Lakeland Financial Reports Record First Quarter Performance
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Lakeland Financial Corporation, parent company of Lake City Bank, reported record first quarter net income of $24.3 million for the three months ended March 31, which represents an increase of $636,000, or 3%, compared with net income of $23.6 million for the three months ended March 31, 2022. Diluted earnings per share of $0.94 was also a record for the first quarter and increased 2% compared to $0.92 for the first quarter of 2022. On a linked quarter basis, net income decreased 7%, or $1.7 million, from the fourth quarter of 2022 net income of $26 million, or $1.01 diluted earnings per share. Pretax pre-provision earnings, which is a non-GAAP financial measure, were $32.4 million for the first quarter of 2023, an increase of 13%, or $3.8 million, from $28.6 million from the first quarter of 2022. On a linked quarter basis, pretax pre-provision earnings decreased 19%, or $7.5 million, from $39.9 million for the fourth quarter of 2022.
“The continued strength of our balance sheet highlights another strong quarter for the Lake City Bank team. Healthy organic loan growth accompanied by a robust capital position contributed to a good start to 2023,” said David M. Findlay, president and chief executive officer, “We also did a terrific job maintaining our core deposit franchise and delivering on our relationship-driven community banking model.”
Quarterly Financial Performance
First Quarter 2023 versus First Quarter 2022 highlights:
• Return on average equity of 16.81%, compared to 14.04%
• Return on average assets of 1.54%, compared to 1.44%
• Loan growth of $401.2 million, or 9%
• Investments as a percent of total assets decreased to 19% from 23%
• Deposit contraction of $302.9 million, or 5%
• Net interest margin expanded by 61 basis points from 2.93% to 3.54%
• Noninterest expense increased $2.5 million, or 9%
