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Jan. 25, 2019, 8:39 a.m. EST

Lakeland Financial tops estimates

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By Michael Dabaie

Lakeland Financial Corp.'s /zigman2/quotes/202881627/composite LKFN -0.86% said fourth quarter earnings came in above analyst estimates.

The Indiana-based parent of Lake City Bank said Friday that its quarterly net was $21.4 million, up from $11.6 million a year earlier. Earnings per share came in at 83 cents, higher than 45 cents in the year-ago period. FactSet consensus for EPS was 79 cents.

Net interest income increased 12%, to $39.6 million, in the fourth quarter. FactSet estimates were $38.8 million.

Noninterest income was up 7%, to $10.1 million, versus $9.5 million a year earlier. Noninterest income decreased by $328,000 from $10.4 million during the third quarter due to reduced mortgage banking income and reduced bank owned life equity based income, the company said.

Lakeland recorded a provision for loan losses of $300,000 in the fourth quarter, versus $1.9 million a year earlier.

"Revenue growth was once again a critical driver of our ability to generate strong earnings growth. We experienced healthy double digit increases in fee-based services in all three of our core business units, commercial, retail, and wealth advisory. In addition, our asset sensitive balance sheet contributed to an expansion of our net interest margin." Chief Executive David M. Findlay said.

Write to Michael Dabaie at michael.dabaie@wsj.com

US : U.S.: Nasdaq
$ 80.00
-0.69 -0.86%
Volume: 215,715
Jan. 27, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$2.04 billion
Rev. per Employee

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