Lake City Bank Parent Reports Record Net Income
WARSAW, Ind., July 26, 2010 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record net income of $6.2 million for the second quarter of 2010. This net income performance represents a 39% increase over $4.5 million for the second quarter of 2009. Diluted net income per share for the quarter was $0.24 versus $0.29 for the comparable period of 2009. On a linked quarter basis, net income increased 3% compared to net income of $6.0 million, or $0.32 per diluted share, for the first quarter of 2010.
The Company further reported record net income of $12.2 million for the six months ended June 30, 2010 versus $8.3 million for the comparable period of 2009, an increase of 47%. Diluted net income per common share was $0.56 for the six months ended June 30, 2010 versus $0.58 for the comparable period of 2009.
Earnings per share for the three and six month periods ended June 30, 2010 were impacted by the Company's June 9, 2010 redemption of the 56,044 shares of TARP preferred stock issued to the Treasury in February 2009 under the Capital Purchase Program of the Economic Stabilization Act of 2008. As a result of the redemption, the Company recognized a non-cash reduction in net income available to common shareholders of $1.8 million, which represented the remaining unamortized accretion of the discount on the preferred shares. This non-cash item impacted net income available to common shareholders and earnings per share. Excluding the impact of this $1.8 million accretion, diluted earnings per share would have been $0.34 for the second quarter and $0.66 year-to-date versus $0.29 and $0.58, respectively, for the comparable periods in 2009.Michael L. Kubacki, Chairman, President and Chief Executive Officer, commented, "For four successive quarters, we have reported record quarterly net income. These results have contributed to a 47% increase in net income year-to-date. While we take great pride in this performance, our region has experienced many challenges over the past two years as we have suffered through a prolonged economic downturn. Unfortunately, this has impacted our customers and affected our performance. While we continue to see signs of economic recovery, we believe that these challenges will continue. Nonetheless, we're very pleased that we have consistently produced quality earnings in this very difficult operating environment."
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