About Lakeland Bancorp

Lakeland Bancorp, Inc. operates as the bank holding company for Lakeland Bank that provides a suite of financial products and services for businesses and consumers. The company operates branch offices located throughout northern and central New Jersey and in Highland Mills, New York; six New Jersey regional commercial lending centers strategically located in its market area and one New York commercial lending center to serve the Hudson Valley region. The company offers an extensive suite of financial products and services for businesses and consumers. Commercial Bank Services The company offers a broad range of lending, depository, and related financial services to individuals and small to medium sized businesses located primarily in northern and central New Jersey, the Hudson Valley region in New York and surrounding areas. In the lending area, these services include commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, Small Business Administration (SBA) loans and merchant credit card services. The company participated in the SBA's Paycheck Protection Program (PPP) beginning in 2020 and continuing in 2021. Through the company’s equipment finance division, the company provides a financing solution to small and medium-sized companies that prefer to lease equipment over other financial alternatives. The company’s asset-based loan department provides commercial borrowers with another lending alternative. Depository products include demand deposits, as well as savings, money market and time accounts. The company offers online banking, mobile banking and wire transfer services to the business community and municipal relationships. In addition, the company offers cash management services, such as remote capture of deposits and overnight sweep repurchase agreements. Consumer Banking The company also offers a broad range of consumer banking services, including checking accounts, savings accounts, interest-bearing checking accounts, money market accounts, certificates of deposit, online banking, secured and unsecured loans, consumer installment loans, mortgage loans, and safe deposit services. Other Services Investment advisory services for individuals and businesses are also available. Additionally, the company provides commercial title insurance services through Lakeland Title Group LLC and life insurance products through Lakeland Financial Services Agency, Inc. Investment Portfolio As of December 31, 2022, the company’s investment portfolio included U.S. Treasury and U.S. government agencies; mortgage-backed securities, residential; collateralized mortgage obligations, residential; mortgage-backed securities, multifamily; collateralized mortgage obligations, multifamily; asset-backed securities; and obligations of states and political subdivisions. Supervision and Regulation The company is a registered bank holding company under the Federal Bank Holding Company Act of 1956, as amended (the Holding Company Act), and is required to file with the Federal Reserve Board an annual report and such additional information as the Federal Reserve Board may require pursuant to the Holding Company Act. The company has also elected financial holding company status under the Modernization Act. The company is subject to examination by the Federal Reserve Board. The bank is a state chartered commercial bank subject to supervision and examination by the Department of Banking and Insurance of the State of New Jersey and the Federal Deposit Insurance Corporation (the FDIC). The regulations of the state of New Jersey and FDIC govern most aspects of the bank’s business, including reserves against deposits, loans, investments, mergers and acquisitions, borrowings, dividends, and location of branch offices. The bank received an ‘outstanding’ the Community Reinvestment Act rating in its recent examination. The common stock of the company is registered with the Securities and Exchange Commission (the SEC) under the Exchange Act. As a result, the company and its officers, directors, and major stockholders are obligated to file certain reports with the SEC. The company is subject to proxy and tender offer rules promulgated pursuant to the Exchange Act. The bank’s deposits are insured up to applicable limits by the Deposit Insurance Fund (DIF) of the FDIC and are subject to deposit insurance assessments to maintain the DIF. History Lakeland Bancorp, Inc. was founded in 1989. The company was incorporated in 1989.