Business
Lakeland Financial Reports Third Quarter Performance; Net Income Grows by 13% to $26.4 Million, as Net Interest Income Expands by 14%
WARSAW, Ind., Oct. 27, 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., Oct. 27, 2025 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $26.4 million for the three months ended September 30, 2025, which represents an increase of $3.1 million, or 13%, compared with net income of $23.3 million for the three months ended September 30, 2024. Diluted earnings per share were $1.03 for the third quarter of 2025 and increased $0.12, or 13%, compared to $0.91 for the third quarter of 2024. On a linked quarter basis, net income decreased $562,000, or 2%, from $27.0 million. Diluted earnings per share decreased $0.01, or 1%, from $1.04 on a linked quarter basis. The company further reported net income of $73.5 million for the nine months ended September 30, 2025, versus $69.3 million for the comparable period of 2024, an increase of $4.2 million, or 6%. Diluted earnings per share increased $0.16, or 6%, to $2.85 for the nine months ended September 30, 2025, versus $2.69 for the comparable period of 2024. Pretax pre-provision earnings, a non-GAAP measure, were $101.0 million for the nine months ended September 30, 2025, an increase of $5.5 million, or 6%, compared to $95.5 million for the nine months ended September 30, 2024. Core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $8.3 million, or 13%, from $65.2 million to $73.5 million for the nine months ended September 30, 2024 and 2025, respectively. “Healthy expansion in our net interest margin accompanied by great noninterest income growth and consistent loan growth delivered a strong quarter for the Lake City Bank team. We have had significant relationship growth in all areas of the business during 2025 with special emphasis on our commercial banking, treasury management services, and wealth advisory business units,” stated David M. Findlay, Chairman and CEO. “Our terrific growth in Indianapolis continues and we opened our 9th office in the Indianapolis market and 55th office overall.” Quarterly Financial Performance Third Quarter 2025 versus Third Quarter 2024 highlights: Return on average equity improved to 14.60%, compared to 13.85%Return on average assets improved to 1.53%, compared to 1.39%Tangible book value per share grew by $1.86, or 7%, to $2...