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.
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.