Lake City Bank parent reports record 1Q profit
Posted: 04/25/2013 at 3:32 pm
By: Truth Staff
The company posted net income of $9.2 million, an increase of 7 percent over the first quarter of 2012. Lakeland also reported record diluted net income per share of 56 cents, an 8 percent boost over the same period last year.
“This record performance represents a very good start to 2013. As we recently noted at our annual meeting of shareholders, we believe that consistent day-to-day performance and superior client service are critical to the success of our mission to be the acknowledged and recognized leader in Indiana community banking. As our results demonstrate, this client-centered strategy has proven to be good for our shareholders as well,” said Michael Kubacki, chairman and chief executive officer.
Average total loans and outstanding loans increased 2 percent from the previous year during the quarter, and loan charge-offs were down significantly.
David Findlay, president and chief financial officer, said, “We’re encouraged by the material improvement in non-performing loans. Throughout the economic downturn and the slow recovery that has followed, we have continued to work with our clients that have encountered financial difficulty. We are very proud that we work with our clients, not against them during these challenging times. This significant reduction in non-performing loans was driven by the sustained improved performance of two commercial clients who we worked closely with to return to stable financial performance.”