DDM Analysis: LBAI

Valuation Snapshot

Stable Growth	$39.10 - $160.71	$67.11
Multi-Stage	$24.76 - $27.04	$25.88
Blended Fair Value	$46.49
Current Price	$12.02
Upside	286.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	12.31%	16.66%	0.58	0.57	0.42	0.39	0.38	0.33	0.29	0.25	0.19	0.17
YoY Growth	-	-	1.97%	37.67%	6.53%	2.16%	16.95%	13.02%	17.78%	27.18%	16.15%	32.92%
Dividend Yield	-	-	4.86%	3.66%	2.49%	2.24%	3.53%	2.10%	1.46%	1.25%	1.90%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.73
(-) Cash Dividends Paid (M)	38.09
(=) Cash Retained (M)	46.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.95	10.59	6.35
Cash Retained (M)	46.64	46.64	46.64
(-) Cash Required (M)	-16.95	-10.59	-6.35
(=) Excess Retained (M)	29.69	36.05	40.28
(/) Shares Outstanding (M)	65.23	65.23	65.23
(=) Excess Retained per Share	0.46	0.55	0.62
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.46	0.55	0.62
(=) Adjusted Dividend	1.04	1.14	1.20
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.10	$67.11	$160.71
Upside / Downside	225.29%	458.29%	1,237.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.73	90.24	96.10	102.35	109.00	116.09	119.57
Payout Ratio	44.96%	53.96%	62.97%	71.98%	80.99%	90.00%	92.50%
Projected Dividends (M)	38.09	48.70	60.52	73.67	88.28	104.48	110.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.30%	8.30%	8.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	44.54	44.96	45.38
Year 2 PV (M)	50.63	51.60	52.57
Year 3 PV (M)	56.38	57.99	59.64
Year 4 PV (M)	61.79	64.17	66.61
Year 5 PV (M)	66.88	70.12	73.47
PV of Terminal Value (M)	1,335.02	1,399.50	1,466.45
Equity Value (M)	1,615.24	1,688.34	1,764.13
Shares Outstanding (M)	65.23	65.23	65.23
Fair Value	$24.76	$25.88	$27.04
Upside / Downside	105.99%	115.31%	124.98%

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Lakeland Bancorp, Inc. (LBAI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener