WARSAW, Ind., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced today that the bank has been included in the Bank Director Magazine "Nifty 50" List of high performing banks for the second consecutive year.
The Nifty Fifty is compiled by Bank Director and Sandler O'Neill + Partners to rank "the top 50 best users of capital based on profitability and capital strength." All U.S. banks and thrifts that trade publicly on the NYSE, NASDAQ and NYSE Amex stock exchanges are measured on two financial metrics: core return on tangible common equity and the ratio of tangible common equity to tangible assets. According to the report, "In an age where banks are forced to carry more capital, the ability to deliver industry leading returns without the advantage of high leverage provides affirmation of the bank's strategy and the execution skills of its management."
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "We are delighted to be included on this list of top performing banks in the country and are particularly honored to be one of The Nifty Fifty as it reflects both a robust capital position and strong earnings performance. The team at Lake City Bank has been focused on these two key metrics as part of our strategic plan and we are very pleased with this recognition."David M. Findlay, President and Chief Financial Officer, added, "We have significantly strengthened our capital structure over the past five years without compromising our focus on creating value for shareholders. We're proud of the fact that the two are not mutually exclusive at Lake City Bank and our appearance on The Nifty Fifty for the second consecutive year is further evidence of our consistent performance." Lakeland Financial Corporation is a $3.1 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Indiana with 45 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Hamilton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley.