Commerce, Lakeland Banks Report Record Profits ; Improved Quarter Tied to Growth, Fees

Summary

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The first two New Jersey banks to report second-quarter profits raked in record amounts, despite paying higher rates for deposits.

Commerce Bancorp, the largest New Jersey-based bank, paid an average interest rate of 1.46 percent for its deposits during the quarter, up from 0.81 percent in the year-earlier period. But it said Thursday it managed to increase earnings by 20 percent to $79.4 million - primarily on loan and deposit growth.

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Commerce, Lakeland Banks Report Record Profits ; Improved Quarter Tied to Growth, Fees

Oak Ridge-based Lakeland Bancorp announced Thursday that it increased earnings by 9 percent to $5.1 million. The increase is attributed largely to a boost in revenue...

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