Lakeland Financial Corp. (LKFN), the parent company of Lake City Bank, reported a decline in second quarter net income to $4.8 million, or $0.39 per share, from $5.3 million, or $0.42 per share in the year-ago period.
Net interest income for the quarter increased 7% to $15.5 million from $13.7 million a year ago. Non-interest income was $6.0 million, up 13% from $5.3 million for the same period in 2007.
Provision for loan losses increased 233% to $3.0 million from $906 thousand in the second quarter last year.
The company also declared a cash dividend for the quarter of $0.155 per share, payable on August 5 to shareholders of record as of July 25, 2008, reflecting a 11% increase over the quarterly dividends paid in 2007.
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