Lakeland Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge Offs for the Fourth Quarter of 2017
January 25, 2018 at 03:32 pm
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Lakeland Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company announced total interest income was $44,161,000 compared to $36,307,000 for the same period a year ago. Net interest income was $35,392,000 compared to $30,907,000 for the same period a year ago. Net interest income after provision for loan losses was $33,542,000 compared to $29,757,000 for the same period a year ago. Income before income tax expense was $23,406,000 compared to $20,104,000 for the same period a year ago. Net income was $11,627,000 compared to $13,522,000 for the same period a year ago. Diluted earnings per common share were $0.45 compared to $0.53 for the same period a year ago. Tangible book value per common share was $16.89 compared to $15.61 for the same period a year ago. Book value per common share was $17.01 compared to $15.74 for the same period a year ago. Return on average assets was 1.00% compared to 1.28% for the same period a year ago. Return on average equity was 9.87% compared to 12.55% for the same period a year ago.
For the full year, the company announced total interest income was $165,698,000 compared to $138,951,000 for the same period a year ago. Net interest income was $135,892,000 compared to $118,481,000 for the same period a year ago. Net interest income after provision for loan losses was $132,892,000 compared to $117,331,000 for the same period a year ago. Income before income tax expense was $89,634,000 compared to $77,217,000 for the same period a year ago. Net income was $57,330,000 compared to $52,084,000 for the same period a year ago. Diluted earnings per common share were $2.23 compared to $2.05 for the same period a year ago. Return on average total equity for the year ended December 31, 2017 was 12.72% compared to 12.52% in 2016. Return on average assets for 2017 and 2016 was 1.29%. Book value per common share as on December 31, 2017 was $18.60 compared to $17.01 as at December 31, 2016. Tangible book value per common share as on December 31, 2017 was $18.45 compared to $16.89 as at December 31, 2016.
For the fourth quarter ended December 31, 2017, the company announced net charge offs of $226,000 compared to $285,000 for the same period a year ago.
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 Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge Offs for the Fourth Quarter of 2017