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.
Lake City Bank has announced the promotion of Lisa A. Fulton to Senior Vice President and Chief Operations Officer, reflecting her 25 years of exemplary leadership. Fulton will oversee various departments and chair the bank's Strategy and Innovation Committee. Additionally, Lisa S. Fitzgerald, Michele R. Ganser, and Eric D. Wagoner have been promoted to Vice President roles. With assets of $6.2 billion, Lakeland Financial Corporation (LKFN) operates 50 branches in Indiana, emphasizing client-focused and technology-driven banking solutions.
Lake City Bank, a subsidiary of Lakeland Financial Corporation (Nasdaq: LKFN), achieved the top ranking in its peer group according to Bank Director Magazine's 2021 Bank Performance Scorecard. This scorecard evaluates the 300 largest exchange-traded banks in the U.S. based on profitability, asset quality, and capital adequacy. Lake City Bank ranked first in the $5 billion to $50 billion category and sixth in the overall Top 25 Banks. The CEO, David M. Findlay, attributed this success to the bank's commitment to shareholders, employees, and clients.
Lake City Bank announced the opening of its 51st branch at Elkhart High School, set to launch in Fall 2021. This full-service branch, staffed partially by high school students, aims to foster financial literacy and real-world banking experiences. The bank, which operates extensively in Elkhart County, emphasizes its commitment to community engagement, preparing for its 150th anniversary next spring. With a focus on innovative banking solutions, Lake City Bank continues to strengthen its ties with local educational institutions, enhancing student understanding of financial services.
Lakeland Financial Corporation (LKFN) will join the S&P SmallCap 600 Index after trading on August 3, 2021. This inclusion reflects the company's successful long-term shareholder value creation strategy, according to CEO David M. Findlay. To qualify, companies must meet specific criteria, including a market cap between $750 million and $3.3 billion; as of July 28, 2021, LKFN's market cap was $1.7 billion. The S&P SmallCap 600 Index represents about 3% of the U.S. stock market and focuses on financially viable small-cap companies.
Lakeland Financial Corporation (LKFN) reported record net income of $24.3 million for Q2 2021, a 24% increase from $19.7 million in Q2 2020. Diluted EPS rose 23% to $0.95. For the six months, net income reached $47.3 million, up 28% year-over-year. Key highlights include organic loan growth of $223.6 million, core deposits growth of 17%, but a 4% decrease in pretax pre-provision earnings. The net interest margin fell to 3.01% from last year’s 3.10%. A cash dividend of $0.34 per share was approved, marking a 13% increase from last year.
Lake City Bank, a subsidiary of Lakeland Financial Corporation (NASDAQ: LKFN), has been included in the 2021 KBW Bank Honor Roll for the 10th consecutive year. This recognition highlights the bank's superior performance among just 4% of the 365 banks evaluated. The criteria for this honor include a decade of consecutive increases in annual earnings per share. CEO David M. Findlay emphasized the importance of long-term performance, stating that the bank strives to create value for both customers and shareholders.
Lakeland Financial Corporation (LKFN) reported a record quarterly net income of $23.0 million for Q1 2021, a 33% increase from Q1 2020. Diluted earnings per share rose 34% to $0.90. Compared to Q4 2020, net income decreased 7%. Key highlights include a 10% loan growth, with PPP loans at $397 million, and a 25% growth in core deposits. The bank's return on average equity was 14.27%. However, the net interest margin dropped to 3.19%, down from 3.35% a year ago.
Lake City Bank has launched its next-generation digital banking platform, Lake City Bank Digital, on March 29, 2021. This platform merges four separate online and mobile solutions into one device-agnostic solution for both commercial and retail clients. CEO David M. Findlay emphasized the bank's commitment to being competitive in digital banking, with a significant investment to ensure long-term viability. The platform offers features like account management, bill payment, and financial management tools. The launch was done in partnership with Q2, a leader in digital transformation solutions.
Lakeland Financial Corporation (LKFN) reported full year 2020 net income of $84.3 million, down 3% from 2019. Diluted earnings per share decreased 2% to $3.30. Notably, pretax pre-provision earnings rose 7% to $118.6 million due to increased net interest income. The fourth quarter net income hit a record $24.6 million, marking an 11% growth year-over-year. Total assets grew 18% to $5.8 billion. Despite loan growth from the Paycheck Protection Program (PPP), the company faced challenges with a 21% increase in loan loss allowance and a 19 basis points decline in net interest margin.
On January 13, 2021, Lakeland Financial Corporation (LKFN) announced a quarterly cash dividend of $0.34 per share for Q4 2020, reflecting a 13% increase over previous quarters. The dividend will be paid on February 5, 2021, to shareholders on record as of January 25, 2021. President and CEO David M. Findlay emphasized the company's strong capital position as a foundation for this increase. Lakeland Financial operates Lake City Bank, the largest bank solely invested in Indiana, with 50 offices across the state.
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