LAKELAND FINANCIAL CORP

Listed Company

LKFNCIK 0000721994NasdaqLarge AcceleratedState Commercial BanksIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$103.36M

Total Assets

$6.99B

Equity

$762.40M

Shares Out

24.91M

Op. Cash Flow

$114.89M

Business

LAKELAND FINANCIAL CORP is a bank holding company that owns Lake City Bank and provides community-based commercial and consumer banking services in Northern and Central Indiana. It offers deposit products, commercial and consumer lending, retail and merchant credit card services, corporate treasury management, trust, wealth advisory and brokerage services. The Company reports operations primarily through its banking subsidiary, which is managed regionally with centralized support and operates as a single reportable operating segment. Distribution occurs through a branch network and complementary digital and treasury channels serving local markets, including the Indianapolis area.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Taxable	336	336	304	202	170
Tax exempt	1	2	4	2	470,000
Taxable	14	12	13	14	9
Tax exempt	16	16	16	20	13
Other interest income	7	8	6	2	549,000
Total interest income	374	373	343	240	193
Interest on deposits	151	173	138	36	15
Interest on short-term borrowings	2	4	8	272,000	7,000
Total interest expense	153	176	146	37	—
NET INTEREST INCOME	221	197	197	203	178
Provision for credit losses	12	17	6	9	1
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	209	180	191	194	177
Wealth advisory fees	11	10	9	9	9
Investment brokerage fees	2	2	2	2	2
Service charges on deposit accounts	11	11	11	12	11
Loan and service fees	12	12	12	12	12
Merchant and interchange fee income	3	4	4	4	—
Bank owned life insurance income	4	4	3	432,000	—
Interest rate swap fee income	83,000	0	794,000	579,000	1
Mortgage banking income (loss)	134,000	116,000	−254,000	633,000	—
Net securities gains (losses)	0	−46,000	−25,000	21,000	—
Net gain on Visa shares	0	9	0	0	—
Other income	3	5	9	2	3
Total noninterest income	48	57	50	42	45
Salaries and employee benefits	75	67	59	59	58
Net occupancy expense	8	7	6	6	6
Equipment costs	6	6	6	6	6
Data processing fees and supplies	17	15	14	13	13
Corporate and business development	5	5	5	5	4
FDIC insurance and other regulatory fees	3	3	3	2	2
Professional fees	8	9	9	6	7
Wire fraud loss	0	0	18	0	0
Other expense	10	13	11	13	9
Total noninterest expense	132	125	131	110	104
INCOME BEFORE INCOME TAX EXPENSE	126	112	110	125	117
Income tax expense	22	18	17	21	22
NET INCOME	103	93	94	104	96
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares)	26	26	26	26	25
BASIC EARNINGS PER COMMON SHARE (in USD per share)	4.02	3.64	3.67	4.07	3.76
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares)	26	26	26	26	26
DILUTED EARNINGS PER COMMON SHARE (in USD per share)	4.01	3.63	3.65	4.04	3.74

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	57	72	70	81	52
Short-term investments	84	96	81	49	631
Total cash and cash equivalents	141	168	152	130	683
Securities available-for-sale, at fair value	1,052	991	1,052	1,186	1,399
Securities held-to-maturity, at amortized cost (fair value of $117,510 and $113,107 respectively)	133	132	130	128	—
Real estate mortgage loans held-for-sale	3	2	1	357,000	7
Loans, net of allowance for credit losses of $68,995 and $85,960	5,306	5,032	4,845	4,638	4,220
Land, premises and equipment, net	66	60	58	58	59
Bank owned life insurance	130	113	109	108	98
Federal Reserve and Federal Home Loan Bank stock	21	21	21	16	14
Accrued interest receivable	29	28	30	28	18
Goodwill	5	5	5	5	5
Other assets	103	125	121	135	55
Total assets	6,990	6,678	6,524	6,432	6,557
Noninterest bearing deposits	1,221	1,297	1,353	1,737	1,895
Interest bearing deposits	4,752	4,604	4,367	3,724	3,840
Total deposits	5,973	5,901	5,721	5,461	5,735
Short-term advance	170	0	—	—	—
Long-term advance	1	0	50	—	—
Other borrowings	13	0	—	—	—
Total borrowings	184	0	—	—	75
Accrued interest payable	9	15	21	3	3
Other liabilities	61	78	83	103	39
Total liabilities	6,228	5,994	5,874	5,863	5,852
Commitments, off-balance sheet risks and contingencies (Notes 1 and 17)	—	—	—	—	—
Common stock: 90,000,000 shares authorized, no par value 26,023,644 shares issued and 25,219,634 outstanding as of December 31, 2025 25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024	137	130	128	127	121
Retained earnings	788	736	693	646	583
Accumulated other comprehensive income (loss)	−127	−167	−155	−189	16
Treasury stock, at cost (804,010 shares and 469,239 shares as of December 31, 2025 and 2024, respectively)	−36	−16	−16	−15	−15
Total stockholders equity	762	684	650	569	705
Noncontrolling interest	89,000	89,000	89,000	89,000	89,000
Total equity	762	684	650	569	705
Total liabilities and equity	6,990	6,678	6,524	6,432	6,557

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	6	6	6	6	6
Net (gain) loss on sale and write down of other real estate owned	−365,000	23,000	0	96,000	67,000
Net change in loan servicing rights valuation allowance	446,000	497,000	540,000	−715,000	0
Loans originated for sale, including participations	−18	−21	−9	−29	−119
Net gain on sales of loans	−567,000	−556,000	−292,000	−1	−4
Proceeds from sale of loans, including participations	18	21	8	36	126
Net loss on sale of premises and equipment	85,000	81,000	3,000	7,000	43,000
Net securities amortization	4	5	5	6	5
Stock based compensation expense	9	5	4	8	7
Earnings on life insurance	−4	−4	−3	—	—
Gain on life insurance	−220,000	−243,000	−131,000	0	−415,000
Tax (benefit) expense of stock award issuances	136,000	−215,000	−718,000	−514,000	−330,000
Interest receivable and other assets	−162,000	1	−6	−11	−2
Interest payable and other liabilities	−13	−11	10	41	−371,000
Total adjustments	12	9	20	66	18
Net cash from operating activities	115	102	114	169	114
Proceeds from sale of securities available-for-sale	0	7	105	25	14
Proceeds from sales of Visa shares	0	9	0	0	—
Proceeds from maturities, calls and principal paydowns of securities available-for-sale	67	60	72	108	138
Proceeds from maturities, calls and principal paydowns of securities held-to-maturity	0	0	5,000	30,000	0
Purchases of securities available-for-sale	−83	−28	−7	−315	−835
Purchase of life insurance	−13	−331,000	−258,000	−11	−711,000
Net (increase) decrease in total loans	−286	−204	−213	−427	357
Proceeds from sales of land, premises and equipment	6,000	10,000	13,000	6,000	8,000
Purchases of land, premises and equipment	−11	−9	−6	−5	−6
Purchases of Federal Home Loan Bank stock	0	0	−6	−3	0
Proceeds from sales of other real estate owned	646,000	76,000	0	0	946,000
Proceeds from life insurance	595,000	536,000	0	0	943,000
Net cash from investing activities	−325	−164	−55	−627	−332
Net increase in total deposits	72	180	260	−275	699
Net increase (decrease) in other borrowings	13	0	−22	22	−11
Payments on short-term FHLB borrowings,net	0	0	0	0	—
Proceeds from (payments on) short-term FHLB borrowings, net	170	−50	−225	—	—
Proceeds from long-term FHLB borrowings	1	0	0	—	—
Common dividends paid	−51	−49	−47	−41	−35
Preferred dividends paid	−13,000	−13,000	−13,000	−13,000	−13,000
Payments related to equity incentive plan	−1	−3	−3	−2	−2
Purchase of treasury stock	−20	−592,000	−575,000	−579,000	−559,000
Sales of treasury stock	375,000	391,000	405,000	221,000	115,000
Net cash from financing activities	184	78	−38	−96	651
Net change in cash and cash equivalents	−27	16	22	−553	433
Interest	159	185	129	36	18
Income taxes	17	24	14	21	26
Loans transferred to other real estate owned	0	0	284,000	0	893,000
Right-of-use assets obtained in exchange for lease liabilities	926,000	3	0	2	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro