Lakeland Financial Q3 net income rises on commercial loan growth
LKFN•Lakeland Financial’s third-quarter net income rose 9% year over year to $28.86 million, while revenue increased 6% as loan growth and margin expansion lifted net interest income. The company continued share repurchases and raised its quarterly dividend by 4%.
1. Quarterly results
Lakeland Financial reported third-quarter earnings per share of $1.14 and net income of $28.86 million. Net interest income was $60.72 million, and net interest margin was 3.58%.
2. Loan and margin growth
Double-digit growth in commercial and industrial loans, alongside increases across all major segments, drove loan portfolio expansion. CFO Lisa M. O’Neill attributed margin expansion to healthy loan growth and deposit pricing strategies. Targeted deposit growth strategies in Indianapolis contributed $106.1 million in deposits.
