Lakeland Financial ( (LKFN) ) has released its Q2 earnings. Here is a breakdown of the information Lakeland Financial presented to its investors.
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Lakeland Financial Corporation, the parent company of Lake City Bank, operates in the financial services sector, providing a range of banking products and services primarily in Indiana. The company is known for its community banking model and robust digital banking platform.
Lakeland Financial reported a record second-quarter net income of $27.0 million, marking a 20% increase compared to the same period last year. This growth was driven by a 14% rise in net interest income, reflecting the company’s strong financial performance and healthy balance sheet growth.
Key financial highlights include a return on average equity of 15.52% and a return on average assets of 1.57%. The company’s net interest margin improved to 3.42%, and average loans grew by 4% to $5.23 billion. Additionally, core deposits increased by 8% to $6.03 billion, contributing to the overall deposit growth of 7% year-over-year.
Lakeland Financial’s management expressed satisfaction with the earnings momentum and highlighted the continued growth in loan and deposit volumes. The company also emphasized its strong capital position, which supports ongoing organic growth and dividend payouts.
Looking ahead, Lakeland Financial remains focused on leveraging its strong capital base to support further growth in its Indiana markets. The company aims to continue enhancing its financial performance through strategic investments in technology and human capital, while maintaining its commitment to customer relationships.