UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 25, 2019
Lakeland Financial Corporation
(Exact name of registrant as specified in its charter)
|
Indiana
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000-11487
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35-1559596
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
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(IRS Employer Identification No.)
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202 East Center Street
Warsaw, Indiana 46581-1387
(Address of principal executive offices, including zip code)
(574) 267-6144
(Registrant's telephone number, including area code)
N/A
(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 (see General Instruction A.2 below):
| [ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| [ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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| [ ] |
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))
Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405
under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition
On July 25, 2019, Lakeland Financial Corporation (the “Company”) issued a press release announcing its earnings for the three months and six
months ended June 30, 2019. The press release is furnished herewith as Exhibit 99.1.
The disclosure in this Item 2.02 and the related exhibit under Item 9.01 are being furnished and shall not be deemed “filed” for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The disclosure in this Item 2.02 and the related exhibit under Item 9.01 shall not be incorporated by reference into any
registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits
| (d) |
Exhibits
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99.1 Press Release dated July 25, 2019
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: July 25, 2019 By: /s/Lisa M. O’Neill
Lisa M. O’Neill
Executive Vice President
and Chief Financial Officer
Exhibit 99.1
NEWS FROM LAKELAND FINANCIAL CORPORATION
FOR IMMEDIATE RELEASE
Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com
Lakeland Financial Reports Record Quarterly Performance
Net Income Increases 8%
Warsaw, Indiana (July 25, 2019) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City
Bank, today reported record quarterly net income of $21.7 million for the three months ended June 30, 2019, an increase of 8% versus $20.1 million for the second quarter of 2018. Diluted earnings per share increased 9% to $0.85 for the second
quarter of 2019, versus $0.78 for the second quarter of 2018. On a linked quarter basis, net income increased $31,000 from the first quarter ended March 31, 2019, which had net income of $21.7 million and $0.84 diluted earnings per share.
The company further reported record net income of $43.4 million for the six months ended June 30, 2019 versus $38.5 million
for the comparable period of 2018, an increase of 13%. Diluted net income per common share was also a record for the period and increased 13% to $1.69 for the six months ended June 30, 2019 versus $1.50 for the comparable period of 2018.
David M. Findlay, President and Chief Executive Officer said, “Our record quarterly results were positively impacted by
healthy loan and deposit growth. This balance sheet expansion reflects our continued growth throughout our Indiana footprint.”
Highlights for the quarter are noted below.
2nd Quarter 2019 versus 2nd Quarter 2018 highlights:
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·
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Return on average equity of 15.8%, compared to 16.9%
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·
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Return on average assets of 1.76%, up from 1.70%
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·
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Organic loan growth of $140 million, or 4%
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·
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Core deposit growth of $288 million, or 8%
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·
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Net interest income increase of $878,000, or 2%
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·
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Net interest margin of 3.37% compared to 3.42%
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·
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Noninterest income increase of $1.9 million, or 19%
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·
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Revenue growth of $2.7 million, or 6%
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·
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Provision expense of $785,000 compared to $1.7 million
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·
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Nonperforming assets to total assets of 0.31% versus 0.27%
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·
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Total equity and tangible common equity1 increase of $79 million, or 16%
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1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures.”
1
2nd Quarter 2019 versus 1st Quarter 2019 highlights:
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·
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Return on average equity of 15.8% compared to 16.6%
|
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·
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Return on average assets of 1.76%, compared to 1.80%
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·
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Organic loan growth of $60 million or 2%
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·
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Net interest income increase of $202,000, or 1%
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·
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Net interest margin decrease of 8 basis points to 3.37% from 3.45%
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·
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Noninterest income increase of $63,000, or 1%
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·
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Revenue growth of $265,000, or 1%
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·
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Provision expense of $785,000 compared to $1.2 million
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·
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Nonperforming assets to total assets of 0.31% versus 0.14%
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·
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Total equity and tangible common equity1 increase of $22 million, or 4%
|
As announced on July 9, 2019, the board of directors approved a cash dividend for the second quarter of $0.30 per share,
payable on August 5, 2019, to shareholders of record as of July 25, 2019. The 2019 dividend rate per share approved in July represents a 16% increase over the accumulated quarterly dividends paid in 2018.
Return on average total equity for the second quarter of 2019 was 15.76%, compared to 16.86% in the second quarter of 2018
and 16.59% in the linked first quarter of 2019. Return on average total equity for the first six months of 2019 was 16.17%, compared to 16.35% in the same period of 2018. Return on average assets for the second quarter of 2019 was 1.76%, compared
to 1.70% in the second quarter of 2018 and 1.80% in the linked first quarter of 2019. Return on average assets for the first six months of 2019 was 1.78% compared to 1.64% in the same period of 2018. The company’s total capital as a percentage of
risk-weighted assets was 14.49% at June 30, 2019, compared to 13.76% at June 30, 2018 and 14.38% at March 31, 2019. The company’s tangible common equity to tangible assets ratio1 was 11.30% at June 30, 2019, compared to 10.15% at June
30, 2018 and 11.04% at March 31, 2019.
Average total loans for the second quarter of 2019 were $3.96 billion, an increase of $121.9 million, or 3%, versus $3.84
billion for the second quarter 2018. On a linked quarter basis, total average loans grew $43.3 million from $3.92 billion at March 31, 2019. Total loans outstanding grew $139.9 million, or 4%, from $3.86 billion as of June 30, 2018 to $4.00 billion
as of June 30, 2019.
“We are pleased to report $60 million in loan growth on a linked quarter basis. Line utilization for commercial committed
lines has increased as compared to the first quarter 2019, but is still lower than our normal run rate for periods prior to 2018. Further, loan originations are outpacing loan paydowns,” commented Findlay.
Average total deposits for the second quarter of 2019 were $4.30 billion, an increase of $208.6 million, or 5%, versus
$4.09 billion for the second quarter of 2018. Average total deposits increased by $210.4 million or 5% as compared to average deposits of $4.09 billion on a linked quarter basis. Total deposits grew $286.3 million, or 7%, from $3.93 billion as of
June 30, 2018 to $4.22 billion as of June 30, 2019. In addition, total core deposits, which exclude brokered deposits, increased $288.3 million, or 8%, from $3.72 billion at June 30, 2018 to $4.00 billion at June 30, 2019 due to growth in
commercial deposits of $230.2 million or 24%, increases in retail deposits of $29.5 million, or 2%, and increases in public fund deposits of $28.6 million or 2%. Brokered deposits were $218.0 million at June 30, 2019, a decrease of $1.9 million, or
1%, as compared to $219.9 million as of June 30, 2018.
1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures.”
2
Findlay added, “The double digit growth in commercial deposits on a year over year basis was strong and reflective of our
focus on growing these relationship driven, low cost deposits. Consistent with our strategic focus on these accounts, we continue to see growth in the number of commercial checking accounts and the volume of commercial checking account balances.”
The company’s net interest margin decreased five basis points to 3.37% for the second quarter of 2019 compared to 3.42% for
the second quarter of 2018. The year over year decline in net interest margin was due to a higher cost of funds and lower yields on investment securities, partially offset by a higher yield on the company’s loan portfolio. The decline in the
investment securities yield was due to the combined effect of the flattening, and at times, inverted, yield curve, the corresponding increase in the fair value of the investment securities portfolio, as well as increased premium bond amortization
resulting from elevated prepayment speeds.
Linked quarter net interest margin declined by eight basis points from 3.45% as of March 31, 2019 to 3.37% as of June 30,
2019 due to an increase of five basis points in the cost of funds as well as a decline of three basis points in the yield on earning assets. The decline in investment securities yields resulted primarily from a decline in yields for agency mortgage
backed securities and collateralized mortgage obligations.
The company’s net interest margin increased three basis points to 3.42% for the six months ended June 30, 2019 compared to
3.39% for the six months ended June 30, 2018. The increase in net interest margin for the six month period was primarily attributable to increases in loan yields partially offset by higher cost of funds, driven by the Federal Reserve Bank
increasing the target Federal Funds Rate in June, September and December of 2018. Net interest income increased by $2.9 million or 4% for the six months ended June 30, 2019 as compared to the first half of 2018 due to both net interest margin
expansion and loan and deposit growth.
The company recorded a provision for loan losses of $785,000 in the second quarter of 2019, compared to $1.7 million in the
second quarter of 2018 and $1.2 million in the linked first quarter of 2019. Net recoveries in the second quarter of 2019 were $217,000 versus net recoveries of $379,000 in the second quarter of 2018 and net charge offs of $91,000 during the linked
first quarter of 2019. Annualized net recoveries to average loans were 0.02% for the second quarter of 2019 versus 0.04% for the second quarter of 2018. Annualized net charge offs to average loans were 0.01% for the linked first quarter of 2019. On
a year to date basis, net recoveries to average loans were 0.01% compared to net charge offs to average loans of 0.23% for the first six months of 2018.
Nonperforming assets increased $2.4 million, or 19%, to $15.3 million as of June 30, 2019 versus $12.9 million as of June
30, 2018 due to an increase in nonaccrual loans. On a linked quarter basis, nonperforming assets were $15.3 million versus $7.0 million reported as of March 31, 2019. The increase was primarily driven by a single commercial relationship being
placed in nonaccrual status, which was past due as of the first quarter of 2019. The ratio of nonperforming assets to total assets at June 30, 2019 was 0.31% compared to 0.27% at June 30, 2018 and 0.14% at March 31, 2019. Loan loss reserve to total
loans was 1.26% as of June 30, 2019 as compared with 1.24% as of June 30, 2018 and unchanged from 1.26% as of March 31, 2019.
“We are proud of our asset quality performance during the first two quarters of 2019 with net recoveries year to date.
While we encountered a slight shift in nonperforming loans, we don’t believe that it is reflective of any broader concerns and our watch list loan totals are stable,” commented Findlay.
3
The company’s noninterest income increased $1.9 million, or 19%, to $11.6 million for the second quarter of 2019, compared
to $9.7 million for the second quarter of 2018. Noninterest income was positively impacted by a 23% increase over the prior year second quarter in recurring fee income for service charges on deposit accounts, primarily due to growth in treasury
management fees from business accounts. In addition, investment brokerage fees increased 40% and wealth advisory fees increased by 7% compared to the second quarter 2018 due to continued growth of client relationships. Noninterest income was $11.5
million in the linked first quarter of 2019.
The company’s noninterest income increased $3.5 million, or 18%, to $23.1 million for the six months ended June 30, 2019
compared to $19.6 million in the prior year period. Noninterest income was positively impacted by $1.7 million increase in service charges on deposit accounts, as well as increases of $287,000 in loan and service fees, $247,000 in investment
brokerage fees and $217,000 in wealth advisory fees.
During the second quarter, a single commercial treasury management relationship contributed $2.1 million in treasury
management fees that are reported with service charges on deposit accounts. This relationship contributed $1.6 million in the first quarter of 2019, resulting in a total of $3.7 million of revenue on a year to date basis. As a result of the bank
discovering potentially fraudulent activity by this client involving multiple banks, the related treasury management activity was terminated and the revenue will not recur in future periods. The bank has not incurred any loss related to this
activity and we believe that an investigation is ongoing by authorities. In addition, the bank continues its review of its enterprise risk management policies and procedures.
The company’s noninterest expense increased $1.8 million, or 9%, to $22.1 million in the second quarter of 2019, compared
to $20.3 million in the second quarter of 2018 and decreased by $381,000 on a linked quarter basis. Salaries and employee benefits increased on a year over year basis primarily due to higher employee health insurance expense, staffing increases in
revenue producing areas and normal merit increases. Other expense increased by $672,000 or 40% to $2.3 million from $1.7 million in the second quarter 2018.
The company’s noninterest expense increased by $3.1 million, or 7%, to $44.6 million in the first six months of 2019
compared to $41.5 million in the prior year period. The increase was driven by salaries and employee benefits, which increased by 4%, or $882,000, primarily due to higher health insurance expense, staffing increases in revenue producing areas and
normal merit increases. Other expense increased by $1.4 million or 44% to $4.6 million from $3.2 million in the six month period ended June 30, 2018.
The company’s efficiency ratio was 44.2% for the second quarter of 2019, compared to 42.9% for the second quarter of 2018
and 45.2% for the linked first quarter of 2019. The company’s efficiency ratio was 44.7% for the six months ended June 30, 2019 compared to 44.4% in the prior year period.
Lakeland Financial Corporation is a $5.0 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its
single bank subsidiary, is the fifth largest bank headquartered in the state and the largest bank 100% invested in Indiana. Lake City Bank operates 50 offices in Northern and Central Indiana, delivering technology-driven and client-centric
financial services solutions to individuals and businesses.
4
Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at
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, this earnings release contains certain non-GAAP financial measures. The company 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 “total equity” excluding intangible
assets, net of deferred tax, and “tangible assets” which is “total assets” excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalents is included in the attached financial
tables where the non-GAAP measures are 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,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and,
accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. 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. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including trade
policy and those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
5
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LAKELAND FINANCIAL CORPORATION
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||||||||||
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SECOND QUARTER 2019 FINANCIAL HIGHLIGHTS
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||||||||||
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Three Months Ended
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Six Months Ended
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|||||||||
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(Unaudited – Dollars in thousands, except per share data)
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Jun. 30,
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Mar. 31,
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Jun. 30,
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Jun. 30,
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Jun. 30,
|
|||||
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END OF PERIOD BALANCES
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2019
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2019
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2018
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2019
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2018
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|||||
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Assets
|
$4,975,519
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$4,891,885
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$4,760,869
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$4,975,519
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$4,760,869
|
|||||
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Deposits
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4,221,299
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4,147,437
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3,934,953
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4,221,299
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3,934,953
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|||||
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Brokered Deposits
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217,981
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140,078
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219,900
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217,981
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219,900
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|||||
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Core Deposits (3)
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4,003,318
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4,007,359
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3,715,053
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4,003,318
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3,715,053
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|||||
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Loans
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3,998,618
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3,939,010
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3,858,713
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3,998,618
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3,858,713
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|||||
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Allowance for Loan Losses
|
50,564
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49,562
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47,706
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50,564
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47,706
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|||||
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Total Equity
|
565,363
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543,267
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486,484
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565,363
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486,484
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|||||
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Goodwill net of deferred tax assets
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3,779
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3,779
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3,793
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3,779
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3,793
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|||||
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Tangible Common Equity (1)
|
561,584
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539,488
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482,691
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561,584
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482,691
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|||||
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AVERAGE BALANCES
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||||||||||
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Total Assets
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$4,961,453
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$4,881,572
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$4,739,163
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$4,921,733
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$4,723,034
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|||||
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Earning Assets
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4,625,949
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4,550,950
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4,448,240
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4,588,656
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4,434,924
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|||||
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Investments - available for sale
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601,178
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587,026
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560,484
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594,141
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553,303
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|||||
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Loans
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3,961,322
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3,918,024
|
3,839,441
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3,939,792
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3,815,813
|
|||||
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Total Deposits
|
4,300,759
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4,090,330
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4,092,145
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4,196,125
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4,093,523
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|||||
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Interest Bearing Deposits
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3,378,030
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3,205,204
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3,266,808
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3,292,094
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3,260,095
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|||||
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Interest Bearing Liabilities
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3,444,382
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3,426,250
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3,409,138
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3,435,366
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3,388,236
|
|||||
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Total Equity
|
552,536
|
529,989
|
479,291
|
541,325
|
474,670
|
|||||
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INCOME STATEMENT DATA
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||||||||||
|
Net Interest Income
|
$38,411
|
$38,209
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$37,533
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$76,620
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$73,756
|
|||||
|
Net Interest Income-Fully Tax Equivalent
|
38,923
|
38,708
|
37,973
|
77,631
|
74,604
|
|||||
|
Provision for Loan Losses
|
785
|
1,200
|
1,700
|
1,985
|
5,000
|
|||||
|
Noninterest Income
|
11,588
|
11,525
|
9,722
|
23,113
|
19,601
|
|||||
|
Noninterest Expense
|
22,092
|
22,473
|
20,303
|
44,565
|
41,505
|
|||||
|
Net Income
|
21,713
|
21,682
|
20,142
|
43,395
|
38,478
|
|||||
|
PER SHARE DATA
|
||||||||||
|
Basic Net Income Per Common Share
|
$0.85
|
$0.85
|
$0.80
|
$1.70
|
$1.52
|
|||||
|
Diluted Net Income Per Common Share
|
0.85
|
0.84
|
0.78
|
1.69
|
1.50
|
|||||
|
Cash Dividends Declared Per Common Share
|
0.30
|
0.26
|
0.26
|
0.56
|
0.48
|
|||||
|
Dividend Payout
|
35.29
|
%
|
30.95
|
%
|
33.33
|
%
|
33.14
|
%
|
32.00
|
%
|
|
Book Value Per Common Share (equity per share issued)
|
22.06
|
21.21
|
19.23
|
22.06
|
19.23
|
|||||
|
Tangible Book Value Per Common Share (1)
|
21.92
|
21.06
|
19.08
|
21.92
|
19.08
|
|||||
|
Market Value – High
|
49.20
|
48.99
|
51.15
|
49.20
|
51.76
|
|||||
|
Market Value – Low
|
43.76
|
39.78
|
45.15
|
39.78
|
45.01
|
|||||
|
Basic Weighted Average Common Shares Outstanding
|
25,614,701
|
25,491,093
|
25,293,329
|
25,553,254
|
25,275,471
|
|||||
|
Diluted Weighted Average Common Shares Outstanding
|
25,774,002
|
25,665,287
|
25,709,216
|
25,721,079
|
25,704,505
|
|||||
|
KEY RATIOS
|
||||||||||
|
Return on Average Assets
|
1.76
|
%
|
1.80
|
%
|
1.70
|
%
|
1.78
|
%
|
1.64
|
%
|
|
Return on Average Total Equity
|
15.76
|
16.59
|
16.86
|
16.17
|
16.35
|
|||||
|
Average Equity to Average Assets
|
11.14
|
10.86
|
10.11
|
11.00
|
10.05
|
|||||
|
Net Interest Margin
|
3.37
|
3.45
|
3.42
|
3.42
|
3.39
|
|||||
|
Efficiency (Noninterest Expense / Net Interest Income plus Noninterest Income)
|
44.19
|
45.19
|
42.93
|
44.68
|
44.44
|
|||||
|
Tier 1 Leverage (2)
|
11.72
|
11.59
|
11.01
|
11.72
|
11.01
|
|||||
|
Tier 1 Risk-Based Capital (2)
|
13.33
|
13.22
|
12.61
|
13.33
|
12.61
|
|||||
|
Common Equity Tier 1 (CET1) (2)
|
12.64
|
12.52
|
11.88
|
12.64
|
11.88
|
|||||
|
Total Capital (2)
|
14.49
|
14.38
|
13.76
|
14.49
|
13.76
|
|||||
|
Tangible Capital (1) (2)
|
11.30
|
11.04
|
10.15
|
11.30
|
10.15
|
|||||
|
ASSET QUALITY
|
||||||||||
|
Loans Past Due 30 - 89 Days
|
$2,451
|
$9,694
|
$1,612
|
$2,451
|
$1,612
|
|||||
|
Loans Past Due 90 Days or More
|
0
|
481
|
0
|
0
|
0
|
|||||
|
Non-accrual Loans
|
14,995
|
6,093
|
12,773
|
14,995
|
12,773
|
|||||
|
Nonperforming Loans (includes nonperforming TDRs)
|
14,995
|
6,574
|
12,773
|
14,995
|
12,773
|
|||||
|
Other Real Estate Owned
|
316
|
316
|
10
|
316
|
10
|
|||||
|
Other Nonperforming Assets
|
7
|
83
|
108
|
7
|
108
|
|||||
|
Total Nonperforming Assets
|
15,318
|
6,973
|
12,891
|
15,318
|
12,891
|
|||||
|
Performing Troubled Debt Restructurings
|
6,082
|
6,196
|
3,402
|
6,082
|
3,402
|
|||||
|
Nonperforming Troubled Debt Restructurings (included in nonperforming loans)
|
3,512
|
3,812
|
7,666
|
3,512
|
7,666
|
|||||
|
Total Troubled Debt Restructurings
|
9,594
|
10,008
|
11,068
|
9,594
|
11,068
|
|||||
|
Impaired Loans
|
24,271
|
24,501
|
16,931
|
24,271
|
16,931
|
|||||
|
Non-Impaired Watch List Loans
|
183,599
|
179,636
|
196,880
|
183,599
|
196,880
|
|||||
|
Total Impaired and Watch List Loans
|
207,870
|
204,137
|
213,811
|
207,870
|
213,811
|
|||||
|
Gross Charge Offs
|
84
|
284
|
128
|
368
|
5,105
|
|||||
|
Recoveries
|
301
|
193
|
507
|
494
|
690
|
|||||
|
Net Charge Offs/(Recoveries)
|
(217)
|
91
|
(379)
|
(126)
|
4,415
|
|||||
|
Net Charge Offs/(Recoveries) to Average Loans
|
(0.02)
|
%
|
0.01
|
%
|
(0.04)
|
%
|
(0.01)
|
%
|
0.23
|
%
|
|
Loan Loss Reserve to Loans
|
1.26
|
%
|
1.26
|
%
|
1.24
|
%
|
1.26
|
%
|
1.24
|
%
|
|
Loan Loss Reserve to Nonperforming Loans
|
337.18
|
%
|
753.91
|
%
|
373.51
|
%
|
337.18
|
%
|
373.49
|
%
|
|
Loan Loss Reserve to Nonperforming Loans and Performing TDRs
|
239.90
|
%
|
388.11
|
%
|
294.94
|
%
|
239.90
|
%
|
294.94
|
%
|
|
Nonperforming Loans to Loans
|
0.38
|
%
|
0.17
|
%
|
0.33
|
%
|
0.38
|
%
|
0.33
|
%
|
|
Nonperforming Assets to Assets
|
0.31
|
%
|
0.14
|
%
|
0.27
|
%
|
0.31
|
%
|
0.27
|
%
|
|
Total Impaired and Watch List Loans to Total Loans
|
5.20
|
%
|
5.18
|
%
|
5.54
|
%
|
5.20
|
%
|
5.54
|
%
|
|
OTHER DATA
|
||||||||||
|
Full Time Equivalent Employees
|
571
|
556
|
553
|
571
|
553
|
|||||
|
Offices
|
50
|
50
|
49
|
50
|
49
|
|||||
|
(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Financial Measures"
|
||||||||||
|
(2) Capital ratios for June 30, 2019 are preliminary until the Call Report is filed.
|
||||||||||
|
(3) Core deposits equals deposits less brokered deposits
|
||||||||||
6
|
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
|
|||
|
|
June 30,
|
|
December 31,
|
|
|
2019
|
|
2018
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Cash and due from banks
|
$154,856
|
|
$192,290
|
|
Short-term investments
|
41,514
|
|
24,632
|
|
Total cash and cash equivalents
|
196,370
|
|
216,922
|
|
|
|
|
|
|
Securities available-for-sale (carried at fair value)
|
609,826
|
|
585,549
|
|
Real estate mortgage loans held-for-sale
|
5,929
|
|
2,293
|
|
|
|
|
|
|
Loans, net of allowance for loan losses of $50,564 and $48,453
|
3,948,054
|
|
3,866,292
|
|
|
|
|
|
|
Land, premises and equipment, net
|
58,719
|
|
58,097
|
|
Bank owned life insurance
|
82,591
|
|
77,106
|
|
Federal Reserve and Federal Home Loan Bank stock
|
13,772
|
|
13,772
|
|
Accrued interest receivable
|
17,418
|
|
15,518
|
|
Goodwill
|
4,970
|
|
4,970
|
|
Other assets
|
37,870
|
|
34,735
|
|
Total assets
|
$4,975,519
|
|
$4,875,254
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Noninterest bearing deposits
|
$946,471
|
|
$946,838
|
|
Interest bearing deposits
|
3,274,828
|
|
3,097,227
|
|
Total deposits
|
4,221,299
|
|
4,044,065
|
|
|
|
|
|
|
Borrowings
|
|
|
|
|
Federal funds purchased
|
15,000
|
|
0
|
|
Securities sold under agreements to repurchase
|
0
|
|
75,555
|
|
Federal Home Loan Bank advances
|
100,000
|
|
170,000
|
|
Subordinated debentures
|
30,928
|
|
30,928
|
|
Total borrowings
|
145,928
|
|
276,483
|
|
|
|
|
|
|
Accrued interest payable
|
12,454
|
|
10,404
|
|
Other liabilities
|
30,475
|
|
22,598
|
|
Total liabilities
|
4,410,156
|
|
4,353,550
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
Common stock: 90,000,000 shares authorized, no par value
|
|
|
|
|
25,615,216 shares issued and 25,442,300 outstanding as of June 30, 2019
|
|
|
|
|
25,301,732 shares issued and 25,128,773 outstanding as of December 31, 2018
|
112,689
|
|
112,383
|
|
Retained earnings
|
446,969
|
|
419,179
|
|
Accumulated other comprehensive income (loss)
|
9,500
|
|
(6,191)
|
|
Treasury stock, at cost (2019 - 172,916 shares, 2018 - 172,959 shares)
|
(3,884)
|
|
(3,756)
|
|
Total stockholders' equity
|
565,274
|
|
521,615
|
|
Noncontrolling interest
|
89
|
|
89
|
|
Total equity
|
565,363
|
|
521,704
|
|
Total liabilities and equity
|
$4,975,519
|
|
$4,875,254
|
7
|
CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)
|
|
|
|
|
|||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30,
|
|
June 30,
|
||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
NET INTEREST INCOME
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
|
|
|
|
|
|
|
Taxable
|
$50,089
|
|
$44,439
|
|
$98,955
|
|
$86,233
|
|
Tax exempt
|
235
|
|
202
|
|
486
|
|
419
|
|
Interest and dividends on securities
|
|
|
|
|
|
|
|
|
Taxable
|
2,250
|
|
2,492
|
|
4,747
|
|
4,926
|
|
Tax exempt
|
1,710
|
|
1,466
|
|
3,352
|
|
2,797
|
|
Other interest income
|
351
|
|
196
|
|
589
|
|
488
|
|
Total interest income
|
54,635
|
|
48,795
|
|
108,129
|
|
94,863
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits
|
15,556
|
|
10,648
|
|
29,439
|
|
20,015
|
|
Interest on borrowings
|
|
|
|
|
|
|
|
|
Short-term
|
232
|
|
195
|
|
1,182
|
|
306
|
|
Long-term
|
436
|
|
419
|
|
888
|
|
786
|
|
Total interest expense
|
16,224
|
|
11,262
|
|
31,509
|
|
21,107
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
38,411
|
|
37,533
|
|
76,620
|
|
73,756
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
785
|
|
1,700
|
|
1,985
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR
|
|
|
|
|
|
|
|
|
LOAN LOSSES
|
37,626
|
|
35,833
|
|
74,635
|
|
68,756
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
Wealth advisory fees
|
1,646
|
|
1,544
|
|
3,266
|
|
3,049
|
|
Investment brokerage fees
|
528
|
|
377
|
|
914
|
|
667
|
|
Service charges on deposit accounts
|
4,850
|
|
3,800
|
|
9,137
|
|
7,428
|
|
Loan and service fees
|
2,481
|
|
2,421
|
|
4,885
|
|
4,598
|
|
Merchant card fee income
|
670
|
|
549
|
|
1,292
|
|
1,191
|
|
Bank owned life insurance income
|
287
|
|
348
|
|
731
|
|
711
|
|
Mortgage banking income
|
398
|
|
438
|
|
620
|
|
679
|
|
Net securities gains (losses)
|
65
|
|
0
|
|
88
|
|
(6)
|
|
Other income
|
663
|
|
245
|
|
2,180
|
|
1,284
|
|
Total noninterest income
|
11,588
|
|
9,722
|
|
23,113
|
|
19,601
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
11,835
|
|
11,493
|
|
24,394
|
|
23,512
|
|
Net occupancy expense
|
1,283
|
|
1,237
|
|
2,649
|
|
2,663
|
|
Equipment costs
|
1,409
|
|
1,250
|
|
2,758
|
|
2,524
|
|
Data processing fees and supplies
|
2,574
|
|
2,290
|
|
4,999
|
|
4,803
|
|
Corporate and business development
|
1,171
|
|
1,046
|
|
2,377
|
|
2,179
|
|
FDIC insurance and other regulatory fees
|
409
|
|
409
|
|
815
|
|
870
|
|
Professional fees
|
1,071
|
|
910
|
|
2,008
|
|
1,782
|
|
Other expense
|
2,340
|
|
1,668
|
|
4,565
|
|
3,172
|
|
Total noninterest expense
|
22,092
|
|
20,303
|
|
44,565
|
|
41,505
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
27,122
|
|
25,252
|
|
53,183
|
|
46,852
|
|
Income tax expense
|
5,409
|
|
5,110
|
|
9,788
|
|
8,374
|
|
NET INCOME
|
$21,713
|
|
$20,142
|
|
$43,395
|
|
$38,478
|
|
|
|
|
|
|
|
|
|
|
BASIC WEIGHTED AVERAGE COMMON SHARES
|
25,614,701
|
|
25,293,329
|
|
25,553,254
|
|
25,275,471
|
|
BASIC EARNINGS PER COMMON SHARE
|
$0.85
|
|
$0.80
|
|
$1.70
|
|
$1.52
|
|
DILUTED WEIGHTED AVERAGE COMMON SHARES
|
25,774,002
|
|
25,709,216
|
|
25,721,079
|
|
25,704,505
|
|
DILUTED EARNINGS PER COMMON SHARE
|
$0.85
|
|
$0.78
|
|
$1.69
|
|
$1.50
|
8
|
LAKELAND FINANCIAL CORPORATION
|
||||||||||||
|
LOAN DETAIL
|
||||||||||||
|
SECOND QUARTER 2019
|
||||||||||||
|
(unaudited, in thousands)
|
||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
June 30,
|
|||||||||
|
2019
|
2019
|
2018
|
2018
|
|||||||||
|
Commercial and industrial loans:
|
||||||||||||
|
Working capital lines of credit loans
|
$755,090
|
18.9
|
%
|
$726,895
|
18.4
|
%
|
$690,620
|
17.6
|
%
|
$780,910
|
20.2
|
%
|
|
Non-working capital loans
|
695,235
|
17.3
|
700,447
|
17.8
|
714,759
|
18.3
|
691,118
|
17.9
|
||||
|
Total commercial and industrial loans
|
1,450,325
|
36.2
|
1,427,342
|
36.2
|
1,405,379
|
35.9
|
1,472,028
|
38.1
|
||||
|
Commercial real estate and multi-family residential loans:
|
||||||||||||
|
Construction and land development loans
|
321,550
|
8.0
|
293,818
|
7.5
|
266,805
|
6.8
|
200,438
|
5.2
|
||||
|
Owner occupied loans
|
557,115
|
13.9
|
557,296
|
14.1
|
586,325
|
15.0
|
569,453
|
14.8
|
||||
|
Nonowner occupied loans
|
533,880
|
13.4
|
537,569
|
13.7
|
520,901
|
13.3
|
518,840
|
13.4
|
||||
|
Multifamily loans
|
242,966
|
6.1
|
240,939
|
6.1
|
195,604
|
5.0
|
221,579
|
5.7
|
||||
|
Total commercial real estate and multi-family residential loans
|
1,655,511
|
41.4
|
1,629,622
|
41.4
|
1,569,635
|
40.1
|
1,510,310
|
39.1
|
||||
|
Agri-business and agricultural loans:
|
||||||||||||
|
Loans secured by farmland
|
148,883
|
3.7
|
139,645
|
3.6
|
177,503
|
4.6
|
148,396
|
3.9
|
||||
|
Loans for agricultural production
|
165,595
|
4.2
|
162,662
|
4.1
|
193,010
|
4.9
|
155,826
|
4.0
|
||||
|
Total agri-business and agricultural loans
|
314,478
|
7.9
|
302,307
|
7.7
|
370,513
|
9.5
|
304,222
|
7.9
|
||||
|
Other commercial loans
|
104,084
|
2.6
|
112,021
|
2.8
|
95,657
|
2.4
|
120,541
|
3.1
|
||||
|
Total commercial loans
|
3,524,398
|
88.1
|
3,471,292
|
88.1
|
3,441,184
|
87.9
|
3,407,101
|
88.2
|
||||
|
Consumer 1-4 family mortgage loans:
|
||||||||||||
|
Closed end first mortgage loans
|
187,863
|
4.7
|
188,777
|
4.8
|
185,822
|
4.7
|
180,099
|
4.7
|
||||
|
Open end and junior lien loans
|
188,558
|
4.7
|
182,791
|
4.7
|
187,030
|
4.8
|
179,622
|
4.7
|
||||
|
Residential construction and land development loans
|
12,270
|
0.3
|
13,142
|
0.3
|
16,226
|
0.4
|
13,226
|
0.3
|
||||
|
Total consumer 1-4 family mortgage loans
|
388,691
|
9.7
|
384,710
|
9.8
|
389,078
|
9.9
|
372,947
|
9.7
|
||||
|
Other consumer loans
|
86,996
|
2.2
|
84,650
|
2.1
|
86,064
|
2.2
|
80,097
|
2.1
|
||||
|
Total consumer loans
|
475,687
|
11.9
|
469,360
|
11.9
|
475,142
|
12.1
|
453,044
|
11.8
|
||||
|
Subtotal
|
4,000,085
|
100.0
|
%
|
3,940,652
|
100.0
|
%
|
3,916,326
|
100.0
|
%
|
3,860,145
|
100.0
|
%
|
|
Less: Allowance for loan losses
|
(50,564)
|
(49,562)
|
(48,453)
|
(47,706)
|
||||||||
|
Net deferred loan fees
|
(1,467)
|
(1,642)
|
(1,581)
|
(1,432)
|
||||||||
|
Loans, net
|
$3,948,054
|
$3,889,448
|
$3,866,292
|
$3,811,007
|
||||||||
|
LAKELAND FINANCIAL CORPORATION
|
||||||||||||
|
DEPOSITS AND BORROWINGS
|
||||||||||||
|
SECOND QUARTER 2019
|
||||||||||||
|
(unaudited, in thousands)
|
||||||||||||
|
June 30,
|
March 31,
|
December 31,
|
June 30,
|
|||||||||
|
2019
|
2019
|
2018
|
2018
|
|||||||||
|
Non-interest bearing demand deposits
|
$946,471
|
$931,832
|
$946,838
|
$839,784
|
||||||||
|
Savings and transaction accounts:
|
||||||||||||
|
Savings deposits
|
238,369
|
246,936
|
247,903
|
255,594
|
||||||||
|
Interest bearing demand deposits
|
1,708,397
|
1,562,089
|
1,429,570
|
1,422,840
|
||||||||
|
Time deposits:
|
||||||||||||
|
Deposits of $100,000 or more
|
1,053,619
|
1,131,326
|
1,146,221
|
1,149,197
|
||||||||
|
Other time deposits
|
274,443
|
275,254
|
273,533
|
267,538
|
||||||||
|
Total deposits
|
$4,221,299
|
$4,147,437
|
$4,044,065
|
$3,934,953
|
||||||||
|
FHLB advances and other borrowings
|
145,928
|
152,928
|
276,483
|
312,167
|
||||||||
|
Total funding sources
|
$4,367,227
|
$4,300,365
|
$4,320,548
|
$4,247,120
|
||||||||
9
LAKELAND FINANCIAL CORPORATION
AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
(UNAUDITED)
|
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||
|
June 30, 2019
|
March 31, 2019
|
June 30, 2018
|
||||||||||||||||||
|
Average
|
Interest
|
Yield (1)/
|
Average
|
Interest
|
Yield (1)/
|
Average
|
Interest
|
Yield (1)/
|
||||||||||||
|
(fully tax equivalent basis, dollars in thousands)
|
Balance
|
Income
|
Rate
|
Balance
|
Income
|
Rate
|
Balance
|
Income
|
Rate
|
|||||||||||
|
Earning Assets
|
||||||||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Taxable (2)(3)
|
$3,936,747
|
$50,089
|
5.10
|
%
|
$3,893,035
|
$48,866
|
5.09
|
%
|
$3,816,879
|
$44,439
|
4.67
|
%
|
||||||||
|
Tax exempt (1)
|
24,575
|
292
|
4.77
|
24,989
|
314
|
5.10
|
22,562
|
253
|
4.50
|
|||||||||||
|
Investments: (1)
|
||||||||||||||||||||
|
Available for sale
|
601,178
|
4,415
|
2.95
|
587,026
|
4,575
|
3.16
|
560,484
|
4,347
|
3.11
|
|||||||||||
|
Short-term investments
|
12,092
|
97
|
3.22
|
4,696
|
26
|
2.25
|
4,079
|
11
|
1.08
|
|||||||||||
|
Interest bearing deposits
|
51,357
|
254
|
1.98
|
41,204
|
212
|
2.09
|
44,236
|
185
|
1.68
|
|||||||||||
|
Total earning assets
|
$4,625,949
|
$55,147
|
4.78
|
%
|
$4,550,950
|
$53,993
|
4.81
|
%
|
$4,448,240
|
$49,235
|
4.44
|
%
|
||||||||
|
Less: Allowance for loan losses
|
(49,965)
|
(48,768)
|
(46,494)
|
|||||||||||||||||
|
Nonearning Assets
|
||||||||||||||||||||
|
Cash and due from banks
|
171,313
|
164,820
|
139,677
|
|||||||||||||||||
|
Premises and equipment
|
58,857
|
58,599
|
56,093
|
|||||||||||||||||
|
Other nonearning assets
|
155,299
|
155,971
|
141,647
|
|||||||||||||||||
|
Total assets
|
$4,961,453
|
$4,881,572
|
$4,739,163
|
|||||||||||||||||
|
Interest Bearing Liabilities
|
||||||||||||||||||||
|
Savings deposits
|
$240,824
|
$71
|
0.12
|
%
|
$247,309
|
$71
|
0.12
|
%
|
$259,989
|
$86
|
0.13
|
%
|
||||||||
|
Interest bearing checking accounts
|
1,743,813
|
7,576
|
1.74
|
1,496,893
|
5,954
|
1.61
|
1,528,733
|
4,412
|
1.16
|
|||||||||||
|
Time deposits:
|
||||||||||||||||||||
|
In denominations under $100,000
|
274,217
|
1,300
|
1.90
|
276,006
|
1,232
|
1.81
|
264,294
|
946
|
1.44
|
|||||||||||
|
In denominations over $100,000
|
1,119,176
|
6,609
|
2.37
|
1,184,996
|
6,626
|
2.27
|
1,213,792
|
5,204
|
1.72
|
|||||||||||
|
Miscellaneous short-term borrowings
|
35,424
|
232
|
2.63
|
190,118
|
950
|
2.03
|
111,402
|
195
|
0.70
|
|||||||||||
|
Long-term borrowings and
|
||||||||||||||||||||
|
subordinated debentures
|
30,928
|
436
|
5.65
|
30,928
|
452
|
5.93
|
30,928
|
419
|
5.43
|
|||||||||||
|
Total interest bearing liabilities
|
$3,444,382
|
$16,224
|
1.89
|
%
|
$3,426,250
|
$15,285
|
1.81
|
%
|
$3,409,138
|
$11,262
|
1.33
|
%
|
||||||||
|
Noninterest Bearing Liabilities
|
||||||||||||||||||||
|
Demand deposits
|
922,729
|
885,126
|
825,337
|
|||||||||||||||||
|
Other liabilities
|
41,806
|
40,207
|
25,397
|
|||||||||||||||||
|
Stockholders' Equity
|
552,536
|
529,989
|
479,291
|
|||||||||||||||||
|
Total liabilities and stockholders' equity
|
$4,961,453
|
$4,881,572
|
$4,739,163
|
|||||||||||||||||
|
Interest Margin Recap
|
||||||||||||||||||||
|
Interest income/average earning assets
|
55,147
|
4.78
|
53,993
|
4.81
|
49,235
|
4.44
|
||||||||||||||
|
Interest expense/average earning assets
|
16,224
|
1.41
|
15,285
|
1.36
|
11,262
|
1.02
|
||||||||||||||
|
Net interest income and margin
|
$38,923
|
3.37
|
%
|
$38,708
|
3.45
|
%
|
$37,973
|
3.42
|
%
|
|||||||||||
|
(1)
|
Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt
loans and tax exempt securities acquired after January 1, 1983 included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were
$512,000, $499,000 and $440,000 in the three-month periods ended June 30, 2019, March 31, 2019 and June 30, 2018, respectively.
|
|
(2)
|
Loan fees, which are immaterial in relation to total taxable loan interest income for 2019 and 2018, are included as taxable loan
interest income.
|
|
(3)
|
Nonaccrual loans are included in the average balance of taxable loans.
|
10
Reconciliation of Non-GAAP Financial
Measures
|
Tangible common equity, tangible assets, tangible book value per share and the tangible common equity to tangible assets ratio are
non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders’ equity, net of deferred tax. Tangible
assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Tangible book value per share is calculated by dividing tangible common equity by the number
of shares outstanding. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However,
management considers these measures of the company’s value including only earning assets as meaningful to an understanding of the company’s financial information.
A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||
|
Jun. 30,
|
Mar. 31,
|
Jun. 30,
|
Jun. 30,
|
Jun. 30,
|
||||||
|
2019
|
2019
|
2018
|
2019
|
2018
|
||||||
|
Total Equity
|
$ 565,363
|
$ 543,267
|
$ 486,484
|
$ 565,363
|
$ 486,484
|
|||||
|
Less: Goodwill
|
(4,970)
|
(4,970)
|
(4,970)
|
(4,970)
|
(4,970)
|
|||||
|
Plus: Deferred tax assets related to goodwill
|
1,191
|
1,191
|
1,177
|
1,191
|
1,177
|
|||||
|
Tangible Common Equity
|
561,584
|
539,488
|
482,691
|
561,584
|
482,691
|
|||||
|
Assets
|
$ 4,975,519
|
$ 4,891,885
|
$ 4,760,869
|
$ 4,975,519
|
$ 4,760,869
|
|||||
|
Less: Goodwill
|
(4,970)
|
(4,970)
|
(4,970)
|
(4,970)
|
(4,970)
|
|||||
|
Plus: Deferred tax assets related to goodwill
|
1,191
|
1,191
|
1,177
|
1,191
|
1,177
|
|||||
|
Tangible Assets
|
4,971,740
|
4,888,106
|
4,757,076
|
4,971,740
|
4,757,076
|
|||||
|
Ending common shares issued
|
25,615,216
|
25,614,665
|
25,294,582
|
25,615,216
|
25,294,582
|
|||||
|
Tangible Book Value Per Common Share
|
$ 21.92
|
$ 21.06
|
$ 19.08
|
$ 21.92
|
$ 19.08
|
|||||
|
Tangible Common Equity/Tangible Assets
|
11.30
|
%
|
11.04
|
%
|
10.15
|
%
|
11.30
|
%
|
10.15
|
%
|
###
11