Lakeland Financial Reports Record Third Quarter Performance with Loan Growth of 8%; Diluted Earnings per Share Increases by 11%
Lakeland Financial reported record Q3 net income of $28.9 million, up 9% YoY, with record diluted EPS of $1.14, up 11%, and total revenue of $73.0 million, up 6%. Loan growth of 8% to $5.68 billion and net interest margin expansion of 8 bps to 3.58% drove the record quarter, while NPLs improved to 0.32% of loans. The board raised the dividend 4% to $0.52 per share, and the company continued buybacks with $14.6 million remaining on its $60 million authorization.
Key figures
- Eps
- 1.14
- Revenue
- 73000000
- Revenue Yoy
- 6%
- Roa
- 1.59%
- Roe
- 14.88%
- Loans
- 5680004000
- Buyback q3
- $2.4M at $58.45 avg
- Net income
- 28857000
- Core deposits
- 6052947000
- Net income yoy
- 9%
- Nine month eps
- 3.31
- Total deposits
- 6294796000
- Buyback program
- $60.0M authorization, $14.6M remaining
- Loan growth yoy
- 8%
- Net charge offs
- 2968000
- Efficiency ratio
- 49.5%
- Watch list loans
- 201968000
- Watch list ratio
- 3.56%
- Dividend per share
- 0.52
- Net interest income
- 60721000
- Net interest margin
- 3.58%
- Dividend payout ratio
- 47.1%
- Dividend yoy increase
- 4%
- Nine month net income
- 83775000
- Unrealized afs losses
- 213900000
- Nonperforming loans ratio
- 0.32%
- Net charge offs to avg loans
- 0.21%
AI analysis
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