Lakeland Financial Q1 EPS Tops by $0.03; Revenue Misses by $0.71M
Lakeland Financial posted Q1 adjusted EPS of $1.04, beating estimates by $0.03, while revenue of $69.71M fell short of the $70.42M forecast. Net income rose 32% to a record $26.5M on 9% revenue growth, with NIM up 9bps to 3.49%, nonperforming assets down 64% and ROAE at 13.89%.
1. Q1 Financial Highlights
Lakeland reported Q1 adjusted EPS of $1.04, beating consensus by $0.03, while revenue was $69.71M, missing estimates by $0.71M. Net income rose 32% year-over-year to a record $26.5M; net interest income reached $56.8M, noninterest income totaled $12.9M, and NIM expanded to 3.49% from 3.40%.
2. Asset Quality and Credit Provision
The provision for credit losses declined to $2.0M from $6.8M a year earlier, reflecting improved borrower performance. Nonperforming assets dropped 64% to $20.9M, indicating stronger credit conditions across the portfolio.
3. Balance Sheet Growth
Average loan balances grew 5% to $5.44B, driven by healthy loan demand, while average deposits rose 3% to $6.06B as deposit costs fell faster than loan yields following Fed rate cuts.
4. Capital Return and Dividends
During the quarter, the company repurchased 336,853 shares at an average price of $56.99 and raised its quarterly dividend by 4% to $0.52 per share, underscoring confidence in ongoing cash flow generation.