Lakeland Financial Q3 net income down 8% YoY; NPA surge 247% due to industrial credit

LAKELAND FINANCIAL CORP

2024-Q3 EPS reported $2.69

Net income $23.3M ($0.91 EPS), down 8% YoY; linked quarter up 3%.
Nonperforming assets surged 247% to $58.1M, driven by one industrial borrower.
Provision expense $3.1M vs $400k prior year; watch list loans 5.27% of total.
Core deposits grew 5% YoY; tangible book value per share up 25% to $27.07.
Dividend increased 4% to $0.48/share, payable Nov 5, 2024.

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