Lake City Bank re­ports solid earn­ings

The Pak Banker - - Front Page -

WAR­SAW

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.

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