Business
Lakeland Financial Reports Record Performance
Quarterly and Annual Net Income and Earnings per Share Set New Highs WARSAW, Ind., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq
About this update from Lakeland Financial Corporation
[{"type":"text","content":"Quarterly and Annual Net Income and Earnings per Share Set New Highs\nWARSAW, Ind., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported full year net income of $87.0 million, which represents an increase of $6.6 million or 8% compared with net income of $80.4 million for 2018. Diluted earnings per share also increased 8% to $3.38 compared to $3.13 for 2018. This per share performance also represents a record for the company and its shareholders.\n The company further reported record quarterly net income of $22.2 million for the three months ended December 31, 2019 versus $21.4 million for the comparable period of 2018, an increase of 4%. Diluted net income per common share was also a record for the quarter and increased 4% to $0.86 for the three months ended December 31, 2019 versus $0.83 for the comparable period of 2018. David M. Findlay, President and Chief Executive Officer commented, “2019 represents the tenth consecutive year of reporting record net income and earnings per share performance. In addition, we have reported record net income in 30 of the last 31 years. We are proud of the Lake City Bank team’s ability to produce consistently strong performance over the last three decades. It’s a reflection of our unwavering commitment to our team, our communities and our clients and an affirmation of our execution-driven culture.” Highlights for the year and quarter are noted below. Full year 2019 versus 2018 highlights: Return on average assets of 1.76%, up from 1.69%Return on average equity of 15.47% compared to 16.51%Organic average loan growth of $131 millionAverage deposit growth of $149 millionNet interest income increase of $3.8 million, or 2%Net interest margin of 3.38% compared to 3.43%Noninterest income increase of $4.7 million, or 12%Revenue growth of $8.5 million, or 4%Pretax net income growth of $8.4 million, or 9%Net charge-offs to average loans of 0.03%, down from 0.13% a year agoTotal equity and tangible common equity1 increase of $76 million, or 15% 4th Quarter 2019 versus 4th Quarter 2018 highlights: Return on average assets of 1.77%, up from 1.75%Return on average equity of 14.90% compared to 16.76%Organic loan growth of $151 million, or 4%Core deposit growth of $141 million, or 4%Noninterest income increase of $1.0 m...