Lakeland Financial reports Q1 core operational EPS 88c, consensus 86c

Tangible book value per share grew by $1.69, or 7%, to $25.05. Reports CET1 ratio 14.21%. “We have entered 2024 with good momentum on the critical goal of continuing our long history of healthy organic balance sheet growth. With annual loan growth of 5% in the quarter, we are off to a fine start. While the prevailing interest rate environment continues to put pressure on our net interest margin, the Lake City Bank team did a terrific job of identifying revenue growth opportunities and diligently managing expenses. Despite the pressure on our net interest margin, we continue to focus on our future growth through investments in people, technology, and new branch office opportunities,” observed David M. Findlay, Chairman and Chief Executive Officer.