Business
Lakeland Financial Reports Record Third Quarter 2021 Performance; Year-to-Date Record Net Income Improves by 20% to $71.5 Million
WARSAW, Ind., Oct. 25, 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., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record third quarter net income of $24.1 million for the three months ended September 30, 2021, an increase of 6%, versus $22.8 million for the third quarter of 2020. Diluted earnings per share increased 6% to $0.94 for the third quarter of 2021, versus $0.89 for the third quarter of 2020. On a linked quarter basis, net income decreased $229,000, or 1%, from the second quarter of 2021, in which the company had net income of $24.3 million, or $0.95, diluted earnings per share. Pretax pre-provision earnings1 were $30.9 million for the third quarter of 2021, an increase of 3%, or $1.0 million, from $29.9 million for the third quarter of 2020. On a linked quarter basis, pretax pre-provision earnings increased 9%, or $2.5 million, from $28.4 million for the second quarter of 2021. The company further reported record net income of $71.5 million for the nine months ended September 30, 2021 versus $59.7 million for the comparable period of 2020, an increase of 20%. Diluted earnings per share also increased 20% to $2.79 for the nine months ended September 30, 2021 versus $2.33 for the comparable period of 2020. Pretax pre-provision earnings1 were $88.7 million for the nine months ended September 30, 2021, versus $87.1 million for the comparable period of 2020, an increase of 2%, or $1.7 million. David M. Findlay, President and Chief Executive Officer commented, “The Lake City Bank team continues to produce quality earnings in a unique and challenging operating environment. As we move into the last quarter of 2021, our disciplined and execution-focused strategies continue to deliver consistent revenue growth despite the difficult interest rate environment. Financial Performance – Third Quarter 2021 Third Quarter 2021 versus Third Quarter 2020 highlights: Return on average equity of 13.90%, compared to 14.36%Return on average assets of 1.56%, compared to 1.64%Average loan growth, excluding PPP loans, of $211.7 million, or 5%Core deposit growth of $665.4 million, or 14%Noninterest bearing demand deposit account growth of $341.2 million, or 24%Net interest income increase of $5.8 million, or 15%Net interest margin of 3.13% compared to 3.05%Revenue growth of $3.8 million, or 7%Noninterest...