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) April 17, 2006
Lakeland Financial Corporation
(Exact name of Registrant as specified in its charter)
|
Indiana |
0-11487 |
35-1559596 |
|
(State or other jurisdiction |
(Commision 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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Solicitation material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
o 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 April 17, 2006, Lakeland Financial Corporation issued a press release announcing its earnings for the three-months ended March 31, 2006. The news release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
|
(c) |
Exhibits |
99.1 Press Release dated April 17, 2006
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: April 17, 2006 |
By: /s/David M. Findlay |
David M. Findlay
Chief Financial Officer
Exhibit 99.1
|
FOR IMMEDIATE RELEASE |
Contact: |
David M. Findlay |
| |||
|
|
Executive Vice President- | |||||
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Administration and |
| ||||
|
|
Chief Financial Officer |
| ||||
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(574) 267-9197 |
| ||||
LAKE CITY BANK SETS NEW INCOME
BENCHMARK FOR FIRST QUARTER
Warsaw, Indiana (April 17, 2006) – Lakeland Financial Corporation (Nasdaq/LKFN), parent company of Lake City Bank, today reported record net income of $4.7 million for the first quarter of 2006. Net income increased 15% over the $4.1 million reported for the comparable period of 2005. Diluted net income per share for the quarter was $0.75 versus $0.66 for the comparable period of 2005, an increase of 14%.
The Company previously announced that the Board of Directors approved a cash dividend for the first quarter of $0.25 per share, payable on April 28, 2006 and a 2-for-1 stock split that will be effective with a payment date of April 28, 2006. Both the cash dividend and stock split will be for shareholders of record as of April 21, 2006. The cash dividend will be paid on the number of shares outstanding prior to the stock split. On a split-adjusted basis, the new quarterly dividend rate will be $0.125 per share and represents a 9% increase over the quarterly dividends paid in 2005.
Michael L. Kubacki, Chairman, President and Chief Executive Officer, commented, “As we continue to expand the Lake City Bank franchise in Northern Indiana, we are proud of our ability to produce strong balance sheet growth and income performance. With the announcement of a dividend increase for the 15th consecutive year and the 2-for-1 stock split, we are happy to share our success with the Company’s shareholders, who have provided outstanding support of our efforts.”
Average total loans for the first quarter of 2006 were $1.206 billion versus $1.01 billion during the first quarter of 2005, an increase of 19%. Total loans as of March 31, 2006 were $1.225 billion, an increase of $26.4 million, versus $1.199 billion as of December 31, 2005. Total loans as of March 31, 2005 were $1.022 billion.
Kubacki observed, “We are pleased with the continued growth in our loan portfolio during the first quarter. Since this time last year, we have added over $200 million of commercial and retail loans to our balance sheet, further reinforcing our position as the bank for business in Northern Indiana. We believe that this loan growth reflects continued penetration in every Lake City Bank market and maintains an exceptional track record of growth. In addition, our first quarter loan growth outpaced the growth during the comparable period in 2005.”
Lakeland Financial’s allowance for loan losses as of March 31, 2006 was $13.2 million, compared to $12.8 million as of December 31, 2005 and $11.1 million as of March 31, 2005. Non-performing assets totaled $7.0 million as of March 31, 2006 versus $7.5 million as of December 31, 2005 and $9.8 million on March 31, 2005. The ratio of non-performing assets to loans was 0.58% on March 31, 2006 compared to 0.63% at
1
December 31, 2005 and 0.96% at March 31, 2005. Net recoveries totaled $9,000 in the first quarter of 2006, versus net charge offs of $160,000 during the fourth quarter of 2005 and $96,000 in the first quarter of 2005.
Kubacki added, “Despite a challenging interest rate environment, which contributed to a decline in our net interest margin for the quarter, we were able to post record income for the first quarter. The continued trend in rising interest rates has created an environment of aggressive deposit pricing. While higher rates are advantageous to our clients, it negatively impacts our margin. Offsetting this impact was an 8% increase in noninterest income versus the first quarter of 2005. Also, the absence of any net charge offs for the period reflects the general quality of our loan portfolio and assists in our efforts to produce strong earnings.”
For the three months ended March 31, 2006, Lakeland Financial’s average equity to average assets ratio was 7.16% compared to 7.09% for the fourth quarter of 2005 and 7.32% for the first quarter of 2005. Average stockholders' equity for the quarter ended March 31, 2006 was $116.0 million versus $112.5 million for the fourth quarter of 2005 and $103.6 million for the comparable period in 2005. Average total deposits totaled $1.275 billion for the first quarter of 2006, versus $1.304 billion for the fourth quarter of 2005 and $1.110 billion for the first quarter of 2005.
Lakeland Financial Corporation is a $1.6 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Northern Indiana with 43 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley.
Lakeland Financial Corporation may be accessed on its home page at www.lakecitybank.com. The Company’s common stock is traded on the Nasdaq Stock Market under “LKFN”. Market makers in Lakeland Financial Corporation common shares include Automated Trading Desk, LLC, Citadel Derivatives Group, LLC, Citigroup Global Market Holdings, Inc., E*Trade Capital Markets LLC, FTN Midwest Securities Corp., Goldman Sachs & Company, Howe Barnes Investments, Inc., Keefe, Bruyette & Woods, Inc., Knight Equity Markets, L.P., Lehman Brothers Inc., Morgan Stanley & Co., Inc., Stifel Nicolaus & Company, Inc., Susquehanna Capital Group and UBS Securities LLC.
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.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist attacks, acts of war or threats thereof and the response of the United States to any such attacks and threats; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
2
LAKELAND FINANCIAL CORPORATION
FIRST QUARTER 2006 FINANCIAL HIGHLIGHTS
(Unaudited – Dollars in thousands except share and Per Share Data)
|
|
|
Three Months Ended |
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|
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|
|
|
Mar. 31, |
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|
|
Dec. 31, |
|
|
|
Mar. 31, |
|
|
| |||
|
|
|
2006 |
|
|
|
2005 |
|
|
|
2005 |
|
|
| |||
|
END OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
1,644,143 |
|
|
|
$ |
1,634,613 |
|
|
|
$ |
1,426,032 |
|
|
|
|
Deposits |
|
|
1,319,745 |
|
|
|
|
1,266,245 |
|
|
|
|
1,132,546 |
|
|
|
|
Loans |
|
|
1,225,179 |
|
|
|
|
1,198,730 |
|
|
|
|
1,022,184 |
|
|
|
|
Allowance for Loan Losses |
|
|
13,236 |
|
|
|
|
12,774 |
|
|
|
|
11,115 |
|
|
|
|
Common Stockholders’ Equity |
|
|
117,330 |
|
|
|
|
113,334 |
|
|
|
|
103,271 |
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
1,620,670 |
|
|
|
$ |
1,585,317 |
|
|
|
$ |
1,416,307 |
|
|
|
|
Earning Assets |
|
|
1,504,381 |
|
|
|
|
1,468,493 |
|
|
|
|
1,305,117 |
|
|
|
|
Investments |
|
|
291,635 |
|
|
|
|
286,856 |
|
|
|
|
285,971 |
|
|
|
|
Loans |
|
|
1,205,849 |
|
|
|
|
1,166,371 |
|
|
|
|
1,009,607 |
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
|
1,275,089 |
|
|
|
|
1,304,469 |
|
|
|
|
1,109,551 |
|
|
|
|
Interest Bearing Deposits |
|
|
1,058,234 |
|
|
|
|
1,069,491 |
|
|
|
|
893,265 |
|
|
|
|
Interest Bearing Liabilities |
|
|
1,275,129 |
|
|
|
|
1,225,277 |
|
|
|
|
1,086,741 |
|
|
|
|
Common Stockholders’ Equity |
|
|
116,006 |
|
|
|
|
112,468 |
|
|
|
|
103,625 |
|
|
|
|
INCOME STATEMENT DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
$ |
12,813 |
|
|
|
$ |
13,187 |
|
|
|
$ |
11,851 |
|
|
|
|
Net Interest Income-Fully Tax Equivalent |
|
|
13,106 |
|
|
|
|
13,481 |
|
|
|
|
12,154 |
|
|
|
|
Provision for Loan Losses |
|
|
453 |
|
|
|
|
701 |
|
|
|
|
458 |
|
|
|
|
Noninterest Income |
|
|
4,445 |
|
|
|
|
5,181 |
|
|
|
|
4,119 |
|
|
|
|
Noninterest Expense |
|
|
9,750 |
|
|
|
|
10,041 |
|
|
|
|
9,363 |
|
|
|
|
Net Income |
|
|
4,650 |
|
|
|
|
4,977 |
|
|
|
|
4,055 |
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income Per Common Share |
|
$ |
0.77 |
|
|
|
$ |
0.83 |
|
|
|
$ |
0.68 |
|
|
|
|
Diluted Net Income Per Common Share |
|
|
0.75 |
|
|
|
|
0.81 |
|
|
|
|
0.66 |
|
|
|
|
Cash Dividends Declared Per Common Share |
|
|
——(1) |
|
|
|
|
0.23 |
|
|
|
|
0.23 |
|
|
|
|
Book Value Per Common Share (equity per share issued) |
|
|
19.48 |
|
|
|
|
18.93 |
|
|
|
|
17.35 |
|
|
|
|
Market Value – High |
|
|
46.75 |
|
|
|
|
45.19 |
|
|
|
|
41.38 |
|
|
|
|
Market Value – Low |
|
|
39.79 |
|
|
|
|
38.01 |
|
|
|
|
37.11 |
|
|
|
|
Basic Weighted Average Common Shares Outstanding |
|
|
6,006,915 |
|
|
|
|
5,985,751 |
|
|
|
|
5,936,370 |
|
|
|
|
Diluted Weighted Average Common Shares Outstanding |
|
|
6,170,385 |
|
|
|
|
6,158,813 |
|
|
|
|
6,132,482 |
|
|
|
|
Post Split Basic Net Income Per Common Share (2) |
|
|
0.39 |
|
|
|
|
0.42 |
|
|
|
|
0.34 |
|
|
|
|
Post Split Diluted Net Income Per Common Share(2) |
|
|
0.38 |
|
|
|
|
0.41 |
|
|
|
|
0.33 |
|
|
|
|
KEY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
|
1.16 |
|
% |
|
|
1.25 |
|
% |
|
|
1.16 |
|
% |
|
|
Return on Average Common Stockholders’ Equity |
|
|
16.26 |
|
|
|
|
17.56 |
|
|
|
|
15.87 |
|
|
|
|
Efficiency (Noninterest Expense / Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
plus Noninterest Income) |
|
|
56.49 |
|
|
|
|
54.67 |
|
|
|
|
58.63 |
|
|
|
|
Average Equity to Average Assets |
|
|
7.16 |
|
|
|
|
7.09 |
|
|
|
|
7.32 |
|
|
|
|
Net Interest Margin |
|
|
3.53 |
|
|
|
|
3.63 |
|
|
|
|
3.77 |
|
|
|
|
Net Charge Offs to Average Loans |
|
|
0.00 |
|
|
|
|
0.05 |
|
|
|
|
0.04 |
|
|
|
|
Loan Loss Reserve to Loans |
|
|
1.08 |
|
|
|
|
1.07 |
|
|
|
|
1.09 |
|
|
|
|
Nonperforming Assets to Loans |
|
|
0.58 |
|
|
|
|
0.63 |
|
|
|
|
0.96 |
|
|
|
|
Tier 1 Leverage |
|
|
9.01 |
|
|
|
|
8.86 |
|
|
|
|
9.17 |
|
|
|
|
Tier 1 Risk-Based Capital |
|
|
11.05 |
|
|
|
|
10.81 |
|
|
|
|
11.55 |
|
|
|
|
Total Capital |
|
|
12.05 |
|
|
|
|
11.80 |
|
|
|
|
12.54 |
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due 90 Days or More |
|
$ |
117 |
|
|
|
$ |
174 |
|
|
|
$ |
2,809 |
|
|
|
|
Non-accrual Loans |
|
|
6,926 |
|
|
|
|
7,321 |
|
|
|
|
6,876 |
|
|
|
|
Net Charge Offs/(Recoveries) |
|
|
(9 |
) |
|
|
|
160 |
|
|
|
|
96 |
|
|
|
|
Other Real Estate Owned |
|
|
0 |
|
|
|
|
0 |
|
|
|
|
91 |
|
|
|
|
Other Nonperforming Assets |
|
|
6 |
|
|
|
|
25 |
|
|
|
|
6 |
|
|
|
|
Total Nonperforming Assets |
|
|
7,049 |
|
|
|
|
7,520 |
|
|
|
|
9,782 |
|
|
|
(1) Cash dividend of $0.25 declared on April 11, 2006
(2) As adjusted for 2-for-1 stock split
3
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
As of March 31, 2006 and December 31, 2005
(in thousands)
|
|
|
March 31, |
|
|
|
December 31, |
| ||
|
|
|
2006 |
|
|
|
2005 |
| ||
|
|
|
(Unaudited) |
|
|
|
|
| ||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
60,545 |
|
|
|
$ |
77,387 |
|
|
Short-term investments |
|
|
4,433 |
|
|
|
|
5,292 |
|
|
Total cash and cash equivalents |
|
|
64,978 |
|
|
|
|
82,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale (carried at fair value) |
|
|
290,703 |
|
|
|
|
290,935 |
|
|
Real estate mortgages held for sale |
|
|
1,601 |
|
|
|
|
960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of allowance for loan losses of $13,236 and $12,774 |
|
|
1,211,943 |
|
|
|
|
1,185,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land, premises and equipment, net |
|
|
24,371 |
|
|
|
|
24,563 |
|
|
Bank owned life insurance |
|
|
19,940 |
|
|
|
|
19,654 |
|
|
Accrued income receivable |
|
|
7,306 |
|
|
|
|
7,416 |
|
|
Goodwill |
|
|
4,970 |
|
|
|
|
4,970 |
|
|
Other intangible assets |
|
|
982 |
|
|
|
|
1,034 |
|
|
Other assets |
|
|
17,349 |
|
|
|
|
16,446 |
|
|
Total assets |
|
$ |
1,644,143 |
|
|
|
$ |
1,634,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Noninterest bearing deposits |
|
$ |
218,057 |
|
|
|
$ |
247,605 |
|
|
Interest bearing deposits |
|
|
1,101,688 |
|
|
|
|
1,018,640 |
|
|
Total deposits |
|
|
1,319,745 |
|
|
|
|
1,266,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
|
|
|
|
|
|
|
Federal funds purchased |
|
|
3,000 |
|
|
|
|
43,000 |
|
|
Securities sold under agreements to repurchase |
|
|
84,513 |
|
|
|
|
91,071 |
|
|
U.S. Treasury demand notes |
|
|
184 |
|
|
|
|
2,471 |
|
|
Other short-term borrowings |
|
|
75,000 |
|
|
|
|
75,000 |
|
|
Total short-term borrowings |
|
|
162,697 |
|
|
|
|
211,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses payable |
|
|
12,830 |
|
|
|
|
10,423 |
|
|
Other liabilities |
|
|
568 |
|
|
|
|
2,095 |
|
|
Long-term borrowings |
|
|
45 |
|
|
|
|
46 |
|
|
Subordinated debentures |
|
|
30,928 |
|
|
|
|
30,928 |
|
|
Total liabilities |
|
|
1,526,813 |
|
|
|
|
1,521,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
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Common stock: 90,000,000 shares authorized, no par value |
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6,023,329 shares issued and 5,982,483 outstanding as of March 31, 2006 |
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5,986,054 shares issued and 5,947,342 outstanding as of December 31, 2005 |
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1,453 |
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1,453 |
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Additional paid-in capital |
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15,216 |
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14,287 |
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Retained earnings |
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106,977 |
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102,327 |
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Accumulated other comprehensive loss |
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(5,309 |
) |
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(3,814 |
) |
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Treasury stock, at cost (2006 - 40,846 shares, 2005 - 38,712 shares) |
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(1,007 |
) |
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(919 |
) |
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Total stockholders' equity |
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117,330 |
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113,334 |
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Total liabilities and stockholders' equity |
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$ |
1,644,143 |
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$ |
1,634,613 |
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4
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, 2006 and 2005
(in thousands except for share data)
(unaudited)
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Three Months Ended |
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March 31, |
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2006 |
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2005 |
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NET INTEREST INCOME |
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Interest and fees on loans |
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Taxable |
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$ |
20,627 |
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$ |
14,513 |
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Tax exempt |
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58 |
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45 |
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Interest and dividends on securities |
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Taxable |
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2,561 |
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2,272 |
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Tax exempt |
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607 |
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587 |
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Interest on short-term investments |
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73 |
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56 |
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Total interest income |
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23,926 |
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17,473 |
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Interest on deposits |
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8,724 |
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4,448 |
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Interest on borrowings |
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Short-term |
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1,802 |
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|
680 |
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Long-term |
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587 |
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494 |
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Total interest expense |
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11,113 |
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5,622 |
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NET INTEREST INCOME |
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12,813 |
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11,851 |
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Provision for loan losses |
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453 |
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458 |
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NET INTEREST INCOME AFTER PROVISION FOR |
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LOAN LOSSES |
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12,360 |
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11,393 |
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NONINTEREST INCOME |
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Trust and brokerage income |
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905 |
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728 |
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Service charges on deposit accounts |
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1,720 |
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1,549 |
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Loan, insurance and service fees |
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546 |
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|
415 |
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Merchant card fee income |
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580 |
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536 |
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Other income |
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540 |
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647 |
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Net gains on sales of real estate mortgages held for sale |
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152 |
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244 |
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Net securities gains (losses) |
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2 |
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0 |
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Total noninterest income |
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4,445 |
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4,119 |
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NONINTEREST EXPENSE |
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Salaries and employee benefits |
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5,489 |
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5,146 |
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Net occupancy expense |
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609 |
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656 |
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Equipment costs |
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455 |
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517 |
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Data processing fees and supplies |
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550 |
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558 |
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Credit card interchange |
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358 |
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328 |
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Other expense |
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2,289 |
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2,158 |
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Total noninterest expense |
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9,750 |
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9,363 |
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INCOME BEFORE INCOME TAX EXPENSE |
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7,055 |
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6,149 |
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Income tax expense |
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2,405 |
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|
2,094 |
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NET INCOME |
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$ |
4,650 |
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|
$ |
4,055 |
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BASIC WEIGHTED AVERAGE COMMON SHARES |
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|
6,006,915 |
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|
5,936,370 |
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BASIC EARNINGS PER COMMON SHARE (1) |
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$ |
0.77 |
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$ |
0.68 |
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DILUTED WEIGHTED AVERAGE COMMON SHARES |
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6,170,385 |
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6,132,482 |
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DILUTED EARNINGS PER COMMON SHARE (1) |
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$ |
0.75 |
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$ |
0.66 |
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(1) See First Quarter 2006 Financial Highlights for as adjusted EPS |
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5