Somerset Hills Bancorp

Lakeland Bancorp Receives NJ Department of Banking Approval of Proposed Merger With Somerset Hills Bancorp and Provides Information Concerning Election Form Deadline

OAK RIDGE, N.J. and BERNARDSVILLE, N.J., May 6, 2013 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (Nasdaq:LBAI) ("Lakeland Bancorp"), the parent company of Lakeland Bank, announced that it has received approval from the New Jersey Department of Banking and Insurance of the proposed merger with Somerset Hills Bancorp (Nasdaq:SOMH) ("Somerset Hills Bancorp"), the parent company of Somerset Hills Bank, and of the merger of the bank subsidiaries. The parties expect the additional required regulatory approvals to be forthcoming within the next few weeks. Lakeland Bancorp and Somerset Hills Bancorp intend to issue a press release once all regulatory approvals have been received.

Somerset Hills Bancorp

Somerset Hills Bancorp Reports 2013 First Quarter Earnings

BERNARDSVILLE, N.J., April 18, 2013 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), today reported first quarter net income of $402,000 for 2013, a 51.0% decline from the $820,000 earned in the first quarter of 2012. First quarter diluted earnings were $0.07 per share for 2013 and $0.15 per share for 2012. First quarter 2013 results include $419,000 of pretax expenses related to the pending merger with Lakeland Bancorp, Inc. ("Lakeland") and amount to $352,000 on an after-tax basis. Net income of the first quarter of 2013 excluding these merger-related expenses was $754,000, a decline of 8.0% from the same quarter of 2012. Excluding merger-related expenses, fully diluted net income per share for the first quarter of 2013 was $0.14, a 6.7% decrease from the first quarter of 2012.

Somerset Hills Bancorp

Somerset Hills Declares 2nd Quarter Cash Dividend

BERNARDSVILLE, N.J., April 15, 2013 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH), announced today that its Board of Directors had declared a cash dividend of $.08 per share payable May 6, 2013 to holders of record of the Company's common stock on April 26, 2013. Under the terms of the Company's Merger Agreement with Lakeland Bancorp, Inc., the Company is permitted to continue to pay its regular quarterly cash dividend of $.08 per share each quarter until the closing of the transaction.

Somerset Hills Bancorp

Lakeland Bancorp to Acquire Somerset Hills Bancorp

OAK RIDGE, N.J. and BERNARDSVILLE, N.J., Jan. 29, 2013 (GLOBE NEWSWIRE) -- The Boards of Directors of Lakeland Bancorp, Inc. (Nasdaq:LBAI) ("Lakeland Bancorp"), the parent company of Lakeland Bank, and Somerset Hills Bancorp (Nasdaq:SOMH) ("Somerset Hills Bancorp"), the parent company of Somerset Hills Bank, announced today that the companies have entered into a definitive Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which Somerset Hills Bancorp will be merged with and into Lakeland Bancorp, with Lakeland Bancorp as the surviving bank holding company. The Merger Agreement provides that the shareholders of Somerset Hills Bancorp will receive, at their election, for each outstanding share of Somerset Hills Bancorp common stock that they own at the effective time of the merger, either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash. 

Somerset Hills Bancorp

Somerset Hills Bancorp Reports 2012 Fourth Quarter and Higher Full-Year Earnings

BERNARDSVILLE, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), today reported full-year net income of $3.4 million for 2012, a 20.1% increase over the $2.8 million earned in 2011. On a fully diluted per share basis, net income was $0.63 per share for 2012 and $0.52 per share for 2011. For the fourth quarter of 2012, the Company earned $844,000, representing a 2.7% increase from 2011 fourth quarter net income of $822,000. Diluted earnings per share amounted to $0.16 in the fourth quarter of both 2012 and 2011.

Somerset Hills Bancorp

CORRECTION -- Somerset Hills Bancorp Reports Higher 2012 Third Quarter and Nine-Month Earnings; Declares Cash Dividend of $0.08 Per Share

BERNARDSVILLE, N.J., Oct. 22, 2012 (GLOBE NEWSWIRE) -- The registrant reissued its earnings release for the three and nine months ended September 30, 2012 to correct certain errors contained in the 2011 comparative numbers and one rounding error of one basis point to the 2012 allowance for loan losses to total loans ratio included in the financial presentation. Accordingly, two conforming changes were to the body of its earnings release.

Somerset Hills Bancorp

Somerset Hills Bancorp Reports Higher 2012 Third Quarter and Nine-Month Earnings; Declares Cash Dividend of $0.08 Per Share

BERNARDSVILLE, N.J., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), today reported net income of $813,000, or $0.15 per diluted share, for the third quarter of 2012, a 10.3% increase from 2011 third quarter net income of $737,000, or $0.13 per diluted share. For the first nine months of 2012, the Company's net income amounted to $2.5 million, or $0.47 per diluted share, and $2.0 million, or $0.36 per diluted share, for same period of 2011. The Company realized securities gains of $161,000 pretax ($97,000 after taxes) in the first nine months of 2012 and $9,000 pretax ($5,000 after taxes) for the first nine months of 2011. Excluding these securities gains, the Company's net income for the first nine months of 2012 increased by 22.7% from its net income for the first nine months of 2011.

Somerset Hills Bancorp

Somerset Hills Bancorp Announces That Alfred J. Soles Will Become Chief Financial Officer

BERNARDSVILLE, N.J., Oct. 1, 2012 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company") announced today that Alfred J. Soles has joined the Company as Chief Financial Officer of the Company and its subsidiary, Somerset Hills Bank. Mr. Soles is a seasoned financial professional with over 35 years of experience as a senior executive of financial institutions. Mr. Soles was most recently a managing director for finance at BlackRock, Inc., and was previously the Chief Financial Officer of United National Bancorp.

Somerset Hills Bancorp

Somerset Hills Bancorp Reports Increased 2012 Second Quarter and Six-Month Earnings; Declares Cash Dividend of $0.08 Per Share

BERNARDSVILLE, N.J., July 19, 2012 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), today reported net income of $901,000, or $0.17 per diluted share, for the second quarter of 2012, and $1.7 million, or $0.32 per diluted share, for the first six months of 2012. In 2011, second quarter net income was $651,000, or $0.12 per diluted share, and first half net income was $1.3 million, or $0.23 per diluted share. The Company realized securities gains of $161,000 pretax ($97,000 after taxes) during the second quarter of 2012 and $9,000 pretax ($5,000 after taxes) in the first quarter of 2011. Excluding securities gains, the Company's second quarter net income increased by 23.5% and its six-month net income increased by 30.0% over the comparable prior year periods.

Somerset Hills Bancorp

Somerset Hills Bancorp Reports 36% Increase in First Quarter Earnings; Board Boosts Quarterly Cash Dividend by 14.3%

BERNARDSVILLE, N.J., April 19, 2012 (GLOBE NEWSWIRE) -- Somerset Hills Bancorp (Nasdaq:SOMH) (the "Company"), parent company of Somerset Hills Bank (the "Bank"), reported net income of $820,000 for the first quarter of 2012, a 36.0% increase over net income of $603,000 for the first quarter of 2011. First quarter diluted earnings per share were $0.15 in 2012 and $0.11 in 2011.