Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, reported quarterly net income of $9.8 million for the third quarter of 2013, an increase of 5 percent versus $9.3 million in the third quarter of 2012. Diluted net income per share was 59 cents, an increase of 4 percent versus 57 cents for the comparable period of 2012. This performance represents the highest quarterly net income and earnings per share in the company’s history.
The company further reported record net income of $28.3 million for the nine months ended Sept. 30, versus $26.8 million for the comparable period of 2012, which was an increase of 5 percent. Diluted net income per common share increased 4 percent to $1.70 for the nine months ended Sept. 30, versus $1.63 for the comparable period of 2012. This per share performance also represents a record level for the Company.
Michael L. Kubacki, chairman and chief executive officer, commented, “We continue to benefit from a strengthening economy in our Indiana markets and are encouraged by this favorable performance. Lake City Bank has a very strong balance sheet, which has allowed us to continue our growth and support our Indiana markets. This has translated into a track record of quality earnings and consistent growth.”
David M. Findlay, president and chief financial officer, observed, “We’ve increased lending by $137 million in 2013, which represents a 6 percent year-to-date increase. We have established a consistent record of loan growth and are particularly pleased with the loan growth over the past two quarters, which has been led by our Commercial Banking Group. Our commercial loans have grown by $144 million this year as a result of our expanding market share and overall organic growth.”
Findlay added, “Our balance sheet is well-positioned for future growth. As our Indiana economy continues to improve, we will be there to work with clients to grow their businesses through increased lending and investment in the communities we serve.”
Lakeland Financial Corporation is a $3.0 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Indiana with 45 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Hamilton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley. The company expects to open a 46th office in the Indianapolis market in the fourth quarter located in Fishers, Ind.