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Mar 31, 2021
Lakeland Financial Q1 2021 Earnings Report
Lakeland Financial reported record quarterly net income and continued to navigate the challenging environment with strong financial results.
Key Takeaways
Lakeland Financial Corporation reported a record quarterly net income of $23.0 million for the first quarter of 2021, a 33% increase compared to the first quarter of 2020. Diluted earnings per share increased 34% to $0.90. The company reopened branch lobbies and launched Lake City Bank Digital, a next-generation digital platform.
Net income increased by 33% compared to Q1 2020, reaching a record $23.0 million.
Diluted earnings per share increased by 34% to $0.90 compared to Q1 2020.
Average total loans increased by 13% to $4.57 billion compared to Q1 2020.
Total deposits grew by 22% to $5.23 billion compared to March 31, 2020.
Lakeland Financial
Lakeland Financial
Forward Guidance
Lakeland Financial is well-positioned for future growth with a strong capital base and is focusing on organic loan opportunities. The company anticipates a return to more normalized loan demand and is managing its balance sheet liquidity carefully.
Positive Outlook
- Exceptional capital strength provides a strong foundation.
- Balance sheet is well-positioned for future growth.
- Focus on growing the balance sheet through organic loan opportunities.
- Strong capital position allows for consistent dividend growth.
- Excess liquidity deployed through the investment portfolio.
Challenges Ahead
- Environment of the last year has negatively impacted overall loan growth.
- Commercial line utilization is at a historic low due to excess liquidity.
- Net interest margin decreased due to lower yields on loans and securities.
- COVID-19 pandemic continues to pose economic uncertainty.
- Potential negative impacts on borrowers from economic conditions.