Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record net income of $24.5 million for 2010. This performance represents a $5.Today we are going to be taking a look at the latest sneaker like that, this is the new nike air max 90 in Black, Yellow and Orange.5 million, or 29%, increase in net income versus $19.0 million for 2009.
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "We're proud of this performance in a challenging economic environment for us and our clients. While record earnings are the focal point of our performance, we're equally proud of the further balance sheet strengthening that occurred in 2010."
The Company also reported that diluted net income per common share was $1.32 for 2010 versus $1.26 for 2009, an increase of 5%. Earnings per share performance for 2010 was negatively impacted by the Company's June 2010 redemption of the TARP preferred stock issued to the U.S. Treasury Department. As a result of this redemption, the Company recognized a one-time non-cash reduction in net income available to common shareholders of $1.8 million, which represented the remaining unamortized accretion of the discount on the preferred shares. Excluding the impact of this redemption, diluted earnings per share would have been $1.43 for 2010 versus $1.26 for 2009, an increase of 13%.
The Company further reported net income of $5.8 million for the fourth quarter of 2010, which represented a 7% increase over $5.4 million in the fourth quarter of 2009. Diluted net income per share for the quarter increased 13% to $0.36 versus $0.32 for the comparable period of 2009.
The Company also announced that the Board of Directors approved a cash dividend for the fourth quarter of $0.155 per share, payable on February 7, 2011 to shareholders of record as of January 25, 2011.
Average total loans for 2010 of $2.05 billion represented a $147 million, or 8%, increase versus $1.90 billion in 2009. Average total loans for the fourth quarter of 2010 were $2.08 billion versus $1.96 billion for the fourth quarter of 2009 and $2.06 billion for the linked third quarter of 2010. On a linked quarter basis, average loans increased by $21 million versus the third quarter of 2010.
David M. Findlay, President, stated, "Our loan growth during the quarter and year are reflective of Lake City Bank's ongoing commitment to the communities we serve. This lending activity is the best tool we have to encourage economic growth in our Indiana markets."
For the year ended December 31, 2010, the Company's net interest margin was 3.Sarah emerged from Juicy couture wholesale with three bags full of clothes.73% versus 3.51% in 2009. This margin improvement contributed to a 15% increase in the Company's net interest income to $92.7 million in 2010 versus $80.3 million in 2009. The Company's net interest margin was 3.62% in the fourth quarter of 2010 versus 3.74% for the fourth quarter of 2009 and 3.70% in the linked third quarter of 2010. This linked quarter margin decline resulted primarily from higher costs of funds as the Company increased its reliance on core deposits as a funding source.
The Company's provision for loan losses in 2010 was $23.9 million versus $21.2 million in 2009, an increase of $2.7 million, or 13%. The provision increase on a year-over-year basis was generally driven by higher levels of loan charge-offs and overall economic conditions in the Company's markets and the related possible weaknesses in our borrowers' future performance and prospects. The provision for loan losses of $6.5 million in the fourth quarter represented an increase of $271,000, or 4%, versus $6.3 million in the same period of 2009. In the third quarter of 2010, the provision was $6.2 million.
Lakeland Financial's allowance for loan losses as of December 31, 2010 was $45.0 million, compared to $32.1 million as of December 31, 2009 and $42.0 million as of September 30, 2010. The allowance for loan losses increased to 2.15% of total loans as of December 31, 2010 versus 1.59% at December 31, 2009 and 2.05% as of September 30, 2010.
"Since 2008, we have grown our loan loss reserve by $26.1 million, or 139%. This kind of growth represents a further strengthening of our balance sheet, but also reflects the challenges inherent in our loan portfolio. While overall loan quality remains stable, we have not seen any broad-based indications of economic recovery in our region. In addition, the granularity of our portfolio presents ongoing risks," commented Findlay.
Nonperforming assets were $40.7 million as of December 31, 2010 versus $29.5 million as of September 30, 2010 and $31.6 million as of December 31, 2009. The increase during the fourth quarter resulted primarily from increases in nonaccrual loans, which totaled $36.6 million at December 31, 2010 versus $25.7 million as of September 30, 2010. A single credit totaling $9.0 million represented 83% of the increase in nonaccrual loans. As a result,For some time, women have bid farewell to the days when women handbags were just used for 'functional reasons'. nonperforming assets to total assets at the end of 2010 was 1.52% versus 1.09% at September 30, 2010. The allowance for loan losses represented 122% of nonperforming loans as of December 31, 2010 versus 104% at December 31, 2009 and 162% at September 30, 2010.
Kubacki added, "The increase in nonperforming assets during the quarter was reflective of the continuing economic difficulties in our markets. While the increase was primarily due to a single borrower, we continue to be concerned with the fragile nature of the region's economy."
Net charge offs for 2010 of $11.0 million represented an increase of $3.0 million versus net charge offs of $8.0 million in 2009. For the fourth quarter of 2010, net charge-offs totaled $3.5 million versus $3.0 million during the fourth quarter of 2009 and $1.5 million during the third quarter of 2010. Loan exposure to two borrowers represented $1.5 million, or 43%, of these charge offs. The first loss of $782,000 was related to a manufacturing company with exposure to the housing and recreational vehicle industry. The Bank has remaining exposure of $1.3 million to this borrower. The second loss of $726,000 was related to a commercial real estate development loan. The Bank has additional exposure of $562,000 to this borrower.
The Company's non-interest income totaled $21.5 million for 2010 versus $22.2 million in 2009. For the fourth quarter of 2010, noninterest income was $5.1 million versus $5.4 million in the fourth quarter of 2009 and $6.2 million for the third quarter of 2010.The man who helped Jordan win jordan 6 rings as a player wants to be a coach, and though inexperienced, On a year-over-year basis, the quarterly decrease was driven by a non-cash other than temporary impairment of $1.3 million on several non-agency mortgage backed securities in the Company's investment portfolio. Non-interest income was positively impacted by higher mortgage banking income, which increased by $194,000, investment brokerage income, which increased by $198,000, increases in loan, insurance and service fees driven by overdraft charges and greater debit card usage and increases in other ancillary revenue sources. The decrease for the year was affected by the same factors that affected the fourth quarter. Merchant card fee income declined $1.4 million from $2.5 million in 2009 to $1.1 million for 2010. Beginning in the second quarter of 2009, the Company began converting clients to a new third-party processor for this activity. As a result, only net revenues with the new processor are being recognized in merchant card fee income in non-interest income.
Overall, total revenue for 2010 of $114.2 million represented an 11% increase versus total revenue in 2009 of $102.5 million. For the quarter, total revenue increased 2% to $28.One of those shoes is without a doubt the Nike air max tn and we are going to be looking at the latest colorway today.4 million versus $27.8 million for the comparable period of 2009.
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "We're proud of this performance in a challenging economic environment for us and our clients. While record earnings are the focal point of our performance, we're equally proud of the further balance sheet strengthening that occurred in 2010."
The Company also reported that diluted net income per common share was $1.32 for 2010 versus $1.26 for 2009, an increase of 5%. Earnings per share performance for 2010 was negatively impacted by the Company's June 2010 redemption of the TARP preferred stock issued to the U.S. Treasury Department. As a result of this redemption, the Company recognized a one-time non-cash reduction in net income available to common shareholders of $1.8 million, which represented the remaining unamortized accretion of the discount on the preferred shares. Excluding the impact of this redemption, diluted earnings per share would have been $1.43 for 2010 versus $1.26 for 2009, an increase of 13%.
The Company further reported net income of $5.8 million for the fourth quarter of 2010, which represented a 7% increase over $5.4 million in the fourth quarter of 2009. Diluted net income per share for the quarter increased 13% to $0.36 versus $0.32 for the comparable period of 2009.
The Company also announced that the Board of Directors approved a cash dividend for the fourth quarter of $0.155 per share, payable on February 7, 2011 to shareholders of record as of January 25, 2011.
Average total loans for 2010 of $2.05 billion represented a $147 million, or 8%, increase versus $1.90 billion in 2009. Average total loans for the fourth quarter of 2010 were $2.08 billion versus $1.96 billion for the fourth quarter of 2009 and $2.06 billion for the linked third quarter of 2010. On a linked quarter basis, average loans increased by $21 million versus the third quarter of 2010.
David M. Findlay, President, stated, "Our loan growth during the quarter and year are reflective of Lake City Bank's ongoing commitment to the communities we serve. This lending activity is the best tool we have to encourage economic growth in our Indiana markets."
For the year ended December 31, 2010, the Company's net interest margin was 3.Sarah emerged from Juicy couture wholesale with three bags full of clothes.73% versus 3.51% in 2009. This margin improvement contributed to a 15% increase in the Company's net interest income to $92.7 million in 2010 versus $80.3 million in 2009. The Company's net interest margin was 3.62% in the fourth quarter of 2010 versus 3.74% for the fourth quarter of 2009 and 3.70% in the linked third quarter of 2010. This linked quarter margin decline resulted primarily from higher costs of funds as the Company increased its reliance on core deposits as a funding source.
The Company's provision for loan losses in 2010 was $23.9 million versus $21.2 million in 2009, an increase of $2.7 million, or 13%. The provision increase on a year-over-year basis was generally driven by higher levels of loan charge-offs and overall economic conditions in the Company's markets and the related possible weaknesses in our borrowers' future performance and prospects. The provision for loan losses of $6.5 million in the fourth quarter represented an increase of $271,000, or 4%, versus $6.3 million in the same period of 2009. In the third quarter of 2010, the provision was $6.2 million.
Lakeland Financial's allowance for loan losses as of December 31, 2010 was $45.0 million, compared to $32.1 million as of December 31, 2009 and $42.0 million as of September 30, 2010. The allowance for loan losses increased to 2.15% of total loans as of December 31, 2010 versus 1.59% at December 31, 2009 and 2.05% as of September 30, 2010.
"Since 2008, we have grown our loan loss reserve by $26.1 million, or 139%. This kind of growth represents a further strengthening of our balance sheet, but also reflects the challenges inherent in our loan portfolio. While overall loan quality remains stable, we have not seen any broad-based indications of economic recovery in our region. In addition, the granularity of our portfolio presents ongoing risks," commented Findlay.
Nonperforming assets were $40.7 million as of December 31, 2010 versus $29.5 million as of September 30, 2010 and $31.6 million as of December 31, 2009. The increase during the fourth quarter resulted primarily from increases in nonaccrual loans, which totaled $36.6 million at December 31, 2010 versus $25.7 million as of September 30, 2010. A single credit totaling $9.0 million represented 83% of the increase in nonaccrual loans. As a result,For some time, women have bid farewell to the days when women handbags were just used for 'functional reasons'. nonperforming assets to total assets at the end of 2010 was 1.52% versus 1.09% at September 30, 2010. The allowance for loan losses represented 122% of nonperforming loans as of December 31, 2010 versus 104% at December 31, 2009 and 162% at September 30, 2010.
Kubacki added, "The increase in nonperforming assets during the quarter was reflective of the continuing economic difficulties in our markets. While the increase was primarily due to a single borrower, we continue to be concerned with the fragile nature of the region's economy."
Net charge offs for 2010 of $11.0 million represented an increase of $3.0 million versus net charge offs of $8.0 million in 2009. For the fourth quarter of 2010, net charge-offs totaled $3.5 million versus $3.0 million during the fourth quarter of 2009 and $1.5 million during the third quarter of 2010. Loan exposure to two borrowers represented $1.5 million, or 43%, of these charge offs. The first loss of $782,000 was related to a manufacturing company with exposure to the housing and recreational vehicle industry. The Bank has remaining exposure of $1.3 million to this borrower. The second loss of $726,000 was related to a commercial real estate development loan. The Bank has additional exposure of $562,000 to this borrower.
The Company's non-interest income totaled $21.5 million for 2010 versus $22.2 million in 2009. For the fourth quarter of 2010, noninterest income was $5.1 million versus $5.4 million in the fourth quarter of 2009 and $6.2 million for the third quarter of 2010.The man who helped Jordan win jordan 6 rings as a player wants to be a coach, and though inexperienced, On a year-over-year basis, the quarterly decrease was driven by a non-cash other than temporary impairment of $1.3 million on several non-agency mortgage backed securities in the Company's investment portfolio. Non-interest income was positively impacted by higher mortgage banking income, which increased by $194,000, investment brokerage income, which increased by $198,000, increases in loan, insurance and service fees driven by overdraft charges and greater debit card usage and increases in other ancillary revenue sources. The decrease for the year was affected by the same factors that affected the fourth quarter. Merchant card fee income declined $1.4 million from $2.5 million in 2009 to $1.1 million for 2010. Beginning in the second quarter of 2009, the Company began converting clients to a new third-party processor for this activity. As a result, only net revenues with the new processor are being recognized in merchant card fee income in non-interest income.
Overall, total revenue for 2010 of $114.2 million represented an 11% increase versus total revenue in 2009 of $102.5 million. For the quarter, total revenue increased 2% to $28.One of those shoes is without a doubt the Nike air max tn and we are going to be looking at the latest colorway today.4 million versus $27.8 million for the comparable period of 2009.
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