Lakeland Financial Corporation, parent company of Lake City Bank, reported net income of $25.3 million for the three months ended Sept. 30, 2023, which represents a decrease of $3.3 million, or 11%, compared with net income of $28.5 million for the three months ended Sept. 30, 2022. Diluted earnings per share were $0.98 for the third quarter of 2023 and decreased 12% compared to $1.11 for the third quarter of 2022. On a linked quarter basis, net income increased 73%, or $10.6 million, from second quarter 2023 net income of $14.6 million, or $0.57 diluted earnings per share.
The company further reported net income of $64.1 million for the nine months ended Sept. 30, 2023, versus $77.8 million for the comparable period of 2022, a decrease of 18%, or $13.7 million. Diluted earnings per share also decreased 18% to $2.49 for the nine months ended Sept. 30, 2023, versus $3.03 for the comparable period of 2022.
“We are particularly proud of the double-digit organic loan growth we have experienced over the last year with solid, diversified growth in our agricultural, commercial real estate and consumer loan sectors. While commercial and industrial loan growth has been muted in 2023, we’re excited by the business development efforts underway and remain well positioned in every market for the return to growth in this sector. Clearly, our C&I borrowers are continuing to manage their balance sheets conservatively as line usage remains at historical lows and cash balances remain elevated with these clients,” said David M. Findlay, chief executive officer. “We remain in a robust liquidity position and are very pleased with our deposit retention in a challenging environment.”