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Mar 31, 2022
Lakeland Financial Q1 2022 Earnings Report
Lakeland Financial reported record first quarter net income driven by loan portfolio growth and anticipated positive shift in net interest margin.
Key Takeaways
Lakeland Financial Corporation reported a record first quarter net income of $23.6 million, a 3% increase compared to the first quarter of 2021. Diluted earnings per share increased by 2% to $0.92. The company saw growth in its loan portfolio and anticipates a positive directional shift in net interest margin.
Net income increased by 3% year-over-year to $23.6 million.
Diluted earnings per share increased by 2% year-over-year to $0.92.
Core loan growth, excluding PPP loans, increased by $263.3 million, or 6%.
Core deposit growth increased by $590.4 million, or 11%.
Lakeland Financial
Lakeland Financial
Forward Guidance
The company's asset-sensitive balance sheet is expected to benefit from anticipated Federal Reserve Bank rate actions.
Positive Outlook
- Healthy growth and retention of deposits continue to contribute to significant levels of liquidity on our balance sheet.
- Average balances in commercial and retail demand deposit accounts are more than double the levels experienced in March of 2020.
- We continued to deploy excess liquidity to the investment portfolio during the first quarter.
- Our balance sheet remains highly asset sensitive as we smartly manage the investment portfolio.
- We look forward to our earning asset growth being driven by growth in loans.