By LISA M. O’NEILL
Executive Vice President and Chief Financial Officer

WARSAW — Lakeland Financial Corporation, parent company of Lake City Bank, reported Monday morning, Oct. 26, net income of $34.1 million for the nine months ended Sept. 30, versus $32.7 million for the comparable period of 2014, an increase of 4 percent. Diluted net income per common share also increased 4 percent to $2.03 for the nine months ended Sept. 30, versus $1.95 for the comparable period of 2014.

The company further reported net income of $11.6 million for the third quarter of 2015 versus $11.5 million for the third quarter of 2014. Diluted net income per common share was $0.69 for the third quarters of 2015 and 2014. On a quarter-linked basis net income increased by 2 percent or $185,000 from $11.4 million for the second quarter ended June 30.

As previously announced, the board of directors approved a cash dividend for the third quarter of $0.245 per share, payable on November 5, 2015, to shareholders of record as of Oct. 25. The quarterly dividend, which is equal to the dividend paid in the second quarter 2015, represents a 17 percent increase over the $0.21 quarterly dividends paid in the last three quarters of 2014 and in the first quarter of 2015.

Return on average total equity for the first nine months of 2015 was 12.18 percent, compared to 12.94 percent in the prior year period. Return on average assets for the first nine months of 2015 was 1.29 percent, compared to 1.33 percent in the same period of 2014. The company’s tangible common equity to tangible assets ratio was 10.47 percent Sept. 30, compared to 10.40 percent Sept. 30, 2014 and 10.44 percent June 30.

“We continue to focus on the growth of our balance sheet as the primary driver of our financial success. Simply put, lending money in our Indiana communities contributes to their ongoing economic growth and recovery. Overall, we are very pleased with our loan growth in 2015,” President and Chief Executive Officer David M. Findlay said.

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