Attached files
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|---|---|
| 8-K - LAKELAND FINANCIAL FORM 8-K - LAKELAND FINANCIAL CORP | lkfn04138k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: David M. Findlay
President and
Chief Financial Officer
(574) 267-9197
david.findlay@lakecitybank.com
Lake City Bank Reports Record High
Quarterly and Annual Net Income
Warsaw, Indiana (January 27, 2014) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record high net income of $38.8 million for 2013. Net income increased 10% from $35.4 million for 2012. Diluted net income per common share increased 8% to $2.33 for 2013 versus $2.15 for 2012. This per share performance also represents a record level for the company and its shareholders.
The company further reported record quarterly net income of $10.6 million for the fourth quarter of 2013, an increase of 23%, versus $8.6 million in the fourth quarter of 2012. Diluted net income per share was $0.63 for the fourth quarter of 2013, an increase of 21%, versus $0.52 for the comparable period of 2012. This performance represents the highest quarterly and annual net income and earnings per share in the company’s 141 year history.
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, “We’ve always believed that by adhering to our long term strategy of consistently taking care of clients each and every day, we would create value for our shareholders. The entire Lake City Bank team is proud of the strong earnings performance in the fourth quarter and for the full year. And our shareholders have benefitted as well, as they were rewarded with a healthy dividend and a 50% increase in our stock price in 2013.”
The company also announced that the board of directors approved a cash dividend for the fourth quarter of $0.19 per share, payable on February 5, 2014, to shareholders of record as of January 25, 2014. The quarterly dividend represents a 12% increase over the quarterly dividends paid for each quarter of 2012.
Kubacki further observed, “With the January 2014 opening of our second office in the Indianapolis market, we are continuing to expand the business organically. While Indianapolis represents our newest market, we’re getting great traction in that market and are pleased with the growth we’ve experienced there. Overall, it was a positive year as we experienced good loan growth in every market we serve.”
David M. Findlay, President and Chief Financial Officer, stated, “In the fourth quarter, we grew our loan portfolio by $142 million, or 6%, versus the third quarter. This represents the largest quarterly loan growth in our history. For the full year, total loans grew by 12%, or $278 million. We believe that this lending growth is reflective of the strengthening regional economy and of our further market share expansion. We are clearly focused on growing our balance sheet through lending more money in our Northern and Central Indiana markets. This robust loan growth is further evidence of our mission to be the acknowledged and recognized leader in Indiana community banking.”
1
For the year ended December 31, 2013, the company’s average total loans increased 6% from $2.22 billion to $2.34 billion. Average total loans for the fourth quarter of 2013 were $2.46 billion versus $2.21 billion for the fourth quarter of 2012, an increase of 11%. Total loans outstanding grew $277.6 million, or 12%, from $2.26 billion as of December 31, 2012 to $2.54 billion as of December 31, 2013. On a linked quarter basis, average total loans increased $109.4 million, or 5%, from $2.35 billion for the third quarter of 2013 to $2.46 billion for the fourth quarter of 2013.
The company’s net interest margin was 3.33% in the fourth quarter of 2013, up from 3.10% for the fourth quarter of 2012. Further, the net interest margin improved from 3.29% in the third quarter of 2013. Despite downward pressure on loan and investment portfolio yields, the company improved its net interest margin in each quarter of 2013 as a result of declines in deposit rates and overall funding costs.
The company’s tangible book value per common share increased 7% in 2013 from $18.00 to $19.36. As a result, the company’s tangible common equity to tangible assets ratio was 10.05% at December 31, 2013 compared to 9.63% at December 31, 2012 and 10.25% at September 30, 2013. Average total deposits for the quarter ended December 31, 2013 were $2.58 billion versus $2.48 billion for the third quarter of 2013 and $2.55 billion for the fourth quarter of 2012.
For the fourth consecutive quarter, the company did not record a provision for loan losses. As a result, the provision for loan losses for 2013 was $0 versus $2.5 million in 2012. The absence of a provision for loan losses was generally driven by the stabilization and improvement in key loan quality metrics, including lower levels of net charge offs, appropriate reserve coverage of nonperforming loans, continuing signs of stabilization in the economic conditions of the company’s markets and general signs of improvement in its borrowers’ performance and future prospects. The company’s allowance for loan losses as of December 31, 2013 was $48.8 million compared to $51.4 million as of December 31, 2012 and $49.8 million as of September 30, 2013. The allowance for loan losses represented 1.92% of total loans as of December 31, 2013 versus 2.28% at December 31, 2012 and 2.08% as of September 30, 2013. Further, the allowance for loan losses as a percentage of nonperforming loans increased to 204% as of December 31, 2013 versus 167% at December 31, 2012 and 215% as of September 30, 2013.
For the year ended December 31, 2013, net charge-offs totaled $2.6 million versus $4.5 million in 2012, a decline of 41%. Net charge-offs totaled $1.0 million in the fourth quarter of 2013 versus $1.7 million during the fourth quarter of 2012 and $831,000 during the linked third quarter of 2013. Nonperforming assets decreased 23% to $24.4 million as of December 31, 2013 versus $31.6 million as of December 31, 2012. The decrease in nonperforming assets during 2013 primarily resulted from the removal of two commercial credits totaling $8.4 million from the impaired category, as well as charge-offs taken and payments received on nonperforming loans. The ratio of nonperforming assets to total assets at December 31, 2013 was 0.77% versus 1.03% at December 31, 2012 and 0.77% at September 30, 2013.
Findlay observed, “The strength of our balance sheet is critical to our ability to continue to lend money to growing businesses and retail banking clients in our Indiana markets. Our consistent earnings performance, combined with a prudent capital structure, has put us in a position of strength as a lender and we will continue to target quality loan growth throughout 2014.”
2
For the year ended December 31, 2013, the company's noninterest income increased 22% from $25.2 million to $30.7 million. The company’s noninterest income increased $573,000, or 8%, to $7.9 million for the fourth quarter of 2013, versus $7.3 million for the fourth quarter of 2012. On a year-over-year basis, quarterly noninterest income was positively impacted by a $661,000 increase in investment brokerage fees, driven by higher trading volumes and improvements in product mix. Income from bank owned life insurance increased $216,000, and other income increased by $455,000, driven by a $151,000 increase in income from leases. On a linked quarter basis, noninterest income increased by $69,000 from $7.8 million in the third quarter of 2013.
Kubacki concluded, “We experienced great growth in fee-based services in 2013 as we continued to expand relationships with our existing clients. We are very focused on establishing broader relationships with our clients and will remain committed to this in 2014. We have the technology-driven solutions that clients benefit from and we’ll continue to grow existing relationships and add more.”
For the year ended December 31, 2013, noninterest expense increased 9% from $57.7 million in 2012 to $62.8 million. The company’s noninterest expense increased $2.0 million, or 14%, to $16.5 million in the fourth quarter of 2013 versus $14.5 million in the comparable quarter of 2012. On a linked quarter basis, noninterest expense increased by $262,000 from $16.3 million in the third quarter of 2013. On a year-over-year basis, salaries and employee benefits increased by $1.2 million in the three month period ended December 31, 2013 versus the same period of 2012. These increases in salary and employee benefits were driven by staff additions, normal merit increases, increased health insurance costs and higher performance incentive-based compensation costs. Quarterly data processing fees increased by $186,000 due to a larger customer base as well as greater utilization of services from the company’s core processor, which the company expects will improve marketing and cross-selling initiatives. In addition, other expense increased $302,000 during the fourth quarter of 2013, driven by higher advertising expenses. The company's efficiency ratio was 51% for the fourth quarter of 2013 compared to 52% for the fourth quarter of 2012, and 53% for the linked third quarter of 2013, which consistently ranks in the top quartile of peer financial institutions in the country.
Lakeland Financial Corporation is a $3.2 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, is the fourth largest bank in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 46 offices in Northern and Central Indiana, delivering technology driven and client-centric financial services solutions to individuals and businesses.
Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at www.lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.”
In addition to the results presented in accordance with generally accepted accounting principles in the United States of America, this press release contains certain non-GAAP financial measures. Lakeland Financial believes that providing non-GAAP financial measures provides investors with information useful to understanding Lakeland Financial’s financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on “tangible common equity” which is “common stockholders’ equity” excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the attached financial tables where the non-GAAP measure is presented.
3
This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Additional information concerning the company and its business, including factors that could materially affect the company’s financial results, is included in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K.
4
LAKELAND FINANCIAL CORPORATION
FOURTH QUARTER 2013 FINANCIAL HIGHLIGHTS
(Unaudited – Dollars in thousands except per share data)
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||
|
Dec. 31,
|
Sep. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
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||||||
|
2013
|
2013
|
2012
|
2013
|
2012
|
||||||
|
END OF PERIOD BALANCES
|
||||||||||
|
Assets
|
$ 3,175,764
|
$ 3,041,237
|
$ 3,064,144
|
$ 3,175,764
|
$ 3,064,144
|
|||||
|
Deposits
|
2,546,068
|
2,444,826
|
2,581,756
|
2,546,068
|
2,581,756
|
|||||
|
Loans
|
2,535,098
|
2,392,715
|
2,257,520
|
2,535,098
|
2,257,520
|
|||||
|
Allowance for Loan Losses
|
48,797
|
49,804
|
51,445
|
48,797
|
51,445
|
|||||
|
Total Equity
|
321,964
|
314,544
|
297,828
|
321,964
|
297,828
|
|||||
|
Tangible Common Equity
|
318,914
|
311,508
|
294,821
|
318,914
|
294,821
|
|||||
|
AVERAGE BALANCES
|
||||||||||
|
Total Assets
|
$ 3,109,027
|
$ 3,002,273
|
$ 3,035,160
|
$ 3,009,738
|
$ 2,976,239
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|||||
|
Earning Assets
|
2,942,828
|
2,825,503
|
2,731,083
|
2,833,505
|
2,720,783
|
|||||
|
Investments
|
473,623
|
464,652
|
482,912
|
474,711
|
477,010
|
|||||
|
Loans
|
2,460,396
|
2,350,983
|
2,212,867
|
2,343,422
|
2,216,131
|
|||||
|
Total Deposits
|
2,577,777
|
2,479,452
|
2,546,704
|
2,505,340
|
2,505,195
|
|||||
|
Interest Bearing Deposits
|
2,111,449
|
2,044,976
|
2,175,268
|
2,087,870
|
2,151,094
|
|||||
|
Interest Bearing Liabilities
|
2,307,167
|
2,242,072
|
2,347,434
|
2,265,303
|
2,316,375
|
|||||
|
Total Equity
|
319,620
|
310,070
|
297,982
|
310,627
|
287,866
|
|||||
|
INCOME STATEMENT DATA
|
||||||||||
|
Net Interest Income
|
$ 24,298
|
$ 22,972
|
$ 20,866
|
$ 90,439
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$ 87,671
|
|||||
|
Net Interest Income-Fully Tax Equivalent
|
24,780
|
23,429
|
21,300
|
92,235
|
89,277
|
|||||
|
Provision for Loan Losses
|
0
|
0
|
1,250
|
0
|
2,549
|
|||||
|
Noninterest Income
|
7,878
|
7,809
|
7,305
|
30,737
|
25,196
|
|||||
|
Noninterest Expense
|
16,528
|
16,266
|
14,511
|
62,778
|
57,742
|
|||||
|
Net Income
|
10,588
|
9,769
|
8,602
|
38,839
|
35,394
|
|||||
|
PER SHARE DATA
|
||||||||||
|
Basic Net Income Per Common Share
|
$ 0.64
|
$ 0.59
|
$ 0.53
|
$ 2.36
|
$ 2.17
|
|||||
|
Diluted Net Income Per Common Share
|
0.63
|
0.59
|
0.52
|
2.33
|
2.15
|
|||||
|
Cash Dividends Declared Per Common Share
|
0.19
|
0.19
|
0.34
|
0.57
|
0.835
|
|||||
|
Book Value Per Common Share (equity per share issued)
|
19.54
|
19.11
|
18.18
|
19.54
|
18.18
|
|||||
|
Tangible Book Value Per Common Share
|
19.36
|
18.93
|
18.00
|
19.36
|
18.00
|
|||||
|
Market Value – High
|
39.32
|
34.69
|
27.89
|
39.32
|
28.82
|
|||||
|
Market Value – Low
|
31.72
|
27.74
|
23.47
|
23.92
|
23.47
|
|||||
|
Basic Weighted Average Common Shares Outstanding
|
16,466,461
|
16,451,199
|
16,356,551
|
16,436,131
|
16,323,870
|
|||||
|
Diluted Weighted Average Common Shares Outstanding
|
16,688,793
|
16,634,933
|
16,502,313
|
16,634,338
|
16,482,937
|
|||||
|
KEY RATIOS
|
||||||||||
|
Return on Average Assets
|
1.35
|
%
|
1.29
|
%
|
1.13
|
%
|
1.29
|
%
|
1.19
|
%
|
|
Return on Average Total Equity
|
13.14
|
12.50
|
11.48
|
12.50
|
12.30
|
|||||
|
Efficiency (Noninterest Expense / Net Interest Income
|
|
|
||||||||
|
plus Noninterest Income)
|
51.37
|
52.84
|
51.51
|
51.81
|
51.16
|
|||||
|
Average Equity to Average Assets
|
10.28
|
10.33
|
9.82
|
10.32
|
9.67
|
|||||
|
Net Interest Margin
|
3.33
|
3.29
|
3.10
|
3.26
|
3.28
|
|||||
|
Net Charge Offs to Average Loans
|
0.16
|
0.14
|
0.31
|
0.11
|
0.20
|
|||||
|
Loan Loss Reserve to Loans
|
1.92
|
2.08
|
2.28
|
1.92
|
2.28
|
|||||
|
Loan Loss Reserve to Nonperforming Loans
|
203.79
|
214.71
|
166.60
|
203.79
|
166.60
|
|||||
|
Loan Loss Reserve to Nonperforming Loans
|
||||||||||
|
and Performing TDR's
|
117.13
|
108.07
|
96.68
|
117.13
|
96.68
|
|||||
|
Nonperforming Loans to Loans
|
0.94
|
0.97
|
1.37
|
0.94
|
1.37
|
|||||
|
Nonperforming Assets to Assets
|
0.77
|
0.77
|
1.03
|
0.77
|
1.03
|
|||||
|
Total Impaired and Watch List Loans to Total Loans
|
6.64
|
7.16
|
8.15
|
6.64
|
8.15
|
|||||
|
Tier 1 Leverage
|
11.25
|
11.37
|
10.46
|
11.25
|
10.46
|
|||||
|
Tier 1 Risk-Based Capital
|
12.99
|
13.39
|
13.01
|
12.99
|
13.01
|
|||||
|
Total Capital
|
14.25
|
14.65
|
14.27
|
14.25
|
14.27
|
|||||
|
Tangible Capital
|
10.05
|
10.25
|
9.63
|
10.05
|
9.63
|
|||||
|
ASSET QUALITY
|
||||||||||
|
Loans Past Due 30 - 89 Days
|
$ 1,968
|
$ 3,262
|
$ 4,253
|
$ 1,968
|
$ 4,253
|
|||||
|
Loans Past Due 90 Days or More
|
46
|
364
|
50
|
46
|
50
|
|||||
|
Non-accrual Loans
|
23,899
|
22,833
|
30,829
|
23,899
|
30,829
|
|||||
|
Nonperforming Loans (includes nonperforming TDR's)
|
23,945
|
23,197
|
30,879
|
23,945
|
30,879
|
|||||
|
Other Real Estate Owned
|
469
|
117
|
667
|
469
|
667
|
|||||
|
Other Nonperforming Assets
|
12
|
10
|
23
|
12
|
23
|
|||||
|
Total Nonperforming Assets
|
24,426
|
23,324
|
31,569
|
24,426
|
31,569
|
|||||
|
Performing Troubled Debt Restructurings
|
17,714
|
22,888
|
22,332
|
17,714
|
22,332
|
|||||
|
Nonperforming Troubled Debt Restructurings (included in
|
||||||||||
|
nonperforming loans)
|
18,531
|
18,691
|
28,506
|
18,531
|
28,506
|
|||||
|
Total Troubled Debt Restructurings
|
36,245
|
41,579
|
50,838
|
36,245
|
50,838
|
|||||
|
Impaired Loans
|
43,218
|
47,347
|
58,935
|
43,218
|
58,935
|
|||||
|
Non-Impaired Watch List Loans
|
125,045
|
124,075
|
125,158
|
125,045
|
125,158
|
|||||
|
Total Impaired and Watch List Loans
|
168,263
|
171,422
|
184,093
|
168,263
|
184,093
|
|||||
|
Gross Charge Offs
|
1,182
|
1,297
|
1,855
|
4,052
|
5,922
|
|||||
|
Recoveries
|
174
|
466
|
138
|
1,404
|
1,418
|
|||||
|
Net Charge Offs/(Recoveries)
|
1,008
|
831
|
1,717
|
2,648
|
4,504
|
|||||
5
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
As of December 31, 2013 and 2012
(in thousands, except share data)
|
December 31,
|
December 31,
|
||
|
2013
|
2012
|
||
|
(Unaudited)
|
|||
|
ASSETS
|
|||
|
Cash and due from banks
|
$ 55,727
|
$ 156,666
|
|
|
Short-term investments
|
7,378
|
75,571
|
|
|
Total cash and cash equivalents
|
63,105
|
232,237
|
|
|
Securities available for sale (carried at fair value)
|
468,967
|
467,021
|
|
|
Real estate mortgage loans held for sale
|
1,778
|
9,452
|
|
|
Loans, net of allowance for loan losses of $48,797 and $51,445
|
2,486,301
|
2,206,075
|
|
|
Land, premises and equipment, net
|
39,335
|
34,840
|
|
|
Bank owned life insurance
|
62,883
|
61,112
|
|
|
Federal Reserve and Federal Home Loan Bank stock
|
10,732
|
10,732
|
|
|
Accrued interest receivable
|
8,577
|
8,484
|
|
|
Goodwill
|
4,970
|
4,970
|
|
|
Other intangible assets
|
0
|
47
|
|
|
Other assets
|
29,116
|
29,174
|
|
|
Total assets
|
$ 3,175,764
|
$ 3,064,144
|
|
|
LIABILITIES AND EQUITY
|
|||
|
LIABILITIES
|
|||
|
Noninterest bearing deposits
|
$ 479,606
|
$ 407,926
|
|
|
Interest bearing deposits
|
2,066,462
|
2,173,830
|
|
|
Total deposits
|
2,546,068
|
2,581,756
|
|
|
Short-term borrowings
|
|||
|
Federal funds purchased
|
11,000
|
0
|
|
|
Securities sold under agreements to repurchase
|
104,876
|
121,883
|
|
|
Other short-term borrowings
|
146,000
|
0
|
|
|
Total short-term borrowings
|
261,876
|
121,883
|
|
|
Long-term borrowings
|
37
|
15,038
|
|
|
Subordinated debentures
|
30,928
|
30,928
|
|
|
Accrued interest payable
|
2,918
|
4,758
|
|
|
Other liabilities
|
11,973
|
11,953
|
|
|
Total liabilities
|
2,853,800
|
2,766,316
|
|
|
EQUITY
|
|||
|
Common stock: 90,000,000 shares authorized, no par value
|
|||
|
16,475,716 shares issued and 16,377,449 outstanding as of December 31, 2013
|
|||
|
16,377,247 shares issued and 16,290,136 outstanding as of December 31, 2012
|
93,249
|
90,039
|
|
|
Retained earnings
|
233,108
|
203,654
|
|
|
Accumulated other comprehensive income/(loss)
|
(2,494)
|
5,689
|
|
|
Treasury stock, at cost (2013 - 98,267 shares, 2012 - 87,111 shares)
|
(1,988)
|
(1,643)
|
|
|
Total stockholders' equity
|
321,875
|
297,739
|
|
|
Noncontrolling interest
|
89
|
89
|
|
|
Total equity
|
321,964
|
297,828
|
|
|
Total liabilities and equity
|
$ 3,175,764
|
$ 3,064,144
|
6
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Twelve Months Ended December 31, 2013 and 2012
(in thousands except for share and per share data)
(unaudited)
|
Three Months Ended
|
Twelve Months Ended
|
||||||
|
December 31,
|
December 31,
|
||||||
|
NET INTEREST INCOME
|
2013
|
2012
|
2013
|
2012
|
|||
|
Interest and fees on loans
|
|||||||
|
Taxable
|
$ 25,288
|
$ 24,960
|
$ 98,757
|
$ 102,749
|
|||
|
Tax exempt
|
98
|
108
|
402
|
441
|
|||
|
Interest and dividends on securities
|
|||||||
|
Taxable
|
1,838
|
886
|
5,398
|
8,311
|
|||
|
Tax exempt
|
817
|
706
|
3,124
|
2,800
|
|||
|
Interest on short-term investments
|
9
|
25
|
55
|
68
|
|||
|
Total interest income
|
28,050
|
26,685
|
107,736
|
114,369
|
|||
|
Interest on deposits
|
3,380
|
5,315
|
15,745
|
24,667
|
|||
|
Interest on borrowings
|
|||||||
|
Short-term
|
141
|
112
|
490
|
441
|
|||
|
Long-term
|
231
|
392
|
1,062
|
1,590
|
|||
|
Total interest expense
|
3,752
|
5,819
|
17,297
|
26,698
|
|||
|
NET INTEREST INCOME
|
24,298
|
20,866
|
90,439
|
87,671
|
|||
|
Provision for loan losses
|
0
|
1,250
|
0
|
2,549
|
|||
|
NET INTEREST INCOME AFTER PROVISION FOR
|
|||||||
|
LOAN LOSSES
|
24,298
|
19,616
|
90,439
|
85,122
|
|||
|
NONINTEREST INCOME
|
|||||||
|
Wealth advisory fees
|
952
|
1,053
|
3,847
|
3,823
|
|||
|
Investment brokerage fees
|
1,287
|
626
|
4,736
|
3,061
|
|||
|
Service charges on deposit accounts
|
2,258
|
2,078
|
8,806
|
8,015
|
|||
|
Loan, insurance and service fees
|
1,612
|
1,761
|
6,404
|
5,876
|
|||
|
Merchant card fee income
|
340
|
281
|
1,265
|
1,130
|
|||
|
Bank owned life insurance income
|
469
|
253
|
1,653
|
973
|
|||
|
Other income
|
735
|
280
|
2,488
|
1,174
|
|||
|
Mortgage banking income
|
225
|
972
|
1,431
|
2,546
|
|||
|
Net securities gains (losses)
|
0
|
1
|
107
|
(376)
|
|||
|
Other than temporary impairment loss on available-for-sale securities:
|
|||||||
|
Total impairment losses recognized on securities
|
0
|
0
|
0
|
(1,026)
|
|||
|
Loss recognized in other comprehensive income
|
0
|
0
|
0
|
0
|
|||
|
Net impairment loss recognized in earnings
|
0
|
0
|
0
|
(1,026)
|
|||
|
Total noninterest income
|
7,878
|
7,305
|
30,737
|
25,196
|
|||
|
NONINTEREST EXPENSE
|
|||||||
|
Salaries and employee benefits
|
9,683
|
8,532
|
37,176
|
34,539
|
|||
|
Net occupancy expense
|
844
|
777
|
3,376
|
3,296
|
|||
|
Equipment costs
|
810
|
718
|
2,831
|
2,572
|
|||
|
Data processing fees and supplies
|
1,520
|
1,334
|
5,635
|
4,378
|
|||
|
Corporate and business development
|
485
|
477
|
1,777
|
1,666
|
|||
|
FDIC insurance and other regulatory fees
|
471
|
515
|
1,855
|
2,097
|
|||
|
Professional fees
|
805
|
550
|
3,171
|
2,453
|
|||
|
Other expense
|
1,910
|
1,608
|
6,957
|
6,741
|
|||
|
Total noninterest expense
|
16,528
|
14,511
|
62,778
|
57,742
|
|||
|
INCOME BEFORE INCOME TAX EXPENSE
|
15,648
|
12,410
|
58,398
|
52,576
|
|||
|
Income tax expense
|
5,060
|
3,808
|
19,559
|
17,182
|
|||
|
NET INCOME
|
$ 10,588
|
$ 8,602
|
$ 38,839
|
$ 35,394
|
|||
|
BASIC WEIGHTED AVERAGE COMMON SHARES
|
16,466,461
|
16,356,551
|
16,436,131
|
16,323,870
|
|||
|
BASIC EARNINGS PER COMMON SHARE
|
$ 0.64
|
$ 0.53
|
$ 2.36
|
$ 2.17
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES
|
16,688,793
|
16,502,313
|
16,634,338
|
16,482,937
|
|||
|
DILUTED EARNINGS PER COMMON SHARE
|
$ 0.63
|
$ 0.52
|
$ 2.33
|
$ 2.15
|
|||
7
|
LAKELAND FINANCIAL CORPORATION
|
|||||||||
|
LOAN DETAIL
|
|||||||||
|
FOURTH QUARTER 2013
|
|||||||||
|
(unaudited in thousands)
|
|||||||||
|
December 31,
|
September 30,
|
December 31,
|
|||||||
|
2013
|
2013
|
2012
|
|||||||
|
Commercial and industrial loans:
|
|||||||||
|
Working capital lines of credit loans
|
$ 457,690
|
18.1
|
%
|
$ 462,098
|
19.3
|
%
|
$ 439,638
|
19.5
|
%
|
|
Non-working capital loans
|
443,877
|
17.5
|
435,968
|
18.2
|
407,184
|
18.0
|
|||
|
Total commercial and industrial loans
|
901,567
|
35.6
|
898,066
|
37.5
|
846,822
|
37.5
|
|||
|
Commercial real estate and multi-family residential loans:
|
|||||||||
|
Construction and land development loans
|
157,630
|
6.2
|
117,733
|
4.9
|
82,494
|
3.7
|
|||
|
Owner occupied loans
|
370,386
|
14.6
|
371,500
|
15.5
|
358,617
|
15.9
|
|||
|
Nonowner occupied loans
|
394,748
|
15.6
|
392,538
|
16.4
|
314,889
|
13.9
|
|||
|
Multifamily loans
|
63,443
|
2.5
|
37,279
|
1.6
|
45,011
|
2.0
|
|||
|
Total commercial real estate and multi-family residential loans
|
986,207
|
38.9
|
919,050
|
38.4
|
801,011
|
35.5
|
|||
|
Agri-business and agricultural loans:
|
|||||||||
|
Loans secured by farmland
|
133,458
|
5.3
|
104,807
|
4.4
|
109,147
|
4.8
|
|||
|
Loans for agricultural production
|
120,571
|
4.8
|
95,330
|
4.0
|
115,572
|
5.1
|
|||
|
Total agri-business and agricultural loans
|
254,029
|
10.0
|
200,137
|
8.4
|
224,719
|
10.0
|
|||
|
Other commercial loans
|
70,770
|
2.8
|
55,797
|
2.3
|
56,807
|
2.5
|
|||
|
Total commercial loans
|
2,212,573
|
87.3
|
2,073,050
|
86.6
|
1,929,359
|
85.5
|
|||
|
Consumer 1-4 family mortgage loans:
|
|||||||||
|
Closed end first mortgage loans
|
125,444
|
4.9
|
119,788
|
5.0
|
109,823
|
4.9
|
|||
|
Open end and junior lien loans
|
146,946
|
5.8
|
151,726
|
6.3
|
161,366
|
7.1
|
|||
|
Residential construction and land development loans
|
4,640
|
0.2
|
4,705
|
0.2
|
11,541
|
0.5
|
|||
|
Total consumer 1-4 family mortgage loans
|
277,030
|
10.9
|
276,219
|
11.5
|
282,730
|
12.5
|
|||
|
Other consumer loans
|
46,125
|
1.8
|
44,091
|
1.8
|
45,755
|
2.0
|
|||
|
Total consumer loans
|
323,155
|
12.7
|
320,310
|
13.4
|
328,485
|
14.5
|
|||
|
Subtotal
|
2,535,728
|
100.0
|
%
|
2,393,360
|
100.0
|
%
|
2,257,844
|
100.0
|
%
|
|
Less: Allowance for loan losses
|
(48,797)
|
(49,804)
|
(51,445)
|
||||||
|
Net deferred loan fees
|
(630)
|
(645)
|
(324)
|
||||||
|
Loans, net
|
$2,486,301
|
$2,342,911
|
$2,206,075
|
||||||
8