Business
Lakeland Financial Reports Record Second Quarter 2021 Performance
WARSAW, Ind., July 26, 2021 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported
About this update from Lakeland Financial Corporation
[{"type":"text","content":"WARSAW, Ind., July 26, 2021 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record quarterly net income of $24.3 million for the three months ended June 30, 2021, an increase of 24% versus $19.7 million for the second quarter of 2020. Diluted earnings per share increased 23% to $0.95 for the second quarter of 2021, versus $0.77 for the second quarter of 2020. On a linked quarter basis, net income increased $1.4 million, or 6%, from the first quarter of 2021, in which the company had net income of $23.0 million, or $0.90, diluted earnings per share. Pretax pre-provision earnings1 were $28.4 million for the second quarter of 2021, a decrease of 4%, or $1.3 million, from $29.6 million for the second quarter of 2020. On a linked quarter basis, pretax pre-provision earnings decreased 4%, or $1.1 million, from $29.5 million for the first quarter of 2021. The company further reported record net income of $47.3 million for the six months ended June 30, 2021 versus $37.0 million for the comparable period of 2020, an increase of 28%. Diluted earnings per share also increased 28% to $1.85 for the six months ended June 30, 2021 versus $1.44 for the comparable period of 2020. Pretax pre-provision earnings1 were $57.8 million for the six months ended June 30, 2021, versus $57.2 million for the comparable period of 2020, an increase of 1%, or $0.7 million. David M. Findlay, President and Chief Executive Officer commented, “We are very pleased with our strong performance in 2021 under challenging conditions. Our record net income for the quarter and first six months of the year reflects strong organic loan and deposit growth, exceptional management of the Paycheck Protection Program and prudent overall balance sheet management. As we transition to the second half of 2021, we look forward to expanding our business development efforts and focusing on growing relationships with clients and prospects.” Financial Performance – Second Quarter 2021 Second Quarter 2021 versus Second Quarter 2020 highlights: Return on average equity of 14.71%, compared to 12.92%Return on average assets of 1.58%, compared to 1.45%Organic loan growth, excluding PPP loans, of $223.6 million, or 6%Core deposit growth of $769.3 million, or 17% Noninterest bearing demand deposit account growth of...