Lakeland Finl Corp Stock Price, News & Analysis

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.

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 51^st 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 150^th 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.