Lakeland Financial Corporation, the parent company of Lake City Bank, reported net income of $93.5 million for the year ended December 31, 2024, compared to $93.8 million in 2023. Diluted earnings per share were $3.63, slightly lower than $3.65 in the prior year. For the fourth quarter of 2024, net income was $24.2 million, a decrease from $29.6 million in the same quarter of 2023, but an increase from $23.3 million in the third quarter of 2024. Diluted earnings per share for the quarter were $0.94, compared to $1.16 in the fourth quarter of 2023 and $0.91 in the third quarter of 2024.

Key financial highlights for 2024 include:
- Average loan balances increased by 5% to $5.04 billion.
- Average deposit balances grew by 4% to $6.01 billion.
- The net interest margin for the fourth quarter of 2024 was 3.25%, compared to 3.23% in the fourth quarter of 2023 and 3.16% in the third quarter of 2024.
- Total deposits as of December 31, 2024, were $5.90 billion, compared to $5.72 billion at the end of 2023.
- Core deposits accounted for 99% of total deposits, increasing by $274.3 million or 5% from 2023.

Asset quality metrics showed an increase in nonperforming assets to $56.9 million as of December 31, 2024, compared to $16.1 million at the end of 2023. The allowance for credit losses as a percentage of total loans was 1.68%, up from 1.46% at the end of 2023.

Noninterest income for the year increased by 14% to $56.8 million, driven by gains from the sale of Visa shares and higher wealth advisory fees. Noninterest expense for the year decreased by 4% to $125.1 million, compared to $130.7 million in 2023.

Lakeland Financial’s total risk-based capital ratio improved to 15.90% as of December 31, 2024, compared to 15.47% at the end of 2023. Tangible book value per share increased by 5% to $26.47 as of December 31, 2024, compared to $25.22 a year earlier. The company declared a cash dividend of $0.50 per share for the fourth quarter of 2024, representing a 4% increase from the same period in 2023.