Lakeland Financial Q2 net income falls 43% to $14.6M on $18.1M wire fraud loss

LAKELAND FINANCIAL CORP

2023-Q2 EPS reported $1.51

Q2 net income $14.6M ($0.57 EPS), down 43% YoY from $25.7M ($1.00 EPS); H1 net income $38.9M, down 21%.
Wire fraud loss of $18.1M ($13.6M net of tax, $0.53 per share) from business email compromise; no client accounts or network compromised.
Loan growth of 10% YoY ($437.6M) to $4.86B; core deposits stable; net interest margin 3.28% (up 2bps YoY, down 26bps linked).
Dividend maintained at $0.46 per share, a 15% increase from prior year Q2; payable Aug 7 to holders of record Jul 25.
Adjusted core noninterest expense (ex-wire fraud and related comp adjustment) declined 5% YoY and 10% linked quarter.

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 six months ended June 30, 2023 results: net income $38.9 million, EPS $1.51.

Period: the six months ended June 30, 2023
Net income: $38.9 million
EPS: $1.51
Result: reported results

Exact text from the filing

The company further reported net income of $38.9 million for the six months ended June 30, 2023, versus $49.3 million for the comparable period of 2022, a decrease of 21%, or $10.4 million. Diluted earnings per share also decreased 21% to $1.51 for the six months ended June 30, 2023, versus $1.92 for the comparable period of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LAKELAND FINANCIAL CORP reported the three months ended June 30, 2023 results: net income $14.6 million, EPS $0.57.

Period: the three months ended June 30, 2023
Net income: $14.6 million
EPS: $0.57
Result: reported results

Exact text from the filing

Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $14.6 million for the three months ended June 30, 2023, which represents a decrease of $11.1 million, or 43%, compared with net income of $25.7 million for the three months ended June 30, 2022. Diluted earnings per share were $0.57 for the second quarter of 2023 and decreased 43% compared to $1.00 for the second quarter of 2022.

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Source: SEC EDGAR

accession 0000721994-23-000053

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