LAKELAND FINANCIAL CORPORATION quaterly financial analysis

1. LAKELAND FINANCIAL CORPORATION (NASDAQ - LKFN)
Financial Highlights
Trend Analysis--Quarterly (click here for Annual Analysis)
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Balance Sheet ($000)
Q-Q
Y-Y
Ch (%)†
2008 Q4 2007 Q4 Ch (%) 2008 Q3
1,833,334 1,523,720 20.32 1,717,345 27.02
Loans Held for Investment, before Reserves
401 537 (25.33) 2,591 (338.09)
Loans Held for Sale, before Reserves
18,860 15,801 19.36 18,124 16.24
Loan Loss Reserve
1,814,875 1,508,456 20.31 1,701,812 26.57
Net Loans Receivable
5,383 5,589 (3.69) 5,435 (3.83)
Intangible Assets
2,376,967 1,989,133 19.50 2,254,471 21.73
Total Assets
1,885,299 1,478,918 27.48 1,707,930 41.54
Deposits
323,580 347,137 (6.79) 378,262 (57.82)
Debt, Senior and Subordinated
150,582 146,270 2.95 153,358 (7.24)
Common Equity
150,582 146,270 2.95 153,358 (7.24)
Total Shareholders' Equity
12,266,849 12,111,703 1.28 12,197,175 2.28
Shares Outstanding (actual)
Income Statement ($000)
Q-Q
Y-Y
Ch (%)†
2008 Q4 2007 Q4 Ch (%) 2008 Q3
15,992 14,058 13.76 17,272 (29.64)
Net Interest Income
2,323 1,054 120.40 3,710 (149.54)
Provision for Loan Losses
5,385 5,148 4.60 6,191 (52.08)
Noninterest Income
12,550 11,369 10.39 11,942 20.37
Noninterest Expense
6,510 6,836 (4.77) 7,822 (67.09)
Net Income Before Taxes
2,071 2,012 2.93 2,597 (81.02)
Provision for Taxes
4,433 4,824 (8.11) 5,225 (60.63)
Net Income
Per Share Items ($)
Q-Q
Y-Y
Ch (%)†
2008 Q4 2007 Q4 Ch (%) 2008 Q3
12.17 11.98 1.59 12.47 (9.62)
Book Value per Share
11.73 11.52 1.85 12.03 (9.75)
Tangible Book Value
0.35 0.40 (12.50) 0.42 (66.67)
Diluted EPS Before Extra
0.35 0.40 (12.50) 0.42 (66.67)
Diluted EPS After Extra
0.1550 0.1400 10.71 0.1550 0.00
Dividends Declared
Performance Ratios (%)
Y-Y Q-Q
2008 Q4 2007 Q4 Ch (bp) 2008 Q3 Ch (bp)
0.76 0.99 (23) 0.94 (18)
ROAA
11.65 13.30 (165) 13.68 (203)
ROAE
2.98 3.14 (16) 3.35 (37)
Net Interest Margin
97.24 103.03 (579) 100.55 (331)
Loans / Deposits
58.71 59.03 (32) 50.88 783
Efficiency Ratio
Balance Sheet Ratios (%)

2. Y-Y Q-Q
2008 Q4 2007 Q4 Ch (bp) 2008 Q3 Ch (bp)
6.12 7.09 (97) 6.58 (45)
Tangible Equity/ Tangible Assets
6.34 7.35 (102) 6.80 (47)
Equity/ Assets
Asset Quality Ratios (%)
Y-Y Q-Q
2008 Q4 2007 Q4 Ch (bp) 2008 Q3 Ch (bp)
0.94 0.50 44 0.94 0
Nonperforming Assets/ Assets
1.03 1.04 (1) 1.05 (3)
Loan Loss Reserves/ Gross Loans
86.07 167.21 (8,114) 93.30 (723)
Loan Loss Reserves/ NPAs
0.36 0.09 27 0.85 (50)
Net Charge-offs/ Avg Loans
Regulatory Capital Ratios (%)
Y-Y Q-Q
2008 Q4 2007 Q4 Ch (bp) 2008 Q3 Ch (bp)
9.27 10.54 (127) 9.79 (52)
Tier 1 Capital Ratio
† Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4
* Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.
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