Lakeland Financial reports Q4 core operational EPS 98c, consensus 89c

“The Lake City Bank team delivered excellent balance sheet growth in 2023 with strong loan growth accompanied by solid deposit growth. Our expanding relationships with new and existing clients in our growing footprint are very encouraging as we enter 2024. As we have throughout our 152-year history, we continued to deliver on the organic growth strategy that has been at the core of our long-term growth and success,” stated David M. Findlay, Chairman and Chief Executive Officer. “We are looking forward to further growth and expansion as we continue to invest in our people, our Fintech-driven technology platform and our growing branch network, particularly in the Indianapolis market.” The company’s total capital as a percentage of risk-weighted assets was 15.46% at December 31, 2023, compared to 15.07% at December 31, 2022 and 15.13% at September 30, 2023. These capital levels are well in excess of the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s exceptionally strong capital base. The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, was 9.91% at December 31, 2023, compared to 8.79% at December 31, 2022 and 8.62% at September 30, 2023. Unrealized losses from available-for-sale investment securities were $174.6 million at December 31, 2023, compared to $215.3 million at December 31, 2022 and $266.4 million at September 30, 2023. When excluding the impact of accumulated other comprehensive income on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 11.99% at December 31, 2023, compared to 11.38% at December 31, 2022 and 11.74% at September 30, 2023.