Business
Lakeland Financial Reports Quarterly Performance
Year to Date Net Income Increases by 10% over 2018 WARSAW, Ind., Oct. 25, 2019 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN),
About this update from Lakeland Financial Corporation
[{"type":"text","content":"Year to Date Net Income Increases by 10% over 2018\nWARSAW, Ind., Oct. 25, 2019 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record third quarter net income of $21.5 million for the three months ended September 30, 2019, an increase of 4% versus $20.6 million for the third quarter of 2018. Diluted earnings per share also increased 4% to $0.83 for the third quarter of 2019, versus $0.80 for the third quarter of 2018.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n The company further reported record net income of $64.8 million for the nine months ended September 30, 2019 versus $59.0 million for the comparable period of 2018, an increase of 10%. Diluted net income per common share increased 10% to $2.52 for the nine months ended September 30, 2019 versus $2.30 for the comparable period of 2018 and also represents a record performance. David M. Findlay, President and CEO, commented, “The Lake City bank team is proud of its continued growth in 2019. We experienced growth in every business unit and remain committed to our strategic growth in our Indiana markets. As the financial services sector continues to experience innovation in technology, we continue to invest in our people, infrastructure and technology to drive innovation for our customers.” Highlights for the quarter are noted below. 3rd Quarter 2019 versus 3rd Quarter 2018 highlights: Return on average assets unchanged at 1.72%Return on average equity of 14.8%, compared to 16.6%Organic loan growth of $180 million, or 5%Core deposit growth of $328 million, or 9%Net interest income increase of $1.6 million, or 4%Net interest margin of 3.38% compared to 3.42%Noninterest income increase of $141,000, or 1%Revenue growth of $1.8 million, or 4%Provision expense of $1.0 million compared to $1.1 millionNonperforming assets to total assets of 0.39% versus 0.27%Total equity and tangible common equity1 increase of $86 million, or 17% 3rd Quarter 2019 versus 2nd Quarter 2019 highlights: Return on average assets of 1.72%, compared to 1.76%Return on average equity of 14.8% compared to 15.8%Organic loan growth of $25 million or 1%Net interest income increase of $1.1 million, or 3%Net interest margin increase to 3.38% from 3.37%Noninterest expense increase of $645,000, or 3%Revenue growth of $311,000, ...