Lake City Bank Named to KBW Bank Honor Roll of High Performing Banks
WARSAW, Ind., April 22, 2013 (GLOBE NEWSWIRE) -- Lake City Bank, the single
bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced
today that the Bank had been recognized by Keefe Bruyette and Woods (KBW) with
its inclusion in the 2012 KBW Bank Honor Roll. Lake City Bank is one of 47
banking institutions with a ten-year record that met the KBW criteria for
inclusion on its 2012 Bank Honor Roll. In addition, Lake City Bank is one of
33 returning members that were included on the 2011 KBW Bank Honor
Roll.Keefe, Bruyette & Woods, a wholly owned subsidiary of Stifel Financial
Corp. (NYSE:SF), is a full-service, boutique investment bank and broker-dealer
that specializes in the financial services sector and is widely recognized as
a leading authority in the banking industry.
KBW reported that they "found that the KBW Bank Honor Roll members have
better-than-industry performance ratios and growth rates when compared to the
publicly traded bank universe with total assets over $500 million, which
includes nearly 400 companies listed on the NYSE and NASDAQ exchanges."
KBW further observed that "for the five-year period between 2007 and 2012, the
KBW Bank Honor Roll members significantly outperformed the banking industry
and the market."According to KBW, to be eligible to be included on the Bank
Honor Roll, banks with more than $500 million in total assets must have:
1.No annual loss reported in net income per share before extraordinary items
over the past 10 years;
2.2012 annual reported net income per share before extraordinary items equal
to or greater than peak net income per share over the past 10 years; and
3.Consecutive increases in net income per share before extraordinary items
Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "Lake
City Bank's inclusion on this elite list of banks that have performed well
over the past decade is extremely rewarding to our entire organization.We've
worked hard to remain consistently dedicated to our client-driven strategy
while at the same time focusing on shareholder performance and we are pleased
that our results merit inclusion on the KBW Bank Honor Roll."
David M. Findlay, President and Chief Financial Officer, commented, "Our
consistent long-term financial performance is what has earned Lake City Bank a
spot on this list of high performing banks.Yet, that financial performance is
only made possible by the commitment and dedication of the entire Lake City
Bank Team to taking care of our customers, each and every day."
The full news release announcing the 2012 Bank Honor Roll can be accessed at
Lakeland Financial Corporation is a $2.9 billion bank holding company
headquartered in Warsaw, Indiana. Lake City Bank serves Indiana with 45
branches located in the following Indiana counties: Kosciusko, Elkhart, Allen,
St. Joseph, DeKalb, Fulton, Hamilton, Huntington, LaGrange, Marshall, Noble,
Pulaski and Whitley.
Lakeland Financial Corporation may be accessed on the home page of its
subsidiary, Lake City Bank, at www.lakecitybank.com. The Company's common
stock is traded on the Nasdaq Global Select Market under "LKFN".
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,"
"plan," "intend," "estimate," "may," "will," "would," "could," "should" or
other similar expressions. 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.Additional information concerning the
Company and its business, including factors that could materially affect the
Company's financial results, is included in the Company's filings with the
Securities and Exchange Commission, including the Company's Annual Report on
CONTACT: David M. Findlay
Chief Financial Officer
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