Business
Lakeland Financial Reports Net Income of $25.3 Million for the Third Quarter and 10% Annualized Average Loan Growth
WARSAW, Ind., Oct. 25, 2023 (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., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $25.3 million for the three months ended September 30, 2023, which represents a decrease of $3.3 million, or 11%, compared with net income of $28.5 million for the three months ended September 30, 2022. Diluted earnings per share were $0.98 for the third quarter of 2023 and decreased 12% compared to $1.11 for the third quarter of 2022. On a linked quarter basis, net income increased 73%, or $10.6 million, from second quarter 2023 net income of $14.6 million, or $0.57 diluted earnings per share. The company further reported net income of $64.1 million for the nine months ended September 30, 2023, versus $77.8 million for the comparable period of 2022, a decrease of 18%, or $13.7 million. Diluted earnings per share also decreased 18% to $2.49 for the nine months ended September 30, 2023, versus $3.03 for the comparable period of 2022. “We are particularly proud of the double-digit organic loan growth we have experienced over the last year with solid, diversified growth in our agricultural, commercial real estate and consumer loan sectors. While commercial and industrial loan growth has been muted in 2023, we’re excited by the business development efforts underway and remain well positioned in every market for the return to growth in this sector. Clearly, our C&I borrowers are continuing to manage their balance sheets conservatively as line usage remains at historical lows and cash balances remain elevated with these clients,” commented David M. Findlay, Chief Executive Officer. “We remain in a robust liquidity position and are very pleased with our deposit retention in a challenging environment.” Quarterly Financial Performance Third Quarter 2023 versus Third Quarter 2022 highlights: Return on average equity of 16.91%, compared to 19.39%Return on average assets of 1.54%, compared to 1.80%Loan growth of $381.1 million, or 8%Investments as a percentage of total assets decreased to 17% from 21%Deposit contraction of $7.1 million, or less than 1%Net interest margin contracted by 36 basis points from 3.57% to 3.21%Provision expense of $400,000, compared to no provision expenseWatch list loans as a percentage of total loans of 3.83% compared to 3.63%Noninterest income ...