Wednesday, November 20th, 2019

Lakeland Financial reports record income

Posted: Friday, May 10, 2019

Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record quarterly net income of $21.7 million for the three months ended March 31, 2019, an increase of 18% versus $18.3 million for the first quarter of 2018.

Diluted earnings per share also increased 18% to $0.84 for the first quarter of 2019, versus $0.71 for the first quarter of 2018, also representing a record quarter for the company and its shareholders. On a linked quarter basis, net income increased $319,000, or 1% from the fourth quarter ended December 31, 2018, which had net income of $21.4 million and $0.83 diluted earnings per share.

David M. Findlay, president & CEO commented, “Our record results reflect our continued strong revenue growth, a healthy asset quality environment and stable economic trends in our Lake City Bank footprint. The opening of our 50th office in downtown Indianapolis this quarter highlights our continued organic growth strategy.”

Highlights for the quarter are: 1st Quarter 2019 versus 1st Quarter 2018 highlights: return on average equity of 16.6%, up from 15.8%; return on average assets of 1.80%, up from 1.58%; organic average loan growth of $126 million, or 3%; core deposit growth of $129 million, or 3%; net interest income increase of $2.0 million, or 5%; net interest margin increase of 9 basis points to 3.45%; non-interest income increase of $1.6 million, or 17%; revenue growth of $3.6 million, or 8%; non-performing assets to total assets of 0.14% versus 0.24% a year ago and total equity and tangible common equity1 increase of $70 million, or 15%.

1st Quarter 2019 versus 4th Quarter 2018 highlights: return on average assets of 1.80%, up from 1.75%; return on average equity of 16.6% compared to 16.8%; organic loan growth of $24 million or 1%; core deposit growth of $128 million, or 3% and net interest income decrease of $1.4 million, or 3%.