Lakeland Finl Corp Stock Price, News & Analysis

Lake City Bank has received certification from the Cities for Financial Empowerment Fund for its Essential Checking and Getting Ahead Checking accounts, adhering to the 2023-24 Bank On National Account Standards. The Essential Checking account features a low monthly fee of $5, no overdraft fees, and access to digital banking. Getting Ahead Checking, linked to the bank's loan program, also meets these standards. This certification ensures that consumers have access to safe and affordable banking products. The bank emphasizes its commitment to providing innovative financial solutions for the community.

Lakeland Financial Corporation (LKFN) reported record net income of $103.8 million for 2022, an increase of 8% from $95.7 million in 2021. Diluted earnings per share reached $4.04, up 8% from $3.74. For Q4 2022, net income was $26.0 million, a 7% rise from $24.3 million in Q4 2021. Core loan growth was 10%, totaling $4.71 billion in loans. The company increased its dividend to $0.46 per share, up 15% from the previous quarter. However, noninterest expense grew 6% to $110.2 million, partly due to legal accruals. Additionally, nonperforming assets rose to $17.2 million, reflecting isolated credit issues.

Lake City Bank has promoted Donald J. Robinson-Gay to Senior Vice President, Chief Credit Officer, effective January 27, 2023. He succeeds Michael E. Gavin, who retires after 31 years. Robinson-Gay, 45, joined the bank in 2018 as Vice President and Regional Credit Officer and has a strong background in credit administration and commercial banking. He is set to enhance Lake City Bank’s credit culture and strategic initiatives. The bank, with $6.3 billion in assets, operates 52 branches across Indiana, making it the sixth largest bank in the state and the largest fully invested in Indiana.

On January 10, 2023, Lakeland Financial Corporation (Nasdaq Global Select/LKFN) announced a quarterly cash dividend of $0.46 per share for Q1 2023, marking a 15% increase from the $0.40 per share dividend paid in 2022. The dividend will be payable on February 6, 2023, to shareholders of record as of January 25, 2023. President and CEO David M. Findlay expressed confidence in the company's financial health and capital foundation, enabling this increase. Lake City Bank, part of Lakeland, is the largest bank fully invested in Indiana.

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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.

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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.