LKFN - Lakeland Financial GAAP EPS of $0.94 misses by $0.15 revenue of $61.84M misses by $5.16M

2023-04-25 10:46:33 ET

• Lakeland Financial press release ( NASDAQ: LKFN ): Q1 GAAP EPS of $0.94 misses by $0.15 .
• Revenue of $61.84M (+11.3% Y/Y) misses by $5.16M .
• Return on average equity of 16.81%, compared to 14.04%
• Return on average assets of 1.54%, compared to 1.44%
• Loan growth of $401.2 million, or 9%
• Investments as a percent of total assets decreased to 19% from 23%
• Deposit contraction of $302.9 million, or 5%
• Net interest margin expanded by 61 basis points from 2.93% to 3.54%
• Noninterest expense increased $2.5 million, or 9%
• Provision expense of $4.4 million, compared to $471,000
• Watch list loans as a percentage of total loans of 3.68% compared to 5.03%
• Total risk-based capital ratio of 15.21%, compared to 15.16%
• Tangible capital ratio of 9.34%, compared to 9.22%

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