WARSAW, Ind., Apr 3, 2012 (GlobeNewswire via COMTEX) — Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation /quotes/zigman/56586/quotes/nls/lkfn LKFN -2.49% , announced today that the Bank had been recognized by Keefe Bruyette and Woods, Inc. (KBW) with its inclusion in the KBW Bank Honor Roll. Lake City Bank is one of 45 banking institutions with a ten-year record that met the KBW criteria for inclusion on its 2011 Bank Honor Roll. KBW is a global, full-service investment bank that specializes exclusively 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 2006 and 2011, 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:
-- No annual loss reported in net income per share before extraordinary items over the past 10 years; -- 2011 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 -- Consecutive increases in net income per share before extraordinary items since 2009.
Michael L. Kubacki, Chairman and Chief Executive Officer commented, “Being included in the KBW Bank Honor Roll is a wonderful honor, particularly because it’s recognition of not only our strong performance in 2011, but over the ten year period from 2002 to 2011.”
David M. Findlay, President and Chief Financial Officer commented, “The national and regional economic challenges of the last decade have had an impact on our industry, and to be included in this select group of high performing banks is very rewarding for the entire Lake City Bank team.”
The full news release announcing the 2011 Bank Honor Roll can be accessed at http://www.businesswire.com/news/home/20120320006762/en/KBW-Announces-2011-Bank-Honor-Roll-Award .
Lakeland Financial Corporation is a $2.9 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Central and Northern Indiana with 45 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, Hamilton, DeKalb, Fulton, 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”. Market makers in Lakeland Financial Corporation common shares include Automated Trading Desk Financial Services, LLC, B-Trade Services, LLC, Citadel Securities, LLC, Citigroup Global Markets Holdings, Inc., Domestic Securities, Inc., E*TRADE Capital Markets LLC, Goldman Sachs & Company, Howe Barnes Hoefer & Arnett, Inc., Keefe, Bruyette & Woods, Inc., Knight Capital Americas, L.P., Morgan Stanley & Co., Inc., Sterne Agee & Leach, Stifel Nicolaus & Company, Inc., Susquehanna Capital Group and UBS Securities LLC.
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 form 10-K.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Lake City Bank and The Wall Street Journal Market Watch