Lakeland Financial reports YTD 2024 net income up 8%; NPLs rise to 0.87% of loans

LAKELAND FINANCIAL CORP

Diluted EPS YTD 2024 $2.69 vs $2.49 prior year, +8%; net income $69.3M up 8%.
Net interest margin (FTE) 3.16% YTD vs 3.33% prior year, down 17 bps.
Average loans $5.02B (+5%); average deposits $5.78B (+4%).
Nonperforming loans/total loans rose to 0.87% from 0.25% at year-end 2023, due to single commercial credit.
Tangible book value per share $27.07; TCE/Tangible Assets 10.47%.

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