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Lake City Bank Reports 24% Increase In Net Income And Record Quarter

WARSAW, Ind., Oct. 25, 2010 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record net income of $6.5 million for the third quarter of 2010, a 24% increase over the $5.3 million in the third quarter of 2009 and a record quarterly net income performance. Diluted net income per share for the quarter increased 11% to $0.40 versus $0.36 for the comparable period of 2009. On a linked quarter basis, net income increased 5% compared to net income of $6.2 million for the second quarter of 2010.

The Company further reported a 38% increase in net income to $18.8 million for the nine months ended September 30, 2010 versus $13.6 million for the comparable period of 2009. This performance also represents record net income for the year-to-date period. Diluted net income per common share was $0.96 for the nine months ended September 30, 2010 versus $0.94 for the comparable period of 2009. 

Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "Lake City Bank has posted record quarterly net income for five successive quarters. Over that same time period, we've substantially strengthened the balance sheet and continued to experience loan growth within our Indiana client base. We are pleased with our consistently good performance, but remain concerned about the lack of economic recovery in our Indiana markets. We're working to help contribute to a recovery, including expanding lending efforts in all of our markets, but the regional business environment remains sluggish."

Kubacki continued, "While loan demand has slowed in 2010, we're actively working throughout our footprint to help clients build their businesses and prepare for the recovery that will certainly come. We're confident that our reputation as one of the leading business lenders in Indiana is growing and we continue to believe that our business strategy is more relevant than ever. In addition, we believe that our reputation is further enhanced by the strength of our core operating results."

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