Business
Lakeland Financial Reports Record Third Quarter 2020 Performance
WARSAW, Ind., Oct. 26, 2020 (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., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record quarterly net income of $22.8 million for the three months ended September 30, 2020, an increase of 6% versus $21.5 million for the third quarter of 2019. Diluted earnings per share increased 7% to $0.89 for the third quarter of 2020, versus $0.83 for the third quarter of 2019. This quarterly net income and earnings per share performance both represent quarterly records for the company and its shareholders. On a linked quarter basis, net income increased $3.1 million, or 16%, from the second quarter of 2020, in which the company had net income of $19.7 million, or $0.77, diluted earnings per share. Pretax pre-provision earnings1 were $29.9 million for the third quarter of 2020, an increase of 8%, or $2.3 million, from $27.6 million for the third quarter of 2019. On a linked quarter basis, pretax pre-provision earnings increased 1%, or $285,000, from $29.6 million for the second quarter of 2020.\n The company further reported net income of $59.7 million for the nine months ended September 30, 2020 versus $64.8 million for the comparable period of 2019, a decrease of $5.1 million, or 8%. Diluted earnings per share also decreased 8% to $2.33 for the nine months ended September 30, 2020 versus $2.52 for the comparable period of 2019. Pretax pre-provision earnings1 were $87.1 million for the nine months ended September 30, 2020, versus $82.7 million for the comparable period of 2019, an increase of 5%, or $4.3 million. David M. Findlay, President and Chief Executive Officer commented, “The Lake City Bank team is particularly proud of this record quarterly performance in a very tumultuous environment. We’ve remained focused, despite the negative impact of the COVID-19 crisis, on taking care of our clients and our communities. Thanks to strong performances from our Commercial Banking, Wealth Advisory and Retail Banking teams, we weathered the third quarter challenges well.” Financial Performance – Third Quarter 2020 Third Quarter 2020 versus Third Quarter 2019 highlights: Return on average equity of 14.36%, compared to 14.78%Return on average assets of 1.64%, compared to 1.72%Loan growth of $567 million, or 14%Paycheck Protection Program (PPP) loans of $558 millionCore depos...