LAKELAND FINANCIAL CORPORATION LKFN Income Statement

Lakeland financial corporation (LKFN)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
NET INTEREST INCOME
Interest and fees on loans
Taxable
46,054	47,639	50,139	50,089	48,866	49,091	46,127	44,439	41,794	40,251	38,630	36,967	34,447	32,744	31,538	30,918	29,630	28,544	27,981	27,315	26,257	27,000	26,713	26,270	25,334	25,288	24,595	24,388	24,486	24,960	25,803	25,795	26,191	26,381	26,390	26,300	25,865	26,381	25,945
Tax exempt
222	231	234	235	251	187	208	202	217	212	205	162	150	130	110	111	111	114	116	117	117	122	125	125	98	98	100	102	102	108	109	112	112	114	114	122	121	22	19
Interest and dividends on securities
Taxable
1,973	1,953	2,209	2,250	2,497	2,516	2,275	2,492	2,434	2,185	2,349	2,364	2,320	2,301	2,277	2,297	2,546	2,105	2,009	2,002	2,448	2,062	2,075	2,028	2,011	1,838	1,463	1,152	945	886	2,034	2,627	2,764	2,940	3,217	3,361	4,057	4,033	4,113
Tax exempt
2,006	1,956	1,819	1,710	1,642	1,712	1,570	1,466	1,331	1,357	1,309	1,274	1,162	1,074	969	947	895	840	844	842	829	826	820	816	819	817	802	770	735	706	698	699	697	688	692	687	689	669	708
Other interest income
184	533	368	351	238	222	199	196	292	156	96	54	48	58	185	82	28	16	16	14	13	13	12	11	8	9	10	12	24	25	16	16	11	40	18	78	18	19	27
Total interest income
50,439	52,312	54,769	54,635	53,494	53,728	50,379	48,795	46,068	44,161	42,589	40,821	38,127	36,307	35,079	34,355	33,210	31,619	30,966	30,290	29,664	30,023	29,745	29,250	28,270	28,050	26,970	26,424	26,292	26,685	28,660	29,249	29,775	30,163	30,431	30,548	30,750	31,124	30,812
Interest on deposits
11,199	13,017	14,692	15,556	13,883	13,425	11,473	10,648	9,367	8,304	7,037	6,243	5,442	5,023	5,032	4,694	4,195	3,864	3,973	3,930	3,648	3,622	3,424	3,335	3,187	3,380	3,589	4,139	4,637	5,315	5,989	6,602	6,761	6,867	7,090	7,093	6,685	7,194	6,933
Interest on borrowings
Short-term
362	16	113	232	950	282	555	195	111	117	588	431	310	69	37	99	147	50	43	35	60	37	96	104	151	141	146	112	91	112	112	104	113	135	159	147	171	150	188
Long-term
24	397	419	436	452	431	426	419	367	348	344	328	314	308	291	289	286	253	239	261	256	260	260	257	252	231	263	261	307	392	399	395	404	381	361	363	360	563	539
Total interest expense
11,585	13,430	15,224	16,224	15,285	14,138	12,454	11,262	9,845	8,769	7,969	7,002	6,066	5,400	5,360	5,082	4,628	4,167	4,255	4,226	3,964	3,919	3,780	3,696	3,590	3,752	3,998	4,512	5,035	5,819	6,500	7,101	7,278	7,383	7,610	7,603	7,216	7,907	7,660
NET INTEREST INCOME
38,854	38,882	39,545	38,411	38,209	39,590	37,925	37,533	36,223	35,392	34,620	33,819	32,061	30,907	29,719	29,273	28,582	27,452	26,711	26,064	25,700	26,104	25,965	25,554	24,680	24,298	22,972	21,912	21,257	20,866	22,160	22,148	22,497	22,780	22,821	22,945	23,534	23,217	23,152
Provision for loan losses
6,600	250	1,000	785	1,200	300	1,100	1,700	3,300	1,850	450	500	200	1,150	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,250	0	500	799	2,900	2,400	2,900	5,600	6,150	5,750
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
32,254	38,632	38,545	37,626	37,009	39,290	36,825	35,833	32,923	33,542	34,170	33,319	31,861	29,757	29,719	29,273	28,582	27,452	26,711	26,064	25,700	26,104	25,965	25,554	24,680	24,298	22,972	21,912	21,257	19,616	22,160	21,648	21,698	19,880	20,421	20,045	17,934	17,067	17,402
NONINTEREST INCOME
Wealth advisory fees
1,859	1,833	1,736	1,646	1,620	1,668	1,627	1,544	1,505	1,476	1,471	1,284	1,250	1,205	1,307	1,133	1,160	1,138	1,103	1,106	1,184	1,026	1,030	977	1,039	952	980	971	944	1,053	959	897	914	849	866	929	818	784	833
Investment brokerage fees
417	387	386	528	386	415	376	377	290	323	330	299	321	258	252	212	288	299	405	311	492	631	699	923	1,117	1,287	1,503	997	949	626	695	940	800	467	741	621	731	676	471
Service charges on deposit accounts
2,772	2,926	3,654	4,850	4,287	4,289	4,114	3,800	3,628	3,669	3,631	3,253	3,143	3,237	3,153	2,843	2,780	2,855	2,806	2,573	2,374	2,522	2,474	2,348	2,151	2,258	2,325	2,252	1,971	2,078	2,045	2,011	1,881	2,012	2,036	1,939	1,963	2,205	2,202
Loan and service fees
2,408	2,508	2,518	2,481	2,404	2,366	2,327	2,421	2,177	2,050	2,060	1,897	1,893	1,846	2,105	1,892	1,838	1,844	2,147	1,900	1,569	1,612	1,972	1,757	1,458	1,612	1,524	1,812	1,456	1,814	1,421	1,452	1,189	1,314	1,259	1,260	1,076	1,100	1,074
Merchant card fee income
669	659	690	670	622	627	643	549	642	583	588	570	538	522	552	527	497	511	485	431	416	412	407	380	350	340	356	293	276	228	297	289	316	185	253	288	234	263	303
Bank owned life insurance income (loss)
-292	644	515	287	444	67	466	348	363	498	397	402	471	338	392	489	173	382	221	360	375	311	372	338	372	-	-	418	393	-	-	-	-	-	-	-	-	-	-
Mortgage banking income
586	370	636	398	222	152	319	438	241	171	302	378	131	381	494	384	327	156	280	351	389	113	264	179	65	225	159	538	509	972	590	392	592	406	440	203	-49	774	74
Net securities gains
0	48	6	65	23	-44	0	0	-6	-20	0	49	3	14	0	0	52	0	0	0	42	0	-228	4	0	0	106	0	1	1	-380	0	3	0	-1	32	-198	4	0
Other income
2,358	1,744	624	663	1,517	537	752	245	1,039	743	718	659	509	935	763	587	-72	884	455	681	954	536	881	686	875	362	856	288	982	-440	669	280	665	-558	362	646	372	491	483
Total impairment losses recognized on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-26	67	475	510	374	33	0	-121	-85	-81
Loss recognized in other comprehensive income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-26	0	26	0	0	0	0	0	0	0
Net impairment loss recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	67	449	510	132	33	0	121	85	0
Total noninterest income
10,777	11,119	10,765	11,588	11,525	10,077	10,624	9,722	9,879	9,493	9,497	8,791	8,259	8,736	9,018	8,067	7,043	8,069	7,902	7,713	7,795	7,163	7,871	7,592	7,427	7,878	7,809	7,569	7,481	7,305	6,229	5,812	5,850	5,538	5,923	5,918	4,826	6,212	5,359
NONINTEREST EXPENSE
Salaries and employee benefits
11,566	12,555	12,837	11,835	12,207	12,086	12,755	11,493	12,019	11,244	11,678	11,014	11,370	10,627	10,832	10,592	9,605	9,902	9,854	9,444	9,723	9,338	9,856	9,467	9,987	9,683	9,437	8,891	9,165	8,532	8,569	8,363	9,075	8,005	8,611	8,018	8,173	7,659	7,559
Net occupancy expense
1,387	1,295	1,351	1,283	1,366	1,257	1,229	1,237	1,426	1,190	1,131	1,154	1,120	1,061	1,068	1,041	1,096	902	919	915	1,084	891	872	903	1,110	844	813	873	846	777	803	831	885	733	746	752	875	711	699
Equipment costs
1,417	1,378	1,385	1,409	1,349	1,403	1,316	1,250	1,274	1,216	1,182	1,156	1,075	1,022	1,018	909	901	899	870	913	916	885	812	761	773	810	758	654	609	718	641	596	617	604	536	510	554	517	522
Data processing fees and supplies
2,882	2,788	2,620	2,574	2,425	2,393	2,489	2,290	2,513	2,211	2,032	1,974	2,016	2,013	1,983	2,120	2,032	1,937	1,950	1,938	1,767	1,630	1,557	1,493	1,491	1,520	1,443	1,379	1,293	1,334	1,143	1,060	841	835	729	979	1,112	1,004	960
Corporate and business development
1,111	995	999	1,171	1,206	1,996	891	1,046	1,133	801	1,245	1,196	1,502	687	1,021	763	857	889	780	714	790	1,021	726	673	653	-	-	443	406	-	-	-	-	-	-	-	-	-	-
FDIC insurance and other regulatory fees
267	72	-249	409	406	419	412	409	461	502	443	419	434	463	458	557	523	526	521	511	486	490	481	488	477	-	-	458	463	-	-	-	-	-	-	-	-	-	-
Professional fees
1,147	1,157	1,479	1,071	937	1,082	934	910	872	857	962	801	954	703	819	859	827	683	694	728	689	749	705	736	800	-	-	753	595	-	-	-	-	-	-	-	-	-	-
Credit card interchange
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31	49
Other expense
2,312	1,882	2,315	2,340	2,577	1,888	2,174	1,668	1,504	1,608	1,596	1,638	1,577	1,813	1,560	1,605	1,543	1,619	1,619	1,578	1,446	1,628	1,651	1,563	1,499	-971	3,815	1,640	1,516	-3,705	3,146	3,399	3,262	-3,362	2,857	3,714	3,454	3,707	3,636
Total noninterest expense
22,089	22,122	22,737	22,092	22,473	22,524	22,200	20,303	21,202	19,629	20,269	19,352	20,048	18,389	18,759	18,446	17,384	17,357	17,207	16,741	16,901	16,632	16,660	16,084	16,790	16,528	16,266	15,091	14,893	14,511	14,302	14,249	14,680	13,485	13,479	13,973	14,168	13,629	13,425
INCOME BEFORE INCOME TAX EXPENSE
20,942	27,629	26,573	27,122	26,061	26,843	25,249	25,252	21,600	23,406	23,398	22,758	20,072	20,104	19,978	18,894	18,241	18,164	17,406	17,036	16,594	16,635	17,176	17,062	15,317	15,648	14,515	14,390	13,845	12,410	14,087	13,211	12,868	11,933	12,865	11,990	8,592	9,650	9,336
Income tax expense
3,643	5,431	5,119	5,409	4,379	5,480	4,679	5,110	3,264	11,779	7,573	7,394	5,558	6,582	6,498	6,091	5,962	5,878	5,841	5,656	5,458	5,565	5,665	5,750	5,405	5,060	4,746	5,154	4,599	3,808	4,740	4,392	4,242	3,672	4,418	4,001	2,627	3,129	3,117
NET INCOME
17,299	22,198	21,454	21,713	21,682	21,363	20,570	20,142	18,336	11,627	15,825	15,364	14,514	13,522	13,480	12,803	12,279	12,286	11,565	11,380	11,136	11,070	11,511	11,312	9,912	10,588	9,769	9,236	9,246	8,602	9,347	8,819	8,626	8,261	8,447	7,989	5,965	6,521	6,219
Dividends and accretion of discount on preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,382
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,521	3,837
BASIC WEIGHTED AVERAGE COMMON SHARES
25,622	25,624	25,622	25,614	25,491	25,302	25,301	25,293	25,257	25,195	25,193	25,183	25,152	25,089	25,069	25,045	25,019	33,253	24,944	24,917	16,590	49,615	16,547	16,536	16,513	16,459	16,451	16,425	16,408	16,349	16,340	16,324	16,280	16,214	16,208	16,201	16,195	16,138	16,114
BASIC EARNINGS PER COMMON SHARE
0.68	0.86	0.84	0.85	0.85	0.84	0.81	0.80	0.73	0.46	0.63	0.61	0.58	0.54	0.54	0.51	0.49	0.27	0.46	0.46	0.67	-0.21	0.70	0.68	0.60	0.65	0.59	0.56	0.56	0.53	0.57	0.54	0.53	0.51	0.52	0.49	0.37	0.40	0.24
DILUTED WEIGHTED AVERAGE COMMON SHARES
25,735	25,799	25,796	25,774	25,665	25,760	25,745	25,709	25,696	25,781	25,656	25,619	25,596	25,661	25,457	25,395	25,327	33,690	25,271	25,230	16,789	50,460	16,775	16,739	16,713	16,828	16,634	16,546	16,527	16,548	16,490	16,453	16,439	16,389	16,324	16,300	16,285	16,232	16,212
DILUTED EARNINGS PER COMMON SHARE
0.67	0.86	0.83	0.85	0.84	0.84	0.80	0.78	0.71	0.44	0.62	0.60	0.57	0.54	0.53	0.50	0.48	0.27	0.46	0.45	0.66	-0.22	0.69	0.68	0.59	0.62	0.59	0.56	0.56	0.52	0.57	0.54	0.52	0.50	0.52	0.49	0.37	0.40	0.24