Lakeland Financial Q4 net income down 18% YoY to $24.2M; NIM expands 9 bps, credit costs rise

LAKELAND FINANCIAL CORP

2024-FY EPS reported $3.63

Annual net income $93.5M, diluted EPS $3.63, versus $93.8M ($3.65) in 2023.
Q4 net income $24.2M ($0.94 EPS) decreased 18% YoY; pretax pre-provision earnings $32.9M down 9% YoY.
Net interest margin improved 9 bps to 3.25% linked quarter; average loans grew 5% YoY.
Provision expense $3.7M (vs $300K) on downgrade of a $43.3M industrial credit; NPA ratio 0.85% vs 0.25%.
Total risk-based capital 15.90%; dividend increased 4% to $0.50 per share.

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