Lakeland Financial reports record quarter
Posted: Friday, January 27, 2017
Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, reported record net income of $52.1 million for 2016, versus $46.4 million for 2015, an increase of 12%. Diluted net income per common share increased 11% to $2.05 for 2016 versus $1.84 for 2015.This per share performance also represents a record for the company and its shareholders.
The company further reported record quarterly net income of $13.5 million for the fourth quarter of 2016, an increase of 10%, versus $12.3 million for the fourth quarter of 2015. Diluted net income per common share was $0.53 for the fourth quarter of 2016, an increase of 8%, versus $0.49 for the comparable period of 2015. On a linked quarter basis net income increased by $42,000 from the third quarter ended September 30, 2016. 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.
David M. Findlay, president and CEO commented, “This strong performance is a direct result of the entire Lake City Bank team’s unwavering commitment to taking care of our clients and communities every day. For the seventh consecutive year, and for 27 out of the last 28 years, we have produced record net income for our shareholders.”
Findlay added, “With total loan growth in 2016 of $390 million, or 13%, our focus remained on using our balance sheet to create economic impact in our Indiana markets. We believe that our reputation as a progressive lender, focused on assisting our clients grow their businesses has been a key driver of our ability to grow our loan portfolio.”
Findlay added, “During 2016, we continued to expand our footprint with the addition of two new offices, one in downtown Fort Wayne and our fourth location in Indianapolis. Our continued investment in our market presence, as well as our ongoing commitment to our people and technology, positions us well for continued growth and the consistent delivery of great client service.”