- Net interest income increased by 12% year-over-year, with net interest margin improving by 25 basis points to 3.40%.
- Average loans grew by 4% to $5.19 billion, while core deposits increased by 7% to $5.83 billion.
- Quarterly dividend increased by 4% to $0.50 per share, and a $30.0 million share repurchase program was reauthorized.
Lakeland Financial Corporation (LKFN, Financial) reported net income of $20.1 million for the first quarter of 2025, reflecting a 14% decrease compared to $23.4 million in the first quarter of 2024. Despite the decline in net income, the company experienced a 12% increase in net interest income, supported by a net interest margin of 3.40%, up from 3.15% the previous year.
The average loan portfolio grew by 4%, reaching $5.19 billion, while core deposits rose by 7% to $5.83 billion. The tangible book value per share also saw a 7% increase, reaching $26.85. The decline in net income was primarily attributed to a substantial increase in the provision for credit losses, which rose to $6.8 million from $1.5 million in the same quarter last year.
The company announced a quarterly dividend of $0.50 per share, marking a 4% increase from the first quarter of 2024. Additionally, Lakeland Financial reauthorized a share repurchase program with a remaining capacity of $30.0 million, extended through April 2027. The company maintains a robust capital position, with total capital at 15.77% of risk-weighted assets.
