Business
Lakeland Financial Reports Record First Quarter 2022 Performance
WARSAW, Ind., April 25, 2022 (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, 2022 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record first quarter net income of $23.6 million for the three months ended March 31, 2022, an increase of 3%, or $659,000, versus $23.0 million for the first quarter of 2021. Diluted earnings per share increased 2% to $0.92 for the first quarter of 2022, versus $0.90 for the first quarter of 2021. On a linked quarter basis, net income decreased 3%, or $641,000, from the fourth quarter of 2021, in which the company had net income of $24.3 million, or $0.95, diluted earnings per share. Pretax pre-provision earnings, which is a non-GAAP financial measure, were $28.6 million for the first quarter of 2022, a decrease of 3%, or $892,000, from $29.5 million for the first quarter of 2021. On a linked quarter basis, pretax pre-provision earnings decreased 4%, or $1.2 million, from $29.8 million for the fourth quarter of 2021. David M. Findlay, President and Chief Executive Officer commented, “Our record results for the first quarter are gratifying, and we are particularly pleased with the growth of our loan portfolio and the anticipated positive directional shift in our net interest margin going forward. The Lake City Bank team has demonstrated terrific resiliency over the last two years, and we’re excited to see strong organic growth returning to the balance sheet.” Financial Performance – First Quarter 2022 First Quarter 2022 versus First Quarter 2021 highlights: Return on average equity of 14.04%, compared to 14.27%Return on average assets of 1.44%, compared to 1.58%Core loan growth, excluding PPP loans, of $263.3 million, or 6%Core deposit growth of $590.4 million, or 11%Noninterest bearing demand deposit account growth of $276.4 million, or 17%Net interest income increase of $1.2 million, or 3%Net interest margin of 2.93% compared to 3.19%Provision expense of $417,000 compared to $1.5 million, a decrease of $1.1 million, or 72%Noninterest expense growth of $223,000, or 1%Dividend per share increase of 18% to $0.40 from $0.34Individually analyzed and watch list loans decrease of $52.6 million, or 19%Total risk-based capital ratio of 15.15% compared to 15.20%Tangible capital ratio of 9.22% compared to 10.77% First Quarter 2022 versus Fourth Quarter 2021 highlights: Return on ave...