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Jun 30, 2023
Lakeland Financial Q2 2023 Earnings Report
Net income of $14.6 million was reported, impacted by a wire fraud loss, but core operational profitability improved.
Key Takeaways
Lakeland Financial Corporation reported a decrease in net income for the second quarter of 2023 compared to the same period in 2022, primarily due to a wire fraud loss. However, core operational profitability improved, and loan growth remained strong.
Net income decreased by 43% compared to Q2 2022, totaling $14.6 million.
Diluted earnings per share decreased by 43% to $0.57.
Core operational profitability improved by 10% on a linked quarter basis and 4% annually.
Loan growth of $437.6 million represented a 10% annual increase.
Lakeland Financial
Lakeland Financial
Lakeland Financial Revenue by Segment
Revenue by Segment
Retail deposits Revenue
CapyFin.comCommercial deposits Revenue
CapyFin.comPublic funds deposits Revenue
CapyFin.comBrokered deposits Revenue
CapyFin.com Forward Guidance
The company expects the investment securities portfolio as a percentage of assets to decrease over time as the proceeds from pay downs, sales and maturities of these investment securities are used to fund loan portfolio growth and for other general liquidity purposes.