0000721994-12-000042.txt : 20121025 0000721994-12-000042.hdr.sgml : 20121025 20121025092022 ACCESSION NUMBER: 0000721994-12-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121025 DATE AS OF CHANGE: 20121025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKELAND FINANCIAL CORP CENTRAL INDEX KEY: 0000721994 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351559596 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11487 FILM NUMBER: 121160245 BUSINESS ADDRESS: STREET 1: 202 E CENTER ST STREET 2: P O BOX 1387 CITY: WARSAW STATE: IN ZIP: 46581-1387 BUSINESS PHONE: 5742676144 MAIL ADDRESS: STREET 1: 202 E CENTER ST STREET 2: PO BOX 1387 CITY: WARSAW STATE: IN ZIP: 46581 8-K 1 lkfn8k0912.htm LAKELAND FINANCIAL FORM 8-K lkfn8k0912.htm
 
 
 


 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
______________
 
 
FORM 8-K
 
______________
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) October 25, 2012
 
______________
 
 
Lakeland Financial Corporation
(Exact name of Registrant as specified in its charter)
 
______________
 
 

 
Indiana
0-11487
35-1559596
(State or other jurisdiction
(Commission File Number)
(IRS Employer
Of incorporation)
  
Identification No.)
 

 
 
202 East Center Street, P.O. Box 1387, Warsaw, Indiana 46581-1387
 
(Address of principal executive offices) (Zip Code)
 
(574) 267-6144
 
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[  ]  Solicitation material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR  240.14d-2(b)
 
 
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

 



 
 
 


 
Item 2.02. Results of Operations and Financial Condition
 
On October 25, 2012, Lakeland Financial Corporation issued a press release announcing its earnings for the three-months and nine-months ended September 30, 2012. The news release is attached as Exhibit 99.1.
 
Item 9.01. Financial Statements and Exhibits
 
(d)
Exhibits
 
99.1  Press Release dated October 25, 2012

 
 
 


 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
LAKELAND FINANCIAL CORPORATION
 

 
Dated:  October 25, 2012                                                                By:   /s/David M. Findlay
 
David M. Findlay
President and Chief Financial Officer

 
 
 

EX-99.1 2 ex991.htm PRESS RELEASE ex991.htm
 
 
 

Exhibit 99.1
LAKELAND LOGO
                      

FOR IMMEDIATE RELEASE                                                                                                                                                                                                              Contact:                      David M. Findlay
                                                                                                                                                       President and
                                                                                                                                                       Chief Financial Officer
                                                                                                                                                        (574) 267-9197
                                                                                                                                                        david.findlay@lakecitybank.com

 
Lake City Bank Continues
 
 
Strong Financial Performance
 
 

 
 
Record Earnings Reported for Quarter and Year-to-Date
 
Warsaw, Indiana (October 25, 2012) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), 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, commented, “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.  Total loans outstanding grew $22 million, or 1%, from $2.18 billion as of September 30, 2011 to $2.20 billion as of September 30, 2012.  Gross loans outstanding at September 30, 2012 represented a decrease of $30 million versus $2.23 billion as of December 31, 2011.  Driving this $30 million decrease in net loans outstanding were anticipated reductions in nonowner occupied commercial real estate loans of $77 million and seasonal reductions in total agribusiness loans of $24 million.

 
1
 
David M. Findlay, President and Chief Financial Officer, stated, “One of the biggest challenges we have faced in 2012 is loan growth, which is directly tied to the economy of our region and overall business expansion.  From an economic strength perspective, we believe that the key reasons for some of the decreases are encouraging.  Our commercial real estate loan balances have been significantly reduced in 2012 by the successful placement of long term, fixed rate financing.  This is good for our clients and a positive sign that outside investors are returning to long term real estate activity.  Yet, we have not seen any significant demand for new commercial real estate projects that fit our profile to replenish this runoff.  On the agribusiness front, the reduction in loan balances is a positive reflection of the general health of this sector and the strength of the industry’s balance sheets.  Finally, loan demand in our traditional commercial and industrial sector has not been robust as these clients continue to be focused on strengthening their balance sheets through operational profitability.  As a result, we are not seeing widespread or significant capital investment in buildings or equipment.”

Findlay concluded, “We continue to be well positioned in our markets to capitalize on improved loan demand when it occurs.  We believe that we’ve got the best commercial lending team in the markets we serve and look forward to the inevitable economic recovery and the loan demand it will bring.”

The Company’s net interest margin was 3.30% in the third quarter of 2012 versus 3.48% for the third quarter of 2011 and 3.32% in the linked second quarter of 2012.  The year-over-year margin decline resulted primarily from reduced yields in the investment portfolio and slightly lower commercial loan yields as interest rates continue to be at historic lows.  For the nine months ended September 30, 2012, the Company’s net interest margin was 3.34% versus 3.60% for the comparable period in 2011.

The Company’s tangible common equity to tangible assets ratio was 9.90% at September 30, 2012 compared to 9.40% at September 30, 2011 and 9.58% at June 30, 2012.  Average total deposits for the quarter ended September 30, 2012 were $2.49 billion versus $2.55 billion for the second quarter of 2012 and $2.32 billion for the third quarter of 2011.

The Company’s provision for loan losses in the third quarter of 2012 was $0 versus $2.4 million in the same period of 2011.  In the second quarter of 2012, the provision was $500,000.  For the nine months ended September 30, 2012, the Company’s provision for loan losses was $1.3 million versus $10.9 million for the comparable period in 2011.  The provision decrease on a year-over-year basis was generally driven by the stabilization and improvement in key loan quality metrics,  adequate reserve coverage of nonperforming loans, continuing signs of stabilization in the economic conditions of the Company’s markets and general signs of improvement in our borrowers’ performance and future prospects.  The Company’s allowance for loan losses as of September 30, 2012 was $51.9 million compared to $52.1 million as of September 30, 2011 and $53.4 million as of December 31, 2011.  The allowance for loan losses represented 2.36% of total loans as of September 30, 2012 versus 2.39% at September 30, 2011 and 2.34% as of June 30, 2012.  The allowance for loan losses represented 156% of nonperforming loans as of September 30, 2012 versus 157% at September 30, 2011 and 150% as of June 30, 2012.

Net recoveries totaled $96,000 in the third quarter of 2012 versus net charge-offs of $1.6 million during the third quarter of 2011 and net charge-offs of $1.4 million during the linked second quarter of 2012.  The largest charge-off attributable to a single commercial credit during the quarter was $112,000.  For the nine months ended September 30, 2012, net charge-offs were $2.8 million versus $3.8 million for the comparable period in 2011.  Nonperforming assets decreased 6% to $34.0 million as of September 30, 2012 versus $36.2 million as of September 30, 2011.  On a linked quarter basis, nonperforming assets were 6% lower than the $36.4 million reported as of June 30, 2012.  The decrease in nonperforming assets during the quarter primarily resulted from sales of other real estate owned as well as payments received on nonperforming loans.  The ratio of nonperforming assets to total assets at September 30, 2012 was 1.15% versus 1.28% at September 30, 2011 and 1.22% at June 30, 2012.  Total watch list loans were $150.7 million at September 30, 2012 versus $166.5 million at September 30, 2011, a decrease of 9%.

 
2
 
The Company's noninterest income increased 5% to $6.2 million for the third quarter of 2012, versus $5.9 million for the third quarter of 2011.  On a linked quarter basis, noninterest income increased by $417,000 from $5.8 million in the second quarter of 2012.  On a year-over-year basis, noninterest income was positively impacted by a $162,000 increase in loan, insurance and service fees and a $150,000 increase in mortgage banking income.  In addition, other income was positively impacted by gains on the sale of other real estate of $174,000 during the third quarter of 2012, versus write downs on the value of other real estate during the third quarter of 2011 of $88,000.  Noninterest income was negatively impacted by $380,000 in net losses on securities sales related to a strategic realignment in the investment portfolio, which included the sale of nine non-agency mortgage backed securities.  The sale included all five of the non-agency mortgage backed securities on which the Company had previously recognized other than temporary impairment.

The Company's noninterest expense increased 6% to $14.3 million in the third quarter of 2012, versus $13.5 million in the comparable quarter of 2011.  On a linked quarter basis, noninterest expense increased by $53,000 versus $14.2 million in the second quarter of 2012.  On a year-over-year basis, data processing fees increased by $414,000 in the three-month period ended September 30, 2012 versus the same period of 2011.  In addition, equipment costs increased $105,000 in the three month period ended September 30, 2012 versus the same period of 2011.  The Company's efficiency ratio for the third quarter of 2012 was 50%, compared to a ratio of 47% for the comparable quarter of 2011 and 51% for the linked second quarter of 2012.

Lakeland Financial Corporation is a $3.0 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Indiana with 45 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Hamilton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley.

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
THIRD QUARTER 2012 FINANCIAL HIGHLIGHTS
(Unaudited – Dollars in thousands except share and per share data)

 
Three Months Ended
  
Nine Months Ended
  
 
Sep. 30,
  
Jun. 30,
  
Sep. 30,
  
Sep. 30,
  
Sep. 30,
  
 
2012
  
2012
  
2011
  
2012
  
2011
  
END OF PERIOD BALANCES
                    
  Assets
 $ 2,952,208
  
 $ 2,974,438
  
 $ 2,827,438
  
 $ 2,952,208
  
 $ 2,827,438
  
  Deposits
    2,476,097
  
    2,525,485
  
    2,356,359
  
    2,476,097
  
    2,356,359
  
  Loans
    2,203,388
  
    2,214,400
  
    2,181,008
  
    2,203,388
  
    2,181,008
  
  Allowance for Loan Losses
         51,912
  
         51,817
  
         52,073
  
         51,912
  
         52,073
  
  Total Equity
       294,990
  
       287,658
  
       268,847
  
       294,990
  
       268,847
  
  Tangible Common Equity
       291,946
  
       284,543
  
       265,590
  
       291,946
  
       265,590
  
AVERAGE BALANCES
                    
  Total Assets
 $ 2,960,363
  
 $ 3,015,641
  
 $ 2,790,191
  
 $ 2,956,482
  
 $ 2,757,766
  
  Earning Assets
    2,718,318
  
    2,730,356
  
    2,640,298
  
    2,717,325
  
    2,616,361
  
  Investments
       475,899
  
       479,131
  
       457,360
  
       475,028
  
       441,771
  
  Loans
    2,215,456
  
    2,220,641
  
    2,160,007
  
    2,217,227
  
    2,131,765
  
  Total Deposits
    2,492,042
  
    2,554,013
  
    2,316,323
  
    2,491,258
  
    2,292,776
  
  Interest Bearing Deposits
    2,127,463
  
    2,208,292
  
    1,998,402
  
    2,142,978
  
    1,990,605
  
  Interest Bearing Liabilities
    2,286,151
  
    2,365,962
  
    2,192,141
  
    2,305,946
  
    2,183,836
  
  Total Equity
       291,513
  
       284,638
  
       264,460
  
       284,496
  
       256,829
  
INCOME STATEMENT DATA
                    
  Net Interest Income
 $      22,160
  
 $      22,148
  
 $      22,821
  
 $      66,805
  
 $      69,300
  
  Net Interest Income-Fully Tax Equivalent
         22,561
  
         22,550
  
         23,198
  
         68,014
  
         70,443
  
  Provision for Loan Losses
                   0
  
              500
  
           2,400
  
           1,299
  
         10,900
  
  Noninterest Income
           6,229
  
           5,812
  
           5,923
  
         17,891
  
         16,667
  
  Noninterest Expense
         14,302
  
         14,249
  
         13,479
  
         43,231
  
         41,620
  
  Net Income
           9,347
  
           8,819
  
           8,447
  
         26,792
  
         22,401
  
PER SHARE DATA
                    
  Basic Net Income Per Common Share
 $          0.57
  
 $          0.54
  
 $          0.52
  
 $          1.64
  
 $          1.38
  
  Diluted Net Income Per Common Share
             0.57
  
             0.54
  
             0.52
  
             1.63
  
             1.37
  
  Cash Dividends Declared Per Common Share
           0.170
  
           0.170
  
           0.155
  
           0.495
  
           0.465
  
  Book Value Per Common Share (equity per share issued)
           18.04
  
           17.61
  
           16.58
  
           18.04
  
           16.58
  
  Market Value – High
           28.82
  
           26.83
  
           23.94
  
           28.82
  
           23.94
  
  Market Value – Low
           25.09
  
           24.07
  
           19.40
  
           23.91
  
           19.40
  
  Basic Weighted Average Common Shares Outstanding
  16,340,425
  
  16,324,928
  
  16,208,889
  
  16,312,896
  
  16,201,900
  
  Diluted Weighted Average Common Shares Outstanding
  16,490,390
  
  16,453,561
  
  16,324,058
  
  16,470,485
  
  16,309,814
  
KEY RATIOS
                    
  Return on Average Assets
             1.26
%
             1.18
%
             1.20
%
             1.21
%
             1.09
%
  Return on Average Total Equity
           12.76
  
           12.46
  
           12.67
  
           12.58
  
           11.66
  
  Efficiency  (Noninterest Expense / Net Interest Income
            
 
  
 
  
      plus Noninterest Income)
           50.38
  
           50.96
  
           46.89
  
           51.04
  
           48.41
  
  Average Equity to Average Assets
             9.85
  
             9.44
  
             9.48
  
             9.62
  
             9.31
  
  Net Interest Margin
             3.30
  
             3.32
  
             3.48
  
             3.34
  
             3.60
  
  Net Charge Offs to Average Loans
           (0.02)
  
             0.26
  
             0.29
  
             0.17
  
             0.24
  
  Loan Loss Reserve to Loans
             2.36
  
             2.34
  
             2.39
  
             2.36
  
             2.39
  
  Loan Loss Reserve to Nonperforming Loans
         155.73
  
         149.67
  
         156.61
  
         155.73
  
         156.61
  
  Loan Loss Reserve to Nonperforming Loans
                    
      and Performing TDR's
           83.31
  
           90.29
  
           93.52
  
           83.31
  
           93.52
  
  Nonperforming Loans to Loans
             1.51
  
             1.56
  
             1.52
  
             1.51
  
             1.52
  
  Nonperforming Assets to Assets
             1.15
  
             1.22
  
             1.28
  
             1.15
  
             1.28
  
  Tier 1 Leverage
           10.59
  
           10.16
  
           10.29
  
           10.59
  
           10.29
  
  Tier 1 Risk-Based Capital
           13.32
  
           12.85
  
           12.33
  
           13.32
  
           12.33
  
  Total Capital
           14.59
  
           14.11
  
           13.59
  
           14.59
  
           13.59
  
  Tangible Capital
             9.90
  
             9.58
  
             9.40
  
             9.90
  
             9.40
  
ASSET QUALITY
                    
  Loans Past Due 30 - 89 Days
 $        4,028
  
 $        6,744
  
 $        3,357
  
 $        4,028
  
 $        3,357
  
  Loans Past Due 90 Days or More
              109
  
              106
  
                61
  
              109
  
                61
  
  Non-accrual Loans
         33,226
  
         34,514
  
         33,190
  
         33,226
  
         33,190
  
  Nonperforming Loans (includes nonperforming TDR's)
         33,335
  
         34,620
  
         33,251
  
         33,335
  
         33,251
  
  Other Real Estate Owned
              681
  
           1,737
  
           2,889
  
              681
  
           2,889
  
  Other Nonperforming Assets
                  5
  
                13
  
                25
  
                  5
  
                25
  
  Total Nonperforming Assets
         34,021
  
         36,370
  
         36,165
  
         34,021
  
         36,165
  
  Nonperforming Troubled Debt Restructurings (included in
                    
      nonperforming loans)
         28,979
  
         32,129
  
           9,300
  
         28,979
  
           9,300
  
  Performing Troubled Debt Restructurings
         26,106
  
         22,767
  
         22,428
  
         26,106
  
         22,428
  
  Total Troubled Debt Restructurings
         55,085
  
         54,896
  
         31,728
  
         55,085
  
         31,728
  
  Impaired Loans
         61,294
  
         59,256
  
         57,659
  
         61,294
  
         57,659
  
  Total Watch List Loans
       150,709
  
       151,047
  
       166,499
  
       150,709
  
       166,499
  
  Gross Charge Offs
              482
  
           1,852
  
           2,099
  
           4,066
  
           5,048
  
  Recoveries
              578
  
              412
  
              511
  
           1,280
  
           1,214
  
  Net Charge Offs/(Recoveries)
              (96)
  
           1,440
  
           1,588
  
           2,786
  
           3,834
  


 
5
 


LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
As of September 30, 2012 and December 31, 2011
(in thousands, except share data)

 
September 30,
  
December 31,
 
2012
  
2011
 
(Unaudited)
    
ASSETS
      
Cash and due from banks
 $           134,785
  
 $             56,909
Short-term investments
46,617
  
47,675
  Total cash and cash equivalents
181,402
  
104,584
       
Securities available for sale (carried at fair value)
481,256
  
467,391
Real estate mortgage loans held for sale
6,707
  
2,953
       
Loans, net of allowance for loan losses of $51,912 and $53,400
2,151,476
  
2,180,309
       
Land, premises and equipment, net
34,969
  
34,736
Bank owned life insurance
40,848
  
39,959
Accrued income receivable
9,735
  
9,612
Goodwill
4,970
  
4,970
Other intangible assets
60
  
99
Other assets
40,785
  
45,075
  Total assets
 $        2,952,208
  
 $        2,889,688
       
LIABILITIES AND EQUITY
      
       
LIABILITIES
      
Noninterest bearing deposits
 $           357,531
  
 $           356,682
Interest bearing deposits
2,118,566
  
2,056,014
  Total deposits
2,476,097
  
2,412,696
       
Short-term borrowings
      
  Federal funds purchased
0
  
10,000
  Securities sold under agreements to repurchase
118,552
  
131,990
    Total short-term borrowings
118,552
  
141,990
       
Accrued expenses payable
15,414
  
13,550
Other liabilities
1,189
  
2,195
Long-term borrowings
15,038
  
15,040
Subordinated debentures
30,928
  
30,928
    Total liabilities
2,657,218
  
2,616,399
       
EQUITY
      
Common stock:  90,000,000 shares authorized, no par value
      
 16,346,247 shares issued and 16,260,259 outstanding as of September 30, 2012
      
 16,217,019 shares issued and 16,145,772 outstanding as of December 31, 2011
89,255
  
87,380
Retained earnings
200,615
  
181,903
Accumulated other comprehensive income
6,644
  
5,139
Treasury stock, at cost (2012 - 85,988 shares, 2011 - 71,247 shares)
(1,613)
  
(1,222)
  Total stockholders' equity
294,901
  
273,200
       
  Noncontrolling interest
89
  
89
  Total equity
294,990
  
273,289
    Total liabilities and equity
 $        2,952,208
  
 $        2,889,688


 
6
 


LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Nine Months Ended September 30, 2012 and 2011
(in thousands except for share and per share data)
(unaudited)

 
Three Months Ended
  
Nine Months Ended
 
September 30,
  
September 30,
 
2012
  
2011
  
2012
  
2011
NET INTEREST INCOME
              
Interest and fees on loans
              
  Taxable
 $        25,803
  
 $        26,390
  
 $        77,789
  
 $        78,555
  Tax exempt
                109
  
                114
  
                333
  
                357
Interest and dividends on securities
              
  Taxable
             2,034
  
             3,217
  
             7,425
  
           10,635
  Tax exempt
                698
  
                692
  
             2,094
  
             2,068
Interest on short-term investments
                  16
  
                  18
  
                  43
  
                114
    Total interest income
           28,660
  
           30,431
  
           87,684
  
           91,729
               
Interest on deposits
             5,989
  
             7,090
  
           19,352
  
           20,868
Interest on borrowings
              
  Short-term
                112
  
                159
  
                329
  
                477
  Long-term
                399
  
                361
  
             1,198
  
             1,084
    Total interest expense
             6,500
  
             7,610
  
           20,879
  
           22,429
               
NET INTEREST INCOME
           22,160
  
           22,821
  
           66,805
  
           69,300
               
Provision for loan losses
                    0
  
             2,400
  
             1,299
  
           10,900
               
NET INTEREST INCOME AFTER PROVISION FOR
              
  LOAN LOSSES
           22,160
  
           20,421
  
           65,506
  
           58,400
               
NONINTEREST INCOME
              
Wealth advisory fees
                959
  
                866
  
             2,770
  
             2,613
Investment brokerage fees
                695
  
                741
  
             2,435
  
             2,093
Service charges on deposit accounts
             2,045
  
             2,036
  
             5,937
  
             5,938
Loan, insurance and service fees
             1,421
  
             1,259
  
             4,062
  
             3,595
Merchant card fee income
                297
  
                253
  
                902
  
                775
Other income
                669
  
                362
  
             1,614
  
             1,380
Mortgage banking income
                590
  
                440
  
             1,574
  
                594
Net securities losses
               (380)
  
                   (1)
  
               (377)
  
               (167)
Other than temporary impairment loss on available-for-sale securities:
              
  Total impairment losses recognized on securities
                 (67)
  
                 (33)
  
            (1,052)
  
               (154)
  Loss recognized in other comprehensive income
                    0
  
                    0
  
                   26
  
                    0
  Net impairment loss recognized in earnings
                 (67)
  
                 (33)
  
            (1,026)
  
               (154)
  Total noninterest income
             6,229
  
             5,923
  
           17,891
  
           16,667
               
NONINTEREST EXPENSE
              
Salaries and employee benefits
             8,569
  
             8,611
  
           26,007
  
           24,802
Net occupancy expense
                803
  
                746
  
             2,519
  
             2,373
Equipment costs
                641
  
                536
  
             1,854
  
             1,600
Data processing fees and supplies
             1,143
  
                729
  
             3,044
  
             2,820
Other expense
             3,146
  
             2,857
  
             9,807
  
           10,025
  Total noninterest expense
           14,302
  
           13,479
  
           43,231
  
           41,620
               
INCOME BEFORE INCOME TAX EXPENSE
           14,087
  
           12,865
  
           40,166
  
           33,447
               
Income tax expense
             4,740
  
             4,418
  
           13,374
  
           11,046
               
NET INCOME
 $          9,347
  
 $          8,447
  
 $        26,792
  
 $        22,401
               
BASIC WEIGHTED AVERAGE COMMON SHARES
    16,340,425
  
    16,208,889
  
    16,312,896
  
    16,201,900
BASIC EARNINGS PER COMMON SHARE
 $            0.57
  
 $            0.52
  
 $            1.64
  
 $            1.38
DILUTED WEIGHTED AVERAGE COMMON SHARES
    16,490,390
  
    16,324,058
  
    16,470,485
  
    16,309,814
DILUTED EARNINGS PER COMMON SHARE
 $            0.57
  
 $            0.52
  
 $            1.63
  
 $            1.37


 
7
 
LAKELAND FINANCIAL CORPORATION
LOAN DETAIL
THIRD QUARTER 2012
(unaudited in thousands)
                   
 
September 30,
December 31,
September 30,
 
2012
2011
2011
Commercial and industrial loans:
                  
  Working capital lines of credit loans
 $   445,981
   20.2
 %
 $   373,768
   16.7
 %
 $   382,202
   17.5
 %
  Non-working capital loans
      382,850
   17.4
  
      377,388
   16.9
  
380,125
   17.4
  
    Total commercial and industrial loans
      828,831
   37.6
  
      751,156
   33.6
  
762,327
   34.9
  
                   
Commercial real estate and multi-family residential loans:
                  
  Construction and land development loans
       87,949
     4.0
  
       82,284
     3.7
  
      110,493
     5.1
  
  Owner occupied loans
      363,673
   16.5
  
      346,669
   15.5
  
      335,514
   15.4
  
  Nonowner occupied loans
      308,146
   14.0
  
      385,090
   17.2
  
      363,777
   16.7
  
  Multifamily loans
       25,482
     1.2
  
       38,477
     1.7
  
       19,578
     0.9
  
    Total commercial real estate and multi-family residential loans
      785,250
   35.6
  
      852,520
   38.2
  
      829,362
   38.0
  
                   
Agri-business and agricultural loans:
                  
  Loans secured by farmland
119,524
     5.4
  
118,224
     5.3
  
      101,978
     4.7
  
  Loans for agricultural production
94,563
     4.3
  
119,705
     5.4
  
92,414
     4.2
  
    Total agri-business and agricultural loans
214,087
     9.7
  
237,929
   10.7
  
194,392
     8.9
  
                   
Other commercial loans
       44,982
     2.0
  
       58,278
     2.6
  
58,208
     2.7
  
  Total commercial loans
   1,873,150
   85.0
  
   1,899,883
   85.0
  
   1,844,289
   84.6
  
                   
Consumer 1-4 family mortgage loans:
                  
  Closed end first mortgage loans
      106,147
     4.8
  
      106,999
     4.8
  
107,026
     4.9
  
  Open end and junior lien loans
      168,507
     7.6
  
      175,694
     7.9
  
177,940
     8.2
  
  Residential construction and land development loans
       11,303
     0.5
  
         5,462
     0.2
  
4,380
     0.2
  
  Total consumer 1-4 family mortgage loans
      285,957
   13.0
  
      288,155
   12.9
  
      289,346
   13.3
  
                   
Other consumer loans
       44,691
     2.0
  
       45,999
     2.1
  
47,623
     2.2
  
  Total consumer loans
      330,648
   15.0
  
      334,154
   15.0
  
      336,969
   15.4
  
  Subtotal
   2,203,798
 100.0
 %
   2,234,037
 100.0
 %
   2,181,258
 100.0
 %
Less:  Allowance for loan losses
      (51,912)
    
      (53,400)
    
      (52,073)
    
           Net deferred loan fees
           (410)
    
           (328)
    
           (250)
    
Loans, net
 $2,151,476
    
 $2,180,309
    
 $2,128,935
    





 
8
 

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