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Dec 31, 2022
Lakeland Financial Q4 2022 Earnings Report
Lakeland Financial reported record annual performance and a 7% increase in quarterly net income.
Key Takeaways
Lakeland Financial Corporation reported a record full year net income of $103.8 million, an increase of 8% compared to 2021. The company's Q4 net income was $26.0 million, a 7% increase compared to the same period in 2021.
Record annual net income improved by 8% to $103.8 million.
Q4 net income increased by 7% to $26.0 million compared to Q4 2021.
Pretax pre-provision earnings increased by 34% compared to Q4 2021.
Organic loan growth of 10% established a strong foundation for record net income performance.
Lakeland Financial
Lakeland Financial
Forward Guidance
Lakeland Financial plans to continue investing in technology and branch expansion, focusing on enhancing the commercial and retail user experience and expanding its presence in the Indianapolis market.
Positive Outlook
- Continued investment in commercial and retail user experience from a technology standpoint.
- Plans for branch expansion in the Indianapolis market with two new offices planned in the next 18 months.
- Anticipated benefit from the Federal Reserve Bank's continued tightening of monetary policy.
- Continued growth of business with existing clients.
- Acquisition of new client relationships.
Challenges Ahead
- Rising deposit costs are expected to further offset earning asset expansion in 2023.
- Potential impact of rising interest rates on the market value of available-for-sale investment securities portfolio.
- Uncertainty regarding the extent and duration of deposit contraction.
- Possible credit issues in the portfolio.
- Continued investment in people