Lakeland Financial Corporation (LKFN) has reported 16.56 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $13.48 million, or $0.53 a share in the quarter, compared with $11.56 million, or $0.46 a share for the same period last year.
Revenue during the quarter grew 11.91 percent to $38.74 million from $34.61 million in the previous year period. Net interest income for the quarter rose 11.26 percent over the prior year period to $29.72 million. Non-interest income for the quarter rose 14.12 percent over the last year period to $9.02 million.
Net interest margin improved 4 basis points to 3.20 percent in the quarter from 3.16 percent in the last year period.
David M. Findlay, president and chief executive officer, commented, "This strong performance reflects the continued growth of our balance sheet and our disciplined approach to operating the business. We are particularly proud of our consistent loan and deposit growth in 2016. This growth and the accompanying overall revenue increases were the drivers of this record income performance."
Liabilities outpace assets growthTotal assets stood at $4,197.32 million as on Sep. 30, 2016, up 14.49 percent compared with $3,666.25 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,769.94 million as on Sep. 30, 2016, up 14.95 percent from $3,279.55 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $3,237.31 million as on Sep. 30, 2016, up 10.58 percent compared with $2,927.59 million on Sep. 30, 2015. Deposits stood at $3,651.94 million as on Sep. 30, 2016, up 16.03 percent compared with $3,147.53 million on Sep. 30, 2015.
Investments stood at $502.22 million as on Sep. 30, 2016, up 5.13 percent or $24.52 million from year-ago. Shareholders equity stood at $427.38 million as on Sep. 30, 2016, up 10.52 percent or $40.68 million from year-ago.
Return on average assets moved up 3 basis points to 1.29 percent in the quarter from 1.26 percent in the last year period. At the same time, return on average equity increased 62 basis points to 12.67 percent in the quarter from 12.05 percent in the last year period.
Nonperforming assets moved up 39.11 percent or $2.97 million to $10.58 million on Sep. 30, 2016 from $7.60 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.18 percent in the quarter, down from 0.40 percent in the last year period.
Tier-1 leverage ratio stood at 10.71 percent for the quarter, down from 11.18 percent for the previous year quarter. Average equity to average assets ratio was 10.32 percent for the quarter, down from 10.55 percent for the previous year quarter. Book value per share was $17.04 for the quarter, up 10.01 percent or $1.55 compared to $15.49 for the same period last year.
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