Lakeland Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter and Year Ended December 31, 2012
January 25, 2013 at 08:00 am
Share
Lakeland Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $8,602,000 or $0.52 per share diluted compared to $8,261,000 or $0.50 per share diluted a year ago. Net interest income was $20,866,000 compared to $22,780,000 reported a year ago. Return on average assets was 1.13% compared to 1.13% reported a year ago. Return on average total equity was 11.48% compared to 12.11% reported a year ago. Total interest income was $26,685,000 compared to $30,163,000 reported a year ago. Income before income tax expense was $12,410,000 compared to $11,933,000 reported a year ago.
For the year, the company reported net income of $35,394,000 or $2.15 per share diluted against $30,662,000 or $1.88 per share diluted a year ago. Net interest income was $87,671,000 compared to $92,080,000 reported a year ago. Book value per common share was $18.18 as at December 31, 2012 compared to $16.85 as at December 31, 2011. Return on average assets was 1.19% compared to 1.10% reported a year ago. Return on average total equity was 12.30% compared to 11.78% reported a year ago. Total interest income was $114,369,000 compared to $121,892,000 reported a year ago. Income before income tax expense was $52,576,000 compared to $45,380,000 reported a year ago.
Net charge-offs totaled $1,717,000 in the fourth quarter of 2012 versus net charge-offs of $1,573,000 during the fourth quarter of 2011.
Lakeland Financial Corporation is a bank holding company, which provides, through its subsidiary Lake City Bank (the Bank), a range of financial products and services throughout its Northern and Central Indiana markets. The Company offers commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. The Company serves a diverse customer base, including commercial customers across a variety of industries including, among others, commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services and healthcare. The Bank has approximately 53 offices in 15 counties, including 46 offices in northern Indiana and seven offices in central Indiana, in the Indianapolis market. The Bankâs deposits are insured by the Federal Deposit Insurance Corporation (the FDIC) to the maximum extent provided under federal law and FDIC regulations.
Lakeland Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter and Year Ended December 31, 2012