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Sep 30, 2022
Lakeland Financial Q3 2022 Earnings Report
Lakeland Financial reported record quarterly performance with an increase in net income and diluted earnings per share.
Key Takeaways
Lakeland Financial Corporation reported a record third quarter net income of $28.5 million, an 18% increase compared to the third quarter of 2021. Diluted earnings per share also increased by 18% to $1.11. The company's performance was driven by strong organic loan growth and an expansion of the net interest margin.
Diluted earnings per share increased by $0.17, or 18%, from $0.94 to $1.11.
Core loan growth (excluding PPP loans) increased by $340.7 million, or 8%.
Net interest income increased by $6.8 million, or 15%.
Net interest margin excluding PPP loans expanded by 62 basis points to 3.57%.
Lakeland Financial
Lakeland Financial
Forward Guidance
Lakeland Financial Corporation did not provide specific forward guidance in the provided document. The document focused on the results of the third quarter of 2022 and the nine months ended September 30, 2022.