Tuesday, October 17th, 2017

Lakeland Financial reports record performance

Posted: Friday, July 28, 2017

Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $15.4 million for the three months ended June 30, an increase of 20% versus $12.8 million for the second quarter of 2016.

Diluted net income per common share also increased 20% to $0.60 for the second quarter of 2017, versus $0.50 for the second quarter of 2016, representing a record quarter for the company and its shareholders. On a linked quarter basis net income increased 6% or $850,000 from the first quarter ended March 31, 2017, which had net income of $14.5 million and $0.57 diluted net income per common share. All share and per share data presented in this press release has been adjusted for a 3‐ for‐2 stock split paid in the form of a stock dividend on August 5, 2016.

The company further reported record net income of $29.9 million for the six months ended June 30, 2017 versus $25.1 million for the comparable period of 2016, an increase of 19%. Diluted net income per common share was also a record for the period and increased 18% to $1.17 for the six months ended June 30, 2017 versus $0.99 for the comparable period of 2016.

David M. Findlay, president and CEO commented, “The entire Lake City Bank team has contributed to these record results and we are very proud of the continued strength of the bank’s overall performance. These strong results reflect the overall economic vitality of our Indiana footprint and the continued growth of our commercial and consumer loan businesses. The best way for Lake City Bank to contribute to our markets is through the business of lending, and we are very pleased with our overall growth.”

Highlights for the quarter are noted below: 2nd Quarter 2017 versus 2nd Quarter 2016 highlights: Organic average loan growth of $394 million or 12%. Average deposit growth of $245 million or 7%. Net interests income increase of $4.5 million or 16%. Net interests margin increase of 15 basis points to 3.34%. Revenue growth of $5.3 million or 14% and continued strong asset quality with non-performing assets to total assets at 0.23% compared to 0.24%.