Lakeland Financial Reports First Quarter Performance and Cash Dividend

Apr 17, 2001, 01:00 ET from Lakeland Financial Corporation

    WARSAW, Ind., April 17 /PRNewswire/ -- Lakeland Financial Corporation
 (Nasdaq: LKFN), parent company of Lake City Bank, today reported net income of
 $2.1 million for the first quarter of 2001 versus $2.2 million for the first
 quarter of 2000.  Diluted net income per common share for the first quarter of
 2001 was $0.37 versus $0.38 for the first quarter of 2000.
     The Company announced that the Board of Directors approved a cash dividend
 for the first quarter of $0.15 per share, payable on April 25, 2001 to
 shareholders of record on April 10, 2001.  This dividend represents an
 increase of 15% over the quarterly dividend that was paid in each quarter of
 2000.
     Michael L. Kubacki, President and Chief Executive Officer, commented on
 the performance, "Our strong focus on floating rate commercial lending made us
 highly susceptible to the adverse effects of the 1.50% reduction in the Bank's
 prime rate which resulted from corresponding rate cuts by the Federal Reserve
 Bank during the quarter.  While lower rates are good for our customers, and
 are expected to have a positive long-term impact to the economy, the short-
 term result is a compression of our profit margin on this business.  Overall,
 the Company's net interest margin decreased 24 basis points from 3.73% in the
 first quarter of 2000 to 3.49% in the comparable period in 2001.  As the
 interest rate environment stabilizes, we expect to see a recovery in our net
 interest margin in future quarters."
     Kubacki continued, "We experienced outstanding growth in fee income during
 the quarter led by a 44% increase in trust and brokerage fees, which totaled
 $794,000 for the quarter.  Total noninterest income for the quarter increased
 6.8% versus the comparable period in 2000.  During the quarter, the Company
 incurred a charge of nearly $200,000 related to the non-cash impairment of the
 Bank's mortgage servicing rights which resulted directly from the decline in
 interest rates.  Excluding this charge, noninterest income would have
 increased 14% in the first quarter versus the same period in 2000."
     Kubacki further commented, "Total noninterest expense was $8.1 million in
 the quarter versus $7.6 million in the same period in 2000.  Overall expense
 control was in-line with our expectations.  After an increase in total
 noninterest expense of less than 1% in 2000, we had anticipated some general
 increases in 2001."
     Lakeland Financial's allowance for loan losses as of March 31, 2001 was
 $7.2 million, or 1.01% of gross loans, compared to $6.7 million, or 1.01% of
 gross loans, as of March 31, 2000. The ratio of non-performing assets to loans
 was 0.54% on March 31, 2001 compared to 0.24% on March 31, 2000 and 1.37% as
 of year-end 2000.
     Kubacki commented, "While we continue to be concerned with ongoing signs
 of economic weakness in the markets we serve, we are pleased that we were able
 to improve on the strength of our asset quality during the quarter.  We will
 cautiously maintain our focus on commercial loan growth coupled with a
 continued emphasis on our historical credit standards."
     As of March 31, 2001, Lakeland Financial's equity-to-assets ratio was
 6.2%, compared to 5.2% in the year ago quarter.  Shareholders' equity was $68
 million versus $55 million as of March 31, 2000, an increase of 23.5%. Total
 assets at the conclusion of the first quarter of 2001 were $1.10 billion
 versus $1.05 billion as of March 31, 2000, an increase of 4.7%. Total loans
 for the first quarter of 2001 increased 8.1% from $661 million to $715 million
 and total deposits increased 6.1% percent from $794 million to $842 million
 over the comparable figures at the end of the first quarter of 2000.
     Lakeland Financial Corporation is a $1.1 billion bank holding company
 headquartered in Warsaw, Indiana.  Lake City Bank has 43 branches located in
 the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, Cass,
 Fulton, Howard, Huntington, LaGrange, Marshall, Miami, Noble, Pulaski, Whitley
 and Wabash.
     Lakeland Financial Corporation may be accessed on its home page at
 www.lakecitybank.com .  The Company's common stock is traded on the Nasdaq
 Stock Market under "LKFN."  Marketmakers in Lakeland Financial Corporation
 common shares include Stifel Nicolaus & Company, Raymond James & Associates,
 Inc., McDonald Investments, Inc. and First Tennessee Capital Markets.
     The Company's fixed rate cumulative trust preferred securities are traded
 on the Nasdaq stock market under the symbols "LKFNP." The annual rate on the
 fixed rate securities is 9.0%.
     This release may contain forward-looking statements.  Forward looking
 statements are identifiable by the inclusion of such qualifications as
 expects, intends, believes, may, likely or similar statements or variations of
 such terms which express views concerning trends and the future.  These
 forward looking statements are not historical facts and instead they are
 expressions about management's confidence and strategies and management's
 expectations about new and existing programs and products, relationships,
 opportunities, technology and market conditions.  Actual events and results
 may differ significantly from those described in such forward looking
 statements, due to changes in general economic or market conditions,
 government regulation, competition or other factors.  For additional
 information about these factors, please review our filings with the Securities
 and Exchange Commission.
 
                         LAKELAND FINANCIAL CORPORATION
                    FIRST QUARTER 2001 FINANCIAL HIGHLIGHTS
            (Unaudited - Dollars in thousands except Per Share Data)
 
                                                         3 Months Ended
                                                            March 31
                                                       2001           2000
     END OF PERIOD BALANCES
      Assets                                       $1,101,828     $1,052,241
      Deposits                                        842,409        794,009
      Loans                                           714,740        661,389
      Allowance for Loan Losses                         7,189          6,654
      Common Shareholders' Equity                      68,284         55,271
 
     AVERAGE BALANCES
     Assets
      Earning Assets                               $1,026,024       $936,601
      Investments                                     294,334        272,887
      Loans                                           714,626        659,582
     Liabilities and Shareholders' Equity
      Total Deposits                                  851,461        761,083
      Interest Bearing Deposits                       722,803        636,108
      Common Shareholders' Equity                      66,006         53,984
 
     INCOME STATEMENT DATA
      Net Interest Income                              $8,589         $8,439
      Provision for Loan Loss                             213            215
      Noninterest Income                                2,735          2,562
      Noninterest Expense                               8,108          7,621
      Net Income                                        2,129          2,202
 
     PER SHARE DATA
      Basic Net Income Per Common Share                 $0.37          $0.38
      Diluted Net Income Per Common Share                0.37           0.38
      Cash Dividends Per Common Share                    0.15           0.13
      Book Value Per Common Share                       11.81           9.55
      Market Value - High                              $16.38         $17.63
      Market Value - Low                                12.00          12.88
      Basic Weighted Average Common
        Shares Outstanding                          5,813,984      5,813,984
      Diluted Weighted Average Common
        Shares Outstanding                          5,829,687      5,813,984
 
     KEY RATIOS
      Return on Average Assets                           0.78%          0.86%
      Return on Average Common Shareholders' Equity     13.08          16.41
      Equity to Average Assets                           6.20           5.23
      Net Interest Margin                                3.49           3.73
      Net Charge Offs to Average Loans                   0.02           0.01
      Loan Loss Reserve to Loans                         1.01           1.01
      Nonperforming Assets to Loans                      0.54           0.24
      Tier 1 Leverage Risk-Based Capital                 6.97           6.81
      Tier 1 Risk-Based Capital                          9.67           9.43
      Total Capital                                     10.57          10.31
 
 
     ASSET QUALITY
      Loans Past Due 90 Days or More                     $748            $86
      Non-accrual Loans                                 1,836            239
      Other Real Estate Owned                              32              0
      Other Nonperforming Assets                        1,221          1,275
      Total Nonperforming Assets                        3,837          1,600
 
 
                         LAKELAND FINANCIAL CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                   As of March 31, 2001 and December 31, 2000
                                 (in thousands)
 
                                                       March 31,   December 31,
                                                          2001         2000
 
     ASSETS                                                  (Unaudited)
     Cash and cash equivalents:
       Cash and due from banks                           $38,234     $84,682
       Short-term investments                                875       4,311
 
         Total cash and cash equivalents                  39,109      88,993
     Securities available-for-sale:
       U. S. Treasury and government agency securities    38,285      38,066
       Mortgage-backed securities                        211,717     207,594
       State and municipal securities                     35,463      35,430
       Other debt securities                              13,209      12,518
 
         Total securities available-for-sale
           (carried at fair value)                       298,674     293,608
     Real estate mortgages held-for-sale                   1,515         183
     Loans:
       Total loans                                       714,740     718,876
       Less: Allowance for loan losses                     7,189       7,124
 
         Net loans                                       707,551     711,752
     Land, premises and equipment, net                    27,034      27,297
     Accrued income receivable                             6,418       6,743
     Intangible assets                                     9,041       9,427
     Other assets                                         12,486      11,154
 
       Total assets                                   $1,101,828  $1,149,157
 
     LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES
     Deposits:
       Noninterest bearing deposits                     $128,537    $164,606
       Interest bearing deposits                         713,872     680,723
 
         Total deposits                                  842,409     845,329
     Short-term borrowings:
       Federal funds purchased                             6,000       8,250
       U.S. Treasury demand notes                            891       3,674
       Securities sold under agreements
         to repurchase                                   121,696     138,154
       Other borrowings                                   20,000      50,000
 
         Total short-term borrowings                     148,587     200,078
     Accrued expenses payable                             10,288       6,684
     Other liabilities                                     1,540       1,369
     Long-term borrowings                                 11,422      11,433
     Guaranteed preferred beneficial interests in
       Company's subordinated debentures                  19,298      19,291
 
       Total liabilities                               1,033,544   1,084,184
 
     SHAREHOLDERS' EQUITY
     Common stock: No par value, 90,000,000 shares
       authorized, 5,813,984 shares issued and
       5,779,932 outstanding as of March 31, 2001,
       and 5,813,984 shares issued and 5,784,105
       outstanding at December 31, 2000                    1,453       1,453
     Additional paid-in capital                            8,537       8,537
     Retained earnings                                    57,111      55,734
     Accumulated other comprehensive income/(loss)         1,787        (207)
     Treasury stock, at cost                                (604)       (544)
 
       Total shareholders' equity                         68,284      64,973
 
       Total liabilities and shareholders' equity     $1,101,828  $1,149,157
 
 
                         LAKELAND FINANCIAL CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
               For the Three Months Ended March 31, 2001 and 2000
                      (in thousands except for share data)
                                  (Unaudited)
                                                        Three Months Ended
                                                              March 31,
                                                        2001           2000
     INTEREST AND DIVIDEND INCOME
     Interest and fees on loans: Taxable              $15,614        $14,377
     Tax exempt                                            33             45
 
       Total loan income                               15,647         14,422
 
     Short-term investments                               242             58
     Securities:
      U.S. Treasury and government agency securities      733            729
      Mortgage-backed securities                        3,316          3,079
      State and municipal securities                      445            446
      Other debt securities                               115            101
 
       Total interest and dividend income              20,498         18,835
 
     INTEREST EXPENSE
     Interest on deposits                               9,315          7,439
     Interest on short-term borrowings                  1,991          2,276
     Interest on long-term debt                           603            681
 
       Total interest expense                          11,909         10,396
 
     NET INTEREST INCOME                                8,589          8,439
 
     Provision for loan losses                            213            215
 
     NET INTEREST INCOME AFTER
     PROVISION FOR LOAN LOSSES                          8,376          8,224
 
     NONINTEREST INCOME
 
     Trust and brokerage fees                             794            551
     Service charges on deposit accounts                1,108          1,078
     Other income (net)                                   706            803
     Net gains on the sale of real estate mortgages
       held-for-sale                                      127            130
     Net securities gains (losses)                          0              0
 
       Total noninterest income                         2,735          2,562
 
     NONINTEREST EXPENSE
     Salaries and employee benefits                     4,212          4,029
     Occupancy and equipment expense                    1,269          1,289
     Other expense                                      2,627          2,303
 
      Total noninterest expense                         8,108          7,621
 
     INCOME BEFORE INCOME TAX EXPENSE                   3,003          3,165
     Income tax expense                                   874            963
 
     NET INCOME                                        $2,129         $2,202
 
     AVERAGE COMMON SHARES OUTSTANDING              5,813,984      5,813,984
     BASIC EARNINGS PER COMMON SHARE                    $0.37          $0.38
 
     DILUTED EARNINGS PER COMMON SHARE                  $0.37          $0.38
 
 

SOURCE Lakeland Financial Corporation
    WARSAW, Ind., April 17 /PRNewswire/ -- Lakeland Financial Corporation
 (Nasdaq: LKFN), parent company of Lake City Bank, today reported net income of
 $2.1 million for the first quarter of 2001 versus $2.2 million for the first
 quarter of 2000.  Diluted net income per common share for the first quarter of
 2001 was $0.37 versus $0.38 for the first quarter of 2000.
     The Company announced that the Board of Directors approved a cash dividend
 for the first quarter of $0.15 per share, payable on April 25, 2001 to
 shareholders of record on April 10, 2001.  This dividend represents an
 increase of 15% over the quarterly dividend that was paid in each quarter of
 2000.
     Michael L. Kubacki, President and Chief Executive Officer, commented on
 the performance, "Our strong focus on floating rate commercial lending made us
 highly susceptible to the adverse effects of the 1.50% reduction in the Bank's
 prime rate which resulted from corresponding rate cuts by the Federal Reserve
 Bank during the quarter.  While lower rates are good for our customers, and
 are expected to have a positive long-term impact to the economy, the short-
 term result is a compression of our profit margin on this business.  Overall,
 the Company's net interest margin decreased 24 basis points from 3.73% in the
 first quarter of 2000 to 3.49% in the comparable period in 2001.  As the
 interest rate environment stabilizes, we expect to see a recovery in our net
 interest margin in future quarters."
     Kubacki continued, "We experienced outstanding growth in fee income during
 the quarter led by a 44% increase in trust and brokerage fees, which totaled
 $794,000 for the quarter.  Total noninterest income for the quarter increased
 6.8% versus the comparable period in 2000.  During the quarter, the Company
 incurred a charge of nearly $200,000 related to the non-cash impairment of the
 Bank's mortgage servicing rights which resulted directly from the decline in
 interest rates.  Excluding this charge, noninterest income would have
 increased 14% in the first quarter versus the same period in 2000."
     Kubacki further commented, "Total noninterest expense was $8.1 million in
 the quarter versus $7.6 million in the same period in 2000.  Overall expense
 control was in-line with our expectations.  After an increase in total
 noninterest expense of less than 1% in 2000, we had anticipated some general
 increases in 2001."
     Lakeland Financial's allowance for loan losses as of March 31, 2001 was
 $7.2 million, or 1.01% of gross loans, compared to $6.7 million, or 1.01% of
 gross loans, as of March 31, 2000. The ratio of non-performing assets to loans
 was 0.54% on March 31, 2001 compared to 0.24% on March 31, 2000 and 1.37% as
 of year-end 2000.
     Kubacki commented, "While we continue to be concerned with ongoing signs
 of economic weakness in the markets we serve, we are pleased that we were able
 to improve on the strength of our asset quality during the quarter.  We will
 cautiously maintain our focus on commercial loan growth coupled with a
 continued emphasis on our historical credit standards."
     As of March 31, 2001, Lakeland Financial's equity-to-assets ratio was
 6.2%, compared to 5.2% in the year ago quarter.  Shareholders' equity was $68
 million versus $55 million as of March 31, 2000, an increase of 23.5%. Total
 assets at the conclusion of the first quarter of 2001 were $1.10 billion
 versus $1.05 billion as of March 31, 2000, an increase of 4.7%. Total loans
 for the first quarter of 2001 increased 8.1% from $661 million to $715 million
 and total deposits increased 6.1% percent from $794 million to $842 million
 over the comparable figures at the end of the first quarter of 2000.
     Lakeland Financial Corporation is a $1.1 billion bank holding company
 headquartered in Warsaw, Indiana.  Lake City Bank has 43 branches located in
 the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, Cass,
 Fulton, Howard, Huntington, LaGrange, Marshall, Miami, Noble, Pulaski, Whitley
 and Wabash.
     Lakeland Financial Corporation may be accessed on its home page at
 www.lakecitybank.com .  The Company's common stock is traded on the Nasdaq
 Stock Market under "LKFN."  Marketmakers in Lakeland Financial Corporation
 common shares include Stifel Nicolaus & Company, Raymond James & Associates,
 Inc., McDonald Investments, Inc. and First Tennessee Capital Markets.
     The Company's fixed rate cumulative trust preferred securities are traded
 on the Nasdaq stock market under the symbols "LKFNP." The annual rate on the
 fixed rate securities is 9.0%.
     This release may contain forward-looking statements.  Forward looking
 statements are identifiable by the inclusion of such qualifications as
 expects, intends, believes, may, likely or similar statements or variations of
 such terms which express views concerning trends and the future.  These
 forward looking statements are not historical facts and instead they are
 expressions about management's confidence and strategies and management's
 expectations about new and existing programs and products, relationships,
 opportunities, technology and market conditions.  Actual events and results
 may differ significantly from those described in such forward looking
 statements, due to changes in general economic or market conditions,
 government regulation, competition or other factors.  For additional
 information about these factors, please review our filings with the Securities
 and Exchange Commission.
 
                         LAKELAND FINANCIAL CORPORATION
                    FIRST QUARTER 2001 FINANCIAL HIGHLIGHTS
            (Unaudited - Dollars in thousands except Per Share Data)
 
                                                         3 Months Ended
                                                            March 31
                                                       2001           2000
     END OF PERIOD BALANCES
      Assets                                       $1,101,828     $1,052,241
      Deposits                                        842,409        794,009
      Loans                                           714,740        661,389
      Allowance for Loan Losses                         7,189          6,654
      Common Shareholders' Equity                      68,284         55,271
 
     AVERAGE BALANCES
     Assets
      Earning Assets                               $1,026,024       $936,601
      Investments                                     294,334        272,887
      Loans                                           714,626        659,582
     Liabilities and Shareholders' Equity
      Total Deposits                                  851,461        761,083
      Interest Bearing Deposits                       722,803        636,108
      Common Shareholders' Equity                      66,006         53,984
 
     INCOME STATEMENT DATA
      Net Interest Income                              $8,589         $8,439
      Provision for Loan Loss                             213            215
      Noninterest Income                                2,735          2,562
      Noninterest Expense                               8,108          7,621
      Net Income                                        2,129          2,202
 
     PER SHARE DATA
      Basic Net Income Per Common Share                 $0.37          $0.38
      Diluted Net Income Per Common Share                0.37           0.38
      Cash Dividends Per Common Share                    0.15           0.13
      Book Value Per Common Share                       11.81           9.55
      Market Value - High                              $16.38         $17.63
      Market Value - Low                                12.00          12.88
      Basic Weighted Average Common
        Shares Outstanding                          5,813,984      5,813,984
      Diluted Weighted Average Common
        Shares Outstanding                          5,829,687      5,813,984
 
     KEY RATIOS
      Return on Average Assets                           0.78%          0.86%
      Return on Average Common Shareholders' Equity     13.08          16.41
      Equity to Average Assets                           6.20           5.23
      Net Interest Margin                                3.49           3.73
      Net Charge Offs to Average Loans                   0.02           0.01
      Loan Loss Reserve to Loans                         1.01           1.01
      Nonperforming Assets to Loans                      0.54           0.24
      Tier 1 Leverage Risk-Based Capital                 6.97           6.81
      Tier 1 Risk-Based Capital                          9.67           9.43
      Total Capital                                     10.57          10.31
 
 
     ASSET QUALITY
      Loans Past Due 90 Days or More                     $748            $86
      Non-accrual Loans                                 1,836            239
      Other Real Estate Owned                              32              0
      Other Nonperforming Assets                        1,221          1,275
      Total Nonperforming Assets                        3,837          1,600
 
 
                         LAKELAND FINANCIAL CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                   As of March 31, 2001 and December 31, 2000
                                 (in thousands)
 
                                                       March 31,   December 31,
                                                          2001         2000
 
     ASSETS                                                  (Unaudited)
     Cash and cash equivalents:
       Cash and due from banks                           $38,234     $84,682
       Short-term investments                                875       4,311
 
         Total cash and cash equivalents                  39,109      88,993
     Securities available-for-sale:
       U. S. Treasury and government agency securities    38,285      38,066
       Mortgage-backed securities                        211,717     207,594
       State and municipal securities                     35,463      35,430
       Other debt securities                              13,209      12,518
 
         Total securities available-for-sale
           (carried at fair value)                       298,674     293,608
     Real estate mortgages held-for-sale                   1,515         183
     Loans:
       Total loans                                       714,740     718,876
       Less: Allowance for loan losses                     7,189       7,124
 
         Net loans                                       707,551     711,752
     Land, premises and equipment, net                    27,034      27,297
     Accrued income receivable                             6,418       6,743
     Intangible assets                                     9,041       9,427
     Other assets                                         12,486      11,154
 
       Total assets                                   $1,101,828  $1,149,157
 
     LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES
     Deposits:
       Noninterest bearing deposits                     $128,537    $164,606
       Interest bearing deposits                         713,872     680,723
 
         Total deposits                                  842,409     845,329
     Short-term borrowings:
       Federal funds purchased                             6,000       8,250
       U.S. Treasury demand notes                            891       3,674
       Securities sold under agreements
         to repurchase                                   121,696     138,154
       Other borrowings                                   20,000      50,000
 
         Total short-term borrowings                     148,587     200,078
     Accrued expenses payable                             10,288       6,684
     Other liabilities                                     1,540       1,369
     Long-term borrowings                                 11,422      11,433
     Guaranteed preferred beneficial interests in
       Company's subordinated debentures                  19,298      19,291
 
       Total liabilities                               1,033,544   1,084,184
 
     SHAREHOLDERS' EQUITY
     Common stock: No par value, 90,000,000 shares
       authorized, 5,813,984 shares issued and
       5,779,932 outstanding as of March 31, 2001,
       and 5,813,984 shares issued and 5,784,105
       outstanding at December 31, 2000                    1,453       1,453
     Additional paid-in capital                            8,537       8,537
     Retained earnings                                    57,111      55,734
     Accumulated other comprehensive income/(loss)         1,787        (207)
     Treasury stock, at cost                                (604)       (544)
 
       Total shareholders' equity                         68,284      64,973
 
       Total liabilities and shareholders' equity     $1,101,828  $1,149,157
 
 
                         LAKELAND FINANCIAL CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
               For the Three Months Ended March 31, 2001 and 2000
                      (in thousands except for share data)
                                  (Unaudited)
                                                        Three Months Ended
                                                              March 31,
                                                        2001           2000
     INTEREST AND DIVIDEND INCOME
     Interest and fees on loans: Taxable              $15,614        $14,377
     Tax exempt                                            33             45
 
       Total loan income                               15,647         14,422
 
     Short-term investments                               242             58
     Securities:
      U.S. Treasury and government agency securities      733            729
      Mortgage-backed securities                        3,316          3,079
      State and municipal securities                      445            446
      Other debt securities                               115            101
 
       Total interest and dividend income              20,498         18,835
 
     INTEREST EXPENSE
     Interest on deposits                               9,315          7,439
     Interest on short-term borrowings                  1,991          2,276
     Interest on long-term debt                           603            681
 
       Total interest expense                          11,909         10,396
 
     NET INTEREST INCOME                                8,589          8,439
 
     Provision for loan losses                            213            215
 
     NET INTEREST INCOME AFTER
     PROVISION FOR LOAN LOSSES                          8,376          8,224
 
     NONINTEREST INCOME
 
     Trust and brokerage fees                             794            551
     Service charges on deposit accounts                1,108          1,078
     Other income (net)                                   706            803
     Net gains on the sale of real estate mortgages
       held-for-sale                                      127            130
     Net securities gains (losses)                          0              0
 
       Total noninterest income                         2,735          2,562
 
     NONINTEREST EXPENSE
     Salaries and employee benefits                     4,212          4,029
     Occupancy and equipment expense                    1,269          1,289
     Other expense                                      2,627          2,303
 
      Total noninterest expense                         8,108          7,621
 
     INCOME BEFORE INCOME TAX EXPENSE                   3,003          3,165
     Income tax expense                                   874            963
 
     NET INCOME                                        $2,129         $2,202
 
     AVERAGE COMMON SHARES OUTSTANDING              5,813,984      5,813,984
     BASIC EARNINGS PER COMMON SHARE                    $0.37          $0.38
 
     DILUTED EARNINGS PER COMMON SHARE                  $0.37          $0.38
 
 SOURCE  Lakeland Financial Corporation