Lakeland Financial reports flat FY2024 net income of $93.5M, EPS $3.63

LAKELAND FINANCIAL CORP

2024-FY EPS reported $3.63

Net income $93.5M ($3.63 EPS) in FY2024, flat YoY; pretax pre-provision earnings up 11% to $128.4M.
Average loans $5.04B (+5% YoY); net interest margin 3.18% (down 13bps YoY).
Deposit costs fell to 2.56% in 4Q24 from 2.90% peak in 2Q24; total deposits $5.9B.
TCE/tangible assets 10.19%, total risk-based capital 15.90% - well above well-capitalized thresholds.
Asset quality: ACL 1.68% of loans; nonperforming loans/total loans 0.25%.

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