Lakeland Financial Reports Record Second Quarter 2021 Performance

Lake City Bank
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WARSAW, Ind., July 26, 2021 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record quarterly net income of $24.3 million for the three months ended June 30, 2021, an increase of 24% versus $19.7 million for the second quarter of 2020. Diluted earnings per share increased 23% to $0.95 for the second quarter of 2021, versus $0.77 for the second quarter of 2020. On a linked quarter basis, net income increased $1.4 million, or 6%, from the first quarter of 2021, in which the company had net income of $23.0 million, or $0.90, diluted earnings per share. Pretax pre-provision earnings1 were $28.4 million for the second quarter of 2021, a decrease of 4%, or $1.3 million, from $29.6 million for the second quarter of 2020. On a linked quarter basis, pretax pre-provision earnings decreased 4%, or $1.1 million, from $29.5 million for the first quarter of 2021.

The company further reported record net income of $47.3 million for the six months ended June 30, 2021 versus $37.0 million for the comparable period of 2020, an increase of 28%. Diluted earnings per share also increased 28% to $1.85 for the six months ended June 30, 2021 versus $1.44 for the comparable period of 2020. Pretax pre-provision earnings1 were $57.8 million for the six months ended June 30, 2021, versus $57.2 million for the comparable period of 2020, an increase of 1%, or $0.7 million.

David M. Findlay, President and Chief Executive Officer commented, “We are very pleased with our strong performance in 2021 under challenging conditions. Our record net income for the quarter and first six months of the year reflects strong organic loan and deposit growth, exceptional management of the Paycheck Protection Program and prudent overall balance sheet management. As we transition to the second half of 2021, we look forward to expanding our business development efforts and focusing on growing relationships with clients and prospects.”

Financial Performance – Second Quarter 2021

Second Quarter 2021 versus Second Quarter 2020 highlights:

  • Return on average equity of 14.71%, compared to 12.92%

  • Return on average assets of 1.58%, compared to 1.45%

  • Organic loan growth, excluding PPP loans, of $223.6 million, or 6%

  • Core deposit growth of $769.3 million, or 17%

    • Noninterest bearing demand deposit account growth of $317.1 million, or 22%

  • Net interest income increase of $4.1 million, or 10%

  • Net interest margin of 3.01% compared to 3.10%

  • Noninterest income increase of $171,000, or 2%

  • Revenue growth of $4.3 million, or 8%

  • Noninterest expense increase of $5.6 million, or 26%

  • Recovery of a $1.7 million loan charged off in 2009, resulting in $1.7 million reverse provision compared to provision expense of $5.5 million, a decrease of $7.2 million

  • Dividend per share increase of 13% to $0.34 from $0.30

  • Average total equity increase of $51.7 million, or 8%

  • Total risk-based capital ratio improved to 15.04% compared to 14.93%

  • Tangible capital ratio of 10.81% compared to 11.35%

Second Quarter 2021 versus First Quarter 2021 highlights:

  • Return on average equity of 14.71%, compared to 14.27%

  • Return on average assets of 1.58% for both periods

  • Organic loan growth, excluding PPP loans, of $81.6 million, or 2%

  • Core deposit growth of $164.7 million, or 3%

    • Noninterest bearing demand deposit account growth of $138.9 million, or 9%

  • Net interest income decrease of $18,000

  • Net interest margin of 3.01% compared to 3.19%

  • Noninterest income decrease of $1.2 million, or 10%

  • Recovery of a $1.7 million loan charged off in 2009, resulting in $1.7 million reverse provision compared to provision expense of $1.5 million, a decrease of $3.2 million

  • Decrease in watch list loans of $10.8 million, or 4% decline

  • Noninterest expense decrease of $98,000

  • Average total equity increase of $10.7 million, or 2%

  • Total risk-based capital declined to 15.04% compared to 15.20%

  • Tangible capital ratio was 10.81% compared to 10.77%

As announced on July 13, 2021, the board of directors approved a cash dividend for the second quarter of $0.34 per share, payable on August 5, 2021, to shareholders of record as of July 25, 2021. The second quarter dividend per share of $0.34 is unchanged from the dividend per share paid for the first quarter of 2021 and reflects a 13% increase from the dividend rate a year ago.

On April 13, 2021, the company’s board of directors reauthorized and extended the share repurchase program through April 30, 2023. Under the program the company is authorized to repurchase, from time to time as the company deems appropriate, shares of the company’s common stock with an aggregate purchase price of up to $30 million. No shares were repurchased under the plan during 2021. Under the program, the company repurchased 289,101 shares, with an average purchase price of $34.66, during the first quarter of 2020.

Average total loans for the second quarter of 2021 were $4.49 billion, an increase of $27.3 million, or 1%, versus $4.46 billion for the second quarter 2020. Average PPP loans were $348.0 million during the second quarter 2021. Excluding PPP loans, average loans were $4.14 billion compared to $4.00 billion for the second quarter of 2020, an increase of $137.0 million, or 3%. On a linked quarter basis, average loans excluding PPP loans decreased by $24.8 million, or 1%. Average total loans including PPP loans decreased $79.5 million, or 2%, from $4.57 billion for the first quarter of 2021.

Total loans, excluding PPP loans, increased by $223.6 million, or 6%, as of June 30, 2021 as compared to June 30, 2020. On a linked quarter basis, total loans excluding PPP loans were $4.16 billion as of June 30, 2021, an increase of $81.6 million, or 2%, as compared to the first quarter of 2021. Total loans outstanding, including PPP loans, decreased by $136.8 million, or 3%, from $4.49 billion as of June 30, 2020 to $4.35 billion as of June 30, 2021. PPP loans outstanding were $194.2 million as of June 30, 2021, which reflects PPP forgiveness and repayments of $535.2 million since the program’s inception.

Findlay stated, “We are pleased to report substantial progress in PPP forgiveness application approvals during the quarter with $228.1 million, or approximately 578 loans, forgiven during the quarter. Approximately 95% of our round one PPP loans have been forgiven by the SBA and 29% of our round two PPP loans have been forgiven as of July 20, 2021. Our lenders look forward to shifting their focus to organic loan growth opportunities in our Lake City Bank footprint. The loan pipeline is healthy and we are optimistic about future loan growth potential.”

Average total deposits were $5.39 billion for the second quarter of 2021, an increase of $690.4 million, or 15%, versus $4.70 billion for the second quarter of 2020. On a linked quarter basis, average total deposits increased by $280.2 million, or 5%. Total deposits increased $751.2 million, or 16%, from $4.64 billion as of June 30, 2020 to $5.39 billion as of June 30, 2021. On a linked quarter basis, total deposits increased by $164.7 million, or 3%, from $5.23 billion as of March 31, 2021.

Core deposits, which exclude brokered deposits, increased by $769.3 million, or 17%, from $4.62 billion at June 30, 2020 to $5.38 billion at June 30, 2021. This increase was due to growth in commercial deposits of $338.9 million, or 19%; growth in retail deposits of $258.1 million, or 15%; and growth in public fund deposits of $172.4 million, or 16%. On a linked quarter basis, core deposits increased by $164.7 million, or 3%, at June 30, 2021 as compared to March 31, 2021. The linked quarter growth resulted from commercial deposit growth of $114.4 million, a 6% increase; public fund growth of $71.2 million, a 6% increase; and retail contraction of $20.9 million, a 1% decrease. PPP loan forgiveness and the first round of stimulus payments to municipalities contributed to the increase in deposits during the second quarter.

Investment securities were $1.1 billion at June 30, 2021, reflecting an increase of $491.3 million, or 78%, as compared to $632.9 million at June 30, 2020. Investment securities increased $283.8 million, or 34%, on a linked quarter basis. Investment securities represent 18% of total assets compared to 12% on June 30, 2020 and 14% on March 31, 2021. The increase in investment securities reflects the deployment of excess liquidity resulting from deposit increases that resulted from PPP and economic stimulus.

Findlay added, “We have deployed $600 million in excess liquidity to our investment securities portfolio since late 2020 in response to the surge in deposit balances that began in 2020 and has continued into 2021. The unprecedented liquidity of our balance sheet has presented some unique challenges and we have judiciously allocated a portion of that liquidity to the investment portfolio without significant impact to our asset sensitive balance sheet. Our commercial line utilization has improved from 39% in March 2021 to 41% in July, however it is considerably lower than in previous years. During the past eight years, we have averaged 49% commercial line utilization, so the trends in 2020 and 2021 have clearly been created by the impact on our clients of the governmental programs designed to strengthen and stabilize the economy.”

The company’s net interest margin decreased 9 basis points to 3.01% for the second quarter of 2021 compared to 3.10% for the second quarter of 2020. The lower margin in the second quarter of 2021 as compared to the prior year period was due to lower yields on loans and securities, partially offset by a lower cost of funds. As a result of the excess liquidity on the company's balance sheet, the mix of earning assets included lower earning assets consisting of balances at the Federal Reserve Bank and the investment securities portfolio. The decline in earning asset yields, and thereby net interest margin, resulted from the Federal Reserve Bank decreases in the target Federal Funds Rate by 150 basis points during the first quarter of 2020, which brought the Federal Funds Rate back to the zero-bound range of 0.00% to 0.25%. Second quarter loan yields were impacted by the lower yield on the PPP loan portfolio, offset by fees earned as a result of PPP loan forgiveness.

The company’s net interest margin excluding PPP loans1 was 6 basis points lower at 2.95% for the second quarter of 2021 compared to actual net interest margin of 3.01%, and reflects a 22 basis point decline from net interest margin excluding PPP loans of 3.17% in the second quarter of 2020. Linked quarter net interest margin excluding PPP loans decreased by 11 basis points compared to 3.06% for the first quarter of 2021 due to declining earning asset yields and excess liquidity on the balance sheet. Cost of funds decreased to a historical low of 0.27% for the three-month period ended June 30, 2021 from 0.56% at June 30, 2020 and 0.31% on a linked quarter basis.

Net interest income increased by $4.1 million, or 10%, for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020. On a linked quarter basis, net interest income decreased $18,000 from the first quarter of 2021. PPP loan income was $3.7 million for the three months ended June 30, 2021, compared to $5.2 million during the first quarter of 2021. Net interest income increased by $9.0 million, or 11%, for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 due primarily to a decrease in interest expense of $10.6 million and an increase in investment securities income of $1.5 million, offset by a $3.1 million decline in loan interest income.

The company adopted CECL during the first quarter of 2021, effective January 1, 2021. The day one impact of adoption was an increase in the allowance for credit losses2 of $9.1 million, with an offset, net of taxes, to beginning stockholders’ equity. The company recorded a provision for credit losses2 reversal of $1.7 million in the second quarter of 2021, compared to $5.5 million provision expense in the second quarter of 2020, a decrease of $7.2 million. On a linked quarter basis, the provision2 decreased by $3.2 million from expense of $1.5 million in the first quarter of 2021. The provision reversal in the second quarter of 2021 was driven primarily by a one-time recovery of $1.7 million from a commercial loan relationship that had been partially charged off in 2009. The company’s credit loss reserve to total loans2 was 1.65% at June 30, 2021 versus 1.31% at June 30, 2020 and 1.61% at March 31, 2021. The company’s credit loss reserve2 to total loans excluding PPP loans1 was 1.72% at June 30, 2021 versus 1.50% at June 30, 2020 and 1.76% at March 31, 2021. PPP loans are guaranteed by the United States Small Business Administration (SBA) and have not been allocated for within the allowance for credit losses2.

“The $1.7 million recovery recorded during the second quarter is a testament to our long-standing approach to working with our borrowers when they encounter challenges. We prudently charged off the loan 12 years ago but continued to do business with the borrower and maintained a meaningful relationship. As a result, the bank was able to work with the borrower to secure this recovery,” commented Findlay.

Net recoveries in the second quarter of 2021 were $1.6 million versus net charge offs of $90,000 in the second quarter of 2020 and net charge offs of $91,000 during the linked first quarter of 2021. Annualized net charge offs (recoveries) to average loans were (0.14%) for the second quarter of 2021 versus 0.01% for the second quarter of 2020, and 0.01% for the linked first quarter of 2021.

Nonperforming assets decreased $3.3 million, or 22%, to $11.8 million as of June 30, 2021 versus $15.1 million as of June 30, 2020. On a linked quarter basis, nonperforming assets decreased $383,000, or 3%, versus the $12.2 million reported as of March 31, 2021. The ratio of nonperforming assets to total assets at June 30, 2021 decreased to 0.19% from 0.28% at June 30, 2020 and decreased from 0.20% at March 31, 2021 on a linked quarter basis. Total individually analyzed and watch list loans increased by $57.1 million, or 31%, to $241.3 million at June 30, 2021 versus $184.2 million as of June 30, 2020. On a linked quarter basis, total individually analyzed and watch list loans decreased by $9.9 million, or 4%, from $251.2 million at March 31, 2021. The decrease in total individually analyzed and watch list loans was due primarily to a decrease in non-individually analyzed watch list credits. Individually analyzed watch list loans decreased by $4.7 million, or 20%, to $19.3 million at June 30, 2021 versus $24.0 million at June 30, 2020. On a linked quarter basis, individually analyzed watch list loans decreased by $872,000, or 4%, from $20.1 million at March 31, 2021.

The company’s noninterest income increased $171,000, or 2%, to $11.3 million for the second quarter of 2021, compared to $11.2 million for the second quarter of 2020. Noninterest income was positively impacted by elevated wealth and investment brokerage fees which increased by $538,000, or 25%, for these comparable periods. In addition, service charges on deposit accounts were up $332,000, or 15%, and loan and service fees were up $617,000, or 25%, for these comparable periods due to an increase in economic activity within the company's operating footprint. Offsetting these increases were decreases of $804,000, or 61%, in interest rate swap fee income and $939,000, or 69%, in mortgage banking income. Both interest rate swap arrangements and mortgage banking have seen a decrease in demand during the second quarter of 2021 compared to the second quarter of 2020, and the carrying value of mortgage service rights has been impacted by increased prepayment speeds due to the current rate environment and appreciating single-home values.

Noninterest income decreased by $1.2 million, or 10%, on a linked quarter from $12.6 million. The linked quarter decrease resulted primarily from a decrease in net securities gains of $709,000 and mortgage banking income of $958,000. Offsetting these decreases was a $256,000 increase in interest rate swap fee income during the quarter.

The company’s noninterest expense increased $5.6 million, or 26%, to $26.6 million in the second quarter of 2021, compared to $21.1 million in the second quarter of 2020. Salaries and employee benefits increased $4.3 million, or 38%, driven by higher performance-based incentive compensation expense and higher employee health insurance expense. Professional fees increased $786,000, or 75%, driven by expenses related to the company's implementation of Lake City Bank Digital, an innovative digital banking platform, in the first quarter of 2021, as well as an increase in legal and regulatory expense. Data processing fees increased $375,000, or 13%, driven by the company’s continued investment in customer focused, technology-based solutions, such as the online PPP origination and forgiveness platform, and ongoing cybersecurity and data management enhancements.

On a linked quarter basis, noninterest expense decreased by $98,000 to $26.6 million. Salaries and employee benefits increased by $1.4 million, or 10%, driven by higher performance-based incentive compensation expense. Offsetting this increase was a planned seasonal decrease of $311,000 in advertising spending and a reduction in equipment costs of $127,000. In addition, the company made a $500,000 contribution to its foundation in the first quarter that did not repeat in the second quarter of 2021.

The company’s efficiency ratio was 48.5% for the second quarter of 2021, compared to 41.6% for the second quarter of 2020 and 47.6% for the linked first quarter of 2021. The company's efficiency ratio was 48.0% for the six months ended June 30, 2021 compared to 43.0% in the prior period.

_____________________________________________________
1 Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”
2 Beginning January 1, 2021 calculation is based on the Current Expected Credit Loss methodology (CECL). Prior to January 1, 2021 calculation was based on the incurred loss methodology.

Active Management of Credit Risk

The company’s Commercial Banking and Credit Administration leadership continues to review and refine the list of industries that the company believes are most likely to be materially impacted by the potential economic impact resulting from the COVID-19 pandemic. The current assessment of impacted industries has narrowed from year end 2020 and includes only one industry, hotel and accommodation, as compared to the initial list of ten potentially affected industries disclosed in the company’s earnings release for the first quarter of 2020. The hotel and accommodation industry represents approximately 2.3%, or $96 million, of the company’s total loan portfolio. The original ten industries represented a peak of $765 million, or 18.7%, as of March 31, 2020, excluding PPP loans.

Findlay noted, “Asset quality metrics have continued to improve during 2021 on nearly every front, and we are cautiously optimistic about overall trends in asset quality. While our borrowers continue to experience supply chain issues and an increase in cost of goods sold, they are generally working through these issues effectively.”

The company’s commercial loan portfolio is highly diversified, and no industry sector represents more than 8% of the bank’s loan portfolio, net of PPP, as of June 30, 2021. Agri-business and agricultural loans, along with healthcare loans, represented the highest specific industry concentrations, at 8% of total loans in both cases. The company’s Commercial Banking and Credit Administration teams continue to actively work with customers to understand their business challenges and credit needs during this time.

COVID-19 Related Loan Deferrals

Loan deferrals peaked on June 17, 2020, at $737 million, which represented 16% of the total loan portfolio. As of June 30, 2021, total deferrals attributable to COVID-19 were $37 million, representing eight borrowers, or 1% of the total loan portfolio. Total deferrals as of July 20, 2021 represented a decline in deferral balances of 96% from peak levels. Of the $28 million, four were commercial loan borrowers representing $28 million in loans, or 1% of total commercial loans, and there were no retail loan deferrals. All COVID-19 related loan deferrals remain on accrual status, as each deferral is evaluated individually, and management has determined that all contractual cashflows are collectable at this time.

As of July 20, 2021, of the total commercial deferrals attributed to COVID-19, $8 million represented a first deferral action, $250,000 represented a second deferral action and $20 million represented a third deferral action. In accordance with Section 4013 of the CARES Act, these deferrals were not considered to be troubled debt restructurings. This provision was extended to January 1, 2022 under the Consolidated Appropriations Act, 2021. The third deferral actions, which are comprised of two borrowers, have been classified as watchlist credits and are adequately reserved for in the allowance for credit losses as of June 30, 2021.

The company’s retail loan portfolio is comprised of 1-4 family mortgage loans, home equity lines of credit and other direct and indirect installment loans. A third-party vendor manages the company’s retail and commercial credit card program and the company does not have any balance sheet exposure with respect to this program except for nominal recourse on limited commercial card accounts.

Paycheck Protection Program

During the first and second quarter of 2021, the company funded PPP loans totaling $165.1 million for its customers through the second round of the PPP program. In addition, the bank has continued processing forgiveness applications for PPP loans made during the first and second rounds of the PPP program. As of June 30, 2021, Lake City Bank had $194.2 million in PPP loans outstanding, net of deferred fees, consisting of $40.7 million from PPP round one and $153.5 million from PPP round two. Most of the PPP loans are for existing customers and 55% of the number of PPP loans originated are for amounts less than $50,000. As of June 30, 2021, the SBA has approved forgiveness for $513.6 million in PPP loans originated during round one and $5.7 million in PPP loans originated during round two. The company has submitted forgiveness applications on behalf of customers in the amount of $15.2 million for PPP round one and $1.7 million for PPP round two that are awaiting SBA approval.

June 30, 2021

Originated

Forgiven

Outstanding (1)

Number

Amount

Number

Amount

Number

Amount

PPP Round 1

2,409

$

570,500

2,256

$

513,626

133

$

40,746

PPP Round 2

1,192

165,142

180

5,746

1,012

153,466

Total

3,601

$

735,642

2,436

$

519,372

1,145

$

194,212

(1) Outstanding balance includes deferred loan origination fees, net of costs, and any loans repaid by borrowers.

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 tangible common equity, tangible assets, tangible book value per share, tangible common equity to tangible assets ratio and pretax pre-provision earnings. A reconciliation of these and other 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 the effects of the COVID-19 pandemic, including its effects on our customers, local economic conditions, our operations and vendors, and the responses of federal, state and local governmental authorities, as well as 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 reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION
SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS

Three Months Ended

Six Months Ended

(Unaudited – Dollars in thousands, except per share data)

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

END OF PERIOD BALANCES

2021

2021

2020

2021

2020

Assets

$

6,232,914

$

6,016,642

$

5,441,092

$

6,232,914

$

5,441,092

Deposits

5,394,664

5,229,970

4,643,427

5,394,664

4,643,427

Brokered Deposits

10,004

10,003

28,052

10,004

28,052

Core Deposits (1)

5,384,660

5,219,967

4,615,375

5,384,660

4,615,375

Loans

4,353,709

4,474,631

4,490,532

4,353,709

4,490,532

Paycheck Protection Program (PPP) Loans

194,212

396,723

554,636

194,212

554,636

Allowance for Credit Losses (2)

71,713

71,844

59,019

71,713

59,019

Total Equity

677,471

651,668

620,892

677,471

620,892

Goodwill net of deferred tax assets

3,794

3,794

3,789

3,794

3,789

Tangible Common Equity (3)

673,677

647,874

617,103

673,677

617,103

AVERAGE BALANCES

Total Assets

$

6,171,427

$

5,887,361

$

5,454,608

$

6,030,178

$

5,210,873

Earning Assets

5,924,801

5,638,202

5,212,985

5,782,293

4,975,358

Investments - available-for-sale

955,242

772,247

621,134

864,250

620,005

Loans

4,487,683

4,567,226

4,460,411

4,527,234

4,259,792

Paycheck Protection Program (PPP) Loans

348,026

402,730

457,757

375,226

228,878

Total Deposits

5,387,185

5,107,019

4,696,832

5,247,878

4,450,463

Interest Bearing Deposits

3,753,499

3,540,974

3,335,189

3,647,826

3,273,815

Interest Bearing Liabilities

3,828,499

3,617,491

3,421,041

3,723,580

3,373,027

Total Equity

663,993

653,329

612,313

658,690

608,293

INCOME STATEMENT DATA

Net Interest Income

$

43,661

$

43,679

$

39,528

$

87,340

$

78,382

Net Interest Income-Fully Tax Equivalent

44,452

44,366

40,124

88,818

79,567

Provision for Credit Losses (2)

(1,700

)

1,477

5,500

(223

)

12,100

Noninterest Income

11,340

12,557

11,169

23,897

21,946

Noninterest Expense

26,648

26,746

21,079

53,394

43,168

Net Income

24,348

22,983

19,670

47,331

36,969

Pretax Pre-Provision Earnings (3)

28,353

29,490

29,618

57,843

57,160

PER SHARE DATA

Basic Net Income Per Common Share

$

0.96

$

0.90

$

0.77

$

1.86

$

1.45

Diluted Net Income Per Common Share

0.95

0.90

0.77

1.85

1.44

Cash Dividends Declared Per Common Share

0.34

0.34

0.30

0.68

0.60

Dividend Payout

35.79

%

37.78

%

38.96

%

36.76

%

41.67

%

Book Value Per Common Share (equity per share issued)

26.59

25.58

24.43

26.59

24.43

Tangible Book Value Per Common Share (3)

26.45

25.43

24.28

26.45

24.28

Market Value – High

70.25

77.05

47.49

77.05

49.85

Market Value – Low

57.02

53.03

33.92

53.03

30.49

Three Months Ended

Six Months Ended

Jun. 30,
2021

Mar. 31,
2021

Jun. 30,
2020

Jun. 30,
2021

Jun. 30,
2020

Basic Weighted Average Common Shares Outstanding

25,473,497

25,457,659

25,412,014

25,465,621

25,517,499

Diluted Weighted Average Common Shares Outstanding

25,602,063

25,550,111

25,469,680

25,596,843

25,594,959

KEY RATIOS

Return on Average Assets

1.58

%

1.58

%

1.45

%

1.58

%

1.43

%

Return on Average Total Equity

14.71

14.27

12.92

14.49

12.22

Average Equity to Average Assets

10.76

11.10

11.23

10.92

11.67

Net Interest Margin

3.01

3.19

3.10

3.10

3.22

Net Interest Margin, Excluding PPP Loans (3)

2.95

3.06

3.17

3.00

3.25

Efficiency (Noninterest Expense / Net Interest Income plus Noninterest Income)

48.45

47.56

41.58

48.00

43.03

Tier 1 Leverage (4)

10.59

10.79

10.84

10.59

10.84

Tier 1 Risk-Based Capital (4)

13.79

13.95

13.68

13.79

13.68

Common Equity Tier 1 (CET1) (4)

13.79

13.95

13.68

13.79

13.68

Total Capital (4)

15.04

15.20

14.93

15.04

14.93

Tangible Capital (3) (4)

10.81

10.77

11.35

10.81

11.35

ASSET QUALITY

Loans Past Due 30 - 89 Days

$

673

$

739

$

683

$

673

$

683

Loans Past Due 90 Days or More

18

18

19

18

19

Non-accrual Loans

10,709

11,707

14,779

10,709

14,779

Nonperforming Loans (includes nonperforming TDRs)

10,727

11,725

14,798

10,727

14,798

Other Real Estate Owned

1,079

447

316

1,079

316

Other Nonperforming Assets

0

17

0

0

0

Total Nonperforming Assets

11,806

12,189

15,114

11,806

15,114

Performing Troubled Debt Restructurings

5,040

5,111

5,772

5,040

5,772

Nonperforming Troubled Debt Restructurings (included in nonperforming loans)

5,938

6,508

7,582

5,938

7,582

Total Troubled Debt Restructurings

10,978

11,619

13,354

10,978

13,354

Individually Analyzed Loans

19,277

20,149

23,987

19,277

23,987

Non-Individually Analyzed Watch List Loans

241,265

251,183

184,203

241,265

184,203

Total Individually Analyzed and Watch List Loans

260,542

271,332

208,190

260,542

208,190

Gross Charge Offs

267

236

411

503

4,260

Recoveries

1,836

145

321

1,981

527

Net Charge Offs/(Recoveries)

(1,569

)

91

90

(1,478

)

3,733

Net Charge Offs/(Recoveries) to Average Loans

(0.14

%)

0.01

%

0.01

%

(0.07

%)

0.18

%

Credit Loss Reserve to Loans (2)

1.65

%

1.61

%

1.31

%

1.65

%

1.31

%

Credit Loss Reserve to Loans, Excluding PPP Loans (2) (3)

1.72

%

1.76

%

1.50

%

1.72

%

1.50

%

Three Months Ended

Six Months Ended

Jun. 30,
2021

Mar. 31,
2021

Jun. 30,
2020

Jun. 30,
2021

Jun. 30,
2020

Credit Loss Reserve to Nonperforming Loans (2)

668.51

%

612.70

%

398.83

%

668.51

%

398.83

%

Credit Loss Reserve to Nonperforming Loans and Performing TDRs (2)

454.82

%

426.70

%

286.92

%

454.82

%

286.92

%

Nonperforming Loans to Loans

0.25

%

0.26

%

0.33

%

0.25

%

0.33

%

Nonperforming Assets to Assets

0.19

%

0.20

%

0.28

%

0.19

%

0.28

%

Total Individually Analyzed and Watch List Loans to Total Loans

5.98

%

6.06

%

4.64

%

5.98

%

4.64

%

Total Individually Analyzed and Watch List Loans to Total Loans, Excluding PPP Loans (3)

6.26

%

6.65

%

5.29

%

6.26

%

5.29

%

OTHER DATA

Full Time Equivalent Employees

600

587

574

600

574

Offices

50

50

50

50

50

_____________________________________________________________
(1) Core deposits equals deposits less brokered deposits
(2) Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.
(3) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Financial Measures"
(4) Capital ratios for June 30, 2021 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

​

June 30,
2021

December 31,
2020

​

(Unaudited)

​

ASSETS

Cash and due from banks

$

57,412

$

74,457

Short-term investments

515,398

175,470

Total cash and cash equivalents

572,810

249,927

​

Securities available-for-sale (carried at fair value)

1,124,235

734,845

Real estate mortgage loans held-for-sale

7,005

11,218

​

Loans, net of allowance for credit losses* of $71,713 and $61,408

4,281,996

4,587,748

​

Land, premises and equipment, net

59,539

59,298

Bank owned life insurance

96,921

95,227

Federal Reserve and Federal Home Loan Bank stock

13,772

13,772

Accrued interest receivable

17,056

18,761

Goodwill

4,970

4,970

Other assets

54,610

54,669

Total assets

$

6,232,914

$

5,830,435

​

​

LIABILITIES

Noninterest bearing deposits

$

1,743,000

$

1,538,331

Interest bearing deposits

3,651,664

3,498,474

Total deposits

5,394,664

5,036,805

​

Borrowings

Federal Home Loan Bank advances

75,000

75,000

Miscellaneous borrowings

0

10,500

Total borrowings

75,000

85,500

​

Accrued interest payable

3,871

5,959

Other liabilities

81,908

44,987

Total liabilities

5,555,443

5,173,251

​

STOCKHOLDERS’ EQUITY

Common stock: 90,000,000 shares authorized, no par value

25,762,538 shares issued and 25,289,966 outstanding as of June 30, 2021

25,713,408 shares issued and 25,239,748 outstanding as of December 31, 2020

117,796

114,927

Retained earnings

552,063

529,005

Accumulated other comprehensive income

22,271

27,744

Treasury stock at cost (472,572 shares as of June 30, 2021, 473,660 shares as of December 31, 2020)

(14,748

)

(14,581

)

Total stockholders’ equity

677,382

657,095

Noncontrolling interest

89

89

Total equity

677,471

657,184

Total liabilities and equity

$

6,232,914

$

5,830,435

_______________________________________
* Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)

​

Three Months Ended
June 30,

Six Months Ended
June 30,

​

2021

2020

2021

2020

NET INTEREST INCOME

Interest and fees on loans

Taxable

$

42,342

$

42,649

$

85,803

$

88,703

Tax exempt

101

216

205

438

Interest and dividends on securities

​

​

Taxable

2,177

1,869

4,012

3,842

Tax exempt

2,870

2,033

5,359

4,039

Other interest income

135

64

223

248

Total interest income

47,625

46,831

95,602

97,270

​

​

​

​

​

Interest on deposits

3,890

7,184

8,108

18,383

Interest on borrowings

​

​

Short-term

0

45

7

407

Long-term

74

74

147

98

Total interest expense

3,964

7,303

8,262

18,888

​

​

​

​

​

NET INTEREST INCOME

43,661

39,528

87,340

78,382

​

​

​

​

​

Provision for credit losses*

(1,700

)

5,500

(223

)

12,100

​

​

​

​

​

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

45,361

34,028

87,563

66,282

​

​

​

​

​

NONINTEREST INCOME

Wealth advisory fees

2,078

1,805

4,256

3,664

Investment brokerage fees

575

310

1,039

727

Service charges on deposit accounts

2,521

2,189

5,012

4,961

Loan and service fees

3,042

2,425

5,818

4,833

Merchant card fee income

766

594

1,388

1,263

Bank owned life insurance income

705

836

1,461

544

Interest rate swap fee income

505

1,309

754

1,962

Mortgage banking income

415

1,354

1,788

1,940

Net securities gains

44

49

797

49

Other income

689

298

1,584

2,003

Total noninterest income

11,340

11,169

23,897

21,946

​

​

​

​

​

NONINTEREST EXPENSE

Salaries and employee benefits

15,762

11,424

30,147

22,990

Net occupancy expense

1,427

1,545

2,930

2,932

Equipment costs

1,318

1,430

2,763

2,847

Data processing fees and supplies

3,204

2,829

6,523

5,711

Corporate and business development

699

627

2,208

1,738

FDIC insurance and other regulatory fees

495

403

959

670

Professional fees

1,839

1,053

3,716

2,200

Other expense

1,904

1,768

4,148

4,080

Total noninterest expense

26,648

21,079

53,394

43,168

​

​

​

​

​

INCOME BEFORE INCOME TAX EXPENSE

30,053

24,118

58,066

45,060

Income tax expense

5,705

4,448

10,735

8,091

NET INCOME

$

24,348

$

19,670

$

47,331

$

36,969

​​

​

Three Months Ended
June 30,

​​ Six Months Ended
June 30,​

2021

2020

2021

2020

BASIC WEIGHTED AVERAGE COMMON SHARES

25,473,497

25,412,014

25,465,621

25,517,499

​

​

​

BASIC EARNINGS PER COMMON SHARE

$

0.96

$

0.77

$

1.86

$

1.45

​

​

​

DILUTED WEIGHTED AVERAGE COMMON SHARES

25,602,063

25,469,680

25,596,843

25,594,959

​

DILUTED EARNINGS PER COMMON SHARE

$

0.95

$

0.77

$

1.85

$

1.44

_______________________________________
* Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

LAKELAND FINANCIAL CORPORATION
LOAN DETAIL
(unaudited, in thousands)

June 30,
2021

March 31,
2021

June 30,
2020

Commercial and industrial loans:

Working capital lines of credit loans

$

616,401

14.1

%

$

574,659

12.8

%

$

568,621

12.6

%

Non-working capital loans

886,284

20.3

1,101,805

24.6

1,238,556

27.5

Total commercial and industrial loans

1,502,685

34.4

1,676,464

37.4

1,807,177

40.1

Commercial real estate and multi-family residential loans:

Construction and land development loans

402,583

9.2

370,906

8.3

359,948

8.0

Owner occupied loans

672,903

15.5

669,390

14.9

576,213

12.8

Nonowner occupied loans

606,096

13.9

605,640

13.5

554,572

12.3

Multifamily loans

300,449

6.9

301,385

6.7

290,566

6.4

Total commercial real estate and multi-family residential loans

1,982,031

45.5

1,947,321

43.4

1,781,299

39.5

Agri-business and agricultural loans:

Loans secured by farmland

167,314

3.8

154,826

3.5

153,774

3.4

Loans for agricultural production

179,338

4.1

192,341

4.3

198,277

4.4

Total agri-business and agricultural loans

346,652

7.9

347,167

7.8

352,051

7.8

Other commercial loans

85,356

2.0

86,477

1.9

110,833

2.5

Total commercial loans

3,916,724

89.8

4,057,429

90.5

4,051,360

89.9

Consumer 1-4 family mortgage loans:

Closed end first mortgage loans

169,653

3.9

161,573

3.6

169,897

3.8

Open end and junior lien loans

162,327

3.7

157,492

3.5

174,300

3.9

Residential construction and land development loans

12,505

0.3

9,221

0.2

11,164

0.2

Total consumer 1-4 family mortgage loans

344,485

7.9

328,286

7.3

355,361

7.9

Other consumer loans

100,771

2.3

99,052

2.2

98,667

2.2

Total consumer loans

445,256

10.2

427,338

9.5

454,028

10.1

Subtotal

4,361,980

100.0

%

4,484,767

100.0

%

4,505,388

100.0

%

Less: Allowance for credit losses (1)

(71,713

)

(71,844

)

(59,019

)

Net deferred loan fees

(8,271

)

(10,136

)

(14,856

)

Loans, net

$

4,281,996

$

4,402,787

$

4,431,513

(1) Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

LAKELAND FINANCIAL CORPORATION
DEPOSITS AND BORROWINGS
(unaudited, in thousands)

June 30,
2021

March 31,
2021

June 30,
2020

Noninterest bearing demand deposits

$

1,743,000

$

1,604,068

$

1,425,901

Savings and transaction accounts:

Savings deposits

358,568

357,791

274,078

Interest bearing demand deposits

2,333,758

2,261,232

1,774,217

Time deposits:

Deposits of $100,000 or more

740,484

777,460

907,095

Other time deposits

218,854

229,419

262,136

Total deposits

$

5,394,664

$

5,229,970

$

4,643,427

FHLB advances and other borrowings

75,000

75,000

110,500

Total funding sources

$

5,469,664

$

5,304,970

$

4,753,927


LAKELAND FINANCIAL CORPORATION
AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
(UNAUDITED)

Three Months Ended
June 30, 2021

Three Months Ended
March 31, 2021

Three Months Ended
June 30, 2020

(fully tax equivalent basis, dollars in thousands)

Average
Balance

Interest
Income

Yield (1)/
Rate

Average
Balance

Interest
Income

Yield (1)/
Rate

Average
Balance

Interest
Income

Yield (1)/
Rate

Earning Assets

Loans:

Taxable (2)(3)

$

4,474,844

$

42,342

3.80

%

$

4,554,183

$

43,461

3.87

%

$

4,437,843

$

42,649

3.87

%

Tax exempt (1)

12,839

128

4.00

13,043

131

4.07

22,568

272

4.85

Investments: (1)

Available-for-sale

955,242

5,811

2.44

772,247

4,984

2.62

621,134

4,442

2.88

Short-term investments

2,305

0

0.00

2,206

1

0.18

79,446

29

0.15

Interest bearing deposits

479,571

135

0.11

296,523

87

0.12

51,994

35

0.27

Total earning assets

$

5,924,801

$

48,416

3.28

%

$

5,638,202

$

48,664

3.50

%

$

5,212,985

$

47,427

3.66

%

Less: Allowance for credit losses (4)

(72,222

)

(70,956

)

(56,005

)

Nonearning Assets

Cash and due from banks

68,798

70,720

57,157

Premises and equipment

59,848

59,278

60,815

Other nonearning assets

190,202

190,117

179,656

Total assets

$

6,171,427

$

5,887,361

$

5,454,608

Interest Bearing Liabilities

Savings deposits

$

359,484

$

71

0.08

%

$

330,069

$

61

0.07

%

$

264,250

$

59

0.09

%

Interest bearing checking accounts

2,428,524

1,700

0.28

2,182,164

1,495

0.28

1,842,373

1,544

0.34

Time deposits:

In denominations under $100,000

224,025

545

0.98

235,271

648

1.12

271,064

1,216

1.80

In denominations over $100,000

741,466

1,574

0.85

793,470

2,014

1.03

957,502

4,365

1.83

Miscellaneous short-term borrowings

0

0

0.00

1,517

7

1.87

10,852

45

1.67

Long-term borrowings and subordinated debentures

75,000

74

0.40

75,000

73

0.39

75,000

74

0.40

Total interest bearing liabilities

$

3,828,499

$

3,964

0.42

%

$

3,617,491

$

4,298

0.48

%

$

3,421,041

$

7,303

0.86

%

Noninterest Bearing Liabilities

Demand deposits

1,633,686

1,566,045

1,361,643

Other liabilities

45,249

50,496

59,611

Stockholders' Equity

663,993

653,329

612,313

Total liabilities and stockholders' equity

$

6,171,427

$

5,887,361

$

5,454,608

Interest Margin Recap

Interest income/average earning assets

48,416

3.28

48,664

3.50

47,427

3.66

Interest expense/average earning assets

3,964

0.27

4,298

0.31

7,303

0.56

Net interest income and margin

$

44,452

3.01

%

$

44,366

3.19

%

$

40,124

3.10

%

(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 $791,000, $687,000 and $596,000 in the three-month periods ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively.
(2) Loan fees are included as taxable loan interest income. Net loan fees attributable to PPP loans were $2.76 million and $4.15 million for the three months ended June 30, 2021 and March 31, 2021, respectively. All other loan fees were immaterial in relation to total taxable loan interest income for the periods presented.
(3) Nonaccrual loans are included in the average balance of taxable loans.
(4) Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

Reconciliation of Non-GAAP Financial Measures

The allowance for credit losses (1) to loans, excluding PPP loans and total individually analyzed and watch list loans to total loans, excluding PPP loans, are non-GAAP ratios that management believes are important because they provide better comparability to prior periods. PPP loans are fully guaranteed by the SBA and have not been allocated for within the allowance for loan losses (1).

A reconciliation of these non-GAAP measures is provided below (dollars in thousands).

Three Months Ended

June 30,
2021

March 31,
2021

June 30,
2020

Total Loans

$

4,353,709

$

4,474,631

$

4,490,532

Less: PPP Loans

194,212

396,723

554,636

Total Loans, Excluding PPP Loans

4,159,497

4,077,908

3,935,896

Allowance for Credit Losses (1)

$

71,713

$

71,844

$

59,019

Credit Loss Reserve to Total Loans (1)

1.65

%

1.61

%

1.31

%

Credit Loss Reserve to Total Loans, Excluding PPP Loans (1)

1.72

%

1.76

%

1.50

%


Six Months Ended

June 30,
2021

March 31,
2021

June 30,
2020

Total Loans

$

4,353,709

$

4,474,631

$

4,490,532

Less: PPP Loans

194,212

396,723

554,636

Total Loans, Excluding PPP Loans

4,159,497

4,077,908

3,935,896

Total Individually Analyzed and Watch List Loans

$

260,542

$

271,332

$

208,190

Total Individually Analyzed and Watch List Loans to Total Loans

5.98

%

6.06

%

4.64

%

Total Individually Analyzed and Watch List Loans to Total Loans, Excluding PPP Loans

6.26

%

6.65

%

5.29

%

(1) Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

Tangible common equity, tangible assets, tangible book value per share, tangible common equity to tangible assets ratio and pretax pre-provision earnings 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 outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. 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

Six Months Ended

Jun. 30,
2021

Mar. 31,
2021

Jun. 30,
2020

Jun. 30,
2021

Jun. 30,
2020

Total Equity

$

677,471

$

651,668

$

620,892

$

677,471

$

620,892

Less: Goodwill

(4,970

)

(4,970

)

(4,970

)

(4,970

)

(4,970

)

Plus: Deferred tax assets related to goodwill

1,176

1,176

1,181

1,176

1,181

Tangible Common Equity

673,677

647,874

617,103

673,677

617,103

Assets

$

6,232,914

$

6,016,642

$

5,441,092

$

6,232,914

$

5,441,092

Less: Goodwill

(4,970

)

(4,970

)

(4,970

)

(4,970

)

(4,970

)

Plus: Deferred tax assets related to goodwill

1,176

1,176

1,181

1,176

1,181

Tangible Assets

6,229,120

6,012,848

5,437,303

6,229,120

5,437,303

Ending common shares issued

25,473,437

25,473,437

25,412,014

25,473,437

25,412,014

Tangible Book Value Per Common Share

$

26.45

$

25.43

$

24.28

$

26.45

$

24.28

Tangible Common Equity/Tangible Assets

10.81

%

10.77

%

11.35

%

10.81

%

11.35

%

Net Interest Income

$

43,661

$

43,679

$

39,528

$

87,340

$

78,382

Plus: Noninterest income

11,340

12,557

11,169

23,897

21,946

Minus: Noninterest expense

(26,648

)

(26,746

)

(21,079

)

(53,394

)

(43,168

)

Pretax Pre-Provision Earnings

$

28,353

$

29,490

$

29,618

$

57,843

$

57,160

Net interest margin on a fully-tax equivalent basis, net of PPP loan impact, is a non-GAAP measure that management believes is important because it provides for better comparability to prior periods. Because PPP loans have a low fixed interest rate of 1.0% and because the accretion of net loan fee income can be accelerated upon borrower forgiveness and repayment by the SBA, management is actively monitoring net interest margin on a fully tax equivalent basis with and without PPP loan impact for the duration of this program.

A reconciliation of this non-GAAP financial measure is provided below (dollars in thousands).

Impact of Paycheck Protection Program on Net Interest Margin FTE

Three Months Ended

Six Months Ended

Jun. 30,
2021

Mar. 31,
2021

Jun. 30,
2020

Jun. 30,
2021

Jun. 30,
2020

Total Average Earnings Assets

$

5,924,801

$

5,638,202

$

5,212,985

$

5,782,293

$

4,975,358

Less: Average Balance of PPP Loans

(348,026

)

(402,730

)

(457,757

)

(375,226

)

(228,878

)

Total Adjusted Earning Assets

5,576,775

5,235,472

4,755,228

5,407,067

4,746,480

Total Interest Income FTE

$

48,416

$

48,664

$

47,427

$

97,080

$

98,455

Less: PPP Loan Income

(3,652

)

(5,166

)

(3,029

)

(8,818

)

(3,029

)

Total Adjusted Interest Income FTE

44,764

43,498

44,398

88,262

95,426

Adjusted Earning Asset Yield, net of PPP Impact

3.22

%

3.37

%

3.76

%

3.29

%

4.04

%

Total Average Interest Bearing Liabilities

$

3,828,499

$

3,617,491

$

3,421,041

$

3,617,491

$

3,373,027

Less: Average Balance of PPP Loans

(348,026

)

(402,730

)

(457,757

)

(375,226

)

(228,878

)

Total Adjusted Interest Bearing Liabilities

3,480,473

3,214,761

2,963,284

3,242,265

3,144,149

Total Interest Expense FTE

$

3,964

$

4,298

$

7,303

$

8,262

$

18,888

Less: PPP Cost of Funds

(162

)

(248

)

(285

)

(465

)

(285

)

Total Adjusted Interest Expense FTE

3,802

4,050

7,018

7,797

18,603

Adjusted Cost of Funds, net of PPP Impact

0.27

%

0.31

%

0.59

%

0.29

%

0.79

%

Net Interest Margin FTE, net of PPP Impact

2.95

%

3.06

%

3.17

%

3.00

%

3.25

%

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com


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