NASDAQ : LKFN

Lakeland Financial Corporation — Financial statements

Financials · Banks - Regional · United States

Last price 61.02 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.51B

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Interest Income on Loans342.93M337.04M337.76M308.01M203.67M170.55M
Interest Income on Investments35.57M36.69M35.39M35.25M35.90M22.67M
Total Interest Income378.50M373.74M373.16M343.27M239.57M193.22M
Interest Paid on Deposits142.99M150.73M172.76M137.79M36.28M14.83M
Interest Paid on Borrowings2.52M1.99M3.72M8.44M399.00K304.00K
Total Interest Expense145.51M152.72M176.48M146.23M36.68M15.13M
Net Interest Income232.99M221.02M196.68M197.03M202.89M178.09M
Trust Income12.21M11.37M10.47M9.08M8.64M8.75M
Mortgage Banking Activities364.00K134.00K116.00K-254.00K633.00K1.42M
Gain (Loss) on Sale of Investments8.95M-25.00K21.00K797.00K
Other Non-Interest Income26.10M25.00M25.15M30.28M20.98M23.15M
Total Non-Interest Income50.38M47.97M55.84M49.86M41.86M44.72M
Revenues Before Loan Losses283.37M268.99M252.52M246.89M244.75M222.81M
Provision for Loan Losses4.91M11.80M16.75M5.85M9.38M1.08M
Revenue278.46M257.19M235.77M241.04M235.37M221.73M
Salaries and Employee Benefits71.94M66.74M62.14M55.49M50.72M50.72M
Occupancy Expenses7.19M6.66M6.12M5.62M5.60M5.17M
Federal Deposit Insurance3.51M3.36M3.46M3.36M2.00M2.24M
Selling, General & Administrative46.42M44.65M40.02M37.42M38.77M37.25M
Other Non-Interest Expense10.12M10.20M8.80M10.76M13.12M8.90M
Total Non-Interest Expense139.17M131.60M120.55M112.65M110.21M104.29M
EBT Excluding Unusual Items139.29M125.58M115.23M128.39M125.16M117.44M
Legal Settlements-4.54M
Other Unusual Items-18.06M
Pretax Income139.29M125.58M111.69M110.33M125.16M117.44M
Income Tax Expense25.61M22.22M18.21M16.57M21.35M21.71M
Net Income113.68M103.36M93.48M93.77M103.82M95.73M
Net Income to Common113.68M103.36M93.48M93.77M103.82M95.73M
Basic Shares Outstanding25.26M25.69M25.68M25.60M25.53M25.48M
Diluted Shares Outstanding25.44M25.80M25.77M25.72M25.71M25.62M
EPS (Basic)4.504.023.643.664.073.76
EPS (Diluted)4.474.013.633.654.043.74
Dividend Per Share2.082.021.941.861.661.42
Effective Tax Rate18.38%17.70%16.30%15.02%17.05%18.49%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents115.77M141.32M168.21M151.82M130.28M683.24M
Investment Securities679.33M753.21M718.09M749.80M835.96M923.06M
Mortgage-Backed Securities411.11M454.16M422.41M447.84M492.31M487.20M
Total Investments1.09B1.21B1.14B1.20B1.33B1.41B
Gross Loans5.68B5.38B5.12B4.92B4.71B4.29B
Allowance for Loan Losses-68.83M-69.00M-85.96M-71.97M-72.61M-67.77M
Other Adjustments to Gross Loans-3.05M-2.51M-2.69M-3.46M-3.07M-3.26M
Net Loans5.61B5.31B5.03B4.84B4.64B4.22B
Property, Plant & Equipment78.91M72.61M60.49M57.90M58.10M59.31M
Goodwill4.97M4.97M4.97M4.97M4.97M4.97M
Loans Held for Sale2.27M2.71M1.70M1.16M357.00K7.47M
Accrued Interest Receivable30.25M29.00M28.45M30.01M27.99M17.67M
Other Real Estate Owned & Foreclosed24.00K284.00K384.00K100.00K196.00K
Other Long-Term Assets274.12M225.70M241.80M235.57M244.51M154.14M
Total Assets7.21B6.99B6.68B6.52B6.43B6.56B
Interest Bearing Deposits4.98B4.20B3.96B3.57B3.27B3.21B
Institutional Deposits549.38M642.78M792.74M455.43M627.12M
Non-Interest Bearing Deposits1.32B1.22B1.30B1.35B1.74B1.90B
Total Deposits6.29B5.97B5.90B5.72B5.46B5.74B
Short-Term Borrowings100.00M184.63M25.40M77.19M297.00M
Current Portion of Leases226.00K971.00K
Accrued Interest Payable9.70M8.87M15.12M20.89M3.19M2.62M
Long-Term Debt13.00M
Federal Home Loan Bank Debt, Long-Term1.30M1.20M75.00M
Long-Term Leases6.29M6.10M
Pension & Post-Retirement Benefits155.00K150.00K-191.00K180.00K-24.00K
Other Long-Term Liabilities63.52M39.26M52.83M55.82M102.50M39.41M
Total Liabilities6.48B6.23B5.99B5.87B5.86B5.85B
Common Stock142.94M136.97M129.66M127.69M127.00M120.61M
Retained Earnings832.84M788.35M736.41M692.76M646.10M583.13M
Treasury Stock-62.01M-35.77M-15.75M-15.55M-15.38M-15.03M
Comprehensive Income & Other-181.77M-127.14M-166.50M-155.19M-188.92M16.09M
Total Common Equity732.00M762.40M683.82M649.70M568.80M704.82M
Minority Interest89.00K89.00K89.00K89.00K89.00K89.00K
Shareholders' Equity732.09M762.49M683.91M649.79M568.89M704.91M
Total Liabilities & Equity7.21B6.99B6.68B6.52B6.43B6.56B
Total Debt107.81M205.90M25.40M77.19M297.00M75.00M
Net Cash (Debt)7.95M-64.58M142.80M74.63M-166.72M608.24M
Net Cash Per Share0.31-2.505.542.90-6.4823.74
Filing Date Shares Outstanding24.70M25.27M25.56M25.51M25.43M25.34M
Total Common Shares Outstanding24.82M25.22M25.51M25.43M25.35M25.30M
Book Value Per Share29.4930.2326.8125.5522.4427.86
Tangible Book Value727.03M757.43M678.85M644.73M563.83M699.85M
Tangible Book Value Per Share29.2930.0326.6125.3522.2427.66

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income113.68M103.36M93.48M93.77M103.82M95.73M
Depreciation & Amortization6.14M5.98M5.95M6.17M6.78M8.39M
Gain (Loss) on Sale of Assets-282.00K-280.00K104.00K3.00K103.00K110.00K
Gain (Loss) on Sale of Investments3.59M4.01M-4.15M4.94M6.32M4.16M
Provision for Credit Losses4.91M11.80M16.75M5.85M9.38M1.08M
Net Decrease (Increase) in Loans Originated / Sold - Operating-1.08M-626.00K-133.00K-579.00K7.79M6.95M
Accrued Interest Receivable-6.43M-162.00K1.28M-6.17M-10.71M-1.85M
Other Operating Activities-4.80M-4.03M-3.96M-2.72M-1.15M-2.88M
Operating Cash Flow134.45M114.89M102.48M113.98M169.34M113.77M
Capital Expenditures-13.72M-11.12M-8.63M-5.99M-4.82M-6.17M
Sale of Property, Plant and Equipment7.00K6.00K10.00K13.00K6.00K8.00K
Investment in Securities18.66M-16.51M48.28M169.84M-181.78M-683.23M
Net Decrease (Increase) in Loans Originated / Sold - Investing-435.63M-286.17M-204.18M-212.91M-427.10M356.66M
Other Investing Activities1.46M-11.63M281.00K-5.88M-12.83M232.00K
Investing Cash Flow-429.22M-325.42M-164.24M-54.93M-626.52M-331.55M
Short-Term Debt Issued170.00M297.00M
Long-Term Debt Issued14.20M
Total Debt Issued128.10M184.20M297.00M
Short-Term Debt Repaid-50.00M-225.00M-10.50M
Long-Term Debt Repaid-22.00M-75.00M
Total Debt Repaid-83.00M-50.00M-247.00M-75.00M-10.50M
Net Debt Issued (Repaid)45.10M184.20M-50.00M-247.00M222.00M-10.50M
Issuance of Common Stock358.00K375.00K391.00K405.00K221.00K115.00K
Repurchase of Common Stock-44.76M-20.39M-592.00K-575.00K-579.00K-559.00K
Common Dividends Paid-52.12M-51.41M-49.28M-47.09M-40.84M-34.64M
Preferred Dividends Paid-13.00K-13.00K-13.00K-13.00K-13.00K-13.00K
Total Dividends Paid-52.13M-51.43M-49.29M-47.11M-40.85M-34.65M
Net Increase (Decrease) in Deposit Accounts270.48M72.38M180.44M259.90M-274.79M698.60M
Other Financing Activities-1.34M-1.49M-2.81M-3.13M-1.78M-1.91M
Financing Cash Flow217.70M183.65M78.13M-37.51M-95.78M651.09M
Net Cash Flow-77.07M-26.89M16.38M21.54M-552.96M433.31M
Free Cash Flow120.73M103.77M93.85M107.99M164.52M107.60M
Free Cash Flow Margin43.35%40.35%39.81%44.80%69.90%48.53%
Free Cash Flow Per Share4.754.023.644.206.404.20
Cash Interest Paid144.44M158.97M185.26M128.53M36.11M18.47M
Cash Income Tax Paid23.41M16.74M23.75M14.07M20.58M25.95M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization1.52B1.46B1.75B1.66B1.85B2.03B
Last Close Price60.0955.1264.2859.1564.1368.96
PE Ratio13.7814.0918.7617.6717.8221.18
PS Ratio5.475.667.446.887.869.14
PB Ratio2.041.912.562.553.252.88
P/FCF Ratio12.6314.0418.6915.3511.2418.84
P/OCF Ratio11.3412.6817.1114.5410.9217.82
Debt / Equity Ratio0.150.270.040.120.520.11
Debt / FCF Ratio0.891.980.270.711.800.70
Net Debt / Equity Ratio-0.010.09-0.21-0.120.29-0.86
Net Debt / FCF Ratio-0.070.62-1.52-0.691.01-5.65
Return on Equity (ROE)15.37%14.29%14.02%15.39%16.30%14.06%
Return on Assets (ROA)1.61%1.51%1.42%1.45%1.60%1.55%
Earnings Yield7.26%7.10%5.33%5.66%5.61%4.72%
FCF Yield7.92%7.12%5.35%6.52%8.89%5.31%
Dividend Yield3.38%3.50%2.82%2.85%2.27%1.77%
Payout Ratio46.52%49.76%52.73%50.24%39.35%36.20%
Buyback Yield / Dilution1.44%-0.12%-0.18%-0.04%-0.36%-0.18%
Total Shareholder Return4.81%3.38%2.64%2.81%1.91%1.59%