Welcome to our dedicated page for Lakeland Financial news (Ticker: LKFN), a resource for investors and traders seeking the latest updates and insights on Lakeland Financial stock.
Lakeland Financial Corp (NASDAQ: LKFN) is a bank holding company headquartered in Warsaw, Indiana. It operates through its wholly-owned subsidiary, Lake City Bank, which provides a wide range of commercial, retail, wealth advisory, and investment management services. The company has a strong presence across Northern and Central Indiana, offering its services through 53 branch offices and a robust digital banking platform.
Lake City Bank caters to various sectors including commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and healthcare. The bank's diversified product offerings include commercial and consumer banking services, trust and wealth management, brokerage services, and treasury management commercial services.
In recent developments, Lakeland Financial reported net income of $38.9 million for the first half of 2023, a decrease of 21% compared to the same period in 2022. Despite this, the company saw a 10% improvement in core operational profitability in the second quarter of 2023. Loan growth was strong, with a $438 million increase, representing a 10% annual growth, particularly driven by the Indianapolis market.
However, the company faced challenges, notably a wire fraud event in June 2023 that resulted in an estimated loss of $18.1 million. A thorough investigation confirmed no client accounts were affected, and the company's network was not penetrated. The bank's strong capital structure, with a total capital ratio of 14.94% as of June 2023, remains a cornerstone of its financial stability. The board approved a second-quarter cash dividend of $0.46 per share, reflecting a 15% increase from the previous year.
The company's total loans outstanding grew by $437.6 million, reaching $4.86 billion by mid-2023. Despite seasonal reductions in agribusiness loans, commercial real estate and industrial loans saw significant growth. The bank's diversified deposit base remained stable, with a slight decrease in total deposits by 4% from June 2022 to June 2023. The bank maintains robust liquidity resources, with access to $2.9 billion in unused liquidity as of June 2023.
For the third quarter of 2023, Lakeland Financial reported net income of $25.3 million, a decrease of 11% year-over-year but a 73% increase from the previous quarter. The company continued to expand its loan portfolio, with total loans outstanding reaching $4.87 billion. The bank's net interest margin was 3.21%, reflecting a challenging interest rate environment, but there was stability in loan betas and a slight decline in noninterest bearing deposits.
The company has shown resilience with strong capital ratios and continued dividend growth, reflecting confidence in its long-term profitability and stability. As Lakeland Financial moves forward, its focus remains on organic growth, disciplined credit administration, and maintaining a strong balance sheet to support dividend payouts and shareholder value.
Lakeland Financial Corporation (LKFN) reported a record third-quarter net income of $28.5 million, up 18% from $24.1 million a year earlier. Diluted earnings per share rose 18% to $1.11, marking the best quarterly performance in the company's history. Year-to-date, net income reached $77.8 million, a 9% increase compared to $71.5 million in 2021. Key highlights include a 15% rise in net interest income and 8% core loan growth. Watch list loans fell to a historic low of 3.64% of total loans. A dividend increase of 18% to $0.40 per share was also announced.
Lakeland Financial Corporation (LKFN) reported record net income of $25.7 million for Q2 2022, a 5% increase from $24.3 million in Q2 2021. Diluted EPS rose to $1.00, up 5% year-over-year. For the first half of 2022, net income reached $49.3 million, a 4% increase from the previous year. Core loan growth was robust at $260 million (6%), contributing to a net interest margin expansion of 25 basis points to 3.26%. The company also announced an 18% dividend increase to $0.40 per share.
Lake City Bank, a subsidiary of Lakeland Financial Corporation (LKFN), has been recognized in the 2022 KBW Bank Honor Roll, marking the 11th consecutive year of inclusion. This recognition reflects the bank's strong long-term performance, positioning it among just 5% of screened banks that meet stringent criteria for annual earnings growth. The KBW Honor Roll highlights banking institutions with superior performance ratios compared to peers. Lake City Bank operates 52 branches and is the largest bank solely invested in Indiana, with total assets of $6.6 billion.
Lakeland Financial Corporation (LKFN) reported a record net income of $23.6 million for Q1 2022, reflecting a 3% increase year-over-year. Diluted earnings per share rose to $0.92, up 2%. However, net income decreased by 3% compared to the previous quarter. Core loan growth, excluding PPP loans, was $263.3 million, or 6%, with total deposits rising 11% year-over-year to $5.82 billion. The net interest margin decreased to 2.93%, down 26 basis points from the previous year due to lower PPP fee income.
Lakeland Financial Corporation (Nasdaq: LKFN) reported a record net income of $95.7 million for 2021, marking a 13.5% increase from $84.3 million in 2020. Diluted EPS rose 13.3% to a record $3.74. While net income for Q4 2021 was $24.3 million, it experienced a 1.3% decline from $24.6 million in Q4 2020. Significant growth in net interest income contributed to overall results, although there was a decrease in noninterest income and an increase in noninterest expenses. Liquidity remains strong, with a core deposit growth of 14%.
Lakeland Financial Corporation (LKFN) announced the appointment of Faraz Abbasi to its Board of Directors effective January 11, 2022. Abbasi, a Managing Partner at Centerfield Capital Partners, brings over 20 years of private equity experience. His leadership at Centerfield and background in finance are expected to complement Lake City Bank's community banking philosophy. Lakeland Financial, a $6.6 billion bank holding company, operates 51 offices in Indiana, providing technology-driven financial services. Abbasi's appointment aims to enhance the bank's performance for shareholders.
Lakeland Financial Corporation (Nasdaq Global Select/LKFN) has announced a quarterly cash dividend of $0.40 per share, marking an 18% increase from last year. This dividend is payable on February 7, 2022, to shareholders of record as of January 25, 2022. The company's President and CEO, David M. Findlay, highlighted that this increase reflects their strong operating results and robust balance sheet. Lake City Bank operates 51 branches in Indiana and is the largest bank wholly invested in the state.
Lakeland Financial Corporation (Nasdaq: LKFN) reported a record net income of $24.1 million for Q3 2021, up 6% YoY, with diluted earnings per share rising to $0.94. Despite a 1% decrease from the prior quarter, pretax pre-provision earnings grew 3% YoY. Core deposits surged 14% to $5.40 billion, while nonperforming loans increased by 127% YoY to $31.3 million. Year-to-date net income reached $71.5 million, a 20% increase. The board approved a dividend of $0.34 per share, reflecting a 13% growth from last year.
Lake City Bank announced that Joseph F. Kessie, Senior Vice President and Commercial South Regional Manager, received the 2021 ABA Bruning Award for his contributions to agricultural banking. This accolade highlights Kessie's 24-year commitment to the agricultural sector and his leadership in managing the bank's agribusiness loan portfolio. Lake City Bank, headquartered in Warsaw, Indiana, is the largest bank solely invested in Indiana, operating 51 branches and focusing on technology-driven solutions for clients.
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