Business
Lakeland Financial Reports Second Quarter 2020 Performance
WARSAW, Ind., July 27, 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., July 27, 2020 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported quarterly net income of $19.7 million for the three months ended June 30, 2020, a decrease of 9% versus $21.7 million for the second quarter of 2019. Diluted earnings per share decreased 9% to $0.77 for the second quarter of 2020, versus $0.85 for the second quarter of 2019. On a linked quarter basis, net income increased $2.4 million, or 14%, from the first quarter of 2020, in which the company had net income of $17.3 million, or $0.67, diluted earnings per share. Pretax pre-provision earnings1 were $29.6 million for the second quarter of 2020, an increase of 6%, or $1.7 million, as compared to the second quarter of 2019. On a linked quarter basis, pretax pre-provision earnings increased 8%, or $2.1 million, from $27.5 million for the first quarter of 2020.\n The company further reported net income of $37.0 million for the six months ended June 30, 2020 versus $43.4 million for the comparable period of 2019, a decrease of 15%. Diluted earnings per share also decreased 15% to $1.44 for the six months ended June 30, 2020 versus $1.69 for the comparable period of 2019. Pretax pre-provision earnings1 were $57.2 million for the six months ended June 30 2020, versus $55.2 million for the comparable period of 2019, an increase of 4%, or $2.0 million. David M. Findlay, President and Chief Executive Officer commented, “The Lake City Bank team has done a tremendous job in managing through this unprecedented period. The strength of our financial performance is evident in our operating performance as demonstrated by the healthy growth of pretax pre-provision earnings. Yet the real strength of our performance is the most intangible one, our team’s positive attitude and ‘get it done’ mindset that has defined our COVID-19 pandemic response. At every step during this crisis, the culture of efficient execution that we have developed over the past two decades has driven our team’s actions.” Financial Performance – Second Quarter 2020 Second Quarter 2020 versus Second Quarter 2019 highlights: Return on average equity of 12.92%, compared to 15.76%Return on average assets of 1.45%, compared to 1.76%Loan growth of $492 million, or 12%Paycheck Protection Program (PPP) loans of $555 million funded...