Lakeland Financial Reports First Quarter 2020 Performance and Management of COVID‐19
Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported quarterly net income of $17.3 million for the three months ended March 31, 2020, a decrease of 20% versus $21.7 million for the first quarter of 2019. Diluted earnings per share also decreased 20% to $0.67 for the first quarter of 2020, versus $0.84 for the first quarter of 2019. On a linked quarter basis, net income decreased $4.9 million, or 22% from the fourth quarter of 2019, which resulted in net income of $22.2 million and $0.86 diluted earnings per share. Pretax pre‐provision earnings were $27.5 million for the first quarter of 2020, an increase of 1% or $281,000 as compared to the first quarter of 2019. On a linked quarter basis, pretax pre‐provision earnings were down 1% from $27.9 million for the fourth quarter of 2019. Read more.