Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.

Company profile
Ticker
LKFN
Exchange
Website
CEO
David M. Findlay
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
Lake City Bank, Warsaw, Indiana, a banking corporation ...
IRS number
351559596
LKFN stock data
Calendar
27 Apr 22
26 Jun 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 475.02M | 475.02M | 475.02M | 475.02M | 475.02M | 475.02M |
Cash burn (monthly) | 69.41M | 2.24M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 199.53M | 6.45M | n/a | n/a | n/a | n/a |
Cash remaining | 275.5M | 468.57M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 4.0 | 208.9 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
13 Jun 22 | Bartels Robert E JR | Common Stock | Buy | Acquire P | No | No | 67.2924 | 755 | 50.81K | 26,213 |
26 May 22 | Bartels Robert E JR | Common Stock | Buy | Acquire P | No | No | 72.5538 | 282 | 20.46K | 26,213 |
5 May 22 | Pichon Emily E | Phantom Stock Common Stock | Grant | Acquire A | No | No | 73.7536 | 5 | 368.77 | 840 |
5 May 22 | Christian Darrianne P | Phantom Stock Common Stock | Grant | Acquire A | No | No | 73.7536 | 12 | 885.04 | 2,147 |
5 May 22 | Toothaker Bradley J | Phantom Stock Common Stock | Grant | Acquire A | No | No | 73.7536 | 75 | 5.53K | 13,944 |
Institutional ownership, Q1 2022
84.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 198 |
Opened positions | 31 |
Closed positions | 19 |
Increased positions | 66 |
Reduced positions | 74 |
13F shares | Current |
---|---|
Total value | 7.74B |
Total shares | 21.87M |
Total puts | 0 |
Total calls | 3.1K |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 3.81M | $277.95M |
Vanguard | 1.77M | $129.11M |
ATAC Neuberger Berman | 1.48M | $108.23M |
STT State Street | 1.31M | $95.48M |
Franklin Mutual Advisers | 1.16M | $61.94M |
AMP Ameriprise Financial | 1.02M | $74.75M |
Kayne Anderson Rudnick Investment Management | 955.22K | $69.73M |
Victory Capital Management | 843.67K | $61.59M |
Dimensional Fund Advisors | 794.6K | $58.01M |
GS Goldman Sachs | 767.88K | $56.06M |
Financial report summary
?Risks
- A downturn in general economic or business conditions, nationally or in markets where our business is concentrated, could have an adverse effect on our business, results of operations and financial condition.
- The COVID-19 pandemic, including the spread of new variants, has had and may continue to have an adverse impact on our business and results of operations, and could have an adverse impact on our financial condition or capital levels, any of which could be material.
- Continued elevated levels of inflation could adversely impact our business and results of operations.
- Labor shortages and failure to attract and retain qualified employees could negatively impact our business, results of operations and financial condition.
- Interest rate shifts may reduce net interest income and otherwise negatively impact our financial condition and results of operations.
- If we do not effectively manage our credit risk, we may experience increased levels of nonperforming loans, charge offs and delinquencies, which could require further increases in our provision for credit losses.
- If our allowance for credit losses is not sufficient to absorb losses that may occur in our loan portfolio, our financial condition and liquidity could suffer.
- Commercial and industrial loans make up a significant portion of our loan portfolio.
- Our loan portfolio includes commercial real estate loans, which involve risks specific to real estate value.
- Our loan portfolio has a notable concentration in agri-business, which has a higher level of uncontrolled risk.
- Our consumer loans generally have a higher degree of risk of default than our other loans.
- Nonperforming assets take significant time to resolve and adversely affect our results of operations and financial condition and could result in further losses in the future.
- Liquidity risks could affect operations and jeopardize our business, results of operations and financial condition.
- Any action or steps to change coverages or eliminate Indiana’s Public Deposit Insurance Fund could require us to find alternative, higher-cost funding sources to replace public fund deposits or to provide for collateralization of these deposits.
- Declines in asset values may result in impairment charges and adversely affect the value of our investments, financial performance and capital.
- We may be adversely impacted by the discontinuance of LIBOR as a short-term interest rate utilized for loans and other financing agreements.
- We may need to raise additional capital in the future to achieve our growth plans, but that capital may not be available when it is needed.
- We may experience difficulties in managing our growth, and our growth strategy involves risks that may negatively impact our net income.
- We face intense competition in all phases of our business from other banks, financial institutions and nonbank financial service providers.
- Attractive acquisition opportunities may not be available to us in the future.
- We may be materially and adversely affected by the highly regulated environment in which we operate.
- Monetary policies and regulations of the Federal Reserve could adversely affect our business, financial condition and results of operations.
- We may be adversely affected by changes in U.S. tax laws and regulations.
- We are required to maintain capital to meet regulatory requirements, and, if we fail to maintain sufficient capital, whether due to losses, an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, as well as our ability to maintain regulatory compliance, would be adversely affected.
- We may be subject to a higher consolidated effective tax rate if there is a change in tax laws relating to LCB Investments II, Inc. or if LCB Funding, Inc. fails to qualify as a real estate investment trust.
- Our accounting policies and methods are the basis for how we prepare our consolidated financial statements and how we report our financial condition and results of operations, and they require management to make estimates about matters that are inherently uncertain.
- We may experience increases to, and volatility in, the balance of the allowance for credit losses and related provision expense due to the adoption of the CECL methodology.
- Our ability to attract and retain management and key personnel and any damage to our reputation may affect future growth and earnings.
- We have a continuing need to adapt to technological change and we may not have the resources to effectively implement new technology.
- The Company’s information systems may experience an interruption or breach in security and cyber-attacks, all of which could have a material adverse effect on the Company’s business.
- We are subject to certain operational risks, including, but not limited to, customer or employee fraud and data processing system failures and errors.
Management Discussion
- (1)Noninterest expense/net interest income plus noninterest income.
- (2)Non-GAAP financial measure. The Company believes that disclosing non-GAAP financial measures provides investors with information useful to understanding the Company’s financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on “tangible common equity” which is “total equity” excluding intangible assets, net of deferred tax, and “tangible assets” which is “total assets” excluding intangible assets, net of deferred tax. See reconciliation on the next page.
- (3)Non-GAAP financial measure. Calculated by subtracting the impact PPP loans had on average earnings assets, loan interest income, average interest bearing liabilities, and interest expense. Management believes this is an important measure because it provides for better comparability to prior periods, given the low fixed interest rate of 1.0% applicable to PPP loans, and because the accretion of net loan fee income can be accelerated upon borrower forgiveness and repayment by the SBA. Management is actively monitoring net interest margin on a fully tax equivalent basis with and without PPP loan impact for the duration of this program. See reconciliation on the next page.
Content analysis
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Legalese | ||
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Readability |
H.S. freshman Bad
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New words:
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Removed:
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Financial reports
Current reports
8-K
A Proven History of Shareholder Value Creation And Commitment to Our Communities 1st Quarter 2022 Lakeland Financial Corporation LKFN L I S T E D
29 Apr 22
8-K
Results of Operations and Financial Condition
25 Apr 22
8-K
Submission of Matters to a Vote of Security Holders
13 Apr 22
8-K
Regulation FD Disclosure
12 Apr 22
8-K
A Proven History of Shareholder Value Creation And Commitment to Our Communities 4th Quarter 2021 Lakeland Financial Corporation LKFN L I S T E D
28 Jan 22
8-K
Results of Operations and Financial Condition
25 Jan 22
8-K
Departure of Directors or Certain Officers
14 Jan 22
8-K
Regulation FD Disclosure
11 Jan 22
8-K
A Proven History of Shareholder Value Creation And Commitment to Our Communities 3rd Quarter 2021 Lakeland Financial Corporation LKFN L I S T E D
9 Nov 21
8-K
Results of Operations and Financial Condition
25 Oct 21
Registration and prospectus
S-8
Registration of securities for employees
12 Apr 17
S-8
Registration of securities for employees
8 Jul 13
424B1
Prospectus with pricing info
12 Nov 09
S-1/A
IPO registration (amended)
3 Nov 09
S-1
IPO registration
25 Oct 09
S-8
Registration of securities for employees
13 May 08
S-8
Registration of securities for employees
18 Jul 06
S-8
Registration of securities for employees
15 Dec 05
S-8
Registration of securities for employees
22 Oct 00
Proxies
DEFA14A
Additional proxy soliciting materials
3 Mar 22
DEFA14A
Additional proxy soliciting materials
4 Mar 21
DEFA14A
Additional proxy soliciting materials
25 Mar 20
DEFA14A
Additional proxy soliciting materials
5 Mar 20
PRE 14A
Preliminary proxy
24 Feb 20
DEFA14A
Additional proxy soliciting materials
28 Feb 19
DEF 14A
Definitive proxy
28 Feb 19
Other
EFFECT
Notice of effectiveness
11 Nov 09
CORRESP
Correspondence with SEC
9 Nov 09
CORRESP
Correspondence with SEC
9 Nov 09
CORRESP
Correspondence with SEC
8 Nov 09
UPLOAD
Letter from SEC
5 Nov 09
CORRESP
Correspondence with SEC
3 Nov 09
UPLOAD
Letter from SEC
1 Nov 09
UPLOAD
Letter from SEC
27 Oct 09
CORRESP
Correspondence with SEC
26 Oct 09
CORRESP
Correspondence with SEC
1 Oct 09
Ownership
11-K
Annual report of employee stock purchases
22 Jun 22
4
LAKELAND FINANCIAL / ROBERT E BARTELS JR ownership change
14 Jun 22
4
LAKELAND FINANCIAL / ROBERT E BARTELS JR ownership change
27 May 22
4
LAKELAND FINANCIAL / M SCOTT WELCH ownership change
9 May 22
4
LAKELAND FINANCIAL / Brian J Smith ownership change
9 May 22
4
LAKELAND FINANCIAL / Blake Augsburger ownership change
9 May 22
4
LAKELAND FINANCIAL / Bradley J Toothaker ownership change
9 May 22
4
LAKELAND FINANCIAL / Darrianne P Christian ownership change
9 May 22
4
LAKELAND FINANCIAL / EMILY E PICHON ownership change
9 May 22
4
LAKELAND FINANCIAL / Lisa M O'Neill ownership change
15 Mar 22
Reddit threads
(4/25) Monday's Pre-Market Stock Movers & News
25 Apr 22
(4/25) Monday's Pre-Market Stock Movers & News
25 Apr 22
Daily Discussion Thread - April 25th, 2022
25 Apr 22
Daily Discussion Thread - April 22nd, 2022
22 Apr 22
Daily Discussion Thread - April 21st, 2022
21 Apr 22
Daily Discussion Thread - April 20th, 2022
20 Apr 22
Daily Discussion Thread - April 19th, 2022
19 Apr 22
Daily Discussion Thread - January 25th, 2022
25 Jan 22
Daily Discussion Thread - January 24th, 2022
24 Jan 22
Daily Discussion Thread - January 21st, 2022
21 Jan 22