Lakeland Financial Corp (LKFN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Home SEC Filings Lakeland Financial Corp (LKFN) 10-K Annual Report Tue Feb 23 2021

Exhibit 99.1

 

 

NEWS FROM LAKELAND FINANCIAL CORPORATION

FOR IMMEDIATE RELEASE

 

Contact

Lisa M. O’Neill

Executive Vice President and Chief Financial Officer

(574) 267-9125

lisa.oneill@lakecitybank.com

 

Lakeland Financial Reports Record Quarterly Performance

 

Warsaw, Indiana (January 25, 2021) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported full year net income of $84.3 million, which represents a decrease of $2.7 million, or 3%, compared with net income of $87.0 million for 2019. Diluted earnings per share decreased 2% to $3.30 compared to $3.38 for 2019. Pretax pre-provision earnings

1 were $118.6 million for 2020 compared to $110.6 million for 2019, an increase of $8.0 million, or 7%, due primarily to an increase in net interest income.

 

The company further reported record quarterly net income of $24.6 million for the three months ended December 31, 2020 versus $22.2 million for the comparable period of 2019, an increase of 11%. Diluted net income per common share was also a record for the quarter and increased 13% to $0.97 for the three months ended December 31, 2020 versus $0.86 for the comparable period of 2019. On a linked quarter basis, net income increased $1.8 million, or 8%, from the third quarter of 2020, in which the company had net income of $22.8 million, or $0.89 diluted earnings per share. Pretax pre-provision earnings1 were $31.6 million for the fourth quarter of 2020, an increase of 13%, or $3.7 million, from $27.9 million for the fourth quarter of 2019. On a linked quarter basis, pretax pre-provision earnings increased 6%, or $1.7 million, from $29.9 million for the third quarter of 2020.

 

David M. Findlay, President and Chief Executive Officer commented, “The Lake City Bank team demonstrated how much we can accomplish in a challenging environment when everyone steps up. During 2020, we experienced unprecedented loan growth on our balance sheet through the combination of the Paycheck Protection Program and more traditional organic loan growth. We are proud of the role we played in assisting our clients in working through the challenges presented by the COVID-19 crisis. Further, we provided uninterrupted service through our 50 branch offices in a continuously difficult environment. As we conclude 2020 with consecutive record results in the third and fourth quarters, we are well-positioned as we enter 2021.”

 

Highlights for the year and quarter are noted below.

 

Full year 2020 versus 2019 highlights:

 

·Total assets of $5.8 billion, an increase of $884 million, or 18%

·Return on average equity of 13.51% compared to 15.47%

·Return on average assets of 1.55% compared to 1.76%

·Average loan growth of $444.9 million, or 11%

 

 

1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”

 

The following information was filed by Lakeland Financial Corp (LKFN) on Monday, January 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: LKFN
CIK: 721994
Form Type: 10-K Annual Report
Accession Number: 0001104659-21-026486
Submitted to the SEC: Tue Feb 23 2021 9:03:40 AM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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