NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned senior unsecured debt ratings, with a stable outlook, for Oak Ridge, New Jersey based Lakeland Bancorp, Inc. (NASDAQ: “LBAI”) and its subsidiary, Lakeland Bank (the “Bank”) based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
KBRA’s senior unsecured debt rating of BBB for Lakeland Bancorp, Inc. notched off Lakeland Bank’s senior unsecured debt rating of BBB+. In turn, BBB- and BBB map to a short-term rating of K3 and K2, respectively, on KBRA’s short-term rating scale. Additionally, LBAI’s and the Bank’s subordinated debt ratings are notched off of the senior unsecured debt ratings and stand at BBB- and BBB, respectively. The ratings are supported by LBAI’s consistent operating results, core funding strategy, strong liquidity, and favorable operating markets. The ratings are constrained by below peer regulatory capital ratios, relatively elevated levels of nonperforming assets, and moderately low earnings.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).