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Lakeland Financial Reports a 12% Increase in Net Interest Income and Organic Loan Growth of 4%
WARSAW, Ind., April 25, 2025 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported
About this update from Lakeland Financial Corporation
[{"type":"text","content":"WARSAW, Ind., April 25, 2025 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $20.1 million for the three months ended March 31, 2025, which represents a decrease of $3.3 million, or 14%, compared with net income of $23.4 million for the three months ended March 31, 2024. Diluted earnings per share were $0.78 for the first quarter of 2025 and decreased $0.13, or 14%, compared to $0.91 for the first quarter of 2024. On a linked quarter basis, net income decreased $4.1 million, or 17%, to $24.2 million. Diluted earnings per share decreased $0.16, or 17%, from $0.94 on a linked quarter basis. Pretax pre-provision earnings, which is a non-GAAP measure, were $31.0 million for the three months ended March 31, 2025, an increase of $1.7 million, or 6%, compared to $29.3 million for the three months ended March 31, 2024. “Our first quarter results are highlighted by double digit growth in net interest income and strong net interest margin expansion,” stated David M. Findlay, Chairman and CEO. “Further, we continued to experience healthy loan growth that was funded with equally positive deposit growth. The Lake City Bank team delivered encouraging operating results in the quarter.” Quarterly Financial Performance First Quarter 2025 versus First Quarter 2024 highlights: Tangible book value per share grew by $1.80, or 7%, to $26.85Average loans grew by $214.9 million, or 4%, to $5.19 billionCore deposits grew by $402.5 million, or 7%, to $5.83 billionNet interest margin improved 25 basis points to 3.40% versus 3.15%Net interest income increased by $5.5 million, or 12%Revenue grew by 6% from $60.0 million to $63.8 millionProvision expense of $6.8 million, compared to $1.5 millionWatch list loans as a percentage of total loans increased to 4.13% from 3.67%Pretax, pre-provision earnings increased by $1.7 million, or 6%Common equity tier 1 capital improved to 14.51%, compared to 14.21%Tangible capital ratio improved to 10.09%, compared to 9.80%Average equity increased by $51.0 million, or 8% First Quarter 2025 versus Fourth Quarter 2024 highlights: Tangible book value per share grew by $0.38, or 1%, to $26.85Average loans grew by $99.3 million, or 2%, to $5.19 billionNet interest margin improved 15 basis points to 3.40% versus 3.25%Net interest income ...