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) January 25, 2010
______________
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
January 25, 2010, Lakeland Financial Corporation issued a press release
announcing its earnings for the three-months and twelve-months ended December
31, 2009. The news release is attached as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits
|
(d)
|
Exhibits
|
99.1 Press
Release dated January 25, 2010
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: January
25,
2010
; By: /s/David M. Findlay
David M. Findlay
Chief Financial Officer
FOR
IMMEDIATE
RELEASE &
#160;
Contact: David
M. Findlay
&#
160;
Executive Vice President-
&#
160;
Administration and
&#
160;
Chief Financial Officer
&#
160;
(574) 267-9197
&#
160; david.findlay@lakecitybank.com
LAKELAND
FINANCIAL REPORTS
RECORD
QUARTERLY NET INCOME
Issuance
of Capital Further Strengthens Balance Sheet
Warsaw,
Indiana (January 25, 2010) – Lakeland Financial Corporation (Nasdaq Global
Select/LKFN), parent company of Lake City Bank, today reported record net income
of $5.4 million for the fourth quarter of 2009. This record net
income performance represents a 21% increase versus $4.4 million for the fourth
quarter of 2008. Diluted net income per share for the quarter was
$0.32 versus $0.35 for the comparable period of 2008. On a linked
quarter basis, net income increased 2% compared to net income of $5.3 million,
or $0.36 per diluted share, for the third quarter of 2009.
Michael
L. Kubacki, Chairman, President and Chief Executive Officer, commented, “We’re
very proud that our net income in the quarter was the highest in the Bank’s 138
year history. 2009 was full of challenges for the banking industry
and we were not immune to them. Yet, Lake City Bank managed through
these challenges to finish with a very strong quarter and year.”
Kubacki
continued, “Our industry has been under intense scrutiny this year due to both
political and economic pressures. Many of the critics of the banking
industry have placed a significant focus on the industry’s unwillingness to
lend. I am pleased to say that we grew our average loan portfolio by
$237 million in 2009, an increase of 14% over 2008’s levels. We
recognize that community banks have an important role to play in the economic
recovery of Indiana, and we’re using our balance sheet to fulfill that
role.”
“While
our earnings performance is gratifying, our successful issuance of common stock
during the quarter provided $58 million of additional capital, which has further
strengthened our balance sheet. Our business plan is built around
lending money in Indiana and we believe that this additional capital puts us in
a great position to continue the growth in our loan portfolio,” added
Kubacki.
The
Company reported net income of $19.0 million for 2009 versus $19.7 million for
2008. Diluted net income per common share was $1.26 for 2009 versus
$1.58 for 2008. Earnings per share for 2009 were impacted by the Company’s
participation in the U.S. Treasury Capital Purchase Program in the first quarter
and the issuance of 3.6 million common shares during the fourth
quarter.
The
Company also announced that the Board of Directors approved a cash dividend for
the fourth quarter of $0.155 per share, payable on February 5, 2010 to
shareholders of record as of January 25, 2010. The quarterly dividend
is unchanged from the dividends paid in 2008 and in the first three quarters of
2009.
“We
recognize that the dividend is an important component of shareholder value for
many of our shareholders and that it is also a reflection of our overall
financial health. We are pleased that our good performance supported
these payments at a level consistent with prior years”, observed
Kubacki.
Average
total loans for the fourth quarter of 2009 were $1.96 billion versus $1.77
billion for the fourth quarter of 2008 and $1.91 billion for the linked third
quarter of 2009. Average total loans for the full year were $1.90
billion versus $1.67 billion in 2008. The year-over-year average loan
growth represented an increase of 14%, or $237 million. On a linked
quarter basis, average loans increased by $56 million versus the third quarter
of 2009. Total gross loans as of December 31, 2009 were $2.01 billion
compared to $1.83 billion as of December 31, 2008, an increase of
10%. Total gross loans at September 30, 2009 were $1.94
billion.
The
Company’s net interest margin was 3.74% in the fourth quarter versus 3.69% in
the third quarter and 2.98% for the fourth quarter of 2008. This
margin improvement, in conjunction with strong growth in loans, contributed to
an increase of 40% in the Company’s net interest income to $22.5 million in the
fourth quarter of 2009 versus $16.0 million in the fourth quarter of
2008. On a linked quarter basis, net interest income increased by 6%
versus the third quarter of 2009.
The
Company’s provision for loan losses in the quarter of $6.3 million represented
an increase of $3.9 million, or 169%, versus $2.3 million in the same period of
2008. In the third quarter of 2009, the provision was $5.5
million. The provision increases in 2009 were generally driven by
increased levels of net charge offs, the difficult economic conditions in the
Company’s markets and the related possible weaknesses in our borrowers’ future
performance and prospects, as well as by continued loan growth.
Total
revenue for the fourth quarter of 2009 was $27.8 million versus $21.4 million
for the comparable period of 2008, an increase of 30%. On a linked
quarter basis, total revenue increased by 5% versus the third quarter of
2009.
The
Company's non-interest income was $5.4 million in both the fourth quarters of
2009 and 2008. For the full year, non-interest income of $22.2
million represented a decrease of $1.1 million, or 5%, versus $23.3 million in
2008. Contributing to the lower noninterest income performance in
2009 was a change related to the processing of merchant credit card
activities. Prior to the third quarter of 2009, transaction-driven
revenue and expenses related to this category were reported on a gross basis in
merchant card fee income in non-interest income and credit card interchange fees
in non-interest expense. Beginning in the second quarter of 2009, the
Company began converting clients to a new third-party processor for this
activity. As a result, only net revenues with the new processor are
being recognized in merchant card fee income in noninterest
income. Several other factors affected non-interest income in 2009
versus 2008, including recognition of a non-cash other than temporary impairment
of $225,000 on available-for-sale securities and an increase in mortgage banking
income of $1.3 million. In addition, results for 2008 were positively
impacted by a $642,000 gain related to the VISA initial public
offering.
The
Company's non-interest expense was $13.5 million for the fourth quarter of 2009
compared to $12.6 million for the same period in 2008 and $13.1 million for the
third quarter of 2009. On a year over year basis, salaries and
employee benefits increased by $880,000, or 14%, versus the fourth quarter of
2008, primarily as a result of staff additions in lending positions, higher
incentive-based compensation resulting from increased revenue and net income and
overall improved performance, normal merit increases company-wide and increased
health insurance costs. In addition, regulatory expense increased by
$213,000 due to higher FDIC insurance premiums, including a one-time assessment,
that have been levied on all financial institutions. For the full
year, non-interest expense of $53.5 million compared to $47.5 million in
2008. The Company's
efficiency ratio for the fourth quarter of 2009 was 49%, compared to 59% for the
fourth quarter of 2008 and 49% for the third quarter of 2009. The efficiency
ratio for the full year was 52% versus 55% in 2008.
For the
three months ended December 31, 2009, Lakeland Financial’s tangible equity to
tangible assets ratio was 8.65% compared to 6.17% for the fourth quarter of 2008
and 6.56% for the third quarter of 2009. Equity was positively
impacted by the sale of common stock during the fourth quarter of 2009,
resulting in net proceeds to the Company of $57.9 million. Average
total capital to average assets for the quarter ended December 31, 2009 was
9.82% versus 6.56% for the fourth quarter of 2008 and 8.83% for the third
quarter of 2009. Average total deposits for the quarter ended
December 31, 2009 were $1.90 billion versus $1.82 billion for the third quarter
of 2009 and $1.84 billion for the fourth quarter of 2008.
Net
charge-offs totaled $3.0 million in the fourth quarter of 2009, versus $1.6
million during the fourth quarter of 2008 and $1.8 million during the third
quarter of 2009. Lakeland Financial’s allowance for loan losses as of
December 31, 2009 was $32.1 million, compared to $18.9 million as of December
31, 2008 and $28.8 million as of September 30, 2009. The allowance
for loan losses increased to 1.59% of total loans as of December 31, 2009 versus
1.03% at December 31, 2008 and 1.48% as of September 30, 2009.
Kubacki
commented, “The combination of the issuance of $58 million in common stock, the
$13 million growth in our allowance for loan losses and our continued earnings
performance have combined to represent a real strengthening of our balance
sheet. We have weathered the economic challenges of the past several
years and have emerged with a much stronger balance sheet.”
Nonperforming
assets increased to $31.6 million as of December 31, 2009 compared to $30.0
million as of September 30, 2009. The increase during the fourth
quarter resulted primarily from the addition of a single credit involved in real
estate development. The ratio of nonperforming assets to total assets
remained stable at 1.23% on December 31, 2009 compared to 1.22% on September 30,
2009.
Nonperforming
assets on December 31, 2008 were $22.4 million. The increase in
nonperforming assets during 2009 was influenced by the addition of three
commercial relationships totaling $10.6 million. One of the credits
is engaged in commercial real estate development and the other two are real
estate holding companies which leased facilities to affiliated companies
involved in the recreational vehicle industry and automobile sales,
respectively. The ratio of nonperforming assets to total assets was
0.94% at December 31, 2008.
The
allowance for loan losses represented 104% of nonperforming loans as of December
31, 2009 versus 98% at September 30, 2009 and 89% at December 31,
2008.
Lakeland
Financial Corporation is a $2.6 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. The Company also has a Loan Production Office in
Indianapolis, Indiana.
Lakeland
Financial Corporation may be accessed on its home page at www.lakecitybank.com. The
Company’s common stock is traded on the Nasdaq Global Select Market under
“LKFN”. Market makers in Lakeland Financial Corporation common shares include
Automated Trading Desk Financial Services, LLC, B-Trade Services, LLC, Citadel
Derivatives Group, LLC, Citigroup Global Markets Holdings, Inc., Domestic
Securities, Inc., E*TRADE Capital Markets LLC, FTN Financial Securities Corp.,
FTN Equity Capital Markets Corp., Goldman Sachs & Company, Howe Barnes
Hoefer & Arnett, Inc., Keefe, Bruyette & Woods, Inc., Knight Equity
Markets, L.P., Morgan Stanley & Co., Inc., Stifel Nicolaus & Company,
Inc., Susquehanna Capital Group and UBS Securities LLC.
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 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.
LAKELAND
FINANCIAL CORPORATION
FOURTH
QUARTER 2009 FINANCIAL HIGHLIGHTS
(Unaudited
– Dollars in thousands except share and per share data)
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||
|
Dec.
31,
|
Sep.
30,
|
Dec.
31,
|
Dec.
31,
|
Dec.
31,
|
||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||
|
END OF PERIOD BALANCES
|
||||||||||
|
Assets
|
$ 2,571,505
|
$ 2,469,882
|
$ 2,377,445
|
$ 2,571,505
|
$ 2,377,445
|
|||||
|
Deposits
|
1,851,125
|
1,821,031
|
1,885,299
|
1,851,125
|
1,885,299
|
|||||
|
Loans
|
2,012,010
|
1,941,111
|
1,833,334
|
2,012,010
|
1,833,334
|
|||||
|
Allowance
for Loan Losses
|
32,073
|
28,778
|
18,860
|
32,073
|
18,860
|
|||||
|
Total
Equity
|
280,083
|
219,714
|
149,969
|
280,083
|
149,969
|
|||||
|
Tangible
Common Equity
|
222,023
|
161,659
|
146,304
|
222,023
|
146,304
|
|||||
|
AVERAGE BALANCES
|
||||||||||
|
Total
Assets
|
$ 2,534,584
|
$ 2,439,847
|
$ 2,305,789
|
$ 2,446,953
|
$ 2,170,673
|
|||||
|
Earning
Assets
|
2,416,796
|
2,322,134
|
2,175,121
|
2,325,259
|
2,047,783
|
|||||
|
Investments
|
410,969
|
401,192
|
384,096
|
399,342
|
368,578
|
|||||
|
Loans
|
1,962,840
|
1,906,496
|
1,767,818
|
1,901,746
|
1,665,024
|
|||||
|
Total
Deposits
|
1,903,434
|
1,816,697
|
1,839,717
|
1,870,231
|
1,637,794
|
|||||
|
Interest
Bearing Deposits
|
1,657,270
|
1,587,103
|
1,618,173
|
1,641,222
|
1,418,032
|
|||||
|
Interest
Bearing Liabilities
|
2,022,418
|
1,974,106
|
1,916,463
|
1,986,239
|
1,782,714
|
|||||
|
Total
Equity
|
248,839
|
215,508
|
151,293
|
212,352
|
151,062
|
|||||
|
INCOME STATEMENT DATA
|
||||||||||
|
Net
Interest Income
|
$ 22,466
|
$ 21,262
|
$ 15,992
|
$ 80,281
|
$ 63,268
|
|||||
|
Net
Interest Income-Fully Tax Equivalent
|
22,779
|
21,565
|
16,271
|
81,528
|
64,419
|
|||||
|
Provision
for Loan Losses
|
6,250
|
5,500
|
2,323
|
21,202
|
10,207
|
|||||
|
Noninterest
Income
|
5,373
|
5,279
|
5,385
|
22,244
|
23,328
|
|||||
|
Noninterest
Expense
|
13,538
|
13,097
|
12,550
|
53,475
|
47,481
|
|||||
|
Net
Income
|
5,382
|
5,267
|
4,433
|
18,979
|
19,701
|
|||||
|
Net
Income Available to Common Shareholders
|
4,579
|
4,466
|
4,433
|
16,285
|
19,701
|
|||||
|
PER SHARE DATA
|
||||||||||
|
Basic
Net Income Per Common Share
|
$ 0.33
|
$ 0.36
|
$ 0.36
|
$ 1.27
|
$ 1.61
|
|||||
|
Diluted
Net Income Per Common Share
|
0.32
|
0.36
|
0.35
|
1.26
|
1.58
|
|||||
|
Cash
Dividends Declared Per Common Share
|
0.155
|
0.155
|
0.155
|
0.62
|
0.605
|
|||||
|
Book
Value Per Common Share (equity per share issued)
|
14.06
|
13.32
|
12.17
|
14.06
|
12.17
|
|||||
|
Market
Value – High
|
22.24
|
22.49
|
24.10
|
23.87
|
30.09
|
|||||
|
Market
Value – Low
|
16.35
|
17.80
|
14.93
|
14.14
|
14.93
|
|||||
|
Basic
Weighted Average Common Shares Outstanding
|
14,142,414
|
12,432,135
|
12,318,204
|
12,851,845
|
12,271,927
|
|||||
|
Diluted
Weighted Average Common Shares Outstanding
|
14,233,713
|
12,531,264
|
12,476,884
|
12,952,444
|
12,459,802
|
|||||
|
KEY RATIOS
|
||||||||||
|
Return
on Average Assets
|
0.84
|
%
|
0.86
|
%
|
0.77
|
%
|
0.78
|
%
|
0.91
|
%
|
|
Return
on Average Total Equity
|
8.58
|
9.70
|
11.67
|
8.94
|
13.04
|
|||||
|
Efficiency (Noninterest
Expense / Net Interest Income
|
|
|
||||||||
|
plus
Noninterest Income)
|
48.63
|
49.35
|
58.68
|
52.16
|
54.83
|
|||||
|
Average
Equity to Average Assets
|
9.82
|
8.83
|
6.56
|
8.68
|
6.96
|
|||||
|
Net
Interest Margin
|
3.74
|
3.69
|
2.98
|
3.51
|
3.14
|
|||||
|
Net
Charge Offs to Average Loans
|
0.60
|
0.38
|
0.36
|
0.42
|
0.43
|
|||||
|
Loan
Loss Reserve to Loans
|
1.59
|
1.48
|
1.03
|
1.59
|
1.03
|
|||||
|
Nonperforming
Loans to Loans
|
1.53
|
1.51
|
1.16
|
1.53
|
1.16
|
|||||
|
Nonperforming
Assets to Assets
|
1.23
|
1.22
|
0.94
|
1.23
|
0.94
|
|||||
|
Tier
1 Leverage
|
12.28
|
10.26
|
8.10
|
12.28
|
8.10
|
|||||
|
Tier
1 Risk-Based Capital
|
14.13
|
11.72
|
9.27
|
14.13
|
9.27
|
|||||
|
Total
Capital
|
15.38
|
12.98
|
10.20
|
15.38
|
10.20
|
|||||
|
Tangible
Capital
|
8.65
|
6.56
|
6.17
|
8.65
|
6.17
|
|||||
|
ASSET QUALITY
|
||||||||||
|
Loans
Past Due 30 - 89 Days
|
$ 1,972
|
$ 5,240
|
$ 2,265
|
$ 1,972
|
$ 2,265
|
|||||
|
Loans
Past Due 90 Days or More
|
190
|
5,547
|
478
|
190
|
478
|
|||||
|
Non-accrual
Loans
|
30,518
|
23,708
|
20,810
|
30,518
|
20,810
|
|||||
|
Nonperforming
Loans
|
30,708
|
29,255
|
21,288
|
30,708
|
21,288
|
|||||
|
Other
Real Estate Owned
|
872
|
723
|
953
|
872
|
953
|
|||||
|
Other
Nonperforming Assets
|
2
|
36
|
150
|
2
|
150
|
|||||
|
Total
Nonperforming Assets
|
31,582
|
30,014
|
22,391
|
31,582
|
22,391
|
|||||
|
Impaired
Loans
|
31,838
|
28,236
|
20,304
|
31,838
|
20,304
|
|||||
|
Net
Charge Offs/(Recoveries)
|
2,956
|
1,812
|
1,587
|
7,990
|
7,148
|
|||||
LAKELAND
FINANCIAL CORPORATION
CONSOLIDATED
BALANCE SHEETS
As
of December 31, 2009 and 2008
(in
thousands, except share data)
|
December
31,
|
December
31,
|
||
|
2009
|
2008
|
||
|
(Unaudited)
|
|||
|
ASSETS
|
|||
|
Cash
and due from banks
|
$ 48,964
|
$ 57,149
|
|
|
Short-term
investments
|
7,019
|
6,858
|
|
|
Total
cash and cash equivalents
|
55,983
|
64,007
|
|
|
Securities
available for sale (carried at fair value)
|
410,028
|
387,030
|
|
|
Real
estate mortgage loans held for sale
|
1,521
|
401
|
|
|
Loans,
net of allowance for loan losses of $32,073 and $18,860
|
1,979,937
|
1,814,474
|
|
|
Land,
premises and equipment, net
|
29,576
|
30,519
|
|
|
Bank
owned life insurance
|
36,639
|
33,966
|
|
|
Accrued
income receivable
|
8,600
|
8,599
|
|
|
Goodwill
|
4,970
|
4,970
|
|
|
Other
intangible assets
|
207
|
413
|
|
|
Other
assets
|
44,044
|
33,066
|
|
|
Total
assets
|
$ 2,571,505
|
$ 2,377,445
|
|
|
LIABILITIES
AND EQUITY
|
|||
|
LIABILITIES
|
|||
|
Noninterest
bearing deposits
|
$ 259,415
|
$ 230,716
|
|
|
Interest
bearing deposits
|
1,591,710
|
1,654,583
|
|
|
Total
deposits
|
1,851,125
|
1,885,299
|
|
|
Short-term
borrowings
|
|||
|
Federal
funds purchased
|
9,600
|
19,000
|
|
|
Securities
sold under agreements to repurchase
|
127,118
|
137,769
|
|
|
U.S.
Treasury demand notes
|
2,333
|
840
|
|
|
Other
short-term borrowings
|
215,000
|
45,000
|
|
|
Total
short-term borrowings
|
354,051
|
202,609
|
|
|
Accrued
expenses payable
|
14,040
|
17,163
|
|
|
Other
liabilities
|
1,236
|
1,434
|
|
|
Long-term
borrowings
|
40,042
|
90,043
|
|
|
Subordinated
debentures
|
30,928
|
30,928
|
|
|
Total
liabilities
|
2,291,422
|
2,227,476
|
|
|
EQUITY
|
|||
|
Cumulative
perpetual preferred stock: 1,000,000 shares authorized, no par
value, $1 liquidation value
|
|||
|
56,044
shares issued and outstanding as of December 31, 2009
|
54,095
|
0
|
|
|
Common
stock: 90,000,000 shares authorized, no par
value
|
|||
|
16,078,461
shares issued and 15,977,352 outstanding as of December 31,
2009
|
|||
|
12,373,080
shares issued and 12,266,849 outstanding as of December 31,
2008
|
83,487
|
22,085
|
|
|
Retained
earnings
|
149,945
|
141,371
|
|
|
Accumulated
other comprehensive loss
|
(5,993)
|
(12,024)
|
|
|
Treasury
stock, at cost (2009 – 101,109 shares, 2008 - 106,231
shares)
|
(1,540)
|
(1,552)
|
|
|
Total
stockholders' equity
|
279,994
|
149,880
|
|
|
Noncontrolling
interest
|
89
|
89
|
|
|
Total
equity
|
280,083
|
149,969
|
|
|
Total
liabilities and equity
|
$ 2,571,505
|
$ 2,377,445
|
LAKELAND
FINANCIAL CORPORATION
CONSOLIDATED
STATEMENTS OF INCOME
For
the Three Months and Twelve Months Ended December 31, 2009 and 2008
(in
thousands except for share and per share data)
(unaudited)
|
Three
Months Ended
|
Twelve
Months Ended
|
||||||
|
December
31,
|
December
31,
|
||||||
|
2009
|
2008
|
2009
|
2008
|
||||
|
NET
INTEREST INCOME
|
|||||||
|
Interest
and fees on loans
|
|||||||
|
Taxable
|
$ 25,050
|
$ 23,865
|
$ 96,151
|
$ 99,538
|
|||
|
Tax
exempt
|
22
|
26
|
148
|
113
|
|||
|
Interest
and dividends on securities
|
|||||||
|
Taxable
|
4,331
|
4,409
|
17,562
|
16,202
|
|||
|
Tax
exempt
|
617
|
591
|
2,421
|
2,411
|
|||
|
Interest
on short-term investments
|
22
|
23
|
61
|
220
|
|||
|
Total
interest income
|
30,042
|
28,914
|
116,343
|
118,484
|
|||
|
Interest
on deposits
|
6,783
|
10,988
|
32,247
|
44,580
|
|||
|
Interest
on borrowings
|
|||||||
|
Short-term
|
248
|
456
|
1,089
|
5,620
|
|||
|
Long-term
|
545
|
1,478
|
2,726
|
5,016
|
|||
|
Total
interest expense
|
7,576
|
12,922
|
36,062
|
55,216
|
|||
|
NET
INTEREST INCOME
|
22,466
|
15,992
|
80,281
|
63,268
|
|||
|
Provision
for loan losses
|
6,250
|
2,323
|
21,202
|
10,207
|
|||
|
NET
INTEREST INCOME AFTER PROVISION FOR
|
|||||||
|
LOAN
LOSSES
|
16,216
|
13,669
|
59,079
|
53,061
|
|||
|
NONINTEREST
INCOME
|
|||||||
|
Wealth
advisory fees
|
767
|
737
|
2,980
|
3,278
|
|||
|
Investment
brokerage fees
|
376
|
393
|
1,676
|
1,872
|
|||
|
Service
charges on deposit accounts
|
2,092
|
2,248
|
8,245
|
8,603
|
|||
|
Loan,
insurance and service fees
|
991
|
790
|
3,540
|
3,186
|
|||
|
Merchant
card fee income
|
285
|
825
|
2,464
|
3,471
|
|||
|
Other
income
|
408
|
373
|
1,867
|
1,826
|
|||
|
Mortgage
banking income
|
454
|
19
|
1,695
|
411
|
|||
|
Net
securities gains (losses)
|
0
|
0
|
2
|
39
|
|||
|
Gain
on redemption of Visa shares
|
0
|
0
|
0
|
642
|
|||
|
Impairment
on available-for-sale securities (includes total losses of
$2,925,
|
|||||||
|
net
of $2,700 recognized in other comprehensive income,
pre-tax)
|
0
|
0
|
(225)
|
0
|
|||
|
Total
noninterest income
|
5,373
|
5,385
|
22,244
|
23,328
|
|||
|
NONINTEREST
EXPENSE
|
|||||||
|
Salaries
and employee benefits
|
7,249
|
6,369
|
27,765
|
25,482
|
|||
|
Occupancy
expense
|
814
|
856
|
3,206
|
3,082
|
|||
|
Equipment
costs
|
559
|
597
|
2,147
|
1,941
|
|||
|
Data
processing fees and supplies
|
975
|
984
|
3,944
|
3,645
|
|||
|
Credit
card interchange
|
95
|
556
|
1,448
|
2,321
|
|||
|
Other
expense
|
3,846
|
3,188
|
14,965
|
11,010
|
|||
|
Total
noninterest expense
|
13,538
|
12,550
|
53,475
|
47,481
|
|||
|
INCOME
BEFORE INCOME TAX EXPENSE
|
8,051
|
6,504
|
27,848
|
28,908
|
|||
|
Income
tax expense
|
2,669
|
2,071
|
8,869
|
9,207
|
|||
|
NET
INCOME
|
$ 5,382
|
$ 4,433
|
$ 18,979
|
$ 19,701
|
|||
|
Dividends
and accretion of discount on preferred stock
|
803
|
0
|
2,694
|
0
|
|||
|
NET
INCOME AVAILABLE TO COMMON SHAREHOLDERS
|
$ 4,579
|
$ 4,433
|
$ 16,285
|
$ 19,701
|
|||
|
BASIC
WEIGHTED AVERAGE COMMON SHARES
|
14,142,414
|
12,318,204
|
12,851,845
|
12,271,927
|
|||
|
BASIC
EARNINGS PER COMMON SHARE
|
$ 0.33
|
$ 0.36
|
$ 1.27
|
$ 1.61
|
|||
|
DILUTED
WEIGHTED AVERAGE COMMON SHARES
|
14,233,713
|
12,476,884
|
12,952,444
|
12,459,802
|
|||
|
DILUTED
EARNINGS PER COMMON SHARE
|
$ 0.32
|
$ 0.35
|
$ 1.26
|
$ 1.58
|
|||
|
LAKELAND
FINANCIAL CORPORATION
|
|||||||||||
|
LOAN
DETAIL
|
|||||||||||
|
FOURTH
QUARTER 2009
|
|||||||||||
|
(unaudited
in thousands)
|
|||||||||||
|
December
31,
|
September
30,
|
December
31,
|
|||||||||
|
2009
|
2009
|
2008
|
|||||||||
|
Commercial
and industrial loans
|
$ 693,579
|
34.5
|
%
|
$ 691,012
|
35.6
|
%
|
$ 652,107
|
35.6
|
%
|
||
|
Commercial
real estate - owner occupied
|
348,812
|
17.3
|
340,899
|
17.5
|
337,060
|
18.4
|
|||||
|
Commercial
real estate - nonowner occupied
|
257,374
|
12.8
|
242,278
|
12.4
|
212,444
|
11.6
|
|||||
|
Commercial
real estate - multifamily loans
|
26,558
|
1.3
|
25,651
|
1.3
|
25,428
|
1.4
|
|||||
|
Commercial
real estate construction loans
|
166,959
|
8.3
|
153,426
|
7.9
|
116,970
|
6.4
|
|||||
|
Agri-business
and agricultural loans
|
206,252
|
10.2
|
178,683
|
9.2
|
189,007
|
10.3
|
|||||
|
Residential
real estate mortgage loans
|
95,211
|
4.7
|
95,095
|
4.9
|
117,230
|
6.4
|
|||||
|
Home
equity loans
|
161,594
|
8.0
|
158,706
|
8.2
|
128,219
|
7.0
|
|||||
|
Installment
loans and other consumer loans
|
57,478
|
2.9
|
57,504
|
3.0
|
55,102
|
2.9
|
|||||
|
Subtotal
|
2,013,817
|
100.0
|
%
|
1,943,254
|
100.0
|
%
|
1,833,567
|
100.0
|
%
|
||
|
Less: Allowance
for loan losses
|
(32,073)
|
(28,778)
|
(18,860)
|
||||||||
|
Net
deferred loan (fees)/costs
|
(1,807)
|
(2,143)
|
(233)
|
||||||||
|
Loans,
net
|
$ 1,979,937
|
$ 1,912,333
|
$ 1,814,474
|
||||||||