updated 1/25/2011 8:20:14 AM ET 2011-01-25T13:20:14

WARSAW, Ind., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record net income of $24.5 million for 2010. This performance represents a $5.5 million, or 29%, increase in net income versus $19.0 million for 2009. 

Michael L. Kubacki, Chairman and Chief Executive Officer, commented, "We're proud of this performance in a challenging economic environment for us and our clients. While record earnings are the focal point of our performance, we're equally proud of the further balance sheet strengthening that occurred in 2010."

The Company also reported that diluted net income per common share was $1.32 for 2010 versus $1.26 for 2009, an increase of 5%. Earnings per share performance for 2010 was negatively impacted by the Company's June 2010 redemption of the TARP preferred stock issued to the U.S. Treasury Department.   As a result of this redemption, the Company recognized a one-time non-cash reduction in net income available to common shareholders of $1.8 million, which represented the remaining unamortized accretion of the discount on the preferred shares. Excluding the impact of this redemption, diluted earnings per share would have been $1.43 for 2010 versus $1.26 for 2009, an increase of 13%.

The Company further reported net income of $5.8 million for the fourth quarter of 2010, which represented a 7% increase over $5.4 million in the fourth quarter of 2009. Diluted net income per share for the quarter increased 13% to $0.36 versus $0.32 for the comparable period of 2009. 

The Company also announced that the Board of Directors approved a cash dividend for the fourth quarter of $0.155 per share, payable on February 7, 2011 to shareholders of record as of January 25, 2011. 

Average total loans for 2010 of $2.05 billion represented a $147 million, or 8%, increase versus $1.90 billion in 2009. Average total loans for the fourth quarter of 2010 were $2.08 billion versus $1.96 billion for the fourth quarter of 2009 and $2.06 billion for the linked third quarter of 2010. On a linked quarter basis, average loans increased by $21 million versus the third quarter of 2010. 

David M. Findlay, President, stated, "Our loan growth during the quarter and year are reflective of Lake City Bank's ongoing commitment to the communities we serve. This lending activity is the best tool we have to encourage economic growth in our Indiana markets."

For the year ended December 31, 2010, the Company's net interest margin was 3.73% versus 3.51% in 2009. This margin improvement contributed to a 15% increase in the Company's net interest income to $92.7 million in 2010 versus $80.3 million in 2009. The Company's net interest margin was 3.62% in the fourth quarter of 2010 versus 3.74% for the fourth quarter of 2009 and 3.70% in the linked third quarter of 2010. This linked quarter margin decline resulted primarily from higher costs of funds as the Company increased its reliance on core deposits as a funding source.

The Company's provision for loan losses in 2010 was $23.9 million versus $21.2 million in 2009, an increase of $2.7 million, or 13%. The provision increase on a year-over-year basis was generally driven by higher levels of loan charge-offs and overall economic conditions in the Company's markets and the related possible weaknesses in our borrowers' future performance and prospects. The provision for loan losses of $6.5 million in the fourth quarter represented an increase of $271,000, or 4%, versus $6.3 million in the same period of 2009. In the third quarter of 2010, the provision was $6.2 million. 

Lakeland Financial's allowance for loan losses as of December 31, 2010 was $45.0 million, compared to $32.1 million as of December 31, 2009 and $42.0 million as of September 30, 2010. The allowance for loan losses increased to 2.15% of total loans as of December 31, 2010 versus 1.59% at December 31, 2009 and 2.05% as of September 30, 2010.

"Since 2008, we have grown our loan loss reserve by $26.1 million, or 139%. This kind of growth represents a further strengthening of our balance sheet, but also reflects the challenges inherent in our loan portfolio. While overall loan quality remains stable, we have not seen any broad-based indications of economic recovery in our region. In addition, the granularity of our portfolio presents ongoing risks," commented Findlay. 

Nonperforming assets were $40.7 million as of December 31, 2010 versus $29.5 million as of September 30, 2010 and $31.6 million as of December 31, 2009.  The increase during the fourth quarter resulted primarily from increases in nonaccrual loans, which totaled $36.6 million at December 31, 2010 versus $25.7 million as of September 30, 2010. A single credit totaling $9.0 million represented 83% of the increase in nonaccrual loans. As a result, nonperforming assets to total assets at the end of 2010 was 1.52% versus 1.09% at September 30, 2010. The allowance for loan losses represented 122% of nonperforming loans as of December 31, 2010 versus 104% at December 31, 2009 and 162% at September 30, 2010.   

Kubacki added, "The increase in nonperforming assets during the quarter was reflective of the continuing economic difficulties in our markets. While the increase was primarily due to a single borrower, we continue to be concerned with the fragile nature of the region's economy."

Net charge offs for 2010 of $11.0 million represented an increase of $3.0 million versus net charge offs of $8.0 million in 2009. For the fourth quarter of 2010, net charge-offs totaled $3.5 million versus $3.0 million during the fourth quarter of 2009 and $1.5 million during the third quarter of 2010. Loan exposure to two borrowers represented $1.5 million, or 43%, of these charge offs. The first loss of $782,000 was related to a manufacturing company with exposure to the housing and recreational vehicle industry. The Bank has remaining exposure of $1.3 million to this borrower. The second loss of $726,000 was related to a commercial real estate development loan. The Bank has additional exposure of $562,000 to this borrower. 

The Company's non-interest income totaled $21.5 million for 2010 versus $22.2 million in 2009. For the fourth quarter of 2010, noninterest income was $5.1 million versus $5.4 million in the fourth quarter of 2009 and $6.2 million for the third quarter of 2010. On a year-over-year basis, the quarterly decrease was driven by a non-cash other than temporary impairment of $1.3 million on several non-agency mortgage backed securities in the Company's investment portfolio. Non-interest income was positively impacted by higher mortgage banking income, which increased by $194,000, investment brokerage income, which increased by $198,000, increases in loan, insurance and service fees driven by overdraft charges and greater debit card usage and increases in other ancillary revenue sources. The decrease for the year was affected by the same factors that affected the fourth quarter. Merchant card fee income declined $1.4 million from $2.5 million in 2009 to $1.1 million for 2010. Beginning in the second quarter of 2009, the Company began converting clients to a new third-party processor for this activity. As a result, only net revenues with the new processor are being recognized in merchant card fee income in non-interest income. 

Overall, total revenue for 2010 of $114.2 million represented an 11% increase versus total revenue in 2009 of $102.5 million. For the quarter, total revenue increased 2% to $28.4 million versus $27.8 million for the comparable period of 2009.

The Company's non-interest expense remained stable, decreasing 1% from $53.5 million in 2009 to $53.4 million in 2010. For the fourth quarter of 2010, non-interest expense decreased 2% to $13.3 million compared to $13.5 million for the same period in 2009. On a linked quarter basis, non-interest expense decreased 2% from $13.6 million in the third quarter of 2010. Salaries and employee benefits increased by $2.6 million and $397,000, respectively, in the year and three-month periods ended December 31, 2010 versus the same periods of 2009.   These increases were driven by higher performance based compensation accruals, which resulted from a combination of strong performance versus corporate objectives in 2010 and lower performance versus these criteria in 2009. Salaries and employee benefits were also impacted by additions to staff in revenue producing areas. During 2010, credit card interchange expense decreased $1.3 million due to the change in processing merchant credit card activities. In addition, during 2010 other expense decreased by $983,000, primarily due to lower FDIC premiums, as the Company was subject to special FDIC assessments during 2009. The Company's efficiency ratio for 2010 of 47% compared favorably to a ratio of 52% in 2009.    

Lakeland Financial's tangible equity to tangible assets ratio increased to 9.10% at December 31, 2010 compared to 8.65% at December 31, 2009 and 8.93% at September 30, 2010. Average total deposits for the quarter ended December 31, 2010 were $2.27 billion versus $2.20 billion for the third quarter of 2010 and $1.90 billion for the fourth quarter of 2009.

Lakeland Financial Corporation is a $2.7 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Northern Indiana with 43 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley. The Company also has a Loan Production Office in Indianapolis, Indiana.

Lakeland Financial Corporation may be accessed on its home page 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, FTN Financial Securities Corp., FTN Equity Capital Markets Corp., Goldman Sachs & Company, Howe Barnes Hoefer & Arnett, Inc., Keefe, Bruyette & Woods, Inc., Knight Equity Markets, L.P., Morgan Stanley & Co., Inc., Stifel Nicolaus & Company, Inc., Susquehanna Capital Group and UBS Securities LLC.

In addition to the results presented in accordance with generally accepted accounting principles in the United States of America, this press release contains certain non-GAAP financial measures. Lakeland Financial believes that providing non-GAAP financial measures provides investors with information useful to understanding Lakeland Financial's financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on "tangible equity" which is "common stockholders' equity" excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the attached financial tables where the non-GAAP measure is presented.

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.

 

LAKELAND FINANCIAL CORPORATION
FOURTH QUARTER 2010 FINANCIAL HIGHLIGHTS
(Unaudited – Dollars in thousands except share and per share data)
           
  Three Months Ended Twelve Months Ended
  Dec. 31, Sep. 30, Dec. 31, Dec. 31, Dec. 31,
  2010 2010 2009 2010 2009
END OF PERIOD BALANCES          
 Assets  $ 2,681,926  $ 2,710,112  $ 2,571,505  $ 2,681,926  $ 2,571,505
 Deposits  2,201,025  2,270,287  1,851,125  2,201,025  1,851,125
 Loans  2,089,959  2,053,526  2,012,010  2,089,959  2,012,010
 Allowance for Loan Losses   45,007  42,011  32,073  45,007  32,073
 Total Equity  247,086  245,527  280,083  247,086  280,083
 Tangible Common Equity  243,779  241,752   222,023  243,779  222,023
AVERAGE BALANCES          
 Total Assets  $ 2,727,958  $ 2,659,995  $ 2,534,584  $ 2,652,623  $ 2,446,953
 Earning Assets  2,598,620  2,529,250  2,416,796  2,522,360  2,325,259
 Investments  444,292  436,211  410,969  430,615  399,342
 Loans  2,081,535  2,060,253  1,962,840  2,049,209  1,901,746
 Total Deposits  2,266,681  2,204,119  1,903,434  2,132,607  1,870,231
 Interest Bearing Deposits  1,972,667  1,926,858  1,657,270  1,866,183  1,641,222
 Interest Bearing Liabilities  2,169,913  2,124,569  2,022,418  2,107,351  1,986,239
 Total Equity  248,194  242,698  248,839  262,861  212,352
INCOME STATEMENT DATA          
 Net Interest Income  $ 23,323  $ 23,217  $ 22,466  $ 92,653  $ 80,281
 Net Interest Income-Fully Tax Equivalent  23,666  23,557  22,779  94,027  81,528
 Provision for Loan Losses  6,521  6,150  6,250  23,947  21,202
 Noninterest Income  5,091  6,212  5,373  21,509  22,244
 Noninterest Expense  13,333  13,629  13,538  53,435  53,475
 Net Income  5,782   6,521  5,382  24,543  18,979
 Net Income Available to Common Shareholders  5,782  6,521  4,579  21,356  16,285
PER SHARE DATA          
 Basic Net Income Per Common Share  $ 0.36  $ 0.40  $ 0.33  $ 1.32  $ 1.27
 Diluted Net Income Per Common Share  0.36  0.40  0.32  1.32  1.26
 Cash Dividends Declared Per Common Share  0.155  0.155  0.155  0.62  0.62
 Book Value Per Common Share (equity per share issued)  15.28  15.22  14.06   15.28  14.06
 Market Value – High  22.28  21.19  22.24  22.28  23.87
 Market Value – Low  18.34  17.84  16.35  17.00  14.14
 Basic Weighted Average Common Shares Outstanding  16,145,823  16,138,809  14,142,414  16,120,606  12,851,845
 Diluted Weighted Average Common Shares Outstanding  16,240,353  16,232,254  14,233,713  16,213,747  12,952,444
KEY RATIOS          
 Return on Average Assets  0.84%  0.97%  0.84%  0.93%  0.78%
 Return on Average Total Equity  9.24  10.66  8.58  9.34  8.94
 Efficiency (Noninterest Expense / Net Interest Income          
 plus Noninterest Income)  46.92  46.31  48.63  46.81  52.16
 Average Equity to Average Assets  9.10  9.12  9.82  9.91  8.68
 Net Interest Margin  3.62  3.70  3.74  3.73  3.51
 Net Charge Offs to Average Loans  0.67  0.29  0.60  0.54  0.42
 Loan Loss Reserve to Loans  2.15  2.05  1.59  2.15  1.59
 Loan Loss Reserve to Nonperforming Loans  121.90  162.33  104.44  121.90  104.44
 Nonperforming Loans to Loans  1.77  1.26  1.53  1.77   1.53
 Nonperforming Assets to Assets  1.52  1.09  1.23  1.52  1.23
 Tier 1 Leverage  9.93  10.04  12.28  9.93  12.28
 Tier 1 Risk-Based Capital  12.00  11.95  14.13  12.00  14.13
 Total Capital  13.26  13.21  15.38  13.26  15.38
 Tangible Capital  9.10  8.93  8.65  9.10  8.65
ASSET QUALITY          
 Loans Past Due 30 - 89 Days  $ 3,212  $ 4,880  $ 1,972  $ 3,212  $ 1,972
 Loans Past Due 90 Days or More  330  145  190  330  190
 Non-accrual Loans  36,591  25,735  30,518  36,591  30,518
 Nonperforming Loans (includes nonperforming TDR's)  36,921  25,880  30,708  36,921  30,708
 Other Real Estate Owned  3,695  3,509  872  3,695  872
  Other Nonperforming Assets  42  74  2  42  2
 Total Nonperforming Assets  40,659  29,463  31,582  40,659  31,582
 Nonperforming Troubled Debt Restructurings (included in          
 nonperforming loans)  6,091  6,154  6,520  6,091  6,520
 Performing Troubled Debt Restructurings  8,547   8,071 0  8,547 0
 Total Troubled Debt Restructurings  14,638  14,225  6,520  14,638  6,520
 Impaired Loans  48,015  36,587  31,838  48,015  31,838
 Total Watch List Loans  169,269  171,913  178,098  169,269  178,098
 Net Charge Offs/(Recoveries)  3,526  1,503  2,956  11,013  7,990
 
 
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
As of December 31, 2010 and 2009
(in thousands, except share data)
     
  December 31, December 31,
  2010 2009
  (Unaudited)  
ASSETS    
Cash and due from banks  $ 42,513  $ 48,964
Short-term investments 17,628 7,019
 Total cash and cash equivalents 60,141 55,983
     
Securities available for sale (carried at fair value) 442,620 410,028
Real estate mortgage loans held for sale 5,606 1,521
     
Loans, net of allowance for loan losses of $45,007 and $32,073 2,044,952 1,979,937
     
Land, premises and equipment, net 30,405 29,576
Bank owned life insurance 38,826 36,639
Accrued income receivable 9,074 8,600
Goodwill 4,970 4,970
Other intangible assets 153 207
Other assets 45,179 44,044
 Total assets  $ 2,681,926  $ 2,571,505
     
LIABILITIES AND EQUITY    
     
LIABILITIES    
Noninterest bearing deposits  $ 305,107  $ 259,415
Interest bearing deposits 1,895,918 1,591,710
 Total deposits 2,201,025 1,851,125
     
Short-term borrowings    
 Federal funds purchased 0 9,600
 Securities sold under agreements to repurchase 142,015 127,118
 U.S. Treasury demand notes 2,037 2,333
 Other short-term borrowings 30,000 215,000
 Total short-term borrowings 174,052 354,051
     
Accrued expenses payable 11,476 14,040
Other liabilities 2,318 1,236
Long-term borrowings 15,041 40,042
Subordinated debentures 30,928 30,928
 Total liabilities 2,434,840 2,291,422
     
EQUITY    
Cumulative perpetual preferred stock: 1,000,000 shares authorized, no par value, $56,044 liquidation value    
 56,044 shares issued and outstanding as of December 31, 2009 0 54,095
Common stock: 90,000,000 shares authorized, no par value    
 16,169,119 shares issued and 16,078,420 outstanding as of December 31, 2010    
 16,078,461 shares issued and 15,977,352 outstanding as of December 31, 2009 85,766 83,487
Retained earnings 161,299 149,945
Accumulated other comprehensive income/(loss) 1,350 (5,993)
Treasury stock, at cost (2010 - 90,699 shares, 2009 - 101,109 shares) (1,418) (1,540)
 Total stockholders' equity 246,997 279,994
     
 Noncontrolling interest 89 89
 Total equity 247,086 280,083
 Total liabilities and equity  $ 2,681,926  $ 2,571,505
   
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Twelve Months Ended December 31, 2010 and 2009
(in thousands except for share and per share data)
(unaudited)
         
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2010 2009 2010 2009
NET INTEREST INCOME        
Interest and fees on loans        
 Taxable  $ 26,529  $ 25,050  $ 104,205  $ 96,151
 Tax exempt  26  22  86  148
Interest and dividends on securities        
 Taxable  4,032  4,331  16,406  17,562
 Tax exempt  686  617   2,708  2,421
Interest on short-term investments  60  22  120  61
 Total interest income  31,333  30,042  123,525  116,343
Interest on deposits  7,365  6,783  28,007  32,247
Interest on borrowings        
 Short-term  140  248  727   1,089
 Long-term  505  545  2,138  2,726
 Total interest expense  8,010  7,576  30,872  36,062
NET INTEREST INCOME  23,323  22,466  92,653  80,281
Provision for loan losses  6,521  6,250  23,947  21,202
NET INTEREST INCOME AFTER PROVISION FOR        
 LOAN LOSSES   16,802  16,216  68,706  59,079
         
NONINTEREST INCOME        
Wealth advisory fees  838  767  3,247  2,980
Investment brokerage fees  574  376  2,266  1,676
Service charges on deposit accounts  2,171  2,092  8,436  8,245
Loan, insurance and service fees   1,206  991  4,300  3,540
Merchant card fee income  235  285  1,081  2,464
Other income  669  408  2,175  1,867
Mortgage banking income  648  454  1,587  1,695
Net securities gains  0  0  4   2
Other than temporary impairment loss on available-for-sale securities:        
 Total impairment losses recognized on securities  (1,379)  (84)   (1,716)  (309)
 Loss recognized in other comprehensive income  129  84  129  84
 Net impairment loss recognized in earnings  (1,250)  0  (1,587)   (225)
 Total noninterest income  5,091  5,373  21,509  22,244
NONINTEREST EXPENSE        
Salaries and employee benefits  7,646  7,249  30,375  27,765
Occupancy expense  700  814  2,899  3,206
Equipment costs  522  559  2,090  2,147
Data processing fees and supplies  1,001  975  3,931  3,944
Credit card interchange  14  95  158  1,448
Other expense  3,450   3,846  13,982  14,965
 Total noninterest expense  13,333  13,538  53,435  53,475
INCOME BEFORE INCOME TAX EXPENSE   8,560  8,051   36,780  27,848
Income tax expense  2,778  2,669  12,237  8,869
NET INCOME  $ 5,782  $ 5,382  $ 24,543  $ 18,979
Dividends and accretion of discount on preferred stock  0  803  3,187  2,694
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS  $ 5,782  $ 4,579  $ 21,356  $ 16,285
BASIC WEIGHTED AVERAGE COMMON SHARES  16,145,823  14,142,414  16,120,606  12,851,845
BASIC EARNINGS PER COMMON SHARE  $ 0.36  $ 0.33  $ 1.32  $ 1.27
DILUTED WEIGHTED AVERAGE COMMON SHARES  16,240,353  14,233,713  16,213,747  12,952,444
DILUTED EARNINGS PER COMMON SHARE  $ 0.36  $ 0.32  $ 1.32  $ 1.26

 

LAKELAND FINANCIAL CORPORATION
LOAN DETAIL
FOURTH QUARTER 2010
(unaudited in thousands)
             
  December 31, September 30, December 31,
  2010 2010 2009
Commercial and industrial loans:            
 Working capital lines of credit loans  $ 281,546  13.2%  $ 278,835  13.6%  $ 235,202  11.7%
 Non-working capital loans  384,138  18.6  398,443  19.4 394,408  19.6
 Total commercial and industrial loans  665,684  31.8  677,278  33.0 629,610  31.3
             
Commercial real estate and multi-family residential loans:            
 Construction and land development loans  106,980  5.1  120,359  5.9  166,959  8.3
 Owner occupied loans  329,760  15.8  333,560  16.2  348,904  17.3
 Nonowner occupied loans  355,393  17.0  333,815  16.2  257,373  12.8
 Multifamily loans  24,158  1.2  23,955  1.2  26,558  1.3
 Total commercial real estate and multi-family residential loans  816,291  39.0  811,689  39.5  799,794  39.7
             
Agri-business and agricultural loans:            
 Loans secured by farmland 111,961  5.4 96,002  4.7  112,241  5.6
 Loans for agricultural production 117,518  5.6 89,985  4.4 82,765  4.1
 Total agri-business and agricultural loans 229,479  11.0 185,987  9.1 195,006  9.7
             
Other commercial loans  38,778  1.9  34,471  1.7 30,497  1.5
 Total commercial loans  1,750,232  83.7  1,709,425  83.2  1,654,907   82.2
             
Consumer 1-4 family mortgage loans:            
 Closed end first mortgage loans  103,118  4.9  106,956  5.2 117,619  5.8
 Open end and junior lien loans  182,325  8.7  181,365  8.8 174,641  8.7
 Residential construction and land development loans  4,140  0.2  4,758  0.2 7,471  0.4
             
Other consumer loans  51,123  2.4  51,989  2.5 59,179  2.9
 Total consumer loans  340,706  16.3  345,068  16.8  358,910  17.8
             
 Subtotal  2,090,938  100.0%  2,054,493  100.0%  2,013,817  100.0%
Less: Allowance for loan losses  (45,007)    (42,011)    (32,073)  
 Net deferred loan fees  (979)    (967)    (1,807)  
Loans, net  $ 2,044,952    $ 2,011,515    $ 1,979,937  
             
             

Note: As a result of FASB ASU 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, the Company has revised this table in order to present the data with greater granularity. This disaggregation will be substantially the same as those used in disclosures of credit quality. 

CONTACT: David M. Findlay
         President and Chief Financial Officer
         (574) 267-9197
         david.findlay@lakecitybank.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.71%
$30K home equity loan FICO 5.26%
$75K home equity loan FICO 4.70%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.14%
17.14%
Source: Bankrate.com