Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent
company of Lake City Bank, today reported net income of $25.3
million for the three months ended September 30, 2023, which
represents a decrease of $3.3 million, or 11%, compared with net
income of $28.5 million for the three months ended
September 30, 2022. Diluted earnings per share were $0.98 for
the third quarter of 2023 and decreased 12% compared to $1.11 for
the third quarter of 2022. On a linked quarter basis, net income
increased 73%, or $10.6 million, from second quarter 2023 net
income of $14.6 million, or $0.57 diluted earnings per share.
The company further reported net income of $64.1 million for the
nine months ended September 30, 2023, versus $77.8 million for
the comparable period of 2022, a decrease of 18%, or $13.7 million.
Diluted earnings per share also decreased 18% to $2.49 for the nine
months ended September 30, 2023, versus $3.03 for the
comparable period of 2022.
“We are particularly proud of the double-digit organic loan
growth we have experienced over the last year with solid,
diversified growth in our agricultural, commercial real estate and
consumer loan sectors. While commercial and industrial loan growth
has been muted in 2023, we’re excited by the business development
efforts underway and remain well positioned in every market for the
return to growth in this sector. Clearly, our C&I borrowers are
continuing to manage their balance sheets conservatively as line
usage remains at historical lows and cash balances remain elevated
with these clients,” commented David M. Findlay, Chief Executive
Officer. “We remain in a robust liquidity position and are very
pleased with our deposit retention in a challenging
environment.”
Quarterly Financial
Performance
Third Quarter 2023 versus Third Quarter 2022 highlights:
- Return on average equity of 16.91%, compared to 19.39%
- Return on average assets of 1.54%, compared to 1.80%
- Loan growth of $381.1 million, or 8%
- Investments as a percentage of total assets decreased to 17%
from 21%
- Deposit contraction of $7.1 million, or less than 1%
- Net interest margin contracted by 36 basis points from 3.57% to
3.21%
- Provision expense of $400,000, compared to no provision
expense
- Watch list loans as a percentage of total loans of 3.83%
compared to 3.63%
- Noninterest income increased $671,000, or 7%
- Noninterest expense increased $1.2 million, or 4%
- Total risk-based capital ratio of 15.14% compared to
15.38%
- Tangible capital ratio of 8.62%, compared to 8.20%
Third Quarter 2023 versus Second Quarter 2023 highlights:
- Return on average equity of 16.91%, compared to 9.70%
- Return on average assets of 1.54%, compared to 0.91%
- Average loan growth of $52.0 million, or 1%
- Core deposit growth of $124.9 million, or 2%
- Net interest margin contracted by 7 basis points from 3.28% to
3.21%
- Provision expense of $400,000, compared to $800,000
- Watch list loans as a percentage of total loans remained at
3.83%
- Noninterest income decreased $666,000, or 6%
- Noninterest expense decreased $13.6 million, or 32%
- Total risk-based capital ratio of 15.14%, compared to
14.93%
- Tangible capital ratio of 8.62%, compared to 9.04%
Capital Strength
The company’s total capital as a percentage of risk-weighted
assets was 15.14% at September 30, 2023, compared to 15.38% at
September 30, 2022, and 14.93% at June 30, 2023. These
capital levels are well in excess of the 10.00% regulatory
threshold required to be characterized as “well-capitalized” and
represent a strong capital position.
The company’s tangible common equity to tangible assets ratio,
which is a non-GAAP financial measure, was 8.62% at
September 30, 2023, compared to 8.20% at September 30,
2022 and 9.04% at June 30, 2023. Unrealized losses from
available-for-sale investment securities were $266.4 million at
September 30, 2023, compared to $256.1 million at
September 30, 2022 and $202.0 million at June 30, 2023.
When excluding the impact of accumulated other comprehensive income
(loss) on tangible common equity and tangible assets, the company’s
ratio of adjusted tangible common equity to adjusted tangible
assets was 11.74% at September 30, 2023 compared to 11.32% at
September 30, 2022, and 11.45% at June 30, 2023.
Findlay stated, “Our strong capital structure positions us well
for a continuation of our long history of organic loan growth in
the Lake City Bank footprint. This robust capital position reflects
the balance sheet strength that’s resulted from healthy and
consistent profitability.”
As announced on October 10, 2023, the board of directors
approved a cash dividend for the third quarter of $0.46 per share,
payable on November 6, 2023, to shareholders of record as of
October 25, 2023. The third quarter dividend per share
represents a 15% increase from the $0.40 dividend per share paid
for the third quarter of 2022 and is unchanged from the dividend
paid in August 2023.
Kristin L. Pruitt, President, added, “Our strong dividend growth
rate translates to a strong return for our shareholders. We are
pleased to support this 15% dividend growth and to continue to
maintain a strong capital foundation with 7% annual growth in
tangible common equity.”
Loan Portfolio
Total loans outstanding increased by $381.1 million, or 8%, from
$4.49 billion as of September 30, 2022, to $4.87 billion as of
September 30, 2023. On a linked quarter basis, total
outstanding loans increased by $8.7 million, or less than 1%, from
$4.86 billion as of June 30, 2023. Linked quarter loan growth
was positively impacted by an increase in consumer loans of $19.8
million, or 4%, and offset by a reduction in commercial loans of
$11.0 million, or less than 1%. Average total loans were $4.85
billion in the third quarter of 2023, an increase of $433.8
million, or 10%, from $4.42 billion for the third quarter of 2022,
and an increase of $52.0 million, or 1%, from $4.80 billion for the
second quarter of 2023.
“We are experiencing healthy loan growth on both the commercial
and retail business fronts. Our growth in the commercial real
estate portfolio represents in-market lending to in-market clients
for land acquisition and construction, particularly in the
Indianapolis market. This variable rate loan activity further
contributes to the asset sensitivity of the bank’s balance sheet.
Continued demand for multifamily, logistics and distribution
projects is fueling this growth,” stated Findlay. “Our liquidity
remains strong, with the loan to deposit ratio hovering in the 80%
to 90% range throughout the year. Despite the long-anticipated
shift in deposits, we are effectively managing the funding of our
strong loan growth with a focus on core deposit retention and
growth.”
Commercial loan originations for the third quarter included
approximately $388.0 million in loan originations offset by
approximately $399.0 million in commercial loan pay downs. Line of
credit usage decreased to 39% at September 30, 2023, compared
to 42% at September 30, 2022 and 40% at June 30, 2023.
Total available lines of credit expanded by $345.0 million, or 8%,
as compared to a year ago, and line usage decreased by $17.0
million, or 1%, for the same period. The company has limited
exposure to commercial office space borrowers, all of which are
located in the bank's Indiana markets. Loans totaling $71.9 million
for this sector represented 1.5% of total loans at
September 30, 2023.
Diversified Deposit Base
The bank’s diversified deposit base has remained stable on a
year over year basis and on a linked quarter basis.
|
DEPOSIT DETAIL(unaudited, in
thousands) |
|
|
September 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
Retail |
$ |
1,761,235 |
|
31.1 |
% |
|
$ |
1,821,607 |
|
33.6 |
% |
|
$ |
2,056,626 |
|
36.3 |
% |
Commercial |
|
2,154,853 |
|
38.1 |
|
|
|
2,082,564 |
|
38.4 |
|
|
|
2,116,390 |
|
37.4 |
|
Public fund |
|
1,563,557 |
|
27.7 |
|
|
|
1,450,527 |
|
26.7 |
|
|
|
1,481,100 |
|
26.1 |
|
Core deposits |
|
5,479,645 |
|
96.9 |
|
|
|
5,354,698 |
|
98.7 |
|
|
|
5,654,116 |
|
99.8 |
|
Brokered deposits |
|
177,430 |
|
3.1 |
|
|
|
68,361 |
|
1.3 |
|
|
|
10,017 |
|
0.2 |
|
Total |
$ |
5,657,075 |
|
100.0 |
% |
|
$ |
5,423,059 |
|
100.0 |
% |
|
$ |
5,664,133 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits decreased $7.1 million, or less than 1%, from
$5.66 billion as of September 30, 2022 to $5.66 billion as of
September 30, 2023. The decrease in total deposits was driven
by a decrease in core deposits of $174.5 million, or 3%. Total core
deposits were $5.5 billion and represent 97% of total deposits as
compared to $5.7 billion and 100%, respectively, at September 30,
2022. Brokered deposits increased by $167.4 million to $177.4
million at September 30, 2023, accounting for 3% of total deposits
at quarter end.
The composition of core deposits reflects continued growth in
commercial deposits to $2.2 billion, or 38% of total deposits, and
stability in public funds at $1.6 billion or 28% of total deposits.
Retail deposits have contracted by $296 million since September 30,
2022 and currently represent 31% of total deposits at $1.8 billion.
Net retail deposits outflows since September 30, 2022 reflect
the continued utilization of deposits from peak savings levels
during 2021.
On a linked quarter basis total deposits increased $234.0
million, or 4%, from $5.42 billion at June 30, 2023 to $5.66
billion at September 30, 2023, and core deposits increased by
$124.9 million, or 2%. Linked quarter expansion in core deposits
resulted from growth in public fund deposits, of $113.0 million, or
8%, and growth in commercial deposits of $72.3 million, or 3%.
Offsetting these increases was a contraction in retail deposits of
$60.4 million, or 3%. An increase in brokered deposits of $109.1
million, or 160%, also contributed to the linked quarter increase
in total deposits.
“With the deposit challenges impacting the banking sector during
the first nine months of the year, we are pleased with our deposit
trends and with the growth we have experienced with our commercial
depositors. Our monitoring of average checking account balances
highlights that all three core deposit sectors continue to operate
with higher levels of liquidity when compared to pre-pandemic
levels,” noted Findlay. “While average balances per account have
dropped from their peak in 2021, we have done a terrific job of
retaining client deposits and this contributes to our solid
liquidity position.”
Average total deposits were $5.57 billion for the third quarter
of 2023, a decrease of $66.0 million, or 1%, from $5.64 billion for
the third quarter of 2022.
On a linked quarter basis, average total deposits increased by
$21.3 million, or less than 1%, from $5.55 billion for the second
quarter of 2023. Total average time deposits drove the increase in
linked quarter average deposit growth, increasing $141.2 million,
or 17%. The increase in average time deposits was offset by
decreases in average balances for interest bearing checking,
noninterest bearing checking and savings accounts between the two
quarters.
Checking accounts by deposit sector, which include demand
deposits and interest-bearing checking accounts, continue to
maintain balances that are higher than pre-pandemic levels. Since
December 31, 2019, commercial checking account balances have grown
by $915.6 million, or 83%, retail checking account balances have
grown by $241.9 million, or 37%, and public fund checking account
balances have grown by $419.4 million, or 50%. Importantly, the
number of checking accounts have grown since December 31, 2019 by
18% for commercial checking accounts, by 9% for retail checking
accounts and by 3% for public fund checking accounts. Overall, all
three sectors have grown in balance and in number of accounts since
December 31, 2019.
Checking account trends compared to a year ago at September 30,
2022 demonstrate checking account balance growth of $108.8 million,
or 6%, for commercial checking account balances, offset by a
contraction of $219.9 million, or 20%, for retail checking account
balances and a contraction of $166.7 million, or 12%, for public
fund checking account balances. These trends demonstrate continued
organic growth of commercial deposits and 3% growth in the number
of commercial checking accounts as compared to September 30, 2022.
Retail checking account balance declines reflect the anticipated
utilization of excess liquidity by our retail customers from peak
levels experienced during 2022. The number of retail accounts have
grown by 2% since September 30, 2022. Public funds checking account
balance declines, as compared to a year ago, demonstrate the
utilization of stimulus funding received by our public fund
depositors even as the number of accounts are largely unchanged
during the past year. Importantly, a deposit mix shift from
noninterest bearing deposits to interest bearing deposits has
resulted in response to the rise in deposit interest rates.
Uninsured deposits not covered by FDIC deposit insurance were
54% as of September 30, 2023, unchanged from June 30, 2023, and
March 31, 2023. Uninsured deposits not covered by FDIC deposit
insurance or the Indiana Public Deposit Insurance Fund (which
insures public fund deposits in Indiana), were 28% of total
deposits as of September 30, 2023, unchanged from June 30, 2023,
and down from 29% as of March 31, 2023. As of September 30,
2023, 98% of deposit accounts had deposit balances less than
$250,000.
Liquidity Overview
The bank has robust liquidity resources. These resources include
secured borrowings available from the Federal Home Loan Bank, the
Federal Reserve Bank Discount Window and the Federal Reserve Bank
Term Funding Program. In addition, the bank has unsecured borrowing
capacity through long established relationships within the brokered
deposits markets, Federal Funds lines from correspondent bank
partners, and Insured Cash Sweep (ICS) one-way buy funds available
from the Intrafi network. As of September 30, 2023, the
company had access to $3.3 billion in unused liquidity
available from these aggregate sources, compared to
$3.3 billion at September 30, 2022 and $2.9 billion at
June 30, 2023. Utilization from these sources totaled $267.4
million at September 30, 2023, compared to $10.0 million at
September 30, 2022, and $468.4 million at June 30, 2023.
Importantly, core deposits have historically represented, and
currently represent, the primary funding resource of the bank.
Investment Portfolio Overview
Total investment securities were $1.11 billion at
September 30, 2023, reflecting a decrease of $215.0 million,
or 16%, as compared to $1.32 billion at September 30, 2022. On
a linked quarter basis, investment securities decreased $86.1
million, or 7%. Investment securities represented 17% of total
assets on September 30, 2023, compared to 21% on
September 30, 2022, and 18% on June 30, 2023. Effective
duration for the investment portfolio was 6.7 years at
September 30, 2023, compared to 4.0 years at December 31, 2019
and 6.5 years at December 31, 2022. Duration of the portfolio
expanded following the deployment of excess liquidity to the
investment portfolio and the dramatic rise in interest rates during
2022 that has continued into 2023. The ratio of investment
securities as a percentage of total assets remains elevated over
historical levels of approximately 12% to 14% during 2014 to 2020.
The company expects the investment securities portfolio as a
percentage of assets to continue to decrease over time as the
proceeds from pay downs, sales and maturities of these investment
securities are used to fund loan portfolio growth and for other
general liquidity purposes. Investment portfolio sales of $102.8
million for losses of $16,000 and investment portfolio cash flows
of $55.3 million provided liquidity of $158.2 million during the
nine months ended September 30, 2023. The company anticipates
receiving principal and interest cash flows of approximately $125.0
million during the next five quarters.
Net Interest Margin
Net interest margin was 3.21% for the third quarter of 2023,
representing a 36 basis point contraction from 3.57% for the third
quarter of 2022. Earning assets yields increased by 157 basis
points to 5.81% for the third quarter of 2023, up from 4.24% for
the third quarter of 2022. The increase in earning asset yields was
offset by an increase in the company's funding costs as interest
expense as a percentage of average earning assets increased to
2.60% for the third quarter of 2023 from 0.67% for the third
quarter of 2022, an increase of 193 basis points. The target
Federal Funds rate was increased by 225 basis points between
September 30, 2022 and September 30, 2023, from a range
of 3.00%-3.25% to a range of 5.25%-5.50%. While the rate increases
have positively affected the company's yields on earning assets
between the two periods, the company has experienced an offsetting
increase to funding costs as excess customer liquidity was utilized
and the competition for deposits has increased throughout the
industry.
Linked quarter net interest margin contracted by 7 basis points
and was 3.21% for the third quarter of 2023, compared to 3.28% for
the second quarter of 2023. The linked quarter contraction in net
interest income was a result of a net increase in funding costs
over average earning asset yields. Average earning asset yields
increased by 16 basis points from 5.65% during the second quarter
of 2023 to 5.81% during the third quarter of 2023. Earning asset
yields benefited from a 25 basis point increase in the target
Federal Funds rate in July 2023. The increase in earning asset
yields was offset by a 23 basis point increase in interest expense
as a percentage of average earning assets. This increase in
interest expense was driven by continued upward pressure in deposit
costs resulting from market competition. Total noninterest bearing
deposits to total deposits were 24% at September 30, 2023,
compared to 27% at June 30, 2023 and 32% at September 30,
2022. The cumulative loan beta, which measures the sensitivity of a
bank’s average loan yield to changes in short-term interest rates,
is 52% for the current rate-tightening cycle, compared to 61%
during the prior tightening cycle. The cumulative deposit beta,
which measures the sensitivity of a bank's deposit cost to changes
in short-term interest rates, is 46% for the current
rate-tightening cycle, compared to 45% during the prior tightening
cycle.
“The deposit mix shift that began in the fourth quarter of 2022
has slowed in the third quarter of 2023 from peak levels in the
second quarter of 2023,” noted Findlay. “As a result, our net
interest margin decline has slowed during the quarter. Our
commercial depositors remain with elevated liquidity and as a
result are utilizing credit availability in a more limited manner
as evidenced by the downward trend in commercial line utilization.
Although the deposit mix shift has put pressure on net interest
margin, we are pleased with growth in deposit relationships for
commercial, retail and public fund deposit accounts.“
Net interest income was $48.4 million for the third quarter of
2023, representing a decrease of $4.1 million, or 8%, as compared
to the third quarter of 2022. On a linked quarter basis, net
interest income decreased $131,000, or less than 1%, from $48.5
million for the second quarter of 2023. Net interest income
increased by $2.4 million, or 2%, for the nine months ended
September 30, 2023, as compared to the nine months ended
September 30, 2022, due primarily to an increase in loan
interest income of $88.9 million, offset by a decrease to
securities interest income of $2.9 million, an increase in deposit
interest expense of $77.6 million, and an increase in borrowing
expense of $8.1 million.
Asset Quality
The company recorded a provision expense of $400,000 in the
third quarter of 2023, compared to no provision expense in the
third quarter of 2022. On a linked quarter basis, the provision
expense decreased by $400,000 from $800,000 for the second quarter
of 2023, or 50%.
“Asset quality trends continue to be stable. Although there has
been some slowing in the recreational vehicle sector, overall, the
current economic conditions have not curtailed economic output in
our Indiana markets. In addition, we are not experiencing material
credit deterioration in the loan portfolio,” stated Findlay.
The allowance for credit loss reserve to total loans was 1.48%
at September 30, 2023, versus 1.50% at September 30, 2022
and unchanged from 1.48% at June 30, 2023. Net charge offs in
the third quarter of 2023 were $353,000 compared to $284,000 in the
third quarter of 2022 and a net recovery of $43,000 during the
linked second quarter of 2023. Annualized net charge offs to
average loans were 0.03% for the third quarter of 2023, unchanged
from the third quarter of 2022, and compared to none for the linked
second quarter of 2023.
Nonperforming assets increased $6.6 million, or 66%, to $16.7
million as of September 30, 2023, versus $10.1 million as of
September 30, 2022. The increase was a result of the net
addition of loan balances placed on nonaccrual status during the
first quarter of 2023 due primarily to a single commercial
borrower. On a linked quarter basis, nonperforming assets decreased
$1.7 million, or 9%, compared to $18.4 million as of June 30,
2023, primarily from paydowns of nonaccrual balances. The ratio of
nonperforming assets to total assets at September 30, 2023
increased to 0.26% from 0.16% at September 30, 2022 and
decreased from 0.28% at June 30, 2023.
Total individually analyzed and watch list loans increased by
$23.2 million, or 14%, to $186.4 million at September 30,
2023, versus $163.2 million as of September 30, 2022. On a
linked quarter basis, total individually analyzed and watch list
loans increased by $333,000, or less than 1%, from $186.0 million
at June 30, 2023. Watch list loans as a percentage of total
loans increased by 20 basis points to 3.83% at September 30,
2023, compared to 3.63% at September 30, 2022, and remained
unchanged compared to June 30, 2023.
Noninterest Income
The company’s noninterest income increased $671,000, or 7%, to
$10.8 million for the third quarter of 2023, compared to $10.2
million for the third quarter of 2022. The increase in noninterest
income was driven primarily by an increase in bank owned life
insurance income of $955,000, an increase in wealth advisory fees
of $239,000, or 12%, and an increase in other income of $175,000,
or 41%. Bank owned life insurance income benefited from improved
market performance of the company's variable life insurance
policies which track to the overall performance of the equity
markets, and from the purchase of general life insurance policies
during the fourth quarter of 2022. The increase in wealth advisory
fees was driven by an increase in trust assets which benefited from
new customer inflows. The increase to other income was driven by
increased limited partnership income and higher dividends from the
company's FHLB stock holdings. Offsetting these increases to
noninterest income was a decrease to service charges on deposit
accounts of $255,000, or 9%, primarily the result of increased
earning credit rating for commercial depositors related to
commercial treasury management fees and other changes to the
deposit fee schedule for retail accounts. Additional declines
included a decrease to investment brokerage fees of $243,000, or
37%, due to fluctuations in fee generating sales volume and mix,
and a decrease to loan and service fees of $113,000, or 4%, due to
a decline in fee-based volume.
Noninterest income for the third quarter of 2023 decreased by
$666,000, or 6%, on a linked quarter basis from $11.5 million
during the second quarter of 2023. The linked quarter decrease was
driven largely by a decrease in interest rate swap fee income of
$794,000, due to no new swap activity during the quarter.
Offsetting this decrease was an increase in bank owned life
insurance of $316,000, or 46%, due to improved equity market
performance.
Noninterest income increased by $1.3 million, or 4%, to $32.7
million for the nine months ended September 30, 2023, compared
to $31.3 million for the prior year nine-month period. The increase
was driven by increases to bank owned life insurance income of $2.6
million, other income of $348,000, or 22%, interest rate swap fee
income of $302,000, or 61%, and wealth advisory fees of $219,000,
or 3%. These increases were offset by decreases to mortgage banking
income of $955,000, or 124%, service charges on deposit accounts of
$590,000, or 7%, loan service fees of $349,000, or 4%, and
investment brokerage fees of $341,000, or 20%.
Noninterest Expense
Noninterest expense increased $1.2 million, or 4%, to $29.1
million for the third quarter of 2023, compared to $27.9 million
during the third quarter of 2022. The increase in noninterest
expense during the quarter was attributable to an increase in
salaries and employee benefits of $1.3 million, or 9%, an increase
in professional fees of $560,000, or 36%, and an increase in FDIC
insurance and other regulatory fees of $413,000, or 90%. Salaries
and employee benefits increased due to increases in salaries and
employee insurance expense and an increase in deferred compensation
expense, which is tied to the market performance of the company's
variable bank owned life insurance policies. Professional fees
increased as a result of increased interest charges associated with
the bank's cash swap collateral positions and increased legal
expense. The increase to FDIC insurance and other regulatory fees
was caused by a blanket increase to the assessment rate used by the
FDIC to calculate insurance premiums. Offsetting these increases
was a decrease to other expense of $1.1 million, or 30%, driven by
a decrease in accruals pertaining to ongoing legal matters. On a
linked quarter basis, noninterest expense decreased by $13.6
million, or 32%, compared to $42.7 million during the second
quarter of 2023.
Noninterest expense increased by $18.5 million, or 22%, for the
nine months ended September 30, 2023 from $82.8 million to
$101.3 million. The increase to noninterest expense during the year
was driven by an $18.1 million wire fraud loss recorded as a
component of noninterest expense during the second quarter of 2023.
Other drivers contributing to the increase in noninterest expense
include an increase to professional fees of $1.8 million, or 39%,
an increase to FDIC insurance and other regulatory fees of
$953,000, or 63%, and an increase to data processing fees and
supplies of $795,000, or 8%.
The company’s efficiency ratio was 49.1% for the third quarter
of 2023, compared to 44.5% for the third quarter of 2022 and 71.2%
for the linked second quarter of 2023. The company's efficiency
ratio for the nine months ended September 30, 2023 was 55.9%,
compared to 46.7% for the nine months ended September 30,
2022.
Information regarding Lakeland Financial Corporation may be
accessed on the home page of its subsidiary, Lake City Bank, at
lakecitybank.com. The company’s common stock is traded on the
Nasdaq Global Select Market under “LKFN.” In addition to the
results presented in accordance with generally accepted accounting
principles in the United States, this earnings release contains
certain non-GAAP financial measures. The company believes that
providing non-GAAP financial measures provides investors with
information useful to understanding the company’s financial
performance. Additionally, these non-GAAP measures are used by
management for planning and forecasting purposes, including
tangible common equity, tangible assets, tangible book value per
share, tangible common equity to tangible assets ratio, pretax
pre-provision earnings, adjusted core noninterest expense, adjusted
earnings before income taxes, core operational profitability, core
operational diluted earnings per common share and adjusted core
efficiency ratio. A reconciliation of these and other non-GAAP
measures to the most comparable GAAP equivalents is included in the
attached financial tables where the non-GAAP measures are
presented.
This document contains, and future oral and written statements
of the company and its management may contain, forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to the financial condition, results
of operations, plans, objectives, future performance and business
of the company. Forward-looking statements, which may be based upon
beliefs, expectations and assumptions of the company’s management
and on information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,”
“anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,”
“will,” “would,” “could,” “should” or other similar expressions.
The company’s ability to predict results or the actual effect of
future plans or strategies is inherently uncertain and,
accordingly, the reader is cautioned not to place undue reliance on
any forward-looking statements made by the company. Additionally,
all statements in this document, including forward-looking
statements, speak only as of the date they are made, and the
company undertakes no obligation to update any statement in light
of new information or future events. Numerous factors could cause
the company’s actual results to differ from those reflected in
forward-looking statements, including the effects of global
conflicts, including its effects on our customers, local economic
conditions, our operations and vendors, and the responses of
federal, state and local governmental authorities, as well as those
identified in the company’s filings with the Securities and
Exchange Commission, including the company’s Annual Report on Form
10-K and quarterly reports on Form 10-Q.
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LAKELAND FINANCIAL
CORPORATIONTHIRD QUARTER
2023 FINANCIAL HIGHLIGHTS |
|
|
Three Months Ended |
|
Nine Months Ended |
|
(Unaudited – Dollars in
thousands, except per share data) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
END OF PERIOD
BALANCES |
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Assets |
$ |
6,426,844 |
|
|
$ |
6,509,546 |
|
|
$ |
6,288,406 |
|
|
$ |
6,426,844 |
|
|
$ |
6,288,406 |
|
Investments |
|
1,105,026 |
|
|
|
1,191,139 |
|
|
|
1,320,006 |
|
|
|
1,105,026 |
|
|
|
1,320,006 |
|
Loans |
|
4,870,965 |
|
|
|
4,862,260 |
|
|
|
4,489,835 |
|
|
|
4,870,965 |
|
|
|
4,489,835 |
|
Allowance for Credit Losses |
|
72,105 |
|
|
|
72,058 |
|
|
|
67,239 |
|
|
|
72,105 |
|
|
|
67,239 |
|
Deposits |
|
5,657,075 |
|
|
|
5,423,059 |
|
|
|
5,664,133 |
|
|
|
5,657,075 |
|
|
|
5,664,133 |
|
Brokered Deposits |
|
177,430 |
|
|
|
68,361 |
|
|
|
10,017 |
|
|
|
177,430 |
|
|
|
10,017 |
|
Core Deposits (1) |
|
5,479,645 |
|
|
|
5,354,698 |
|
|
|
5,654,116 |
|
|
|
5,479,645 |
|
|
|
5,654,116 |
|
Total Equity |
|
557,184 |
|
|
|
591,995 |
|
|
|
519,220 |
|
|
|
557,184 |
|
|
|
519,220 |
|
Goodwill Net of Deferred Tax Assets |
|
3,803 |
|
|
|
3,803 |
|
|
|
3,803 |
|
|
|
3,803 |
|
|
|
3,803 |
|
Tangible Common Equity (2) |
|
553,381 |
|
|
|
588,192 |
|
|
|
515,417 |
|
|
|
553,381 |
|
|
|
515,417 |
|
Adjusted Tangible Common Equity (2) |
|
780,756 |
|
|
|
765,090 |
|
|
|
736,264 |
|
|
|
780,756 |
|
|
|
736,264 |
|
AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,498,984 |
|
|
$ |
6,432,929 |
|
|
$ |
6,298,358 |
|
|
$ |
6,448,316 |
|
|
$ |
6,469,102 |
|
Earning Assets |
|
6,145,894 |
|
|
|
6,096,284 |
|
|
|
5,991,630 |
|
|
|
6,103,538 |
|
|
|
6,178,787 |
|
Investments |
|
1,171,426 |
|
|
|
1,210,870 |
|
|
|
1,429,186 |
|
|
|
1,210,540 |
|
|
|
1,472,807 |
|
Loans |
|
4,849,758 |
|
|
|
4,797,742 |
|
|
|
4,415,944 |
|
|
|
4,791,431 |
|
|
|
4,381,284 |
|
Total Deposits |
|
5,572,466 |
|
|
|
5,551,145 |
|
|
|
5,638,469 |
|
|
|
5,537,379 |
|
|
|
5,745,771 |
|
Interest Bearing Deposits |
|
4,154,825 |
|
|
|
4,100,749 |
|
|
|
3,821,699 |
|
|
|
4,028,087 |
|
|
|
3,876,913 |
|
Interest Bearing Liabilities |
|
4,382,380 |
|
|
|
4,287,167 |
|
|
|
3,821,699 |
|
|
|
4,246,648 |
|
|
|
3,919,779 |
|
Total Equity |
|
592,510 |
|
|
|
603,999 |
|
|
|
583,679 |
|
|
|
594,063 |
|
|
|
616,202 |
|
INCOME STATEMENT
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
48,393 |
|
|
$ |
48,524 |
|
|
$ |
52,492 |
|
|
$ |
148,436 |
|
|
$ |
146,050 |
|
Net Interest Income-Fully Tax Equivalent |
|
49,712 |
|
|
|
49,842 |
|
|
|
53,945 |
|
|
|
152,436 |
|
|
|
150,171 |
|
Provision for Credit Losses |
|
400 |
|
|
|
800 |
|
|
|
0 |
|
|
|
5,550 |
|
|
|
417 |
|
Noninterest Income |
|
10,835 |
|
|
|
11,501 |
|
|
|
10,164 |
|
|
|
32,650 |
|
|
|
31,343 |
|
Noninterest Expense |
|
29,097 |
|
|
|
42,734 |
|
|
|
27,894 |
|
|
|
101,265 |
|
|
|
82,776 |
|
Net Income |
|
25,252 |
|
|
|
14,611 |
|
|
|
28,525 |
|
|
|
64,141 |
|
|
|
77,840 |
|
Pretax Pre-Provision Earnings (2) |
|
30,131 |
|
|
|
17,291 |
|
|
|
34,762 |
|
|
|
79,821 |
|
|
|
94,617 |
|
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income Per Common Share |
$ |
0.99 |
|
|
$ |
0.57 |
|
|
$ |
1.12 |
|
|
$ |
2.51 |
|
|
$ |
3.05 |
|
Diluted Net Income Per Common Share |
|
0.98 |
|
|
|
0.57 |
|
|
|
1.11 |
|
|
|
2.49 |
|
|
|
3.03 |
|
Cash Dividends Declared Per Common Share |
|
0.46 |
|
|
|
0.46 |
|
|
|
0.40 |
|
|
|
1.38 |
|
|
|
1.20 |
|
Dividend Payout |
|
46.94 |
% |
|
|
80.70 |
% |
|
|
36.04 |
% |
|
|
36.95 |
% |
|
|
39.60 |
% |
Book Value Per Common Share (equity per share issued) |
$ |
21.75 |
|
|
$ |
23.12 |
|
|
$ |
20.33 |
|
|
$ |
21.75 |
|
|
$ |
20.33 |
|
Tangible Book Value Per Common Share (2) |
|
21.60 |
|
|
|
22.97 |
|
|
|
20.18 |
|
|
|
21.60 |
|
|
|
20.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(Unaudited – Dollars in
thousands, except per share data) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
PER SHARE DATA
(continued) |
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Market Value – High |
$ |
57.00 |
|
|
$ |
62.71 |
|
|
$ |
81.27 |
|
|
$ |
77.07 |
|
|
$ |
85.71 |
|
Market Value – Low |
|
44.46 |
|
|
|
43.05 |
|
|
|
64.05 |
|
|
|
43.05 |
|
|
|
64.05 |
|
Basic Weighted Average Common Shares Outstanding |
|
25,613,456 |
|
|
|
25,607,663 |
|
|
|
25,533,832 |
|
|
|
25,601,493 |
|
|
|
25,525,734 |
|
Diluted Weighted Average Common Shares Outstanding |
|
25,693,535 |
|
|
|
25,686,354 |
|
|
|
25,734,613 |
|
|
|
25,709,841 |
|
|
|
25,710,088 |
|
KEY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
1.54 |
% |
|
|
0.91 |
% |
|
|
1.80 |
% |
|
|
1.33 |
% |
|
|
1.61 |
% |
Return on Average Total Equity |
|
16.91 |
|
|
|
9.70 |
|
|
|
19.39 |
|
|
|
14.44 |
|
|
|
16.89 |
|
Average Equity to Average Assets |
|
9.12 |
|
|
|
9.39 |
|
|
|
9.27 |
|
|
|
9.21 |
|
|
|
9.53 |
|
Net Interest Margin |
|
3.21 |
|
|
|
3.28 |
|
|
|
3.57 |
|
|
|
3.33 |
|
|
|
3.25 |
|
Efficiency (Noninterest Expense/Net Interest Income plus
Noninterest Income) |
|
49.13 |
|
|
|
71.19 |
|
|
|
44.52 |
|
|
|
55.92 |
|
|
|
46.66 |
|
Loans to Deposits |
|
86.10 |
|
|
|
89.66 |
|
|
|
79.27 |
|
|
|
86.10 |
|
|
|
79.27 |
|
Investment Securities to Total Assets |
|
17.19 |
|
|
|
18.30 |
|
|
|
20.99 |
|
|
|
17.19 |
|
|
|
20.99 |
|
Tier 1 Leverage (3) |
|
11.64 |
|
|
|
11.54 |
|
|
|
11.40 |
|
|
|
11.64 |
|
|
|
11.40 |
|
Tier 1 Risk-Based Capital (3) |
|
13.89 |
|
|
|
13.68 |
|
|
|
14.13 |
|
|
|
13.89 |
|
|
|
14.13 |
|
Common Equity Tier 1 (CET1) (3) |
|
13.89 |
|
|
|
13.68 |
|
|
|
14.13 |
|
|
|
13.89 |
|
|
|
14.13 |
|
Total Capital (3) |
|
15.14 |
|
|
|
14.93 |
|
|
|
15.38 |
|
|
|
15.14 |
|
|
|
15.38 |
|
Tangible Capital (2) |
|
8.62 |
|
|
|
9.04 |
|
|
|
8.20 |
|
|
|
8.62 |
|
|
|
8.20 |
|
Adjusted Tangible Capital (2) |
|
11.74 |
|
|
|
11.45 |
|
|
|
11.32 |
|
|
|
11.74 |
|
|
|
11.32 |
|
ASSET
QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due 30 - 89 Days |
$ |
1,782 |
|
|
$ |
1,207 |
|
|
$ |
921 |
|
|
$ |
1,782 |
|
|
$ |
921 |
|
Loans Past Due 90 Days or More |
|
19 |
|
|
|
8 |
|
|
|
25 |
|
|
|
19 |
|
|
|
25 |
|
Nonaccrual Loans |
|
16,290 |
|
|
|
18,004 |
|
|
|
9,892 |
|
|
|
16,290 |
|
|
|
9,892 |
|
Nonperforming Loans |
|
16,309 |
|
|
|
18,012 |
|
|
|
9,917 |
|
|
|
16,309 |
|
|
|
9,917 |
|
Other Real Estate Owned |
|
384 |
|
|
|
384 |
|
|
|
196 |
|
|
|
384 |
|
|
|
196 |
|
Other Nonperforming Assets |
|
45 |
|
|
|
20 |
|
|
|
0 |
|
|
|
45 |
|
|
|
0 |
|
Total Nonperforming Assets |
|
16,738 |
|
|
|
18,416 |
|
|
|
10,113 |
|
|
|
16,738 |
|
|
|
10,113 |
|
Individually Analyzed Loans |
|
16,739 |
|
|
|
18,465 |
|
|
|
17,313 |
|
|
|
16,739 |
|
|
|
17,313 |
|
Non-Individually Analyzed Watch List Loans |
|
169,621 |
|
|
|
167,562 |
|
|
|
145,839 |
|
|
|
169,621 |
|
|
|
145,839 |
|
Total Individually Analyzed and Watch List Loans |
|
186,360 |
|
|
|
186,027 |
|
|
|
163,152 |
|
|
|
186,360 |
|
|
|
163,152 |
|
Gross Charge Offs |
|
480 |
|
|
|
390 |
|
|
|
373 |
|
|
|
6,766 |
|
|
|
1,211 |
|
Recoveries |
|
127 |
|
|
|
433 |
|
|
|
89 |
|
|
|
715 |
|
|
|
260 |
|
Net Charge Offs/(Recoveries) |
|
353 |
|
|
|
(43 |
) |
|
|
284 |
|
|
|
6,051 |
|
|
|
951 |
|
Net Charge Offs/(Recoveries) to Average Loans |
|
0.03 |
% |
|
|
0.00 |
% |
|
|
0.03 |
% |
|
|
0.17 |
% |
|
|
0.03 |
% |
Credit Loss Reserve to Loans |
|
1.48 |
|
|
|
1.48 |
|
|
|
1.50 |
|
|
|
1.48 |
|
|
|
1.50 |
|
Credit Loss Reserve to Nonperforming Loans |
|
442.11 |
|
|
|
400.06 |
|
|
|
678.01 |
|
|
|
442.11 |
|
|
|
678.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(Unaudited – Dollars in thousands, except per share data) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Nonperforming Loans to Loans |
|
0.33 |
|
|
|
0.37 |
|
|
|
0.22 |
|
|
|
0.33 |
|
|
|
0.22 |
|
Nonperforming Assets to Assets |
|
0.26 |
|
|
|
0.28 |
|
|
|
0.16 |
|
|
|
0.26 |
|
|
|
0.16 |
|
Total Individually Analyzed and Watch List Loans to Total
Loans |
|
3.83 |
% |
|
|
3.83 |
% |
|
|
3.63 |
% |
|
|
3.83 |
% |
|
|
3.63 |
% |
OTHER
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Time Equivalent Employees |
|
614 |
|
|
|
632 |
|
|
|
600 |
|
|
|
614 |
|
|
|
600 |
|
Offices |
|
53 |
|
|
|
53 |
|
|
|
52 |
|
|
|
53 |
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Core deposits equals deposits less brokered
deposits. |
(2) Non-GAAP financial measure - see “Reconciliation of
Non-GAAP Financial Measures”. |
(3) Capital ratios for September 30, 2023 are
preliminary until the Call Report is filed. |
|
|
|
|
|
CONSOLIDATED BALANCE
SHEETS (in thousands, except share data) |
|
|
|
|
|
|
|
|
September 30,2023 |
|
December 31,2022 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Cash and due from banks |
$ |
67,512 |
|
|
$ |
80,992 |
|
Short-term investments |
|
78,768 |
|
|
|
49,290 |
|
Total cash and cash equivalents |
|
146,280 |
|
|
|
130,282 |
|
|
|
|
|
Securities available-for-sale,
at fair value |
|
975,532 |
|
|
|
1,185,528 |
|
Securities held-to-maturity,
at amortized cost (fair value of $102,629 and $111,029,
respectively) |
|
129,494 |
|
|
|
128,242 |
|
Real estate mortgage loans
held-for-sale |
|
572 |
|
|
|
357 |
|
|
|
|
|
Loans, net of allowance for
credit losses of $72,105 and $72,606 |
|
4,798,860 |
|
|
|
4,637,790 |
|
|
|
|
|
Land, premises and equipment,
net |
|
58,512 |
|
|
|
58,097 |
|
Bank owned life insurance |
|
108,758 |
|
|
|
108,407 |
|
Federal Reserve and Federal
Home Loan Bank stock |
|
21,420 |
|
|
|
15,795 |
|
Accrued interest
receivable |
|
28,994 |
|
|
|
27,994 |
|
Goodwill |
|
4,970 |
|
|
|
4,970 |
|
Other assets |
|
153,452 |
|
|
|
134,909 |
|
Total assets |
$ |
6,426,844 |
|
|
$ |
6,432,371 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
Noninterest bearing
deposits |
$ |
1,377,650 |
|
|
$ |
1,736,761 |
|
Interest bearing deposits |
|
4,279,425 |
|
|
|
3,723,859 |
|
Total deposits |
|
5,657,075 |
|
|
|
5,460,620 |
|
|
|
|
|
Federal Funds purchased |
|
0 |
|
|
|
22,000 |
|
Federal Home Loan Bank
advances |
|
90,000 |
|
|
|
275,000 |
|
Total borrowings |
|
90,000 |
|
|
|
297,000 |
|
|
|
|
|
Accrued interest payable |
|
16,178 |
|
|
|
3,186 |
|
Other liabilities |
|
106,407 |
|
|
|
102,678 |
|
Total liabilities |
|
5,869,660 |
|
|
|
5,863,484 |
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
Common stock: 90,000,000
shares authorized, no par value |
|
|
|
25,903,264 shares issued and 25,431,724 outstanding as of
September 30, 2023 |
|
|
|
25,825,127 shares issued and 25,349,225 outstanding as of
December 31, 2022 |
|
125,758 |
|
|
|
127,004 |
|
Retained earnings |
|
674,917 |
|
|
|
646,100 |
|
Accumulated other
comprehensive income (loss) |
|
(228,111 |
) |
|
|
(188,923 |
) |
Treasury stock, at cost
(471,540 shares and 475,902 shares as of
September 30, 2023 and December 31, 2022,
respectively) |
|
(15,469 |
) |
|
|
(15,383 |
) |
Total stockholders’ equity |
|
557,095 |
|
|
|
568,798 |
|
Noncontrolling interest |
|
89 |
|
|
|
89 |
|
Total equity |
|
557,184 |
|
|
|
568,887 |
|
Total liabilities and equity |
$ |
6,426,844 |
|
|
$ |
6,432,371 |
|
|
CONSOLIDATED STATEMENTS OF INCOME (unaudited - in
thousands, except share and per share data) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
NET INTEREST
INCOME |
|
|
|
|
|
|
|
Interest and fees on
loans |
|
|
|
|
|
|
|
Taxable |
$ |
78,910 |
|
|
$ |
52,707 |
|
|
$ |
223,499 |
|
|
$ |
136,580 |
|
Tax exempt |
|
1,008 |
|
|
|
462 |
|
|
|
2,869 |
|
|
|
911 |
|
Interest and dividends on
securities |
|
|
|
|
|
|
|
Taxable |
|
3,077 |
|
|
|
3,608 |
|
|
|
9,966 |
|
|
|
10,613 |
|
Tax exempt |
|
4,023 |
|
|
|
5,009 |
|
|
|
12,387 |
|
|
|
14,609 |
|
Other interest income |
|
1,605 |
|
|
|
772 |
|
|
|
3,604 |
|
|
|
1,501 |
|
Total interest income |
|
88,623 |
|
|
|
62,558 |
|
|
|
252,325 |
|
|
|
164,214 |
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
37,108 |
|
|
|
10,066 |
|
|
|
95,637 |
|
|
|
18,037 |
|
Interest on borrowings |
|
|
|
|
|
|
|
Short-term |
|
3,122 |
|
|
|
0 |
|
|
|
8,252 |
|
|
|
0 |
|
Long-term |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
127 |
|
Total interest expense |
|
40,230 |
|
|
|
10,066 |
|
|
|
103,889 |
|
|
|
18,164 |
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
48,393 |
|
|
|
52,492 |
|
|
|
148,436 |
|
|
|
146,050 |
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
|
400 |
|
|
|
0 |
|
|
|
5,550 |
|
|
|
417 |
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES |
|
47,993 |
|
|
|
52,492 |
|
|
|
142,886 |
|
|
|
145,633 |
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
Wealth advisory fees |
|
2,298 |
|
|
|
2,059 |
|
|
|
6,769 |
|
|
|
6,550 |
|
Investment brokerage fees |
|
408 |
|
|
|
651 |
|
|
|
1,370 |
|
|
|
1,711 |
|
Service charges on deposit
accounts |
|
2,735 |
|
|
|
2,990 |
|
|
|
8,091 |
|
|
|
8,681 |
|
Loan and service fees |
|
2,934 |
|
|
|
3,047 |
|
|
|
8,782 |
|
|
|
9,131 |
|
Merchant and interchange fee
income |
|
938 |
|
|
|
941 |
|
|
|
2,744 |
|
|
|
2,660 |
|
Bank owned life insurance
income (loss) |
|
1,009 |
|
|
|
54 |
|
|
|
2,393 |
|
|
|
(212 |
) |
Interest rate swap fee
income |
|
0 |
|
|
|
88 |
|
|
|
794 |
|
|
|
492 |
|
Mortgage banking income
(loss) |
|
(50 |
) |
|
|
(89 |
) |
|
|
(184 |
) |
|
|
771 |
|
Net securities gains
(losses) |
|
(35 |
) |
|
|
0 |
|
|
|
(16 |
) |
|
|
0 |
|
Other income |
|
598 |
|
|
|
423 |
|
|
|
1,907 |
|
|
|
1,559 |
|
Total noninterest income |
|
10,835 |
|
|
|
10,164 |
|
|
|
32,650 |
|
|
|
31,343 |
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
15,977 |
|
|
|
14,650 |
|
|
|
43,414 |
|
|
|
43,840 |
|
Net occupancy expense |
|
1,621 |
|
|
|
1,476 |
|
|
|
4,874 |
|
|
|
4,793 |
|
Equipment costs |
|
1,325 |
|
|
|
1,380 |
|
|
|
4,189 |
|
|
|
4,250 |
|
Data processing fees and
supplies |
|
3,379 |
|
|
|
3,226 |
|
|
|
10,305 |
|
|
|
9,510 |
|
Corporate and business
development |
|
1,201 |
|
|
|
1,426 |
|
|
|
3,930 |
|
|
|
4,078 |
|
FDIC insurance and other
regulatory fees |
|
871 |
|
|
|
458 |
|
|
|
2,469 |
|
|
|
1,516 |
|
Professional fees |
|
2,114 |
|
|
|
1,554 |
|
|
|
6,284 |
|
|
|
4,527 |
|
Wire fraud loss |
|
0 |
|
|
|
0 |
|
|
|
18,058 |
|
|
|
0 |
|
Other expense |
|
2,609 |
|
|
|
3,724 |
|
|
|
7,742 |
|
|
|
10,262 |
|
Total noninterest expense |
|
29,097 |
|
|
|
27,894 |
|
|
|
101,265 |
|
|
|
82,776 |
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
29,731 |
|
|
|
34,762 |
|
|
|
74,271 |
|
|
|
94,200 |
|
Income tax expense |
|
4,479 |
|
|
|
6,237 |
|
|
|
10,130 |
|
|
|
16,360 |
|
NET
INCOME |
$ |
25,252 |
|
|
$ |
28,525 |
|
|
$ |
64,141 |
|
|
$ |
77,840 |
|
|
|
|
|
|
|
|
|
BASIC WEIGHTED AVERAGE
COMMON SHARES |
|
25,613,456 |
|
|
|
25,533,832 |
|
|
|
25,601,493 |
|
|
$ |
25,525,734 |
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER
COMMON SHARE |
$ |
0.99 |
|
|
$ |
1.12 |
|
|
$ |
2.51 |
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
DILUTED WEIGHTED
AVERAGE COMMON SHARES |
|
25,693,535 |
|
|
|
25,734,613 |
|
|
|
25,709,841 |
|
|
|
25,710,088 |
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
COMMON SHARE |
$ |
0.98 |
|
|
$ |
1.11 |
|
|
$ |
2.49 |
|
|
$ |
3.03 |
|
|
LAKELAND FINANCIAL CORPORATIONLOAN
DETAIL(unaudited, in thousands) |
|
|
September 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
Commercial and industrial
loans: |
|
|
|
|
|
|
|
|
|
|
|
Working capital lines of credit loans |
$ |
589,345 |
|
|
12.1 |
% |
|
$ |
618,655 |
|
|
12.7 |
% |
|
$ |
684,281 |
|
|
15.2 |
% |
Non-working capital loans |
|
812,875 |
|
|
16.7 |
|
|
|
851,232 |
|
|
17.5 |
|
|
|
827,014 |
|
|
18.4 |
|
Total commercial and industrial loans |
|
1,402,220 |
|
|
28.8 |
|
|
|
1,469,887 |
|
|
30.2 |
|
|
|
1,511,295 |
|
|
33.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate and
multi-family residential loans: |
|
|
|
|
|
|
|
|
|
|
|
Construction and land development loans |
|
633,920 |
|
|
13.0 |
|
|
|
590,860 |
|
|
12.1 |
|
|
|
468,288 |
|
|
10.4 |
|
Owner occupied loans |
|
811,175 |
|
|
16.6 |
|
|
|
806,072 |
|
|
16.6 |
|
|
|
741,293 |
|
|
16.5 |
|
Nonowner occupied loans |
|
740,783 |
|
|
15.2 |
|
|
|
724,799 |
|
|
14.9 |
|
|
|
655,975 |
|
|
14.6 |
|
Multifamily loans |
|
236,581 |
|
|
4.8 |
|
|
|
254,662 |
|
|
5.2 |
|
|
|
191,212 |
|
|
4.3 |
|
Total commercial real estate and multi-family residential
loans |
|
2,422,459 |
|
|
49.6 |
|
|
|
2,376,393 |
|
|
48.8 |
|
|
|
2,056,768 |
|
|
45.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Agri-business and agricultural
loans: |
|
|
|
|
|
|
|
|
|
|
|
Loans secured by farmland |
|
183,241 |
|
|
3.8 |
|
|
|
176,807 |
|
|
3.6 |
|
|
|
165,328 |
|
|
3.7 |
|
Loans for agricultural production |
|
197,287 |
|
|
4.0 |
|
|
|
198,155 |
|
|
4.1 |
|
|
|
176,738 |
|
|
3.9 |
|
Total agri-business and agricultural loans |
|
380,528 |
|
|
7.8 |
|
|
|
374,962 |
|
|
7.7 |
|
|
|
342,066 |
|
|
7.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other commercial loans |
|
125,939 |
|
|
2.6 |
|
|
|
120,958 |
|
|
2.5 |
|
|
|
100,831 |
|
|
2.2 |
|
Total commercial loans |
|
4,331,146 |
|
|
88.8 |
|
|
|
4,342,200 |
|
|
89.2 |
|
|
|
4,010,960 |
|
|
89.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer 1-4 family mortgage
loans: |
|
|
|
|
|
|
|
|
|
|
|
Closed end first mortgage loans |
|
247,114 |
|
|
5.1 |
|
|
|
229,078 |
|
|
4.7 |
|
|
|
196,077 |
|
|
4.4 |
|
Open end and junior lien loans |
|
189,611 |
|
|
3.9 |
|
|
|
183,738 |
|
|
3.8 |
|
|
|
173,419 |
|
|
3.9 |
|
Residential construction and land development loans |
|
12,888 |
|
|
0.3 |
|
|
|
18,569 |
|
|
0.4 |
|
|
|
18,775 |
|
|
0.4 |
|
Total consumer 1-4 family mortgage loans |
|
449,613 |
|
|
9.3 |
|
|
|
431,385 |
|
|
8.9 |
|
|
|
388,271 |
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer loans |
|
93,737 |
|
|
1.9 |
|
|
|
92,139 |
|
|
1.9 |
|
|
|
93,026 |
|
|
2.1 |
|
Total consumer loans |
|
543,350 |
|
|
11.2 |
|
|
|
523,524 |
|
|
10.8 |
|
|
|
481,297 |
|
|
10.8 |
|
Subtotal |
|
4,874,496 |
|
|
100.0 |
% |
|
|
4,865,724 |
|
|
100.0 |
% |
|
|
4,492,257 |
|
|
100.0 |
% |
Less: Allowance for
credit losses |
|
(72,105 |
) |
|
|
|
|
(72,058 |
) |
|
|
|
|
(67,239 |
) |
|
|
Net deferred loan fees |
|
(3,531 |
) |
|
|
|
|
(3,464 |
) |
|
|
|
|
(2,422 |
) |
|
|
Loans, net |
$ |
4,798,860 |
|
|
|
|
$ |
4,790,202 |
|
|
|
|
$ |
4,422,596 |
|
|
|
|
LAKELAND FINANCIAL CORPORATIONDEPOSITS AND
BORROWINGS(unaudited, in thousands) |
|
|
September 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
Noninterest bearing demand deposits |
$ |
1,377,650 |
|
$ |
1,438,030 |
|
$ |
1,832,328 |
Savings and transaction
accounts: |
|
|
|
|
|
Savings deposits |
|
315,651 |
|
|
342,847 |
|
|
428,718 |
Interest bearing demand deposits |
|
2,891,683 |
|
|
2,819,385 |
|
|
2,652,783 |
Time deposits: |
|
|
|
|
|
Deposits of $100,000 or more |
|
756,107 |
|
|
616,455 |
|
|
573,923 |
Other time deposits |
|
315,984 |
|
|
206,342 |
|
|
176,381 |
Total deposits |
$ |
5,657,075 |
|
$ |
5,423,059 |
|
$ |
5,664,133 |
FHLB advances and other
borrowings |
|
90,000 |
|
|
400,000 |
|
|
0 |
Total funding sources |
$ |
5,747,075 |
|
$ |
5,823,059 |
|
$ |
5,664,133 |
|
LAKELAND FINANCIAL CORPORATIONAVERAGE
BALANCE SHEET AND NET INTEREST
ANALYSIS(UNAUDITED) |
|
|
|
Three Months Ended September
30,2023 |
|
Three Months Ended June 30, 2023 |
|
Three Months Ended September 30,2022 |
(fully
tax equivalent basis, dollars in thousands) |
|
Average Balance |
|
Interest Income |
|
Yield (1)/Rate |
|
Average Balance |
|
Interest Income |
|
Yield (1)/Rate |
|
Average Balance |
|
Interest Income |
|
Yield (1)/Rate |
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (2)(3) |
|
$ |
4,791,156 |
|
|
$ |
78,910 |
|
6.53 |
% |
|
$ |
4,739,885 |
|
|
$ |
75,047 |
|
6.35 |
% |
|
$ |
4,376,724 |
|
|
$ |
52,707 |
|
4.78 |
% |
Tax exempt (1) |
|
|
58,602 |
|
|
|
1,258 |
|
8.52 |
|
|
|
57,857 |
|
|
|
1,198 |
|
8.31 |
|
|
|
39,220 |
|
|
|
583 |
|
5.90 |
|
Investments: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
|
1,171,426 |
|
|
|
8,169 |
|
2.77 |
|
|
|
1,210,870 |
|
|
|
8,520 |
|
2.82 |
|
|
|
1,429,186 |
|
|
|
9,949 |
|
2.76 |
|
Short-term investments |
|
|
2,533 |
|
|
|
29 |
|
4.54 |
|
|
|
2,308 |
|
|
|
26 |
|
4.52 |
|
|
|
2,307 |
|
|
|
9 |
|
1.55 |
|
Interest bearing deposits |
|
|
122,177 |
|
|
|
1,576 |
|
5.12 |
|
|
|
85,364 |
|
|
|
1,009 |
|
4.74 |
|
|
|
144,193 |
|
|
|
763 |
|
2.10 |
|
Total earning assets |
|
$ |
6,145,894 |
|
|
$ |
89,942 |
|
5.81 |
% |
|
$ |
6,096,284 |
|
|
$ |
85,800 |
|
5.65 |
% |
|
$ |
5,991,630 |
|
|
$ |
64,011 |
|
4.24 |
% |
Less: Allowance for
credit losses |
|
|
(71,997 |
) |
|
|
|
|
|
|
(71,477 |
) |
|
|
|
|
|
|
(67,481 |
) |
|
|
|
|
Nonearning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
68,669 |
|
|
|
|
|
|
|
69,057 |
|
|
|
|
|
|
|
70,672 |
|
|
|
|
|
Premises and equipment |
|
|
58,782 |
|
|
|
|
|
|
|
58,992 |
|
|
|
|
|
|
|
58,796 |
|
|
|
|
|
Other nonearning assets |
|
|
297,636 |
|
|
|
|
|
|
|
280,073 |
|
|
|
|
|
|
|
244,741 |
|
|
|
|
|
Total assets |
|
$ |
6,498,984 |
|
|
|
|
|
|
$ |
6,432,929 |
|
|
|
|
|
|
$ |
6,298,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
|
$ |
329,557 |
|
|
$ |
57 |
|
0.07 |
% |
|
$ |
360,173 |
|
|
$ |
65 |
|
0.07 |
% |
|
$ |
430,428 |
|
|
$ |
85 |
|
0.08 |
% |
Interest bearing checking accounts |
|
|
2,873,795 |
|
|
|
27,891 |
|
3.85 |
|
|
|
2,930,285 |
|
|
|
27,226 |
|
3.73 |
|
|
|
2,623,747 |
|
|
|
8,809 |
|
1.33 |
|
Time deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In denominations under $100,000 |
|
|
211,039 |
|
|
|
1,507 |
|
2.83 |
|
|
|
198,864 |
|
|
|
1,147 |
|
2.31 |
|
|
|
180,774 |
|
|
|
298 |
|
0.65 |
|
In denominations over $100,000 |
|
|
740,434 |
|
|
|
7,654 |
|
4.10 |
|
|
|
611,427 |
|
|
|
5,173 |
|
3.39 |
|
|
|
586,750 |
|
|
|
874 |
|
0.59 |
|
Miscellaneous short-term borrowings |
|
|
227,555 |
|
|
|
3,121 |
|
5.44 |
|
|
|
186,418 |
|
|
|
2,347 |
|
5.05 |
|
|
|
0 |
|
|
|
0 |
|
0.00 |
|
Long-term borrowings and subordinated debentures |
|
|
0 |
|
|
|
0 |
|
0.00 |
|
|
|
0 |
|
|
|
0 |
|
0.00 |
|
|
|
0 |
|
|
|
0 |
|
0.00 |
|
Total interest bearing
liabilities |
|
$ |
4,382,380 |
|
|
$ |
40,230 |
|
3.64 |
% |
|
$ |
4,287,167 |
|
|
$ |
35,958 |
|
3.36 |
% |
|
$ |
3,821,699 |
|
|
$ |
10,066 |
|
1.04 |
% |
Noninterest Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
1,417,641 |
|
|
|
|
|
|
|
1,450,396 |
|
|
|
|
|
|
|
1,816,770 |
|
|
|
|
|
Other liabilities |
|
|
106,453 |
|
|
|
|
|
|
|
91,367 |
|
|
|
|
|
|
|
76,210 |
|
|
|
|
|
Stockholders' Equity |
|
|
592,510 |
|
|
|
|
|
|
|
603,999 |
|
|
|
|
|
|
|
583,679 |
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
6,498,984 |
|
|
|
|
|
|
$ |
6,432,929 |
|
|
|
|
|
|
$ |
6,298,358 |
|
|
|
|
|
Interest Margin Recap |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/average
earning assets |
|
|
|
|
89,942 |
|
5.81 |
% |
|
|
|
|
85,800 |
|
5.65 |
% |
|
|
|
|
64,011 |
|
4.24 |
% |
Interest expense/average
earning assets |
|
|
|
|
40,230 |
|
2.60 |
|
|
|
|
|
35,958 |
|
2.37 |
|
|
|
|
|
10,066 |
|
0.67 |
|
Net interest income and
margin |
|
|
|
$ |
49,712 |
|
3.21 |
% |
|
|
|
$ |
49,842 |
|
3.28 |
% |
|
|
|
$ |
53,945 |
|
3.57 |
% |
(1) Tax exempt income was converted
to a fully taxable equivalent basis at a 21 percent tax rate. The
tax equivalent rate for tax exempt loans and tax exempt securities
acquired after January 1, 1983 included the Tax Equity and Fiscal
Responsibility Act of 1982 (“TEFRA”) adjustment applicable to
nondeductible interest expenses. Taxable equivalent basis
adjustments were $1.32 million, $1.32 million and $1.45 million in
the three-month periods ended September 30, 2023,
June 30, 2023 and September 30, 2022,
respectively.(2) Loan fees, which are immaterial in
relation to total taxable loan interest income for the three months
ended September 30, 2023, June 30, 2023 and
September 30, 2022, are included as taxable loan interest
income.(3) Nonaccrual loans are included in the average
balance of taxable loans.
Reconciliation of Non-GAAP Financial
Measures
Tangible common equity, adjusted tangible common equity,
tangible assets, adjusted tangible assets, tangible book value per
common share, tangible common equity to tangible assets, adjusted
tangible common equity to adjusted tangible assets, and pretax
pre-provision earnings are non-GAAP financial measures calculated
using GAAP amounts. Tangible common equity is calculated by
excluding the balance of goodwill and other intangible assets from
the calculation of equity, net of deferred tax. Tangible assets are
calculated by excluding the balance of goodwill and other
intangible assets from the calculation of total assets, net of
deferred tax. Adjusted tangible assets and adjusted tangible common
equity remove the fair market value adjustment impact of the
available-for-sale investment securities portfolio in accumulated
other comprehensive income (loss). Tangible book value per common
share is calculated by dividing tangible common equity by the
number of shares outstanding less true treasury stock. Pretax
pre-provision earnings is calculated by adding net interest income
to noninterest income and subtracting noninterest expense. Because
not all companies use the same calculation of tangible common
equity and tangible assets, this presentation may not be comparable
to other similarly titled measures calculated by other companies.
However, management considers these measures of the company’s value
meaningful to understanding of the company’s financial information
and performance.
A reconciliation of these non-GAAP financial measures is
provided below (dollars in thousands, except per share data).
|
Three Months Ended |
|
Nine Months Ended |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Sep. 30, 2022 |
|
Sep. 30, 2023 |
|
Sep. 30, 2022 |
Total Equity |
$ |
557,184 |
|
|
$ |
591,995 |
|
|
$ |
519,220 |
|
|
$ |
557,184 |
|
|
$ |
519,220 |
|
Less: Goodwill |
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
Plus: DTA Related to
Goodwill |
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
Tangible Common Equity |
|
553,381 |
|
|
|
588,192 |
|
|
|
515,417 |
|
|
|
553,381 |
|
|
|
515,417 |
|
Market Value Adjustment in
AOCI |
|
227,375 |
|
|
|
176,898 |
|
|
|
220,847 |
|
|
|
227,375 |
|
|
|
220,847 |
|
Adjusted Tangible Common
Equity |
|
780,756 |
|
|
|
765,090 |
|
|
|
736,264 |
|
|
|
780,756 |
|
|
|
736,264 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
6,426,844 |
|
|
$ |
6,509,546 |
|
|
$ |
6,288,406 |
|
|
$ |
6,426,844 |
|
|
$ |
6,288,406 |
|
Less: Goodwill |
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
|
|
(4,970 |
) |
Plus: DTA Related to
Goodwill |
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
|
|
1,167 |
|
Tangible Assets |
|
6,423,041 |
|
|
|
6,505,743 |
|
|
|
6,284,603 |
|
|
|
6,423,041 |
|
|
|
6,284,603 |
|
Market Value Adjustment in
AOCI |
|
227,375 |
|
|
|
176,898 |
|
|
|
220,847 |
|
|
|
227,375 |
|
|
|
220,847 |
|
Adjusted Tangible Assets |
|
6,650,416 |
|
|
|
6,682,641 |
|
|
|
6,505,450 |
|
|
|
6,650,416 |
|
|
|
6,505,450 |
|
|
|
|
|
|
|
|
|
|
|
Ending Common Shares
Issued |
|
25,614,163 |
|
|
|
25,607,663 |
|
|
|
25,536,026 |
|
|
|
25,614,163 |
|
|
|
25,536,026 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value Per Common
Share |
$ |
21.60 |
|
|
$ |
22.97 |
|
|
$ |
20.18 |
|
|
$ |
21.60 |
|
|
$ |
20.18 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity/Tangible Assets |
|
8.62 |
% |
|
|
9.04 |
% |
|
|
8.20 |
% |
|
|
8.62 |
% |
|
|
8.20 |
% |
Adjusted Tangible Common
Equity/Adjusted Tangible Assets |
|
11.74 |
% |
|
|
11.45 |
% |
|
|
11.32 |
% |
|
|
11.74 |
% |
|
|
11.32 |
% |
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
48,393 |
|
|
$ |
48,524 |
|
|
$ |
52,492 |
|
|
$ |
148,436 |
|
|
$ |
146,050 |
|
Plus: Noninterest
Income |
|
10,835 |
|
|
|
11,501 |
|
|
|
10,164 |
|
|
|
32,650 |
|
|
|
31,343 |
|
Minus: Noninterest
Expense |
|
(29,097 |
) |
|
|
(42,734 |
) |
|
|
(27,894 |
) |
|
|
(101,265 |
) |
|
|
(82,776 |
) |
|
|
|
|
|
|
|
|
|
|
Pretax Pre-Provision
Earnings |
$ |
30,131 |
|
|
$ |
17,291 |
|
|
$ |
34,762 |
|
|
$ |
79,821 |
|
|
$ |
94,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted core noninterest expense, adjusted earnings before
income taxes, core operational profitability, core operational
diluted earnings per common share and adjusted core efficiency
ratio are non-GAAP financial measures calculated using GAAP
amounts. These adjusted amounts are calculated by excluding the
impact of the wire fraud loss and corresponding reduction to
salaries and employee benefits for the periods presented below.
Management considers these measures of financial performance to be
meaningful to understanding the company’s core business performance
for these periods.
A reconciliation of these non-GAAP financial measures is
provided below (dollars in thousands, except per share data).
|
Three Months Ended |
|
Nine Months Ended |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Sep. 30, 2022 |
|
Sep. 30, 2023 |
|
Sep. 30, 2022 |
Noninterest Expense |
$ |
29,097 |
|
|
$ |
42,734 |
|
|
$ |
27,894 |
|
|
$ |
101,265 |
|
|
$ |
82,776 |
|
Less: Wire Fraud Loss |
|
0 |
|
|
|
(18,058 |
) |
|
|
0 |
|
|
|
(18,058 |
) |
|
|
0 |
|
Plus: Salaries and Employee
Benefits (1) |
|
0 |
|
|
|
1,850 |
|
|
|
0 |
|
|
|
1,850 |
|
|
|
0 |
|
Adjusted Core Noninterest
Expense |
$ |
29,097 |
|
|
$ |
26,526 |
|
|
$ |
27,894 |
|
|
$ |
85,057 |
|
|
$ |
82,776 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Income
Taxes |
$ |
29,731 |
|
|
$ |
16,491 |
|
|
$ |
34,762 |
|
|
$ |
74,271 |
|
|
$ |
94,200 |
|
Adjusted Core Noninterest
Expense Impact |
|
0 |
|
|
|
16,208 |
|
|
|
0 |
|
|
|
16,208 |
|
|
|
0 |
|
Adjusted Earnings Before
Income Taxes |
|
29,731 |
|
|
|
32,699 |
|
|
|
34,762 |
|
|
|
90,479 |
|
|
|
94,200 |
|
Tax Effect |
|
(4,479 |
) |
|
|
(5,873 |
) |
|
|
(6,237 |
) |
|
|
(14,123 |
) |
|
|
(16,360 |
) |
Core Operational
Profitability |
$ |
25,252 |
|
|
$ |
26,826 |
|
|
$ |
28,525 |
|
|
$ |
76,356 |
|
|
$ |
77,840 |
|
|
|
|
|
|
|
|
|
|
|
Core Operational Diluted
Earnings Per Common Share |
$ |
0.98 |
|
|
$ |
1.05 |
|
|
$ |
1.11 |
|
|
$ |
2.97 |
|
|
$ |
3.03 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Core Efficiency
Ratio |
|
49.13 |
% |
|
|
44.19 |
% |
|
|
44.52 |
% |
|
|
46.97 |
% |
|
|
46.66 |
% |
(1) Long-term, incentive-based compensation accruals were
reduced as a result of the wire fraud loss.
ContactLisa M. O’NeillExecutive Vice President
and Chief Financial Officer (574)
267-9125lisa.oneill@lakecitybank.com
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