Attached files
| file | filename |
|---|---|
| 8-K - LAKELAND FINANCIAL FORM 8-K - LAKELAND FINANCIAL CORP | lkfn8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com
Lakeland Second Quarter Financial
Performance Driven by Strong Loan Growth
Dividend Increased 17%
Warsaw, Indiana (July 24, 2015) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $22.5 million for the six months ended June 30, 2015 versus $21.2 million for the comparable period of 2014, an increase of 6%. Diluted net income per common share also increased 6% to $1.34 for the six months ended June 30, 2015 versus $1.27 for the comparable period of 2014.
The company further reported net income of $11.4 million for the second quarter of 2015, an increase of 1% versus $11.3 million for the second quarter of 2014. Diluted net income per common share was $0.68 for the second quarters of 2015 and 2014. On a quarter-linked basis net income increased by 2% or $244,000 from $11.1 million for the first quarter ended March 31, 2015.
As previously announced, the board of directors approved a cash dividend for the second quarter of $0.245 per share, payable on August 5, 2015, to shareholders of record as of July 25, 2015. The quarterly dividend represents a 17% increase over the $0.21 quarterly dividends paid in the last three quarters of 2014 and in the first quarter of 2015.
“This significant dividend increase reflects both our healthy performance for the first six months of 2015 and the consistency of our long-term earnings strength. Further, it reaffirms the overall strength of our balance sheet as we continue to maintain very strong capital levels,” commented David M. Findlay, President and Chief Executive Officer.
Findlay further commented, “With loan growth of $121 million in the quarter, we again demonstrated that we are doing an excellent job in our Indiana markets of driving economic expansion and profitably growing our balance sheet. We are particularly pleased to report that loan growth was again spread throughout the bank’s markets. It’s a further affirmation that our client-focused commercial banking strategy is working.”
Return on average total equity for the first six months of 2015 was 12.25% compared to 12.85% in the prior year period. Return on average assets for the first six months of 2015 was 1.30% compared to 1.32% in the same period of 2014. The company’s tangible common equity to tangible assets ratio was 10.44% at June 30, 2015, compared to 9.96% at June 30, 2014 and 10.58% at March 31, 2015.
1
Average total loans for the second quarter of 2015 were $2.85 billion, an increase of $206.7 million, or 8% versus $2.65 billion for the comparable period in 2014. Total loans outstanding grew $220.1 million, or 8%, from $2.67 billion as of June 30, 2014 to $2.89 billion as of June 30, 2015. On a linked quarter basis, average total loans increased $97.5 million, or 4%, from $2.75 billion for the first quarter of 2015 to $2.85 billion for the second quarter of 2015.
Average total deposits for the second quarter of 2015 were $3.07 billion, an increase of $278.3 million, or 10%, versus $2.79 billion for the corresponding period of 2014. Total deposits grew $192.4 million, or 7%, from $2.83 billion as of June 30, 2014 to $3.02 billion as of June 30, 2015. Importantly, total core deposits increased $213.0 million, or 8% from $2.69 billion at June 30, 2014 to $2.90 billion at June 30, 2015. On a linked quarter basis, average total deposits increased $129.3 million, or 4%, from $2.94 billion for the first quarter of 2015 to $3.07 billion for the second quarter of 2015.
The company’s net interest margin was 3.18% in the second quarter of 2015, compared to 3.34% for the second quarter of 2014. Net interest margin was 3.27% in the linked first quarter of 2015. Net interest margin for the six months ended June 30, 2015 was 3.23% compared to 3.35% in the prior year six month period. The decline in net interest margin during the three month and six month periods ended June 30, 2015 was largely driven by competitive factors in the company’s markets, including more aggressive pricing of new loan opportunities as well as a slightly higher cost of funds. Net interest income increased $510,000, or 2%, to $26.1 million for the second quarter of 2015, versus $25.6 million in the second quarter of 2014. Net interest income for the six months ended June 30, 2015 increased $1.5 million, or 3%, to $51.8 million, versus $50.2 million for the six months ended June 30, 2014.
“The prolonged low interest rate environment continues to have an impact on our net interest margin and we continue to manage through this unprecedented period of low interest rates. While the margin decline has been significant, our overall growth mitigates that impact,” Findlay said.
For the tenth consecutive quarter, the company did not record a provision for loan losses. The absence of a provision for loan losses was generally driven by continued stabilization and improvement in key loan quality metrics, including appropriate reserve coverage of nonperforming loans, continuing signs of stabilization of the economic conditions of the company’s markets and sustained signs of improvement in its borrowers’ performance and future prospects. The company’s allowance for loan losses as of June 30, 2015 was $44.8 million compared to $45.6 million as of June 30, 2014 and $45.7 million as of March 31, 2015. The allowance for loan losses represented 1.55% of total loans as of June 30, 2015 versus 1.71% at June 30, 2014 and 1.65% as of March 31, 2015. The allowance for loan losses as a percentage of nonperforming loans was 312% as of June 30, 2015, versus 324% as of June 30, 2014, and 293% as of March 31, 2015.
Nonperforming assets decreased $605,000, or 4%, to $14.6 million as of June 30, 2015 versus $15.2 million as of June 30, 2014. On a linked quarter basis, nonperforming assets were $1.5 million, or 9%, lower than the $16.1 million reported as of March 31, 2015. The decrease in nonperforming assets during the second quarter of 2015 primarily resulted from charge-offs taken and payments received on impaired loans. The ratio of nonperforming assets to total assets at June 30, 2015, was 0.41% versus 0.45% at June 30, 2014 and 0.46% at March 31, 2015. Net charge-offs to average loans were 0.12% for the second quarter of 2015 compared to 0.08% for the second quarter of 2014 and 0.09% for the first quarter of 2015. Net charge-offs totaled $861,000 in the second quarter of 2015 versus net charge-offs of $532,000 during the second quarter of 2014 and net charge-offs of $585,000 during the linked first quarter of 2015.
The company’s noninterest income increased 2% to $7.7 million for the second quarter of 2015 versus $7.6 million for the second quarter of 2014. Noninterest income increased 3% to $15.5 million in the six months ended June 30, 2015 versus $15.0 million in the comparable period of 2014. Noninterest income was positively impacted by increases in mortgage banking income due to higher production volumes, as well as increases in service charges on deposit accounts, wealth advisory fees and loan, insurance and service fees. Offsetting these increases was a decrease in investment brokerage fees driven by lower production volumes.
2
The company’s noninterest expense increased by 4% to $16.7 million in the second quarter of 2015 compared to $16.1 million in the second quarter of 2014. On a linked quarter basis, noninterest expense decreased by $160,000 from $16.9 million in the first quarter of 2015. Data processing fees increased by $445,000 due to technology related expenditures with the company’s core processor and other technology-based providers to enhance the delivery of electronic banking alternatives and improve commercial product solutions. Equipment costs increased due to higher depreciation expense. Salaries and employee benefits decreased by $287,000 in the first six months of 2015 versus the same period of 2014. The decrease in salary and employee benefits was driven by lower employee benefit costs and lower commissions paid on investment brokerage fees. Professional fees decreased by $119,000 in the first six months of 2015, driven by lower legal fees. The company's efficiency ratio was 50% for the second quarter of 2015, compared to 49% for the second quarter of 2014 and 50% for the linked first quarter of 2015.
“Overall, we are pleased to report growth in revenue, stable and strong asset quality and controlled expenses. Further, we continue to invest in our business through our upcoming office additions in Fort Wayne and Indianapolis and with significant investment in technology-based solutions for our commercial and retail customers,” concluded Findlay.
Lakeland Financial Corporation is a $3.6 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.
Information regarding 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 earnings release contains certain non-GAAP financial measures. Lakeland Financial believes that providing non-GAAP financial measures provides investors with information useful to understanding the company’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.
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.
3
|
LAKELAND FINANCIAL CORPORATION
|
||||||||||
|
SECOND QUARTER 2015 FINANCIAL HIGHLIGHTS
|
||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||
|
(Unaudited – Dollars in thousands except Share and Per Share Data)
|
Jun. 30,
|
Mar. 31,
|
Jun. 30,
|
Jun. 30
|
Jun. 30,
|
|||||
|
END OF PERIOD BALANCES
|
2015
|
2015
|
2014
|
2015
|
2014
|
|||||
|
Assets
|
$3,572,106
|
$3,477,654
|
$3,419,111
|
$3,572,106
|
$3,419,111
|
|||||
|
Deposits
|
3,020,151
|
2,994,239
|
2,827,745
|
3,020,151
|
2,827,745
|
|||||
|
Brokered Deposits
|
120,861
|
124,176
|
141,420
|
120,861
|
141,420
|
|||||
|
Core Deposits
|
2,899,290
|
2,870,063
|
2,686,325
|
2,899,290
|
2,686,325
|
|||||
|
Loans
|
2,893,462
|
2,772,213
|
2,673,327
|
2,893,462
|
2,673,327
|
|||||
|
Allowance for Loan Losses
|
44,816
|
45,677
|
45,605
|
44,816
|
45,605
|
|||||
|
Total Equity
|
375,764
|
370,839
|
343,575
|
375,764
|
343,575
|
|||||
|
Tangible Common Equity
|
372,588
|
367,659
|
340,382
|
372,588
|
340,382
|
|||||
|
AVERAGE BALANCES
|
||||||||||
|
Total Assets
|
$3,552,029
|
$3,441,078
|
$3,319,795
|
$3,496,860
|
$3,253,830
|
|||||
|
Earning Assets
|
3,342,275
|
3,246,722
|
3,129,928
|
3,294,762
|
3,075,984
|
|||||
|
Investments
|
475,803
|
477,245
|
474,561
|
476,520
|
473,876
|
|||||
|
Loans
|
2,852,382
|
2,754,847
|
2,645,673
|
2,803,884
|
2,592,443
|
|||||
|
Total Deposits
|
3,066,483
|
2,937,172
|
2,788,142
|
3,002,184
|
2,715,754
|
|||||
|
Interest Bearing Deposits
|
2,488,227
|
2,381,187
|
2,312,748
|
2,435,003
|
2,246,193
|
|||||
|
Interest Bearing Liabilities
|
2,581,664
|
2,499,877
|
2,491,332
|
2,540,996
|
2,436,269
|
|||||
|
Total Equity
|
374,339
|
366,692
|
337,919
|
370,536
|
333,016
|
|||||
|
INCOME STATEMENT DATA
|
||||||||||
|
Net Interest Income
|
$26,064
|
$25,700
|
$25,554
|
$51,764
|
$50,234
|
|||||
|
Net Interest Income-Fully Tax Equivalent
|
26,559
|
26,186
|
26,038
|
52,745
|
51,194
|
|||||
|
Provision for Loan Losses
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Noninterest Income
|
7,713
|
7,795
|
7,592
|
15,508
|
15,019
|
|||||
|
Noninterest Expense
|
16,741
|
16,901
|
16,084
|
33,642
|
32,874
|
|||||
|
Net Income
|
11,380
|
11,136
|
11,312
|
22,516
|
21,224
|
|||||
|
PER SHARE DATA
|
||||||||||
|
Basic Net Income Per Common Share
|
$0.69
|
$0.67
|
$0.68
|
$1.36
|
$1.28
|
|||||
|
Diluted Net Income Per Common Share
|
0.68
|
0.66
|
0.68
|
1.34
|
1.27
|
|||||
|
Cash Dividends Declared Per Common Share
|
0.245
|
0.21
|
0.21
|
0.455
|
0.40
|
|||||
|
Dividend Payout
|
36.03
|
%
|
31.82
|
%
|
30.88
|
%
|
33.96
|
%
|
31.50
|
%
|
|
Book Value Per Common Share (equity per share issued)
|
22.61
|
22.32
|
20.77
|
22.61
|
20.77
|
|||||
|
Tangible Book Value Per Common Share
|
22.42
|
22.13
|
20.58
|
22.42
|
20.58
|
|||||
|
Market Value – High
|
44.27
|
43.83
|
41.26
|
44.27
|
41.46
|
|||||
|
Market Value – Low
|
38.71
|
37.42
|
34.96
|
37.42
|
34.96
|
|||||
|
Basic Weighted Average Common Shares Outstanding
|
16,611,974
|
16,590,285
|
16,536,112
|
16,601,189
|
16,524,079
|
|||||
|
Diluted Weighted Average Common Shares Outstanding
|
16,820,052
|
16,789,497
|
16,739,069
|
16,795,907
|
16,729,479
|
|||||
|
KEY RATIOS
|
||||||||||
|
Return on Average Assets
|
1.29
|
%
|
1.31
|
%
|
1.37
|
%
|
1.30
|
%
|
1.32
|
%
|
|
Return on Average Total Equity
|
12.19
|
12.32
|
13.43
|
12.25
|
12.85
|
|||||
|
Average Equity to Average Assets
|
10.54
|
10.66
|
10.18
|
10.60
|
10.23
|
|||||
|
Net Interest Margin
|
3.18
|
3.27
|
3.34
|
3.23
|
3.35
|
|||||
|
Efficiency (Noninterest Expense / Net Interest Income plus Noninterest Income)
|
49.57
|
50.46
|
48.53
|
50.01
|
50.38
|
|||||
|
Tier 1 Leverage
|
11.22
|
11.35
|
11.01
|
11.22
|
11.01
|
|||||
|
Tier 1 Risk-Based Capital
|
12.58
|
12.83
|
12.86
|
12.58
|
12.86
|
|||||
|
Common Equity Tier 1 (CET1)
|
11.63
|
11.84
|
NA
|
11.63
|
NA
|
|||||
|
Total Capital
|
13.83
|
14.09
|
14.12
|
13.83
|
14.12
|
|||||
|
Tangible Capital
|
10.44
|
10.58
|
9.96
|
10.44
|
9.96
|
|||||
|
ASSET QUALITY
|
||||||||||
|
Loans Past Due 30 - 89 Days
|
$4,580
|
$1,091
|
$3,042
|
$4,580
|
$3,042
|
|||||
|
Loans Past Due 90 Days or More
|
284
|
88
|
4
|
284
|
4
|
|||||
|
Non-accrual Loans
|
14,089
|
15,520
|
14,071
|
14,089
|
14,071
|
|||||
|
Nonperforming Loans (includes nonperforming TDR's)
|
14,373
|
15,608
|
14,075
|
14,373
|
14,075
|
|||||
|
Other Real Estate Owned
|
231
|
473
|
1,136
|
231
|
1,136
|
|||||
|
Other Nonperforming Assets
|
7
|
31
|
5
|
7
|
5
|
|||||
|
Total Nonperforming Assets
|
14,611
|
16,112
|
15,216
|
14,611
|
15,216
|
|||||
|
Performing Troubled Debt Restructurings
|
7,606
|
13,014
|
15,607
|
7,606
|
15,607
|
|||||
|
Nonperforming Troubled Debt Restructurings (included in nonperforming loans)
|
11,176
|
11,973
|
10,349
|
11,176
|
10,349
|
|||||
|
Total Troubled Debt Restructurings
|
18,783
|
24,987
|
25,956
|
18,783
|
25,956
|
|||||
|
Impaired Loans
|
22,328
|
30,154
|
32,049
|
22,328
|
32,049
|
|||||
|
Non-Impaired Watch List Loans
|
130,735
|
136,119
|
120,690
|
130,735
|
120,690
|
|||||
|
Total Impaired and Watch List Loans
|
153,063
|
166,273
|
152,739
|
153,063
|
152,739
|
|||||
|
Gross Charge Offs
|
995
|
708
|
655
|
1,703
|
3,406
|
|||||
|
Recoveries
|
134
|
123
|
123
|
257
|
214
|
|||||
|
Net Charge Offs/(Recoveries)
|
861
|
585
|
532
|
1,446
|
3,191
|
|||||
|
Net Charge Offs/(Recoveries) to Average Loans
|
0.12
|
%
|
0.09
|
%
|
0.08
|
%
|
0.10
|
%
|
0.25
|
%
|
|
Loan Loss Reserve to Loans
|
1.55
|
%
|
1.65
|
%
|
1.71
|
%
|
1.55
|
%
|
1.71
|
%
|
|
Loan Loss Reserve to Nonperforming Loans
|
311.80
|
%
|
292.64
|
%
|
323.99
|
%
|
311.80
|
%
|
323.99
|
%
|
|
Loan Loss Reserve to Nonperforming Loans and Performing TDR's
|
203.90
|
%
|
159.58
|
%
|
153.01
|
%
|
203.90
|
%
|
153.01
|
%
|
|
Nonperforming Loans to Loans
|
0.50
|
%
|
0.56
|
%
|
0.53
|
%
|
0.50
|
%
|
0.53
|
%
|
|
Nonperforming Assets to Assets
|
0.41
|
%
|
0.46
|
%
|
0.45
|
%
|
0.41
|
%
|
0.45
|
%
|
|
Total Impaired and Watch List Loans to Total Loans
|
5.29
|
%
|
6.00
|
%
|
5.72
|
%
|
5.29
|
%
|
5.72
|
%
|
|
OTHER DATA
|
||||||||||
|
Full Time Equivalent Employees
|
514
|
503
|
502
|
514
|
502
|
|||||
| Offices | 46 | 46 | 46 | 46 | 46 | |||||
4
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30, 2015 and December 31, 2014
(in thousands, except share data)
|
June 30,
|
December 31,
|
||
|
2015
|
2014
|
||
|
(Unaudited)
|
|||
|
ASSETS
|
|||
|
Cash and due from banks
|
$ 77,567
|
$ 75,381
|
|
|
Short-term investments
|
11,913
|
15,257
|
|
|
Total cash and cash equivalents
|
89,480
|
90,638
|
|
|
Securities available for sale (carried at fair value)
|
470,383
|
475,911
|
|
|
Real estate mortgage loans held for sale
|
3,405
|
1,585
|
|
|
Loans, net of allowance for loan losses of $44,816 and $46,262
|
2,848,646
|
2,716,058
|
|
|
Land, premises and equipment, net
|
43,376
|
41,983
|
|
|
Bank owned life insurance
|
67,434
|
66,612
|
|
|
Federal Reserve and Federal Home Loan Bank stock
|
7,668
|
9,413
|
|
|
Accrued interest receivable
|
9,360
|
8,662
|
|
|
Goodwill
|
4,970
|
4,970
|
|
|
Other assets
|
27,384
|
27,452
|
|
|
Total assets
|
$ 3,572,106
|
$ 3,443,284
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||
|
LIABILITIES
|
|||
|
Noninterest bearing deposits
|
$ 602,898
|
$ 579,495
|
|
|
Interest bearing deposits
|
2,417,253
|
2,293,625
|
|
|
Total deposits
|
3,020,151
|
2,873,120
|
|
|
Short-term borrowings
|
|||
|
Federal funds purchased
|
0
|
500
|
|
|
Securities sold under agreements to repurchase
|
51,615
|
54,907
|
|
|
Other short-term borrowings
|
75,000
|
105,000
|
|
|
Total short-term borrowings
|
126,615
|
160,407
|
|
|
Long-term borrowings
|
34
|
35
|
|
|
Subordinated debentures
|
30,928
|
30,928
|
|
|
Accrued interest payable
|
3,921
|
2,946
|
|
|
Other liabilities
|
14,693
|
14,463
|
|
|
Total liabilities
|
3,196,342
|
3,081,899
|
|
|
STOCKHOLDERS' EQUITY
|
|||
|
Common stock: 90,000,000 shares authorized, no par value
|
|||
|
16,618,188 shares issued and 16,528,197 outstanding as of June 30, 2015
|
|||
|
16,550,324 shares issued and 16,465,621 outstanding as of December 31, 2014
|
96,865
|
96,121
|
|
|
Retained earnings
|
278,301
|
263,345
|
|
|
Accumulated other comprehensive income
|
2,722
|
3,830
|
|
|
Treasury stock, at cost (2015 - 89,991 shares, 2014 - 84,703 shares)
|
(2,213)
|
(2,000)
|
|
|
Total stockholders' equity
|
375,675
|
361,296
|
|
|
Noncontrolling interest
|
89
|
89
|
|
|
Total equity
|
375,764
|
361,385
|
|
|
Total liabilities and equity
|
$ 3,572,106
|
$ 3,443,284
|
5
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Six Months Ended June 30, 2015 and 2014
(in thousands except for share and per share data)
(unaudited)
|
Three Months Ended
|
Six Months Ended
|
||||||
|
June 30,
|
June 30,
|
||||||
|
2015
|
2014
|
2015
|
2014
|
||||
|
NET INTEREST INCOME
|
|||||||
|
Interest and fees on loans
|
|||||||
|
Taxable
|
$ 27,315
|
$ 26,270
|
$ 53,572
|
$ 51,604
|
|||
|
Tax exempt
|
117
|
125
|
234
|
223
|
|||
|
Interest and dividends on securities
|
|||||||
|
Taxable
|
2,002
|
2,028
|
4,450
|
4,039
|
|||
|
Tax exempt
|
842
|
816
|
1,671
|
1,635
|
|||
|
Interest on short-term investments
|
14
|
11
|
27
|
19
|
|||
|
Total interest income
|
30,290
|
29,250
|
59,954
|
57,520
|
|||
|
Interest on deposits
|
3,930
|
3,335
|
7,578
|
6,522
|
|||
|
Interest on borrowings
|
|||||||
|
Short-term
|
35
|
104
|
95
|
255
|
|||
|
Long-term
|
261
|
257
|
517
|
509
|
|||
|
Total interest expense
|
4,226
|
3,696
|
8,190
|
7,286
|
|||
|
NET INTEREST INCOME
|
26,064
|
25,554
|
51,764
|
50,234
|
|||
|
Provision for loan losses
|
0
|
0
|
0
|
0
|
|||
|
NET INTEREST INCOME AFTER PROVISION FOR
|
|||||||
|
LOAN LOSSES
|
26,064
|
25,554
|
51,764
|
50,234
|
|||
|
NONINTEREST INCOME
|
|||||||
|
Wealth advisory fees
|
1,106
|
977
|
2,290
|
2,016
|
|||
|
Investment brokerage fees
|
311
|
923
|
803
|
2,040
|
|||
|
Service charges on deposit accounts
|
2,573
|
2,348
|
4,947
|
4,499
|
|||
|
Loan, insurance and service fees
|
1,900
|
1,757
|
3,469
|
3,215
|
|||
|
Merchant card fee income
|
431
|
380
|
847
|
730
|
|||
|
Bank owned life insurance income
|
360
|
338
|
735
|
710
|
|||
|
Other income
|
681
|
686
|
1,635
|
1,561
|
|||
|
Mortgage banking income
|
351
|
179
|
740
|
244
|
|||
|
Net securities gains
|
0
|
4
|
42
|
4
|
|||
|
Total noninterest income
|
7,713
|
7,592
|
15,508
|
15,019
|
|||
|
NONINTEREST EXPENSE
|
|||||||
|
Salaries and employee benefits
|
9,444
|
9,467
|
19,167
|
19,454
|
|||
|
Net occupancy expense
|
915
|
903
|
1,999
|
2,013
|
|||
|
Equipment costs
|
913
|
761
|
1,829
|
1,534
|
|||
|
Data processing fees and supplies
|
1,938
|
1,493
|
3,705
|
2,984
|
|||
|
Corporate and business development
|
714
|
673
|
1,504
|
1,326
|
|||
|
FDIC insurance and other regulatory fees
|
511
|
488
|
997
|
965
|
|||
|
Professional fees
|
728
|
736
|
1,417
|
1,536
|
|||
|
Other expense
|
1,578
|
1,563
|
3,024
|
3,062
|
|||
|
Total noninterest expense
|
16,741
|
16,084
|
33,642
|
32,874
|
|||
|
INCOME BEFORE INCOME TAX EXPENSE
|
17,036
|
17,062
|
33,630
|
32,379
|
|||
|
Income tax expense
|
5,656
|
5,750
|
11,114
|
11,155
|
|||
|
NET INCOME
|
$ 11,380
|
$ 11,312
|
$ 22,516
|
$ 21,224
|
|||
|
BASIC WEIGHTED AVERAGE COMMON SHARES
|
16,611,974
|
16,536,112
|
16,601,189
|
16,524,079
|
|||
|
BASIC EARNINGS PER COMMON SHARE
|
$ 0.69
|
$ 0.68
|
$ 1.36
|
$ 1.28
|
|||
|
DILUTED WEIGHTED AVERAGE COMMON SHARES
|
16,820,052
|
16,739,069
|
16,795,907
|
16,729,479
|
|||
|
DILUTED EARNINGS PER COMMON SHARE
|
$ 0.68
|
$ 0.68
|
$ 1.34
|
$ 1.27
|
|||
6
|
LAKELAND FINANCIAL CORPORATION
|
||||||||||||
|
LOAN DETAIL
|
||||||||||||
|
SECOND QUARTER 2015
|
||||||||||||
|
(unaudited in thousands)
|
||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
June 30,
|
|||||||||
|
2015
|
2015
|
2014
|
2014
|
|||||||||
|
Commercial and industrial loans:
|
||||||||||||
|
Working capital lines of credit loans
|
$ 606,169
|
20.9
|
%
|
$ 574,057
|
20.7
|
%
|
$ 544,043
|
19.7
|
%
|
$ 509,725
|
19.1
|
%
|
|
Non-working capital loans
|
537,708
|
18.6
|
504,878
|
18.2
|
491,330
|
17.8
|
526,221
|
19.7
|
||||
|
Total commercial and industrial loans
|
1,143,877
|
39.5
|
1,078,935
|
38.9
|
1,035,373
|
37.5
|
1,035,946
|
38.7
|
||||
|
Commercial real estate and multi-family residential loans:
|
||||||||||||
|
Construction and land development loans
|
152,292
|
5.3
|
151,065
|
5.4
|
156,636
|
5.7
|
166,671
|
6.2
|
||||
|
Owner occupied loans
|
409,650
|
14.2
|
396,849
|
14.3
|
403,154
|
14.6
|
385,706
|
14.4
|
||||
|
Nonowner occupied loans
|
399,583
|
13.8
|
399,842
|
14.4
|
394,458
|
14.3
|
406,691
|
15.2
|
||||
|
Multifamily loans
|
90,175
|
3.1
|
94,327
|
3.4
|
71,811
|
2.6
|
58,955
|
2.2
|
||||
|
Total commercial real estate and multi-family residential loans
|
1,051,700
|
36.3
|
1,042,083
|
37.6
|
1,026,059
|
37.1
|
1,018,023
|
38.1
|
||||
|
Agri-business and agricultural loans:
|
||||||||||||
|
Loans secured by farmland
|
156,001
|
5.4
|
119,934
|
4.3
|
137,407
|
5.0
|
122,515
|
4.6
|
||||
|
Loans for agricultural production
|
95,327
|
3.3
|
96,307
|
3.5
|
136,380
|
4.9
|
90,164
|
3.4
|
||||
|
Total agri-business and agricultural loans
|
251,328
|
8.7
|
216,241
|
7.8
|
273,787
|
9.9
|
212,679
|
8.0
|
||||
|
Other commercial loans
|
82,247
|
2.8
|
82,478
|
3.0
|
75,715
|
2.7
|
72,097
|
2.7
|
||||
|
Total commercial loans
|
2,529,152
|
87.4
|
2,419,737
|
87.3
|
2,410,934
|
87.3
|
2,338,745
|
87.5
|
||||
|
Consumer 1-4 family mortgage loans:
|
||||||||||||
|
Closed end first mortgage loans
|
148,977
|
5.1
|
145,289
|
5.2
|
145,167
|
5.3
|
138,773
|
5.2
|
||||
|
Open end and junior lien loans
|
155,902
|
5.4
|
150,007
|
5.4
|
150,220
|
5.4
|
145,330
|
5.4
|
||||
|
Residential construction and land development loans
|
8,821
|
0.3
|
8,666
|
0.3
|
6,742
|
0.2
|
7,114
|
0.3
|
||||
|
Total consumer 1-4 family mortgage loans
|
313,700
|
10.8
|
303,962
|
11.0
|
302,129
|
10.9
|
291,217
|
10.9
|
||||
|
Other consumer loans
|
50,813
|
1.8
|
48,733
|
1.8
|
49,541
|
1.8
|
43,907
|
1.6
|
||||
|
Total consumer loans
|
364,513
|
12.6
|
352,695
|
12.7
|
351,670
|
12.7
|
335,124
|
12.5
|
||||
|
Subtotal
|
2,893,665
|
100.0
|
%
|
2,772,432
|
100.0
|
%
|
2,762,604
|
100.0
|
%
|
2,673,869
|
100.0
|
%
|
|
Less: Allowance for loan losses
|
(44,816)
|
(45,677)
|
(46,262)
|
(45,605)
|
||||||||
|
Net deferred loan fees
|
(203)
|
(219)
|
(284)
|
(542)
|
||||||||
|
Loans, net
|
$2,848,646
|
$ 2,726,536
|
$2,716,058
|
$2,627,722
|
||||||||
7