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Mergers & Acquisitions LAKELAND BANCORP, INC. (NASDAQ - LBAI)  M&A History << Return to Mergers & Acquisitions  Deal Overview Buyer: Lakeland Bancorp, Inc. Actual Acquirer: Lakeland Bank Target: Somerset Hills Bancorp Deal Type: Bank & Thrift Company Agreement Date 1/28/2013 Announcement Date 1/29/2013 Announced Deal Value ($M) 65.70 Status Completed Completion Date 5/31/2013 Announced Deal Value Per Share ($) 11.84 Consideration Breakout Cash ($M) 6.4 Common Stock ($M) 58.7 Common Stock Issued 5,794,079 Options/Warrants ($M) 2.1  Deal Pricing Ratios   Announcement Completion Price / Book (%) 152.0 156.0 Price / Tangible Book (%) 152.0 156.0 Price / Earnings (x) 18.8 22.1 Price / Deposits (%) 20.52 21.89 Price / Assets (%) 17.81 18.91 Tangible Book Premium/ Deposits (%) 7.86 8.75  Deal Terms Description of Consideration Lakeland Bancorp Inc. paid $12.00 per share in cash or issued 1.1962 shares of its common stock for each outstanding share of Somerset Hills Bancorp, subject to 10% of the consideration being paid in cash. Lakeland Bancorp Inc. also assumed Somerset Hills Bancorp's outstanding options of $2.14 million. Accounting Method Acquisition In-State Transaction? Yes Merger of Equals? No Geographic Expansion? Partial Overlap Goodwill Generated ($000) 22,862 Estimated Cost Savings (%) 31.00 Estimated Cost Savings ($000) 2,800 Est. Restructuring Charges ($000) 2,800 Maximum Termination Fee ($000) 2,950 Minimum Termination Fee ($000) 0 Exchange Ratio (Common For Common) 1.1962 Exchange Ratio (Common For Preferred) NA Exchange Ratio (Preferred For Common) NA Exchange Ratio (Preferred For Preferred) NA Lockup Agreement No Strike Price ($) NA % of Shares Outstanding NA Shares Under Option NA Core Deposit Intangibles ($000) 2,712  Additional Deal Information Post-Completion Year Deal Accretive? Earnings Accretion(%) Earnings Accretion($) Est. Cost Savings(%) Est. Cost Savings($000) 2 Accretive NA NA NA NA  Deal Advisers - Financial Advisers Party Advised Adviser Hired? Firm Name Buyer Yes Raymond James & Assoc. Inc. Seller Yes Keefe Bruyette & Woods Inc.  Deal Advisers - Legal Counsel Party Advised Adviser Hired? Firm Name Buyer Yes Lowenstein Sandler PC Seller Yes Windels Marx Lane & Mittendorf Copyright 2014, © SNL Financial LC  Terms of Use