Lakeland Financial Corporation (LKFN) has reported 10.06 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $13.52 million, or $0.53 a share in the quarter, compared with $12.29 million, or $0.49 a share for the same period last year. Revenue during the quarter grew 8.37 percent to $38.49 million from $35.52 million in the previous year period. Net interest income for the quarter rose 12.59 percent over the prior year period to $30.91 million. Non-interest income for the quarter rose 8.27 percent over the last year period to $8.74 million.
Net interest margin improved 2 basis points to 3.18 percent in the quarter from 3.16 percent in the last year period. Efficiency ratio for the quarter improved to 46 percent from 49 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
David M. Findlay, President and Chief executive officer commented, "This strong performance is a direct result of the entire Lake City Bank team's unwavering commitment to taking care of our clients and communities every day. For the seventh consecutive year, and for 27 out of the last 28 years, we have produced record net income for our shareholders."
Liabilities outpace assets growth
Total assets stood at $4,290.02 million as on Dec. 31, 2016, up 13.91 percent compared with $3,766.29 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,862.96 million as on Dec. 31, 2016, up 14.51 percent from $3,373.38 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,427.21 million as on Dec. 31, 2016, up 12.84 percent compared with $3,037.32 million on Dec. 31, 2015. Deposits stood at $3,577.91 million as on Dec. 31, 2016, up 12.39 percent compared with $3,183.42 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $819.80 million or 22.91 percent of total deposits on Dec. 31, 2016, compared with $715.09 million or 22.46 percent of total deposits on Dec. 31, 2015.
Investments stood at $504.19 million as on Dec. 31, 2016, up 5.46 percent or $26.12 million from year-ago. Shareholders equity stood at $427.07 million as on Dec. 31, 2016, up 8.70 percent or $34.17 million from year-ago.
Return on average assets moved down 2 basis points to 1.28 percent in the quarter from 1.30 percent in the last year period. At the same time, return on average equity increased 6 basis points to 12.55 percent in the quarter from 12.49 percent in the last year period.
Nonperforming assets moved down 48.37 percent or $6.42 million to $6.86 million on Dec. 31, 2016 from $13.28 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.16 percent in the quarter, down from 0.35 percent in the last year period.
Tier-1 leverage ratio stood at 10.86 percent for the quarter, down from 11.10 percent for the previous year quarter. Book value per share was $17.01 for the quarter, up 8.07 percent or $1.27 compared to $15.74 for the same period last year.
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