UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition |
On January 27, 2020, Lakeland Financial Corporation (the “Company”) issued a press release announcing its earnings for the three months and twelve months ended December 31, 2019. The press release is furnished herewith as Exhibit 99.1.
The disclosure in this Item 2.02 and the related exhibit under Item 9.01 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The disclosure in this Item 2.02 and the related exhibit under Item 9.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits |
| 99.1 | Press Release dated January 27, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LAKELAND FINANCIAL CORPORATION
| Dated: January 27, 2020 | By: | /s/ Lisa M. O’Neill | |
| Lisa M. O’Neill | |||
| Executive Vice President | |||
| and Chief Financial Officer | |||
Exhibit 99.1
NEWS FROM LAKELAND FINANCIAL CORPORATION
FOR IMMEDIATE RELEASE
Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com
Lakeland Financial Reports Record Performance
Quarterly and Annual Net Income and Earnings per Share Set New Highs
Warsaw, Indiana (January 27, 2020) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported full year net income of $87.0 million, which represents an increase of $6.6 million or 8% compared with net income of $80.4 million for 2018. Diluted earnings per share also increased 8% to $3.38 compared to $3.13 for 2018. This per share performance also represents a record for the company and its shareholders.
The company further reported record quarterly net income of $22.2 million for the three months ended December 31, 2019 versus $21.4 million for the comparable period of 2018, an increase of 4%. Diluted net income per common share was also a record for the quarter and increased 4% to $0.86 for the three months ended December 31, 2019 versus $0.83 for the comparable period of 2018.
David M. Findlay, President and Chief Executive Officer commented, “2019 represents the tenth consecutive year of reporting record net income and earnings per share performance. In addition, we have reported record net income in 30 of the last 31 years. We are proud of the Lake City Bank team’s ability to produce consistently strong performance over the last three decades. It’s a reflection of our unwavering commitment to our team, our communities and our clients and an affirmation of our execution-driven culture.”
Highlights for the year and quarter are noted below.
Full year 2019 versus 2018 highlights:
| · | Return on average assets of 1.76%, up from 1.69% |
| · | Return on average equity of 15.47% compared to 16.51% |
| · | Organic average loan growth of $131 million |
| · | Average deposit growth of $149 million |
| · | Net interest income increase of $3.8 million, or 2% |
| · | Net interest margin of 3.38% compared to 3.43% |
| · | Noninterest income increase of $4.7 million, or 12% |
| · | Revenue growth of $8.5 million, or 4% |
| · | Pretax net income growth of $8.4 million, or 9% |
| · | Net charge-offs to average loans of 0.03%, down from 0.13% a year ago |
| · | Total equity and tangible common equity1 increase of $76 million, or 15% |
1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures.”
| 1 |
4th Quarter 2019 versus 4th Quarter 2018 highlights:
| · | Return on average assets of 1.77%, up from 1.75% |
| · | Return on average equity of 14.90% compared to 16.76% |
| · | Organic loan growth of $151 million, or 4% |
| · | Core deposit growth of $141 million, or 4% |
| · | Noninterest income increase of $1.0 million, or 10% |
| · | Noninterest expense decrease of $402,000, or 2% |
| · | Net income increase of $835,000, or 4% |
| · | Average total equity increase of $86 million, or 17% |
4th Quarter 2019 versus 3rd Quarter 2019 highlights:
| · | Return on average assets of 1.77%, compared to 1.72% |
| · | Return on average equity of 14.90% compared to 14.78% |
| · | Organic loan growth of $43 million or 1% |
| · | Noninterest income increase of $354,000, or 3% |
| · | Noninterest expense decrease of $615,000, or 3% |
| · | Provision expense of $250,000 compared to $1.0 million |
| · | Nonperforming assets to total assets of 0.38% versus 0.39% |
| · | Total equity and tangible common equity1 increase of $14 million, or 2% |
As announced on January 14, 2020, the board of directors approved a cash dividend for the fourth quarter of $0.30 per share, payable on February 5, 2020, to shareholders of record as of January 25, 2020. Including this dividend, the total dividends per share for 2019 represent a 16% increase over the total dividends per share paid for 2018.
In addition, on January 14, 2020, the board of directors reauthorized the purchase of up to $30 million worth of shares of the company’s common stock, representing approximately 2.4% of the company’s issued and outstanding shares of common stock as of December 31, 2019.
Return on average assets was 1.76% in 2019 compared to 1.69% in 2018. Return on average total equity for the year ended December 31, 2019 was 15.47%, compared to 16.51% in 2018. The company’s total capital as a percent of risk-weighted assets was 14.36% at December 31, 2019, compared to 14.20% at December 31, 2018 and 14.78% at September 30, 2019. The company’s tangible common equity to tangible assets ratio1 was 12.02% at December 31, 2019, compared to 10.63% at December 31, 2018 and 11.74% at September 30, 2019. Average equity was impacted during 2019 by the $18.3 million increase in the fair value adjustment for available-for-sale investment securities, net of tax.
Findlay continued, “The strength of our capital structure provides us with foundation for continued growth. Our strong profitability metrics reflect our ability to manage our capital structure conservatively while at the same time producing healthy returns for our shareholders.”
1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures.”
| 2 |
Average total loans for 2019 were $3.97 billion, an increase of $130.6 million, or 3%, versus $3.84 billion for 2018. Total loans outstanding grew $151.1 million, or 4%, from $3.91 billion as of December 31, 2018 to $4.07 billion as of December 31, 2019. On a linked quarter basis, total loans grew $42.6 million, or 1%, from $4.02 billion at September 30, 2019. Average total loans for the fourth quarter of 2019 were $4.00 billion, an increase of $96.1 million, or 2%, versus $3.91 billion for the comparable period of 2018. On a linked quarter basis, total average loans decreased by $14.1 million, from $4.02 billion for the third quarter of 2019 to $4.00 billion for the fourth quarter of 2019.
Average total deposits for 2019 were $4.24 billion, an increase of $148.6 million, or 4%, versus $4.09 billion for 2018. Importantly, average core deposits increased by 5% or $201.3 million, during 2019 to $4.1 billion from $3.9 billion in 2018 due to growth in average commercial deposits of $211.5 million, or 21%, growth in average retail deposits of $104.4 million, or 7%, offset by a decline in public funds of $114.6 million, or 8%.
Total deposits grew $89.8 million, or 2%, from $4.04 billion as of December 31, 2018 to $4.13 billion as of December 31, 2019. In addition, total core deposits, which exclude brokered deposits, increased $141.1 million, or 4%, from $3.88 billion at December 31, 2018 to $4.02 billion at December 31, 2019 due to growth in commercial deposits of $199.5 million, or 19%, growth in retail deposits of $30.9 million, or 2%, offset by declines in public fund deposits of $89.3 million, or 7%. Brokered deposits decreased by $51.4 million or 31% from $164.9 million at December 31, 2018 to $113.5 million at December 31, 2019 due primarily to the maturity of brokered certificates of deposit that were not renewed during the year.
Findlay added, “Commercial deposit growth continues to be a highlight in our deposit gathering results. Over the two year period ended December 31, 2019, new commercial deposit accounts represent 70% of commercial checking account growth. Organic deposit growth funded our organic loan growth this year and afforded us the liquidity to redeem our $30 million of trust preferred subordinated notes at the end of the year. ”
The company’s net interest margin decreased five basis points to 3.38% for 2019 compared to 3.43% for 2018. The company’s net interest margin was 3.30% in the fourth quarter of 2019 versus 3.52% for the fourth quarter of 2018 and 3.38% during the third quarter 2019. The lower year-to-date margin in 2019 was due to a higher cost of funds and lower yields on investment securities, partially offset by a higher yield on the company’s loan portfolio. The decline in the investment securities yield was due to the combined effect of the flattening, and at times inverted, yield curve and the overall decline interest rates experienced during the second half of 2019.
Net interest income increased $3.8 million, or 2%, to $155.0 million in 2019, versus $151.3 million in 2018 due to growth in earning assets during the year offset by net interest margin compression. Net interest margin was negatively impacted by the Federal Reserve Bank’s reduction of the target fed funds rate in July, September and October of 2019. Net interest income decreased $708,000, or 2%, to $38.9 million in the fourth quarter of 2019, versus $39.6 million in the fourth quarter of 2018. On a linked quarter basis, net interest income decreased by $663,000 from $39.5 million, or 2%.
The company recorded a provision for loan losses of $3.2 million in 2019 compared to $6.4 million in 2018. The company recorded a provision for loan losses of $250,000 in the fourth quarter of 2019, versus $300,000 in the fourth quarter of 2018 and $1.0 million in the third quarter of 2019. The company’s allowance for loan losses as of December 31, 2019 was $50.7 million compared to $48.5 million as of December 31, 2018 and $50.6 million as of September 30, 2019. The allowance for loan losses represented 1.25% of total loans as of December 31, 2019 versus 1.24% at December 31, 2018 and 1.26% as of September 30, 2019.
| 3 |
Net charge offs were $1.0 million in 2019 versus $5.1 million in 2018. Net charge offs for the fourth quarter of 2019 were $226,000 versus net charge offs of $189,000 in the fourth quarter of 2018 and net charge offs of $936,000 during the linked third quarter 2019. Net charge offs to average loans were 0.03% in 2019 compared to 0.13% for 2018. Annualized net charge offs to average loans were 0.02% for the fourth quarters of 2019 and 2018. Annualized net charge offs to average loans were 0.09% for the linked third quarter of 2019.
Nonperforming assets increased $11.5 million, or 151%, to $19.0 million as of December 31, 2019 versus $7.6 million as of December 31, 2018 due to an increase in nonaccrual loans. On a linked quarter basis, nonperforming assets were $250,000, or 1% lower than the $19.3 million reported as of September 30, 2019. The ratio of nonperforming assets to total assets at December 31, 2019 increased to 0.38% from 0.16% at December 31, 2018 and decreased from 0.39% at September 30, 2019.
Findlay noted, “Asset quality and general economic conditions in our markets are stable. We are particularly encouraged by the $23 million decline in watch list loans as compared to the recent third quarter. Although loan demand is softer than we have historically experienced, we do not see any signs of a credit downturn in our footprint.”
The company adopted the FASB’s new rule related to credit losses on financial instruments on January 1, 2020. The company intends to disclose an updated range of impact upon adoption of this new standard in its upcoming Form 10-K for the year ended December 31, 2019, based on the company’s loan portfolio composition as of December 31, 2019.
The company’s noninterest income increased $4.7 million, or 12%, to $45.0 million in 2019, compared to $40.3 million in 2018. The company’s noninterest income increased by $1.0 million, or 10%, to $11.1 million for the fourth quarter of 2019, compared to $10.1 million for the fourth quarter of 2018. Noninterest income increased by $354,000, or 3% from $10.8 million during the linked third quarter of 2019 due to increased revenue from swap fees generated from commercial lending transactions, mortgage banking income and 10% growth in wealth advisory fees during the quarter. For the full year of 2019, noninterest income was positively impacted by increases in other income driven by swap fees generated from commercial lending transactions, increases in bank owned life insurance income, loan and service fees, mortgage banking income, and wealth advisory and brokerage fees due to continued growth of client relationships. Offsetting the increases was a decrease in service charges on deposit accounts driven by lower treasury management fees due to the previously disclosed discontinuance of a treasury management relationship in July 2019.
The company’s noninterest expense increased $3.2 million, or 4%, to $89.4 million in 2019 compared to $86.2 million in 2018. The company’s noninterest expense decreased $402,000, or 2%, to $22.1 million in the fourth quarter of 2019, compared to $22.5 million in the fourth quarter of 2018 and was lower by $615,000, or 3%, on a linked quarter basis. Salaries and employee benefits increased during 2019 primarily due to an increase to staffing in revenue producing and risk management areas as well as normal merit increases. Professional fees increased due to higher legal expenses and increased utilization of accounting firms for outsourced services. Data processing fees also increased during 2019 primarily due to the company’s continued investment in customer focused, technology-based solutions and ongoing cybersecurity and data management enhancements. Offsetting these increases were decreases in FDIC insurance and other regulatory fees as well as decreases in corporate and business development expense. In the third quarter of 2019, the FDIC announced that due to the Deposit Insurance Fund reserve ratio exceeding 1.38%, banks with consolidated assets of less than $10 billion would receive credits against their deposit insurance assessments. The bank’s $1.1 million credit was applied as a reduction of FDIC assessments commencing with the payment of the second quarter assessment paid in July 2019 and is expected to be fully utilized by the first quarter of 2020.
| 4 |
The company’s efficiency ratio was 44.7% for 2019 compared to 45.0% for 2018. The company’s efficiency ratio was 44.2% for the fourth quarter of 2019, compared to 45.4% for the fourth quarter of 2018 and 45.2% for the linked third quarter of 2019.
Lakeland Financial Corporation is a $5.0 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, is the sixth largest bank headquartered in the state and the largest bank 100% invested in Indiana. Lake City Bank operates 50 offices in Northern and Central Indiana, delivering technology-driven and client-centric financial services solutions to individuals and businesses.
Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” In addition to the results presented in accordance with generally accepted accounting principles in the United States, this earnings release contains certain non-GAAP financial measures. The company believes that providing non-GAAP financial measures provides investors with information useful to understanding the company’s financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on “tangible common equity” which is “total equity” excluding intangible assets, net of deferred tax, and “tangible assets” which is “total assets” excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalents is included in the attached financial tables where the non-GAAP measures are presented.
This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including trade policies and those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
| 5 |
LAKELAND FINANCIAL CORPORATION
FOURTH QUARTER 2019 FINANCIAL HIGHLIGHTS
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| (Unaudited – Dollars in thousands, except per share data) | Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||
| END OF PERIOD BALANCES | 2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
| Assets | $ | 4,946,745 | $ | 4,948,155 | $ | 4,875,254 | $ | 4,946,745 | $ | 4,875,254 | ||||||||||
| Deposits | 4,133,819 | 4,283,390 | 4,044,065 | 4,133,819 | 4,044,065 | |||||||||||||||
| Brokered Deposits | 113,527 | 116,698 | 164,888 | 113,527 | 164,888 | |||||||||||||||
| Core Deposits (3) | 4,020,292 | 4,166,692 | 3,879,177 | 4,020,292 | 3,879,177 | |||||||||||||||
| Loans | 4,065,828 | 4,023,221 | 3,914,745 | 4,065,828 | 3,914,745 | |||||||||||||||
| Allowance for Loan Losses | 50,652 | 50,628 | 48,453 | 50,652 | 48,453 | |||||||||||||||
| Total Equity | 598,100 | 584,436 | 521,704 | 598,100 | 521,704 | |||||||||||||||
| Goodwill net of deferred tax assets | 3,789 | 3,779 | 3,779 | 3,789 | 3,779 | |||||||||||||||
| Tangible Common Equity (1) | 594,311 | 580,657 | 517,925 | 594,311 | 517,925 | |||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Total Assets | $ | 4,981,989 | $ | 4,941,503 | $ | 4,837,604 | $ | 4,941,904 | $ | 4,758,392 | ||||||||||
| Earning Assets | 4,748,361 | 4,698,937 | 4,523,304 | 4,656,707 | 4,461,366 | |||||||||||||||
| Investments - available-for-sale | 610,947 | 614,784 | 573,073 | 603,580 | 562,385 | |||||||||||||||
| Loans | 4,001,640 | 4,015,773 | 3,905,511 | 3,974,532 | 3,843,912 | |||||||||||||||
| Total Deposits | 4,308,623 | 4,267,708 | 4,163,118 | 4,242,524 | 4,093,894 | |||||||||||||||
| Interest Bearing Deposits | 3,302,593 | 3,306,638 | 3,256,930 | 3,298,406 | 3,235,867 | |||||||||||||||
| Interest Bearing Liabilities | 3,336,343 | 3,356,436 | 3,390,159 | 3,390,512 | 3,382,507 | |||||||||||||||
| Total Equity | 591,193 | 575,865 | 505,570 | 562,601 | 487,062 | |||||||||||||||
| INCOME STATEMENT DATA | ||||||||||||||||||||
| Net Interest Income | $ | 38,882 | $ | 39,545 | $ | 39,590 | $ | 155,047 | $ | 151,271 | ||||||||||
| Net Interest Income-Fully Tax Equivalent | 39,459 | 40,084 | 40,091 | 157,176 | 153,088 | |||||||||||||||
| Provision for Loan Losses | 250 | 1,000 | 300 | 3,235 | 6,400 | |||||||||||||||
| Noninterest Income | 11,119 | 10,765 | 10,077 | 44,997 | 40,302 | |||||||||||||||
| Noninterest Expense | 22,122 | 22,737 | 22,524 | 89,424 | 86,229 | |||||||||||||||
| Net Income | 22,198 | 21,454 | 21,363 | 87,047 | 80,411 | |||||||||||||||
| PER SHARE DATA | ||||||||||||||||||||
| Basic Net Income Per Common Share | $ | 0.86 | $ | 0.84 | $ | 0.84 | $ | 3.40 | $ | 3.18 | ||||||||||
| Diluted Net Income Per Common Share | 0.86 | 0.83 | 0.83 | 3.38 | 3.13 | |||||||||||||||
| Cash Dividends Declared Per Common Share | 0.30 | 0.30 | 0.26 | 1.16 | 1.00 | |||||||||||||||
| Dividend Payout | 34.88 | % | 36.14 | % | 31.33 | % | 34.32 | % | 31.95 | % | ||||||||||
| Book Value Per Common Share (equity per share issued) | 23.34 | 22.81 | 20.62 | 23.34 | 20.62 | |||||||||||||||
| Tangible Book Value Per Common Share (1) | 23.19 | 22.66 | 20.47 | 23.19 | 20.47 | |||||||||||||||
| Market Value – High | 50.00 | 47.46 | 47.41 | 50.00 | 51.76 | |||||||||||||||
| Market Value – Low | 42.00 | 41.26 | 37.79 | 39.78 | 37.79 | |||||||||||||||
| Basic Weighted Average Common Shares Outstanding | 25,623,016 | 25,622,338 | 25,301,732 | 25,588,404 | 25,288,533 | |||||||||||||||
| Diluted Weighted Average Common Shares Outstanding | 25,818,433 | 25,796,696 | 25,746,490 | 25,758,893 | 25,727,831 | |||||||||||||||
| KEY RATIOS | ||||||||||||||||||||
| Return on Average Assets | 1.77 | % | 1.72 | % | 1.75 | % | 1.76 | % | 1.69 | % | ||||||||||
| Return on Average Total Equity | 14.90 | 14.78 | 16.76 | 15.47 | 16.51 | |||||||||||||||
| Average Equity to Average Assets | 11.87 | 11.65 | 10.45 | 11.38 | 10.24 | |||||||||||||||
| Net Interest Margin | 3.30 | 3.38 | 3.52 | 3.38 | 3.43 | |||||||||||||||
| Efficiency(Noninterest Expense / Net Interest Income plus Noninterest Income) | 44.24 | 45.19 | 45.38 | 44.70 | 44.96 | |||||||||||||||
| Tier 1 Leverage (2) | 11.67 | 12.07 | 11.44 | 11.67 | 11.44 | |||||||||||||||
| Tier 1 Risk-Based Capital (2) | 13.21 | 13.62 | 13.05 | 13.21 | 13.05 | |||||||||||||||
| Common Equity Tier 1 (CET1) (2) | 13.21 | 12.94 | 12.35 | 13.21 | 12.35 | |||||||||||||||
| Total Capital (2) | 14.36 | 14.78 | 14.20 | 14.36 | 14.20 | |||||||||||||||
| Tangible Capital (1) (2) | 12.02 | 11.74 | 10.63 | 12.02 | 10.63 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Loans Past Due 30 - 89 Days | $ | 1,471 | $ | 922 | $ | 10,020 | $ | 1,471 | $ | 10,020 | ||||||||||
| Loans Past Due 90 Days or More | 45 | 306 | 0 | 45 | 0 | |||||||||||||||
| Non-accrual Loans | 18,675 | 18,657 | 7,260 | 18,675 | 7,260 | |||||||||||||||
| Nonperforming Loans (includes nonperforming TDRs) | 18,720 | 18,963 | 7,260 | 18,720 | 7,260 | |||||||||||||||
| Other Real Estate Owned | 316 | 316 | 316 | 316 | 316 | |||||||||||||||
| Other Nonperforming Assets | 0 | 7 | 0 | 0 | 0 | |||||||||||||||
| Total Nonperforming Assets | 19,036 | 19,286 | 7,577 | 19,036 | 7,577 | |||||||||||||||
| Performing Troubled Debt Restructurings | 5,909 | 5,975 | 8,016 | 5,909 | 8,016 | |||||||||||||||
| Nonperforming Troubled Debt Restructurings (included in nonperforming loans) | 3,188 | 3,422 | 4,384 | 3,188 | 4,384 | |||||||||||||||
| Total Troubled Debt Restructurings | 9,097 | 9,397 | 12,400 | 9,097 | 12,400 | |||||||||||||||
| Impaired Loans | 27,763 | 28,070 | 26,661 | 27,763 | 26,661 | |||||||||||||||
| Non-Impaired Watch List Loans | 152,421 | 174,768 | 159,938 | 152,421 | 159,938 | |||||||||||||||
| Total Impaired and Watch List Loans | 180,184 | 202,838 | 186,599 | 180,184 | 186,599 | |||||||||||||||
| Gross Charge Offs | 321 | 1,221 | 424 | 1,910 | 6,110 | |||||||||||||||
| Recoveries | 95 | 285 | 235 | 874 | 1,043 | |||||||||||||||
| Net Charge Offs/(Recoveries) | 226 | 936 | 189 | 1,036 | 5,067 | |||||||||||||||
| Net Charge Offs/(Recoveries) to Average Loans | 0.02 | % | 0.09 | % | 0.02 | % | 0.03 | % | 0.13 | % | ||||||||||
| Loan Loss Reserve to Loans | 1.25 | % | 1.26 | % | 1.24 | % | 1.25 | % | 1.24 | % | ||||||||||
| Loan Loss Reserve to Nonperforming Loans | 270.58 | % | 266.98 | % | 667.40 | % | 270.58 | % | 667.40 | % | ||||||||||
| Loan Loss Reserve to Nonperforming Loans and Performing TDRs | 205.66 | % | 203.02 | % | 317.17 | % | 205.66 | % | 317.17 | % | ||||||||||
| Nonperforming Loans to Loans | 0.46 | % | 0.47 | % | 0.19 | % | 0.46 | % | 0.19 | % | ||||||||||
| Nonperforming Assets to Assets | 0.38 | % | 0.39 | % | 0.16 | % | 0.38 | % | 0.16 | % | ||||||||||
| Total Impaired and Watch List Loans to Total Loans | 4.43 | % | 5.04 | % | 4.77 | % | 4.43 | % | 4.77 | % | ||||||||||
| OTHER DATA | ||||||||||||||||||||
| Full Time Equivalent Employees | 568 | 561 | 553 | 568 | 553 | |||||||||||||||
| Offices | 50 | 50 | 49 | 50 | 49 | |||||||||||||||
| (1) | Non-GAAP financial measure - see "Reconciliation of Non-GAAP Financial Measures" |
| (2) | Capital ratios for December 31, 2019 are preliminary until the Call Report is filed. |
| (3) | Core deposits equals deposits less brokered deposits |
| 6 |
| CONSOLIDATED BALANCE SHEETS (in thousands, except share data) | ||||||||
| December 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 68,605 | $ | 192,290 | ||||
| Short-term investments | 30,776 | 24,632 | ||||||
| Total cash and cash equivalents | 99,381 | 216,922 | ||||||
| Securities available-for-sale (carried at fair value) | 608,233 | 585,549 | ||||||
| Real estate mortgage loans held-for-sale | 4,527 | 2,293 | ||||||
| Loans, net of allowance for loan losses of $50,652 and $48,453 | 4,015,176 | 3,866,292 | ||||||
| Land, premises and equipment, net | 60,154 | 58,097 | ||||||
| Bank owned life insurance | 83,848 | 77,106 | ||||||
| Federal Reserve and Federal Home Loan Bank stock | 13,772 | 13,772 | ||||||
| Accrued interest receivable | 15,391 | 15,518 | ||||||
| Goodwill | 4,970 | 4,970 | ||||||
| Other assets | 41,293 | 34,735 | ||||||
| Total assets | $ | 4,946,745 | $ | 4,875,254 | ||||
| LIABILITIES | ||||||||
| Noninterest bearing deposits | $ | 983,307 | $ | 946,838 | ||||
| Interest bearing deposits | 3,150,512 | 3,097,227 | ||||||
| Total deposits | 4,133,819 | 4,044,065 | ||||||
| Borrowings | ||||||||
| Securities sold under agreements to repurchase | 0 | 75,555 | ||||||
| Federal Home Loan Bank advances | 170,000 | 170,000 | ||||||
| Subordinated debentures | 0 | 30,928 | ||||||
| Total borrowings | 170,000 | 276,483 | ||||||
| Accrued interest payable | 11,604 | 10,404 | ||||||
| Other liabilities | 33,222 | 22,598 | ||||||
| Total liabilities | 4,348,645 | 4,353,550 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock:90,000,000 shares authorized, no par value | ||||||||
| 25,623,016 shares issued and 25,444,275 outstanding as of December 31, 2019 | ||||||||
| 25,301,732 shares issued and 25,128,773 outstanding as of December 31, 2018 | 114,858 | 112,383 | ||||||
| Retained earnings | 475,247 | 419,179 | ||||||
| Accumulated other comprehensive income (loss) | 12,059 | (6,191 | ) | |||||
| Treasury stock at cost (178,741 shares as of December 31, 2019, 172,959 shares as of December 31, 2018) | (4,153 | ) | (3,756 | ) | ||||
| Total stockholders' equity | 598,011 | 521,615 | ||||||
| Noncontrolling interest | 89 | 89 | ||||||
| Total equity | 598,100 | 521,704 | ||||||
| Total liabilities and equity | $ | 4,946,745 | $ | 4,875,254 | ||||
| 7 |
| CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| NET INTEREST INCOME | ||||||||||||||||
| Interest and fees on loans | ||||||||||||||||
| Taxable | $ | 47,639 | $ | 49,091 | $ | 196,733 | $ | 181,451 | ||||||||
| Tax exempt | 231 | 187 | 951 | 814 | ||||||||||||
| Interest and dividends on securities | ||||||||||||||||
| Taxable | 1,953 | 2,516 | 8,909 | 9,717 | ||||||||||||
| Tax exempt | 1,956 | 1,712 | 7,127 | 6,079 | ||||||||||||
| Other interest income | 533 | 222 | 1,490 | 909 | ||||||||||||
| Total interest income | 52,312 | 53,728 | 215,210 | 198,970 | ||||||||||||
| Interest on deposits | 13,017 | 13,425 | 57,148 | 44,913 | ||||||||||||
| Interest on borrowings | ||||||||||||||||
| Short-term | 16 | 282 | 1,311 | 1,143 | ||||||||||||
| Long-term | 397 | 431 | 1,704 | 1,643 | ||||||||||||
| Total interest expense | 13,430 | 14,138 | 60,163 | 47,699 | ||||||||||||
| NET INTEREST INCOME | 38,882 | 39,590 | 155,047 | 151,271 | ||||||||||||
| Provision for loan losses | 250 | 300 | 3,235 | 6,400 | ||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR | ||||||||||||||||
| LOAN LOSSES | 38,632 | 39,290 | 151,812 | 144,871 | ||||||||||||
| NONINTEREST INCOME | ||||||||||||||||
| Wealth advisory fees | 1,833 | 1,668 | 6,835 | 6,344 | ||||||||||||
| Investment brokerage fees | 387 | 415 | 1,687 | 1,458 | ||||||||||||
| Service charges on deposit accounts | 2,926 | 4,289 | 15,717 | 15,831 | ||||||||||||
| Loan and service fees | 2,508 | 2,366 | 9,911 | 9,291 | ||||||||||||
| Merchant card fee income | 659 | 627 | 2,641 | 2,461 | ||||||||||||
| Bank owned life insurance income | 644 | 67 | 1,890 | 1,244 | ||||||||||||
| Mortgage banking income | 370 | 152 | 1,626 | 1,150 | ||||||||||||
| Net securities gains (losses) | 48 | (44 | ) | 142 | (50 | ) | ||||||||||
| Other income | 1,744 | 537 | 4,548 | 2,573 | ||||||||||||
| Total noninterest income | 11,119 | 10,077 | 44,997 | 40,302 | ||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||
| Salaries and employee benefits | 12,203 | 12,086 | 49,434 | 48,353 | ||||||||||||
| Net occupancy expense | 1,295 | 1,257 | 5,295 | 5,149 | ||||||||||||
| Equipment costs | 1,378 | 1,403 | 5,521 | 5,243 | ||||||||||||
| Data processing fees and supplies | 2,788 | 2,393 | 10,407 | 9,685 | ||||||||||||
| Corporate and business development | 995 | 1,996 | 4,371 | 5,066 | ||||||||||||
| FDIC insurance and other regulatory fees | 72 | 419 | 638 | 1,701 | ||||||||||||
| Professional fees | 1,157 | 1,082 | 4,644 | 3,798 | ||||||||||||
| Other expense | 2,234 | 1,888 | 9,114 | 7,234 | ||||||||||||
| Total noninterest expense | 22,122 | 22,524 | 89,424 | 86,229 | ||||||||||||
| INCOME BEFORE INCOME TAX EXPENSE | 27,629 | 26,843 | 107,385 | 98,944 | ||||||||||||
| Income tax expense | 5,431 | 5,480 | 20,338 | 18,533 | ||||||||||||
| NET INCOME | $ | 22,198 | $ | 21,363 | $ | 87,047 | $ | 80,411 | ||||||||
| BASIC WEIGHTED AVERAGE COMMON SHARES | 25,623,016 | 25,301,732 | 25,588,404 | 25,288,533 | ||||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.86 | $ | 0.84 | $ | 3.40 | $ | 3.18 | ||||||||
| DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,818,433 | 25,746,490 | 25,758,893 | 25,727,831 | ||||||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.86 | $ | 0.83 | $ | 3.38 | $ | 3.13 | ||||||||
| 8 |
| LAKELAND FINANCIAL CORPORATION |
| LOAN DETAIL |
| FOURTH QUARTER 2019 |
| (unaudited, in thousands) |
| December 31, | September 30, | December 31, | ||||||||||||||||||||||
| 2019 | 2019 | 2018 | ||||||||||||||||||||||
| Commercial and industrial loans: | ||||||||||||||||||||||||
| Working capital lines of credit loans | $ | 717,019 | 17.6 | % | $ | 730,557 | 18.2 | % | $ | 690,620 | 17.6 | % | ||||||||||||
| Non-working capital loans | 709,849 | 17.5 | 701,773 | 17.4 | 714,759 | 18.3 | ||||||||||||||||||
| Total commercial and industrial loans | 1,426,868 | 35.1 | 1,432,330 | 35.6 | 1,405,379 | 35.9 | ||||||||||||||||||
| Commercial real estate and multi-family residential loans: | ||||||||||||||||||||||||
| Construction and land development loans | 287,641 | 7.1 | 319,420 | 7.9 | 266,805 | 6.8 | ||||||||||||||||||
| Owner occupied loans | 573,665 | 14.1 | 556,536 | 13.8 | 586,325 | 15.0 | ||||||||||||||||||
| Nonowner occupied loans | 571,364 | 14.0 | 545,444 | 13.5 | 520,901 | 13.3 | ||||||||||||||||||
| Multifamily loans | 240,652 | 5.9 | 259,408 | 6.5 | 195,604 | 5.0 | ||||||||||||||||||
| Total commercial real estate and multi-family residential loans | 1,673,322 | 41.1 | 1,680,808 | 41.7 | 1,569,635 | 40.1 | ||||||||||||||||||
| Agri-business and agricultural loans: | ||||||||||||||||||||||||
| Loans secured by farmland | 174,380 | 4.3 | 176,024 | 4.4 | 177,503 | 4.6 | ||||||||||||||||||
| Loans for agricultural production | 205,151 | 5.0 | 153,943 | 3.8 | 193,010 | 4.9 | ||||||||||||||||||
| Total agri-business and agricultural loans | 379,531 | 9.3 | 329,967 | 8.2 | 370,513 | 9.5 | ||||||||||||||||||
| Other commercial loans | 112,302 | 2.8 | 100,100 | 2.5 | 95,657 | 2.4 | ||||||||||||||||||
| Total commercial loans | 3,592,023 | 88.3 | 3,543,205 | 88.0 | 3,441,184 | 87.9 | ||||||||||||||||||
| Consumer 1-4 family mortgage loans: | ||||||||||||||||||||||||
| Closed end first mortgage loans | 177,227 | 4.4 | 187,404 | 4.6 | 185,822 | 4.7 | ||||||||||||||||||
| Open end and junior lien loans | 186,552 | 4.6 | 191,597 | 4.8 | 187,030 | 4.8 | ||||||||||||||||||
| Residential construction and land development loans | 12,966 | 0.3 | 11,774 | 0.3 | 16,226 | 0.4 | ||||||||||||||||||
| Total consumer 1-4 family mortgage loans | 376,745 | 9.3 | 390,775 | 9.7 | 389,078 | 9.9 | ||||||||||||||||||
| Other consumer loans | 98,617 | 2.4 | 90,631 | 2.3 | 86,064 | 2.2 | ||||||||||||||||||
| Total consumer loans | 475,362 | 11.7 | 481,406 | 12.0 | 475,142 | 12.1 | ||||||||||||||||||
| Subtotal | 4,067,385 | 100.0 | % | 4,024,611 | 100.0 | % | 3,916,326 | 100.0 | % | |||||||||||||||
| Less: Allowance for loan losses | (50,652 | ) | (50,628 | ) | (48,453 | ) | ||||||||||||||||||
| Net deferred loan fees | (1,557 | ) | (1,390 | ) | (1,581 | ) | ||||||||||||||||||
| Loans, net | $ | 4,015,176 | $ | 3,972,593 | $ | 3,866,292 | ||||||||||||||||||
| LAKELAND FINANCIAL CORPORATION |
| DEPOSITS AND BORROWINGS |
| FOURTH QUARTER 2019 |
| (unaudited, in thousands) |
| December 31, | September 30, | December 31, | ||||||||||||||||||||||
| 2019 | 2019 | 2018 | ||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 983,307 | $ | 1,011,336 | $ | 946,838 | ||||||||||||||||||
| Savings and transaction accounts: | ||||||||||||||||||||||||
| Savings deposits | 234,508 | 237,997 | 247,903 | |||||||||||||||||||||
| Interest bearing demand deposits | 1,723,937 | 1,650,691 | 1,429,570 | |||||||||||||||||||||
| Time deposits: | ||||||||||||||||||||||||
| Deposits of $100,000 or more | 910,134 | 1,101,730 | 1,146,221 | |||||||||||||||||||||
| Other time deposits | 281,933 | 281,636 | 273,533 | |||||||||||||||||||||
| Total deposits | $ | 4,133,819 | $ | 4,283,390 | $ | 4,044,065 | ||||||||||||||||||
| FHLB advances and other borrowings | 170,000 | 30,928 | 276,483 | |||||||||||||||||||||
| Total funding sources | $ | 4,303,819 | $ | 4,314,318 | $ | 4,320,548 | ||||||||||||||||||
| 9 |
LAKELAND FINANCIAL CORPORATION
AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
(UNAUDITED)
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||
| Average | Interest | Yield (1)/ | Average | Interest | Yield (1)/ | Average | Interest | Yield (1)/ | ||||||||||||||||||||||||||||
| (fully tax equivalent basis, dollars in thousands) | Balance | Income | Rate | Balance | Income | Rate | Balance | Income | Rate | |||||||||||||||||||||||||||
| Earning Assets | ||||||||||||||||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||||||||||||||||
| Taxable (2)(3) | $ | 3,977,782 | $ | 47,639 | 4.75 | % | $ | 3,991,572 | $ | 50,139 | 4.98 | % | $ | 3,884,500 | $ | 49,091 | 5.01 | % | ||||||||||||||||||
| Tax exempt (1) | 23,858 | 288 | 4.79 | 24,201 | 292 | 4.78 | 21,011 | 234 | 4.42 | |||||||||||||||||||||||||||
| Investments: (1) | ||||||||||||||||||||||||||||||||||||
| Available for sale | 610,947 | 4,429 | 2.88 | 614,784 | 4,509 | 2.91 | 573,073 | 4,682 | 3.24 | |||||||||||||||||||||||||||
| Short-term investments | 54,439 | 339 | 2.47 | 3,478 | 16 | 1.83 | 3,350 | 15 | 1.78 | |||||||||||||||||||||||||||
| Interest bearing deposits | 81,335 | 194 | 0.95 | 64,902 | 352 | 2.15 | 41,370 | 207 | 1.99 | |||||||||||||||||||||||||||
| Total earning assets | $ | 4,748,361 | $ | 52,889 | 4.42 | % | $ | 4,698,937 | $ | 55,308 | 4.67 | % | $ | 4,523,304 | $ | 54,229 | 4.76 | % | ||||||||||||||||||
| Less: Allowance for loan losses | (50,753 | ) | (50,732 | ) | (49,045 | ) | ||||||||||||||||||||||||||||||
| Nonearning Assets | ||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 65,294 | 77,921 | 156,681 | |||||||||||||||||||||||||||||||||
| Premises and equipment | 59,850 | 59,268 | 57,516 | |||||||||||||||||||||||||||||||||
| Other nonearning assets | 159,237 | 156,109 | 149,148 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 4,981,989 | $ | 4,941,503 | $ | 4,837,604 | ||||||||||||||||||||||||||||||
| Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
| Savings deposits | $ | 237,241 | $ | 55 | 0.09 | % | $ | 235,957 | $ | 62 | 0.10 | % | $ | 250,755 | $ | 76 | 0.12 | % | ||||||||||||||||||
| Interest bearing checking accounts | 1,764,854 | 5,765 | 1.30 | 1,667,690 | 6,712 | 1.60 | 1,476,013 | 5,498 | 1.48 | |||||||||||||||||||||||||||
| Time deposits: | ||||||||||||||||||||||||||||||||||||
| In denominations under $100,000 | 282,683 | 1,422 | 2.00 | 278,598 | 1,383 | 1.97 | 272,192 | 1,168 | 1.70 | |||||||||||||||||||||||||||
| In denominations over $100,000 | 1,017,815 | 5,775 | 2.25 | 1,124,393 | 6,535 | 2.31 | 1,257,970 | 6,683 | 2.11 | |||||||||||||||||||||||||||
| Miscellaneous short-term borrowings | 3,495 | 16 | 1.82 | 18,870 | 113 | 2.38 | 102,301 | 282 | 1.09 | |||||||||||||||||||||||||||
| Long-term borrowings and subordinated debentures | 30,255 | 397 | 5.21 | 30,928 | 419 | 5.37 | 30,928 | 431 | 5.53 | |||||||||||||||||||||||||||
| Total interest bearing liabilities | $ | 3,336,343 | $ | 13,430 | 1.60 | % | $ | 3,356,436 | $ | 15,224 | 1.80 | % | $ | 3,390,159 | $ | 14,138 | 1.65 | % | ||||||||||||||||||
| Noninterest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
| Demand deposits | 1,006,030 | 961,070 | 906,188 | |||||||||||||||||||||||||||||||||
| Other liabilities | 48,423 | 48,132 | 35,687 | |||||||||||||||||||||||||||||||||
| Stockholders' Equity | 591,193 | 575,865 | 505,570 | |||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 4,981,989 | $ | 4,941,503 | $ | 4,837,604 | ||||||||||||||||||||||||||||||
| Interest Margin Recap | ||||||||||||||||||||||||||||||||||||
| Interest income/average earning assets | 52,889 | 4.42 | 55,308 | 4.67 | 54,229 | 4.76 | ||||||||||||||||||||||||||||||
| Interest expense/average earning assets | 13,430 | 1.12 | 15,224 | 1.29 | 14,138 | 1.24 | ||||||||||||||||||||||||||||||
| Net interest income and margin | $ | 39,459 | 3.30 | % | $ | 40,084 | 3.38 | % | $ | 40,091 | 3.52 | % | ||||||||||||||||||||||||
| (1) | Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983 included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $577,000, $539,000 and $501,000 in the three-month periods ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively. |
| (2) | Loan fees, which are immaterial in relation to total taxable loan interest income for 2019 and 2018, are included as taxable loan interest income. |
| (3) | Nonaccrual loans are included in the average balance of taxable loans. |
| 10 |
Reconciliation of Non-GAAP Financial Measures
Tangible common equity, tangible assets, tangible book value per share and the tangible common equity to tangible assets ratio are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Tangible book value per share is calculated by dividing tangible common equity by the number of shares issued. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value including only earning assets as meaningful to an understanding of the company’s financial information.
A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Dec. 31, | Sep. 30, | Dec. 31, | Dec 31, | Dec. 31, | ||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
| Total Equity | $ | 598,100 | $ | 584,436 | $ | 521,704 | $ | 598,100 | $ | 521,704 | ||||||||||
| Less: Goodwill | (4,970 | ) | (4,970 | ) | (4,970 | ) | (4,970 | ) | (4,970 | ) | ||||||||||
| Plus: Deferred tax assets related to goodwill | 1,181 | 1,191 | 1,191 | 1,181 | 1,191 | |||||||||||||||
| Tangible Common Equity | 594,311 | 580,657 | 517,925 | 594,311 | 517,925 | |||||||||||||||
| Assets | $ | 4,946,745 | $ | 4,948,155 | $ | 4,875,254 | $ | 4,946,745 | $ | 4,875,254 | ||||||||||
| Less: Goodwill | (4,970 | ) | (4,970 | ) | (4,970 | ) | (4,970 | ) | (4,970 | ) | ||||||||||
| Plus: Deferred tax assets related to goodwill | 1,181 | 1,191 | 1,191 | 1,181 | 1,191 | |||||||||||||||
| Tangible Assets | 4,942,956 | 4,944,376 | 4,871,475 | 4,942,956 | 4,871,475 | |||||||||||||||
| Ending common shares issued | 25,623,016 | 25,623,016 | 25,301,732 | 25,623,016 | 25,301,732 | |||||||||||||||
| Tangible Book Value Per Common Share | $ | 23.19 | $ | 22.66 | $ | 20.47 | $ | 23.19 | $ | 20.47 | ||||||||||
| Tangible Common Equity/Tangible Assets | 12.02 | % | 11.74 | % | 10.63 | % | 12.02 | % | 10.63 | % | ||||||||||
###
| 11 |