Business
Lakeland Financial Reports Record Annual Performance; Record Annual Net Income Improves by 8% to $103.8 Million
WARSAW, Ind., Jan. 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., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record full year net income of $103.8 million, which represents an increase of $8.1 million, or 8%, compared with net income of $95.7 million for 2021. Diluted earnings per share of $4.04 was also a record for 2022, and increased 8% compared to $3.74 for 2021. The company further reported quarterly net income of $26.0 million for the three months ended December 31, 2022 versus $24.3 million for the comparable period of 2021, an increase of $1.7 million, or 7%. Diluted net income per common share increased 6% to $1.01 for the fourth quarter of 2022 versus $0.95 for the comparable period of 2021. On a linked quarter basis, net income decreased $2.5 million, or 9%, from $28.5 million in the third quarter of 2022, or $1.11 diluted net income per share. Pretax pre-provision earnings were $39.9 million for the fourth quarter of 2022, an increase of $10.1 million, or 34%, from $29.8 million for the fourth quarter of 2021. On a linked quarter basis, pretax pre-provision earnings increased $5.2 million, or 15%, from $34.8 million for the third quarter of 2022. The increases in net income and pretax pre-provision earnings during the fourth quarter of 2022 compared to the fourth quarter of 2021 were primarily a result of increased net interest income between the two periods. The increase in pretax pre-provision earnings during the fourth quarter of 2022 compared to the third quarter of 2022 is reflective of the continued positive impact of the rising interest rate environment on the company's net interest income. “Organic loan growth of 10% established a strong foundation for our record net income performance in 2022 as we celebrated the bank’s 150th anniversary. Thanks to the commitment and dedication of the great Lake City Bank team, our net income surpassed $100 million for the first time. We’re proud of this strong performance and look forward to carrying the momentum of the business into 2023,” commented David M. Findlay, President and Chief Executive Officer. Highlights for the year and quarter are noted below. Full year 2022 versus 2021 highlights: Diluted earnings per share increased $0.30 per share, or 8%, from $3.74 to $4.04Dividend per share increased 18% from $1.36 to $1.60...