Lakeland Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Approves Fourth Quarter Cash Dividend Payable on February 6, 2012; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2011
January 25, 2012 at 08:36 am EST
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Lakeland Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net interest income of $22,780,000 against $23,323,000 a year ago. Income before income taxes was $11,933,000 against $8,560,000 a year ago. Net income available to common shareholders was $8,261,000 or $0.50 per diluted share against $5,782,000 or $0.36 per diluted share a year ago. Return on average assets was 1.13% against 0.84% a year ago. Return on average equity was 12.11% against 9.24% a year ago. Book value per common share as of December 31, 2011 was $16.85 compared to $15.28 as of December 31, 2010.
For the six months period, the company reported net interest income of $92,080,000 against $92,653,000 a year ago. Income before income taxes was $45,380,000 against $36,780,000 a year ago. Net income available to common shareholders was $30,662,000 or $1.88 per diluted share against $21,356,000 or $1.32 per diluted share a year ago. Return on average assets was 1.10% against 0.93% a year ago. Return on average total equity was 11.78% against 9.34% a year ago.
The company also announced that the board of directors approved a cash dividend for the fourth quarter of $0.155 per share, payable on February 6, 2012 to shareholders of record as of January 25, 2012.
The company reported net impairment loss recognized in earnings of $132,000 for the fourth quarter ended December 31, 2011 compared to $1,250,000 for the same period last year. Net charge offs for the quarter was $1,573,000 compared to $1,588,000 for the same period last year.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Approves Fourth Quarter Cash Dividend Payable on February 6, 2012; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2011