Lakeland Financial (NASDAQGS:LKFN), the parent company of Lake City Bank, is scheduled to release its third-quarter earnings report on Monday before the market opens. In the previous quarter, the bank aligned with analysts' revenue expectations, posting $71.98 million in revenue, reflecting a 6.7% increase year over year. However, the bank fell short of analysts' net interest income forecasts during that period.
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This quarter, analysts anticipate a revenue growth of 4.9% year over year for Lake City Bank, a decrease from the 12.5% growth recorded in the same quarter last year. Over the past 30 days, analysts have largely reaffirmed their predictions, indicating a steady outlook for the bank ahead of the earnings release.
Historically, Lake City Bank has a solid record of meeting or exceeding Wall Street revenue projections. Comparatively, several regional banks have already reported Q3 results, providing context for Lake City’s upcoming announcement. Byline Bancorp saw a year-over-year revenue increase of 4.6%, surpassing expectations by 3.7%, while First Citizens BancShares reported flat revenue, which exceeded estimates by 2%. Following its results, Byline Bancorp’s shares increased by 1.1%.
In the broader regional banking sector, investor sentiment has been stable, with share prices remaining flat over the past month. Lake City Bank's stock has dipped by 2% during this same period, and it is approaching its earnings report with an average analyst price target of $66.50, compared to its current share price of $58.34.