Lakeland Financial Q2 net income up 54% YoY to $22.5M; NPA surges on single $43.3M credit

LAKELAND FINANCIAL CORP

2024-Q2 EPS reported $1.78

Net income $22.5M ($0.87 EPS), up 54% YoY from $14.6M ($0.57 EPS); linked quarter down 4%.
Two non-routine events: $9.0M net gain on Visa shares exchange and $4.5M legal accrual (lawsuit dismissed).
Loans reached $5.05B (+4% YoY); a $43.3M industrial commercial relationship placed on nonperforming status.
Nonperforming assets jumped to $57.6M (0.88% of assets) from $18.4M; watch list loans at 5.31% of total.
Net interest margin 3.17% (down 11bps YoY, up 2bps linked); quarterly dividend $0.48, 4% YoY increase.

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