Lakeland Financial YTD net income +18% YoY; EPS $1.78; PTPP +30%

LAKELAND FINANCIAL CORP

2024-Q2 EPS reported $1.78

YTD 2024 net income $46.0M vs $38.9M; diluted EPS $1.78 vs $1.51.
Pretax pre-provision earnings rose 30% to $64.7M from $49.7M.
Average loans up 5% YoY to $5.0B; average deposits up 4% to $5.7B.
Net interest margin (FTE) compressed to 3.16% from 3.41% YoY.
Nonperforming loans increased due to a single commercial credit; NPL/loans 0.88%.

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