Research Desk Line-up: Macatawa Bank Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Lakeland Financial Corp. (NASDAQ: LKFN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LKFN, following the Company's release of its financial results on October 25, 2017, for the third quarter of the fiscal year 2017. The bank's revenues and EPS surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected Macatawa Bank Corporation (NASDAQ: MCBC) for due-diligence and potential coverage as the Company announced on October 26, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Macatawa Bank when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LKFN; also brushing on MCBC. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended September 30, 2017, Lakeland Financial's revenues were $52.1 million. During Q3 FY17, the Company's adjusted revenues increased 13.9% to $44.12 million from $38.74 million in the same period of last year. The revenue numbers surpassed analysts' expectations of $43.9 million.
During Q3 FY17, Lakeland Financial's total interest income increased 21.4% to $42.59 million from $35.08 million in the comparable period of last year. For the reported quarter, the Company's total interest expenses increased 48.7% to $7.97 million from $5.36 million in the third quarter of 2016. For the reported quarter, the Company's net interest income increased 16.5% to $34.62 million from $29.72 million in Q3 FY16.
During Q3 FY17, the Company's net interest margin increased 27 basis points to 3.35% compared to 3.08% in the third quarter of 2016. The increase was due to higher yields on loans and securities.
During Q3 FY17, Lakeland Financial's total non-interest income increased 5.3% to $9.50 million from $9.02 million in the corresponding period of last year. For the reported quarter, the Company's salaries and employee benefits expenses increased 8.3% to $11.73 million from $10.83 million in the third quarter of 2016. The increase was primarily due to incentive-based compensation costs, increased health insurance costs, normal merit increases, and staff additions related to the Company's continued growth and expansion. During Q3 FY17, the Company's net occupancy expenses increased 5.9% to $1.13 million from $1.07 million in Q3 FY16. For the reported quarter, the Company's total non-interest expenses increased 8% to $20.27 million from $18.76 million in the third quarter of 2016.
During Q3 FY17, Lakeland Financial's earnings before interest and taxes (EBIT) increased 17.1% to $23.40 million from $19.98 million in the same period of last year.
For the reported quarter, Lakeland Financial's net income increased 17.4% to 15.83 million on a y-o-y basis from $13.48 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) increased 17% to $0.62 on a y-o-y basis from $0.53 in the comparable period of last year. The diluted EPS surpassed analysts' expectations of $0.60.
During Q3 FY17, Lakeland Financial's net recoveries were $484,000 million compared to net charge-offs of $394,000 million in the corresponding period of last year. For the reported quarter, the Company's non-performing assets increased 41.7% to $10.51 million from $7.41 million in Q3 FY16, due to an increase in non-accrual loans.
For the reported quarter, the Company's non-performing loans to loans ratio was 0.28% compared to 0.22% in Q3 FY16. During Q3 FY17, the Company's non-performing assets to total assets ratio was 0.24% compared to 0.18% in Q3 FY16.
As on September 30, 2017, Lakeland Financial's cash and due from banks decreased 23% to $109.65 million from $142.41 million as on December 31, 2016.
For the reported quarter, the Company's net loans increased 4.7% to $3.59 billion from $3.43 billion in the fourth quarter of 2016. During Q3 FY17, the Company's total deposits increased 8.3% to $3.87 billion from 3.58 billion in Q4 FY16.
During Q3 FY17, Lakeland Financial's return on average assets ratio was 1.41% compared to 1.03% in Q3 FY16. For the reported quarter, the Company's efficiency ratio was 45.94% compared to 48.83% in the third quarter of 2016.
Lakeland Financial's share price finished yesterday's trading session at $49.25, marginally up 0.43%. A total volume of 80.72 thousand shares have exchanged hands, which was higher than the 3-month average volume of 71.04 thousand shares. The Company's stock price surged 12.47% in the last three months, 13.04% in the past six months, and 13.77% in the previous twelve months. Additionally, the stock gained 3.99% since the start of the year. Shares of the Company have a PE ratio of 21.30 and have a dividend yield of 1.79%. The stock currently has a market cap of $1.24 billion.
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