Lakeland Financial Corporation reports developments for Lake City Bank, its single bank subsidiary serving Central and Northern Indiana. Recurring news includes quarterly and annual earnings, net interest income, loan growth, deposit trends, margin performance, capital levels, dividends and other common-stock actions tied to the company’s community banking model.
Company updates also cover Lake City Bank’s commercial and consumer banking services, trust and wealth management, treasury management, branch expansion, digital banking capabilities and technology investments. News may include customer-facing partnerships such as SpendSave, community banking initiatives, and leadership or industry association matters involving the bank’s role in Indiana financial services.
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.
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.