Lakeland Financial Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reports Net Charge Off for the Quarter Ended March 31, 2017; Expects Effective Tax Rate for the Remaining Quarters of 2017
April 25, 2017 at 08:00 am
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Lakeland Financial Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total interest income of $38,127,000 against $33,210,000 a year ago. Net interest income was $32,061,000 against $28,502,000 a year ago. Income before income tax expense was $20,072,000 against $18,241,000 a year ago. Net income was $14,514,000 against $12,279,000 a year ago. Diluted earnings per common share were $0.57 against $0.48 per share a year ago. Book value per common share was $17.36 against $16.25 per share a year ago. Tangible Book Value Per Common Share was $17.24 against $16.12 per share a year ago. Return on average assets was 1.37% against 1.30% a year ago. Return on average total equity was 13.63% against 12.35% a year ago.
For the quarter, the company reported net charge offs of $144,000 against $326,000 a year ago.
The company expects its effective tax rate to return to historical levels for the remaining quarters of 2017.
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 Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Reports Net Charge Off for the Quarter Ended March 31, 2017; Expects Effective Tax Rate for the Remaining Quarters of 2017
LAKELAND FINANCIAL CORPORATION 
