Lakeland Financial Q1 net income down 14% to $20.1M; EPS $0.78; NII up 12%

LAKELAND FINANCIAL CORP

2025-Q1 EPS reported $0.78

Net income $20.1M ($0.78 dil. EPS) vs $23.4M ($0.91) YoY, down 14%; revenue $63.8M (+6%).
Net interest income +12% to $52.9M; NIM expanded 25bps to 3.40% on deposit cost declines.
Provision expense $6.8M (vs $1.5M YoY) driven by specific reserve on $43.3M nonperforming credit.
Nonperforming assets surged 280% YoY to $57.9M; watch list loans at 4.13% of total loans.
Dividend raised 4% to $0.50/sh; share repurchase program reauthorized through 2027 with $30M remaining.

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