Lakeland Financial (US:LKFN) Newsfilter·2025-04-25 11:00Financial Performance - The company reported net income of $20.1 million for Q1 2025, a decrease of $3.3 million or 14% compared to $23.4 million in Q1 2024 [1] - Diluted earnings per share were $0.78, down $0.13 or 14% from $0.91 in Q1 2024 [1] - Net interest income increased by $5.5 million or 12% to $52.9 million compared to Q1 2024 [25] - Revenue grew by 6% from $60.0 million to $63.8 million [7] Capital Strength - Total capital as a percentage of risk-weighted assets improved to 15.77% at March 31, 2025, compared to 15.46% a year earlier [4] - The tangible common equity to tangible assets ratio improved to 10.09% at March 31, 2025, from 9.80% at March 31, 2024 [5] - Common equity tier 1 capital improved to 14.51% compared to 14.21% a year earlier [7] Loan Portfolio - Average total loans increased by $214.9 million or 4% to $5.19 billion year-over-year [9] - Total loans net of deferred loan fees increased by $224.8 million or 4% from $5.00 billion to $5.23 billion [9] - Commercial real estate and multi-family residential loans grew by $143.4 million or 6% [9] Deposit Growth - Total deposits increased by $342.1 million or 6% from $5.62 billion to $5.96 billion year-over-year [13] - Core deposits grew by $402.5 million or 7% to $5.83 billion, representing 98% of total deposits [13][14] - Retail deposits increased by $18.0 million or 1% to $1.79 billion [15] Asset Quality - The provision for credit losses was $6.8 million, an increase of $5.3 million compared to $1.5 million in Q1 2024 [26] - Nonperforming assets increased by $42.6 million or 280% to $57.9 million year-over-year [28] - The allowance for credit loss reserve to total loans was 1.77% at March 31, 2025, up from 1.46% a year earlier [27] Noninterest Income and Expense - Noninterest income decreased by $1.7 million or 13% to $10.9 million compared to Q1 2024 [32] - Noninterest expense increased by $2.1 million or 7% to $32.8 million for Q1 2025 [35] - The efficiency ratio was 51.4% for Q1 2025, compared to 51.2% for Q1 2024 [37] Dividend and Share Repurchase - The board approved a cash dividend of $0.50 per share, a 4% increase from $0.48 in Q1 2024 [6] - The share repurchase program was reauthorized with a remaining authority of $30.0 million [8]