NASDAQ$LKFN
Lakeland Financial Corp · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Lakeland Financial reported second quarter earnings, highlighted by net income increase and loan growth.
Lakeland Financial Corporation reported a net income of $22.5 million for the second quarter of 2024, a 54% increase compared to the same period in 2023. The company reached $5.0 billion in total loans, representing 5% annual average loan growth. The company's performance was impacted by a $9.0 million net gain on Visa shares and a $4.5 million accrual related to the resolution of a legal matter.
- Net income increased by 54% year-over-year, reaching $22.5 million.
- Diluted earnings per share increased by 53% year-over-year, reaching $0.87.
- Total loans reached $5.0 billion, with 5% annual average loan growth.
- Noninterest income increased by 78%, driven by a net gain on Visa shares.
Headline financials
Revenue & EPS history
Lakeland Financial · Revenue · Quarterly
$68.7M
Forward guidance
Lakeland Financial's reduced asset sensitivity posture positions the bank well for the anticipated Federal Reserve Bank easing that is expected to occur in the second half of 2024.
Tailwinds
- Expansion of net interest margin on a linked quarter basis.
- Positive impact of loan growth on earning asset yields.
- Successful testing of deposit rate sensitivity for selective products.
- Continued evaluation of additional opportunities in the future.
- Reduced asset sensitivity posture positions the bank well for the anticipated Federal Reserve Bank easing.
Headwinds
- The company's performance in the second quarter was impacted by two non-routine events, including a $9.0 million net gain on Visa shares and a one-time accrual of $4.5 million related to the resolution of a legal matter.
- Increase in nonperforming loans, driven by a single industrial credit relationship.
- The provision expense recorded during the second quarter of 2024 was primarily attributable to an increase in the specific reserve allocation from the downgrade of a single $43.3 million commercial relationship that was placed on nonperforming status during the second quarter of 2024.
- Net interest margin decreased 11 basis points year-over-year.
- Experienced an increase to funding costs from increased competition for deposits throughout the industry.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.7%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+2.5%
Avg return
30 days after
53%
35 / 66 earnings
Positive
+14.2%
Q4 2023
Best reaction
-8.1%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | +2.8% | +0.9% | |
| Q4 2025 | +4.3% | +1.3% | +0.9% | |
| Q3 2025 | -5.2% | -7.8% | -5.0% | |
| Q2 2025 | -0.8% | +0.2% | +2.6% | |
| Q1 2025 | -2.0% | +2.0% | +7.4% | |
| Q4 2024 | +2.8% | +1.7% | -2.6% | |
| Q3 2024 | +2.3% | +2.5% | +15.5% | |
| Q2 2024 | +2.1% | -1.5% | -4.2% | |
| Q1 2024 | -4.6% | -6.2% | -2.5% | |
| Q4 2023 | +14.2% | +13.4% | +0.5% | |
| Q3 2023 | +5.7% | +4.1% | +18.2% | |
| Q2 2023 | +0.6% | +1.5% | +1.4% | |
| Q1 2023 | -8.1% | -9.7% | -10.2% | |
| Q4 2022 | -6.7% | -5.9% | -2.7% | |
| Q3 2022 | +6.4% | +8.0% | +1.4% | |
| Q2 2022 | +6.6% | +10.5% | +9.9% | |
| Q1 2022 | -3.1% | -4.7% | -5.8% | |
| Q4 2021 | -0.7% | -2.3% | -4.6% | |
| Q3 2021 | -4.8% | -8.0% | -5.0% | |
| Q2 2021 | +4.2% | +17.4% | +17.0% | |
| Q1 2021 | -3.2% | -5.7% | -12.1% | |
| Q4 2020 | +3.0% | -2.1% | +16.1% | |
| Q3 2020 | +2.6% | +3.9% | +10.2% | |
| Q2 2020 | -2.5% | -2.7% | +1.5% | |
| Q1 2020 | +12.3% | +8.2% | +19.5% | |
| Q4 2019 | +1.8% | -0.5% | -10.0% | |
| Q3 2019 | +2.0% | +3.1% | +3.4% | |
| Q2 2019 | +0.2% | +0.8% | -8.0% | |
| Q1 2019 | +1.6% | +1.7% | -1.8% | |
| Q4 2018 | +2.0% | +2.9% | +8.8% | |
| Q3 2018 | +7.2% | +9.5% | +15.3% | |
| Q2 2018 | +1.5% | -1.5% | +1.5% | |
| Q1 2018 | -1.3% | -3.0% | +0.7% | |
| Q4 2017 | -3.0% | -3.5% | -4.6% | |
| Q3 2017 | +0.8% | -2.1% | -1.2% | |
| Q2 2017 | +1.6% | +0.8% | -3.0% | |
| Q1 2017 | +7.1% | +2.5% | -1.8% | |
| Q4 2016 | +3.3% | -1.3% | +3.1% | |
| Q3 2016 | +5.8% | +4.6% | +24.8% | |
| Q2 2016 | +3.3% | +3.3% | +6.4% | |
| Q1 2016 | +1.9% | — | — | |
| Q4 2015 | -0.4% | — | — | |
| Q3 2015 | -3.4% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | +1.7% | — | — | |
| Q4 2014 | -4.6% | — | — | |
| Q3 2014 | +2.9% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | -1.8% | — | — | |
| Q4 2013 | +4.9% | — | — | |
| Q3 2013 | +2.2% | — | — | |
| Q2 2013 | +5.1% | — | — | |
| Q1 2013 | +2.9% | — | — | |
| Q4 2012 | -2.1% | — | — | |
| Q3 2012 | +1.0% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2011 | -0.9% | — | — | |
| Q1 2012 | -0.7% | — | — | |
| Q4 2011 | -1.5% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q3 2011 | -2.9% | — | — | |
| Q3 2010 | -2.9% | — | — | |
| Q2 2011 | -3.7% | — | — | |
| Q2 2010 | -3.7% | — | — | |
| Q4 2010 | -3.7% | — | — | |
| Q1 2010 | -2.0% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro