Lakeland Financial Reports Annual Net Income Of $93.8 Million
January 27, 2024 at 1:00 a.m.
Lakeland Financial Corporation, parent company of Lake City Bank, reported net income of $93.8 million for the 12 months ended Dec. 31, 2023, versus $103.8 million for the prior year, a decrease of 10%, or $10.1 million. Diluted earnings per share also decreased 10% to $3.65 for the 12 months ended Dec. 31, 2023, versus $4.04 for the comparable period of 2022.
Core operational profitability, a non-GAAP financial measure, for the 12 months ended Dec. 31, 2023, was $101.6 million, a decrease of $2.2 million, or 2%, from the prior year. Core operational diluted earnings per common share for the 12 months ended Dec. 31, 2023 was $3.95, also a decrease of 2%, from the prior year. Core operational profitability excludes $7.8 million, or $0.30 per share, of the overall net impact of the wire fraud loss that occurred during the second quarter of 2023.
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Lakeland Financial Corporation, parent company of Lake City Bank, reported net income of $93.8 million for the 12 months ended Dec. 31, 2023, versus $103.8 million for the prior year, a decrease of 10%, or $10.1 million. Diluted earnings per share also decreased 10% to $3.65 for the 12 months ended Dec. 31, 2023, versus $4.04 for the comparable period of 2022.
Core operational profitability, a non-GAAP financial measure, for the 12 months ended Dec. 31, 2023, was $101.6 million, a decrease of $2.2 million, or 2%, from the prior year. Core operational diluted earnings per common share for the 12 months ended Dec. 31, 2023 was $3.95, also a decrease of 2%, from the prior year. Core operational profitability excludes $7.8 million, or $0.30 per share, of the overall net impact of the wire fraud loss that occurred during the second quarter of 2023.