Lakeland Financial Corp - LKFN STOCK NEWS

Lakeland Financial (LKFN), parent company of Lake City Bank, has announced a 4% increase in its quarterly dividend to $0.50 per share, up from $0.48 in 2024. The dividend will be payable on February 5, 2025, to shareholders of record as of January 25, 2025.

The company highlighted its impressive 11% compound annual growth rate in dividends over the past five years. Lake City Bank, founded in 1872, operates 54 branch offices throughout Central and Northern Indiana, with assets of $6.7 billion. The bank emphasizes building long-term customer relationships while offering advanced digital banking solutions for both retail and commercial clients.

Lake City Bank has promoted Carrie A. Gutman to Chief Wealth Advisory Officer, succeeding Jonathan P. Steiner who will retire on December 6, 2024. Gutman, who joined the bank's Management Committee, brings extensive experience in trust administration and civil law. She previously practiced at Hawk Haynie Kammeyer & Smith for 20 years before starting her banking career in 2016. Steiner, who is retiring after a 40-year banking career including 14 years at Lake City Bank, has led significant growth in the Wealth Advisory Group since 2010. Lake City Bank, a $6.6 billion institution headquartered in Warsaw, Indiana, operates 54 branch offices serving Central and Northern Indiana.

Lakeland Financial reported Q3 2024 net income of $23.3 million, down 8% from $25.3 million in Q3 2023. Diluted EPS decreased 7% to $0.91. The company showed organic growth with average loans up 4% to $5.06 billion and core deposits increasing 5% to $5.74 billion. The net interest margin was 3.16%, slightly down from 3.21% year-over-year. Total capital ratio improved to 15.75%, and tangible book value per share grew 25% to $27.07. Commercial loan originations reached $316 million in Q3, with line of credit usage at 41%. The company maintained strong liquidity with access to $3.7 billion in resources.

Lake City Bank (Nasdaq: LKFN) has acquired a 35,600 square foot office building in Warsaw, Indiana, expanding its downtown campus. The building, purchased on August 30, 2024, will be renovated and renamed the Lake City Bank Innovation and Technology Center. This acquisition marks the 6th building in the bank's Downtown Warsaw campus, reinforcing its commitment to its hometown.

The new center will house the bank's Technology Services, Information Security, Application Management, and Project Management teams, supporting Lake City Bank's growth and technology-driven solutions. Since 2010, the bank has invested approximately $30 million in Warsaw facilities and Kosciusko County offices. The renovation will include modern amenities such as a coffee meeting location, a walk-up ITM, and advanced conference calling capabilities.

Lakeland Financial (Nasdaq: LKFN), parent company of Lake City Bank, reported a net income of $22.5 million for Q2 2024, a 54% increase from $14.6 million in Q2 2023. Diluted EPS rose to $0.87, up 53% from $0.57 last year. However, net income fell by 4% from Q1 2024. Key metrics include a 5% loan growth to $5.03 billion and a 5% rise in core deposits to $5.60 billion. The net interest margin slightly decreased to 3.17% from 3.28% in Q2 2023. The company experienced a significant increase in nonperforming loans to $57.2 million. Pretax pre-provision earnings increased by 105% year-over-year to $35.4 million. Noninterest income surged 78% to $20.4 million, driven by a $9.0 million gain on Visa shares. The capital ratio improved to 15.54%. Lakeland Financial also opened its 54th branch in Indianapolis and reported a 10% growth in tangible book value per share to $25.34.

Lakeland Financial reported a net income of $23.4 million for the first quarter of 2024, showing a slight decrease compared to the same period in 2023. The company's diluted earnings per share also decreased by 3% year-over-year. Despite facing pressure on net interest margins, the company saw positive loan growth of 5% annually. The core operational profitability decreased by 7% compared to the first quarter of 2023, excluding the impact of recoveries from a wire fraud loss. The company's capital strength remains solid, with total capital well above regulatory requirements. The investment portfolio decreased by 7% year-over-year, and net interest margin contracted by 39 basis points. Asset quality remained stable, with a decrease in nonperforming assets and net charge-offs. Noninterest income increased by 22% due to various factors, while noninterest expenses also increased by $1.3 million.

Lake City Bank, a subsidiary of Lakeland Financial Corporation, will participate in the Keefe, Bruyette & Woods Winter Financial Services Conference. The bank, with $6.5 billion in assets, operates 53 branches in Indiana. The management team will engage in one-on-one meetings with institutional investors, presenting materials available on the company's website.

Lakeland Financial Corporation (LKFN) reported a decrease in net income and diluted earnings per share for the twelve months ended December 31, 2023, compared to the prior year. However, net income for the three months ended December 31, 2023, saw an increase from the same period in 2022. The company's core operational profitability also decreased for the twelve months ended December 31, 2023, but net income for the fourth quarter of 2023 benefited from insurance recoveries and loss recoveries associated with a wire fraud loss. The company's return on average equity and assets improved in the fourth quarter of 2023 compared to the same period in 2022. The bank's diversified deposit base remained stable, with an increase in total deposits and core deposits. The company's capital strength and liquidity access improved, with continued growth in all capital ratios and available liquidity. The investment portfolio decreased in 2023, but the company expects it to continue to decrease over time as the proceeds from pay downs, sales, and maturities of these investment securities are used to fund loan portfolio growth and for other general liquidity purposes. The net interest margin contracted in the fourth quarter of 2023 compared to the same period in 2022.

Lakeland Financial Corporation (LKFN) announced a 4% increase in their quarterly cash dividend for the first quarter of 2024, now at $0.48 per share. Lake City Bank, the company's subsidiary, has consistently strong operating performance and an exceptionally strong capital base. The bank operates 53 branch offices in Indiana and is the seventh largest bank in the state.