Lakeland Financial Corp reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total assets increased to $6.645 billion, up $121.3 million (1.9%) from $6.524 billion at the end of 2023. Total loans, net of the allowance for credit losses, rose by $153.8 million (3.2%) to $4.998 billion, while total deposits increased by $116.8 million (2.0%) to $5.837 billion.
Net interest income for the third quarter was $49.3 million, a slight increase from $48.4 million in the same period last year. However, for the nine months ended September 30, 2024, net interest income decreased by $3.5 million (2.3%) to $144.6 million, attributed to a significant rise in deposit interest expenses, which increased by 37.1% to $131.1 million. The provision for credit losses saw a substantial increase of $7.5 million (135.3%) for the nine months, totaling $13.1 million, reflecting a more cautious approach to credit risk management.
Noninterest income surged by $12.3 million (37.7%) for the nine months, reaching $45.0 million, driven by gains from Visa shares and increased wealth advisory fees. Conversely, noninterest expenses decreased by $6.8 million (6.7%) to $94.4 million, primarily due to the absence of a significant wire fraud loss recorded in the previous year.
Net income for the third quarter was $23.3 million, down $1.9 million (7.6%) from $25.3 million in the same quarter of 2023. For the nine months, net income increased by $5.1 million (8.0%) to $69.3 million, with diluted earnings per share rising to $2.69, up from $2.49 in the prior year.
The company’s total equity increased by $49.4 million (7.6%) to $699.2 million, supported by retained earnings growth of $31.8 million (4.6%). The allowance for credit losses rose to $83.6 million, representing 1.65% of total loans, an increase from 1.46% at the end of 2023.
Lakeland Financial Corp also reported a significant increase in classified loans, driven by downgrades in several commercial relationships. The company maintained a strong capital position, with total capital ratios exceeding regulatory requirements. As of September 30, 2024, the company had access to $3.66 billion in unused liquidity, reflecting a robust liquidity position.
About LAKELAND FINANCIAL CORP
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