Lakeland Financial Corp. set an earnings record during the third quarter.
The Warsaw-based parent of Lake City Bank on Friday reported net income of $9.8 million, or 59 cents per diluted common share, a 5 percent increase over the $9.3 million, or 57 cents a share, posted for the same period a year ago.
The financial showing represents the highest quarterly net income and earnings per share in the companys history.
We continue to benefit from a strengthening economy in our Indiana markets and are encouraged by this favorable performance, Michael L. Kubacki, chairman and chief executive officer, said in a statement.
David M. Findlay, president and chief financial officer, noted Lakeland increased its lending by $137 million in 2013 – a 6 percent year-to-date increase.
We have established a consistent record of loan growth and are particularly pleased with the loan growth over the past two quarters, which has been led by our commercial banking group, he stated.
$5.1 billion penalty for JPMorgan approved
JPMorgan Chase has agreed to pay $5.1 billion to resolve claims that it misled Fannie Mae and Freddie Mac about risky home loans and mortgage securities it sold them before the housing market collapsed.
The Federal Housing Finance Agency, which oversees Fannie and Freddie, announced the settlement Friday with JPMorgan, the largest U.S. bank. Its part of a broader penalty deal with the Justice Department, tentatively valued at a total of $13 billion, that is still being negotiated.
JPMorgan sold around $33 billion in mortgage securities to Fannie and Freddie between 2005 and 2007, according to the agency. That was the second-most sold to Fannie and Freddie ahead of the crisis, behind only Bank of America Corp.
The securities soured after the housing bubble burst in 2007, losing billions in value. Fannie and Freddie were rescued in a taxpayer bailout in 2008 as they sank under the weight of mortgage losses.
Wholesale stockpiles surge since January
U.S. wholesalers boosted their stockpiles in August by the most in seven months, a positive sign that many companies expected demand to rise.
Wholesale inventories rose 0.5 percent in August, the biggest gain since January, the Commerce Department said Friday.
Restocking was driven partly by recoveries in housing and autos. Auto inventories jumped 2.3 percent, the biggest gain in four months, and furniture stockpiles rose 1.1 percent for the second straight month. Stockpiles of pharmaceuticals, oil and gas, and clothing also increased.
Rising inventory points to stronger growth because it means factories have produced more goods.
Shutdown reduces consumer confidence
U.S. consumer confidence fell in October as concern grew that the partial government shutdown and political fight over the nations borrowing limit would slow growth.
The University of Michigan said Friday that its index of consumer sentiment fell to 73.2 from 77.5 in September. The index has fallen for three straight months after reaching a six-year high of 85.1 in July.
A measure of Americans expectations for future growth fell to its lowest level since late 2011, pulling down the overall index.