Lakeland Finl Corp Stock Price, News & Analysis

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.

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.