Lakeland Financial (LKFN) Q3 FY2023 earnings: revenue $59 million, down 5.5% on the year

Lakeland Financial Corp. (LKFN) reported revenue of $59 million for Q3 FY2023, the quarter ended 30 September 2023, down 5.5% on the same quarter a year earlier. Net income was $25 million, down 11.5% on the year, and diluted earnings per share $0.98. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$59 milliondown 5.5%

Net income$25 milliondown 11.5%

Diluted EPS$0.98

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	59.2	n/a	n/a	n/a
Interest expense	40.2	n/a	n/a	n/a
Pre-tax income	29.7	n/a	n/a	n/a
Income tax	4.5	n/a	n/a	n/a
Effective tax rate	15.1%	n/a	n/a
Net income	25.3	n/a	n/a	n/a
Net margin	42.6%	n/a	n/a
Diluted EPS	$0.98	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	50.6	n/a	n/a	n/a
Capital expenditure	1.2	n/a	n/a	n/a
Free cash flow	49.4	n/a	n/a	n/a
Cash from investing	10.5	n/a	n/a	n/a
Cash from financing	-88.0	n/a	n/a	n/a
Share-based compensation	2.2	n/a	n/a	n/a
Buybacks	0.2	n/a	n/a	n/a
Dividends paid	11.8	n/a	n/a	n/a
Dividend per share	$0.46	n/a	n/a	n/a
Diluted shares, weighted	26m	n/a	n/a	n/a
Shares outstanding at period end	25m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	557	n/a	n/a	n/a
Non-controlling interest	0.1	n/a	n/a	n/a
Deposits	5,657	n/a	n/a	n/a
Debt	90.0	n/a	n/a	n/a
Other liabilities	123	n/a	n/a	n/a
Total liabilities and equity	6,427	n/a	n/a	n/a
Fixed assets	58.5	n/a	n/a	n/a
Goodwill	5.0	n/a	n/a	n/a
Securities held for sale or to maturity	1,105	n/a	n/a	n/a
Loans	4,799	n/a	n/a	n/a
Cash and equivalents	146	n/a	n/a	n/a
Other assets	313	n/a	n/a	n/a
Total assets	6,427	n/a	n/a	n/a

Questions

What was Lakeland Financial's revenue in Q3 FY2023?

Lakeland Financial (LKFN) reported revenue of $59 million for Q3 FY2023, the quarter ended 30 September 2023, down 5.5% on the same quarter a year earlier.

How much did Lakeland Financial earn in Q3 FY2023?

Net income for Q3 FY2023 was $25 million, down 11.5% on the year, and diluted earnings per share $0.98.

When did Lakeland Financial report Q3 FY2023 results?

Lakeland Financial filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 1 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	59.2	65.8	60.0	68.7	61.2	63.6	63.8	66.4	69.0	69.8	69.7	70.9
Interest expense	40.2	42.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	29.7	36.1	27.8	26.9	27.7	29.2	24.2	32.9	32.1	36.4	32.6	34.7
Tax rate	15%	18%	16%	16%	16%	17%	17%	18%	18%	18%	19%	18%
Net income	25.3	29.6	23.4	22.5	23.3	24.2	20.1	27.0	26.4	29.9	26.5	28.4
Net margin	43%	45%	39%	33%	38%	38%	31%	41%	38%	43%	38%	40%
Diluted EPS	$0.98	$1.16	$0.91	$0.87	$0.91	$0.94	$0.78	$1.04	$1.03	$1.16	$1.04	$1.13
Operating cash flow	50.6	26.5	24.8	21.0	18.0	38.7	28.9	16.2	36.1	33.7	34.7	24.4
Capital expenditure	1.2	1.0	1.5	2.4	2.7	2.0	1.8	2.1	5.0	2.2	4.7	5.2
Free cash flow	49.4	25.5	23.3	18.6	15.3	36.7	27.1	14.1	31.1	31.5	30.0	19.1
Buybacks	0.2	0.1	0.2	0.1	0.2	0.1	0.2	1.8	0.2	18.2	19.6	4.3
Dividends paid	11.8	11.8	12.3	12.3	12.3	12.3	12.8	12.9	12.9	12.9	13.2	13.0
Shares outstanding	25m	25m	26m	26m	26m	26m	26m	26m	26m	25m	25m	25m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000721994-23-000071: the filing on EDGAR. All of Lakeland Financial Corp.'s filings: EDGAR company page.

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