Lake City Bank reports solid earnings
Lakeland Financial Corp, parent company of Lake City Bank, today reported the highest quarterly and nine month net income and earnings per share in its 140 year history.
The Company achieved record net income of $9.3 million for the third quarter of 2012, an increase of 11% versus $8.4 million in the third quarter of 2011. Diluted net income per share increased 10% to a record level of $0.57 in the third quarter versus $0.52 for the comparable period of 2011.
The Company also announced that the Board of Directors approved a cash dividend for the third quarter of $0.17 per share, payable on November 5, 2012 to shareholders of record as of October 25, 2012. The quarterly dividend represents a 10% increase over the quarterly dividends paid in 2011.
Michael L. Kubacki, Chairman and Chief Executive Officer, said our execution focused team continues to provide us with the ability to deliver great service and technology-driven products to our customer, which in turn provides very strong results for our shareholders. Kubacki continued, “In 2012, we are celebrating our 140th anniversary. When the Bank was founded in 1872, the name Lake City Bank was on the front door and it is still there today. We’re proud of our legacy as a true Indiana community bank and our continuing strong performance reaffirms our reputation as one of the leading community banks in the state and allows us to effectively compete with banks of all sizes.
The Company further reported record net income of $26.8 million for the nine months ended September 30, 2012 versus $22.4 million for the comparable period of 2011, an increase of 20%. Diluted net income per common share also set a new record and increased 19% to $1.63 for the nine months ended September 30, 2012 versus $1.37 for the comparable period of 2011. Average total loans for the third quarter of 2012 were $2.22 billion versus $2.16 billion for the third quarter of 2011, an increase of 3%. On a linked quarter basis, average loans decreased by $5 million compared to the second quarter of 2012.