Chris.

Chris O'Connell

make here I'm I beat that want getting but it a don't I to dead clear. horse to just want sure

impact? bp for that NIM X is all the Xst increase Constitution just for the with So guide, in first quarter 'XX

Thomas Splaine

No, coming legacy that's of we're historical standpoint from standpoint. a now more a from Lakeland where from, right

Chris O'Connell

Is the quarter, not For year? first though? that quarter full first

Thomas Splaine

first it's quarter. Yes,

Thomas Shara

First yes. quarter,

Thomas Splaine

as then employ.... we And

Chris O'Connell

be should to additive somewhat right? They that,

Thomas Splaine

of purchase value put marks. XXXX. the as as to the that use they then be off have we will fair on to well the We'll be assets, And then excess well looking And they as go some accounting they that finished come QX. into play additive on forward. marks currently, as the in we Yes, to deploy their books -- year liquidity as

lot understand parts. a it's in prepared now. well I So 'XX. right But rates little of for moving confusing we're rising there's a

Chris O'Connell

helpful. that's Understood,

true And is any like even that without so kind like higher, NIM point rates rising seems without migrating year? this throughout inflection would the it rates, be about the of the modestly

Thomas Splaine

Chris. That is correct,

Chris O'Connell

year you're helpful. pop quarter back the around first kind as all quarter guide. got year would Great. getting the the the quarter, a starting thinking then of those that or that brought and for or given of be items great expenses I conversion Any compensation it's to as But full to have go, this of color at up And expected in some the system far expenses? are as know a that is rebound down point how first

Thomas Splaine

bit side, On the I that in of prior quarter as just the we'll year. I basis. the higher to history. of a rest tends benefit some performance out up awards the on decrease that of a ensuring payments costs some upon based our at of -- quarter the this be the expenses equity think, the don't bonus first being reverting well claims year as significantly back of But moving rate QX to little really was looking go-forward because -- than be see given and

be and So typical rate our that expenses. just tends cyclical to

Chris O'Connell

Got be coming it $XX like remind is -- of And annualized will crossing can what it. first is? July XQ the billion, 'XX sounds And with just 'XX. in you impact Durbin impact you and now, us of -- Durbin can the

Thomas Splaine

Yes.

million of is second basis an half So basis we're after-tax $X.X and and pretax about at million. looking impact $X.X estimated XXXX

Chris O'Connell

for guys on. Great. oncoming you at? are those me And that for putting securities question then yields are just is What last the

Thomas Splaine

on coming [ph] securities goes the X.XX mortgage-backed books and yield on [ph]. on the low somewhere books tick in the books coming to time to but X.XX on continues the as securities the Blended now municipal going the upward right Xs in range

Chris O'Connell

Great. That's my all questions. I taking had. Thanks for

Thomas Splaine

Thanks, Chris.

Operator

Perfect. And Thank William James. Raymond Wallace comes Instructions] Please [Operator ahead. from question. you, Chris, for question our from go your next

William Wallace

morning, guys. Good Thanks.

Thomas Splaine

Good Wally. morning,

William Wallace

pretax commentary, good $X.X that number? just is morning. annual or an impact, that is that Tom, half quarterly? for -- the Durbin back million So the Is the

Thomas Splaine

That annual Wally. number, would the be

William Wallace

And the NII you number, fourth the contribution PPP, that contribution then what on from quarter have was? do

Thomas Splaine

was $X.X QX. million in $X.X was Contribution million QX. It in

William Wallace

net you help of your understand PPP us there, pro us headed. us do excluding though, wanting where provide forma but margin model maybe I you kind -- of contribution? margin, fourth Constitution's a margin number we're help have Maybe in hesitancy get quarter Xst kind help happen could -- like interest -- do that And triangulate Okay. a our on just to to

Thomas Splaine

as analysts some that have clarify the look we can you Wally. with that try the to of I the stuff. right But don't of rest handy I and now, through

Thomas Shara

you can Wally. that, We get

William Wallace

your that is Or quarter, for the X basis PPP? NIM, including the the guide first that off NIM excluding expansion in is then noise of And PPP? the from the reported Okay. point

Thomas Splaine

That be on would NIM reported our QX. for

William Wallace

Okay. All right.

I you some we're given assume, is that... contribution and of So decline -- be kind running PPP more, would the that would PPP loan would expecting a

Thomas Splaine

Correct.

William Wallace

Okay. your basis a say hikes XXX beta points quarter filings, assumes And modeling? from XX% X.X% then your third contribution to average a of financial and that NII you deposit in XX%

Thomas Shara

Yes.

William Wallace

FCCY more contribution. that be additive asset-sensitive, Okay, to correct? great. going They're And of level is to

Thomas Shara

Yes. Correct.

William Wallace

Okay, that's dropped utilization last question. then quarter, helpful. believe All had I your right. to XX%. like Last And

the I you prepared that increased. in heard think commentary, I say

growth in does increase If utilization you now? continued icing? Or guide where loan be would is include could, your And that utilization?

Thomas Shara

Yes. mid-single-digit quarter, utilization in in the your rate, XX% from utilization the while and XX% was quarter included The at was third the not second was year-end. XX%

moving and would to So growth. it is additive loan up be

William Wallace

Okay.

Okay, thank your you I time. very much. had. appreciate That's all I

Thomas Shara

Thanks, Wallace.

Operator

comes you question so ahead. next Erik Thank Scattergood. Zwick And much. & from Please Boenning go from our

Erik Zwick

Hey, good morning, guys.

Thomas Shara

are Hey Eric, how you?

Erik Zwick

thanks. guys too. well, doing are Hope I'm you

Thomas Shara

are. We

Erik Zwick

provide question Shara, your I will mid-single-digit and that number Another on upside. mentioned could loans. the hopeful comments, in you're prepared that along with think, also prepays you Tom that slow

So that? or off they curious to current due similar I mid-single-digit of could I'm if to do how And market saw other prepay in potentially about guess what just that much how expecting you you guide, fall are that a we be thinking in are lift rates XXXX or factors? higher

Thomas Shara

much that predict, the as hard Erik, be mid-single-digit Yes. naturally year-over-year. It's consistent be But would to, it's that rates The with prepay would as any up and that anticipated they're much certainty. on growth. of predict. with to But So is they obviously, top moving right? slow they'd speeds, to are assumption hard

Erik Zwick

the all, versus kind pipeline that think at that then the I of And I term the if stood solid. loan of quantify quarter? understand could -- the you year you end pipeline maybe the certainly was Curious at third the pipeline where the maybe for end No, the today used the of that.

Thomas Shara

in at And on. higher pulled it the quarter a The was The end forward pipeline, pipeline quarter. don't was we forget, the lot of into growth hold September. than fourth

pull finishing -- the did in pipeline of lot XXXX slightly forward quarter. the from was the down So year but year-end a fourth growth we

Erik Zwick

Okay.

still confidence in some gives though, so quarter-over-quarter, you that stronger fourth growth with the positioned and up even well to... quarter, So that

Thomas Shara

well. this Positioned Xst Constitution, that obviously, includes of none And point. then at

Erik Zwick

a Right. good point, too. That's

accounting I numbers what Xst been may know I questions -- get It I but guess then of you just margin be final to closing any Okay. may And more. guess, estimate in the on contribution XXXX? lot on scheduled a the Constitution of and close, one accretion I've got purchase might there's need kind the not of

Thomas Splaine

don't can't did now. we of some I the estimates right so that, everyone got -- we -- my when diligence a that on of it deal accounting we -- put July. is and I the did clear, the due lot have the I Erik from but But modeling just in the did were we announced purchase that that back all hands the

are going rates know, have expectations move to significantly we interest As that they're moved all going and forward.

can you what and really my don't So with Erik. share I the I wait final -- get hands But this at until can you anything for see we till on I'll point. get I you, marks, have for put to I back

Erik Zwick

if you due you I Okay. about terms fourth rate of in could any of of of that. repurchase Wondering think kind in things us know valuation. you that to for multiple, tangible I that terms current value nature? then return, appreciate internal of how that book refresh price one of just me. just quarter kind shares you the the in last And mentioned to didn't

Thomas Splaine

levels. share Yes, and look on standpoint from that it's Sure. impact on the earn-back at perspective we capital repurchases from it an --

earn acquisitions. for compared dilution So we're to levels. Tends looking standards to to to we conservative and the neighborhood repurchase of banks on hold back some doing plan of ourselves same earn a be hold the mergers back three-year to share for in that side but other capital an we the capital

a place be there's in repurchases on can look on share book So what's we're dilution. do environment. we And either how better to economic conservative consistent M&A our or capital, tangible we spending going think fairly and the in value we at depending if

Erik Zwick

guys. taking today. my the all color, Appreciate questions Thanks for

Thomas Splaine

Eric. Thanks,

Operator

Navas. Please much, from so Eric. go Thank you question ahead. we now Manuel And follow-up have a

Manuel Navas

discussion. Hey, of clarify I some NIM just the to wanted

higher combination entry quarter point into kind FCCY the the the It's the NIM expectation an end of quarter, think about NIM, of a FCCY. you're example. first combining not So of the the with for Is 'XX, to points that kind the X.XX% for way entering right XQ X it? basis of is into at

Thomas Splaine

Manuel. correct, way at that. sorry on it. Yes, we're That's the confusion You're looking I'm the for

Manuel Navas

it And the then where current have drive quarter. as end we the environment, we'll

Thomas Splaine

have Xst correct. Constitution as of interest economic acquisition their the head QX. the the we Right, from well and happens pickup We'll net in income as what environment through as

at So environment. as QX, a consolidated you'll company of on, the what's interest going end as income well net get the economic conditions and

Manuel Navas

Perfect. just made of own That's happened isn't far how to well. understood FCCY have this, as be on what's it's far. -- Lakeland can purchases I purchases ahead it advance securities sure wanted advanced closing. then make are you own so -- And liquidity. and I kind That liquidity, will your the so you've deploying liquidity securities has a of you sometimes that legacy

So combined going there securities correct? is more likely to when you company, are is investment some be

Thomas Splaine

enough into to reason to at the Manuel, we do is time. marketplace things your QX that many really want pace at capital were correct. push quick too that deploying and in one we didn't didn't point, is the And we that, That into QX a

beginning well time been taper as quicker as increases at of XXXX the anticipated were going to QX. a in interest has that the since rise. rate the of time was have feeling were then, interest a back at lot There We some more to And here. there rates groundswell increasing than

play too out to table not rates the and and we this time of push So at the one middle many go. into to see chips decided where

is Xst well books there liquidity we loan as need into get to yes, Constitutions So that as we securities growth into on as QX. deploy

Manuel Navas

a book guide percent the too as going be securities company? rough earning moment? a to is any that Or the assets of soon know as where to at there to Is is combined

Thomas Splaine

now, forecast will $X.X consolidated right combined of consistent Right now, somewhere for year. we in where that neighborhood portfolio or billion of entering in the of the be with the and the it's we're through end pretty is once get XXXX end the at

Thomas Shara

what is XX% about run should we're thinking. It

Manuel Navas

with I'm questions. you. good the Thank very helpful. very Thank you That's much.

Thomas Shara

Thanks, Manuel.

Operator

now questions. Perfect. And this no your Tom for we final I point, Manuel, like Thank hand to remarks. you, further over question. for would have back to Shara at

Thomas Shara

morning. to us joining our for this thanks results So quarter go fourth over

If questions, our this you morning. At or any follow-up safe, stay concludes call have Thank you. very that for reach this to everybody. point, out free I. Thanks much feel and Tom to

Operator

joining Thank today's call. for you everybody

may disconnect your You now lines.

Lakeland Bancorp (LBAI) 26 Jan 222021 Q4 Earnings call transcript