Lakeland Financial Q1 record net income $24.3M; NIM expands YoY 61bps, compresses QoQ 35bps

LAKELAND FINANCIAL CORP

2023-Q1 EPS reported $0.94

Diluted EPS $0.94 (+2% YoY); ROAA 1.54%, ROAE 16.81%.
Net interest margin 3.54% (+61bps YoY, -35bps from Q4 2022).
Loan growth $401.2M (9% YoY); deposit contraction $302.9M (5% YoY).
Provision expense $4.4M vs $471K a year ago; net charge-offs $5.7M from one commercial customer.
Dividend increased 15% to $0.46 per share; $30M share repurchase program reauthorized.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LAKELAND FINANCIAL CORP reported the three months ended March 31, 2023 results: net income $24.3 million, EPS $0.94.

Period: the three months ended March 31, 2023
Net income: $24.3 million
EPS: $0.94
Result: reported results

Exact text from the filing

Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record first quarter net income of $24.3 million for the three months ended March 31, 2023, which represents an increase of $636,000, or 3%, compared with net income of $23.6 million for the three months ended March 31, 2022. Diluted earnings per share of $0.94 was also a record for the first quarter and increased 2% compared to $0.92 for the first quarter of 2022.

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Source: SEC EDGAR

accession 0000721994-23-000034

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