Business
Lakeland Financial Reports Second Quarter Net Income of $22.5 million, and Reaches $5.0 Billion in Total Loans, Representing 5% Annual Average Loan Growth
WARSAW, Ind., July 25, 2024 (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., July 25, 2024 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $22.5 million for the three months ended June 30, 2024, which represents an increase of $7.9 million, or 54%, compared with net income of $14.6 million for the three months ended June 30, 2023. Diluted earnings per share were $0.87 for the second quarter of 2024 and increased 53% compared to $0.57 for the second quarter of 2023. On a linked quarter basis, net income decreased $852,000, or 4%, from first quarter 2024 net income of $23.4 million and diluted earnings per share decreased $0.04 or 4% from $0.91 at March 31, 2024. Pretax pre-provision earnings, which is a non-GAAP measure, were $35.4 million for the three months ended June 30, 2024, an increase of $18.1 million, or 105%, compared to $17.3 million for the three months ended June 30, 2023. On a linked quarter basis, pretax pre-provision earnings increased $6.1 million, or 21%, compared to $29.3 million for the first quarter of 2024. “We are pleased to report healthy loan and core deposit growth during the first six months of 2024. While the financial services sector continues to battle the impact of higher interest rates, we are pleased with our overall operating performance in 2024. We have experienced healthy increases in core noninterest income categories, which have contributed to annual revenue growth of 6%, or $6.9 million, for the first six months of 2024. We opened our 54th branch and eighth location in the Indianapolis region this week and have three additional branches in the market in various stages of planning,” stated David M. Findlay, Chairman and Chief Executive Officer. “We are encouraged by the significant investments taking place throughout our footprint and are excited to play a role in the great expansion and innovation occurring throughout the state.” The company further reported net income of $46.0 million for the six months ended June 30, 2024, versus $38.9 million for the comparable period of 2023, an increase of 18%, or $7.1 million. Diluted earnings per share also increased 18% to $1.78 for the six months ended June 30, 2024, versus $1.51 for the comparable period of 2023. Pretax pre-provision earnings were $64.7 million for the six months ended June 30, 2024, an increase of $...