Business
Lakeland Financial Reports Record Second Quarter 2022 Performance; Year-to-Date Record Net Income Improves by 4% to $49.3 million
WARSAW, Ind., July 25, 2022 (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 25, 2022 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $25.7 million for the three months ended June 30, 2022, an increase of 5%, or $1.3 million, versus $24.3 million for the second quarter of 2021. Diluted earnings per share increased 5% to $1.00 for the second quarter of 2022, versus $0.95 for the second quarter of 2021. On a linked quarter basis, net income increased 9%, or $2.0 million, from the first quarter of 2022 in which the company had net income of $23.6 million, or $0.92 diluted earnings per share. Pretax pre-provision earnings, which is a non-GAAP financial measure, were $31.3 million for the second quarter of 2022, an increase of 10%, or $2.9 million, from $28.4 million for the second quarter of 2021. On a linked quarter basis, pretax pre-provision earnings increased 9%, or $2.7 million, from $28.6 million for the first quarter of 2022. The company further reported record net income of $49.3 million for the six months ended June 30, 2022 versus $47.3 million for the comparable period of 2021, an increase of 4%, or $2.0 million. Diluted earnings per share also increased 4% to $1.92 for the six months ended June 30, 2022 versus $1.85 for the comparable period of 2021. Pretax pre-provision earnings were $59.9 million for the six months ended June 30, 2022, versus $57.8 million for the comparable period of 2021, an increase of 3%, or $2.0 million. David M. Findlay, President and Chief Executive Officer commented, “On May 14th, we began a yearlong celebration of Lake City Bank’s 150th anniversary. On a spring day in 1872, a group of investors came together to form Lake City Bank, and that name has been on the door ever since. We are proud of our history as a community bank and our exceptional track record of serving the Indiana communities where we live and work. Our 150th anniversary celebration will focus on our Lake City Bank team members and those communities and kicked off with a $150,000 donation given in $10,000 increments to the community foundations in the 15 Indiana Counties we serve.” Findlay continued, “Our record results for the quarter and first six months of 2022 reflect our disciplined and consistent track record of strong operating performance. Our long history of or...