LKFN Lakeland Financial Corporation

Lakeland Financial Reports Net Income of $25.3 Million for the Third Quarter and 10% Annualized Average Loan Growth

Lakeland Financial Reports Net Income of $25.3 Million for the Third Quarter and 10% Annualized Average Loan Growth

WARSAW, Ind., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $25.3 million for the three months ended September 30, 2023, which represents a decrease of $3.3 million, or 11%, compared with net income of $28.5 million for the three months ended September 30, 2022. Diluted earnings per share were $0.98 for the third quarter of 2023 and decreased 12% compared to $1.11 for the third quarter of 2022. On a linked quarter basis, net income increased 73%, or $10.6 million, from second quarter 2023 net income of $14.6 million, or $0.57 diluted earnings per share.

The company further reported net income of $64.1 million for the nine months ended September 30, 2023, versus $77.8 million for the comparable period of 2022, a decrease of 18%, or $13.7 million. Diluted earnings per share also decreased 18% to $2.49 for the nine months ended September 30, 2023, versus $3.03 for the comparable period of 2022.

“We are particularly proud of the double-digit organic loan growth we have experienced over the last year with solid, diversified growth in our agricultural, commercial real estate and consumer loan sectors. While commercial and industrial loan growth has been muted in 2023, we’re excited by the business development efforts underway and remain well positioned in every market for the return to growth in this sector. Clearly, our C&I borrowers are continuing to manage their balance sheets conservatively as line usage remains at historical lows and cash balances remain elevated with these clients,” commented David M. Findlay, Chief Executive Officer. “We remain in a robust liquidity position and are very pleased with our deposit retention in a challenging environment.”

Quarterly Financial Performance

Third Quarter 2023 versus Third Quarter 2022 highlights:

  • Return on average equity of 16.91%, compared to 19.39%
  • Return on average assets of 1.54%, compared to 1.80%
  • Loan growth of $381.1 million, or 8%
  • Investments as a percentage of total assets decreased to 17% from 21%
  • Deposit contraction of $7.1 million, or less than 1%
  • Net interest margin contracted by 36 basis points from 3.57% to 3.21%
  • Provision expense of $400,000, compared to no provision expense
  • Watch list loans as a percentage of total loans of 3.83% compared to 3.63%
  • Noninterest income increased $671,000, or 7%
  • Noninterest expense increased $1.2 million, or 4%
  • Total risk-based capital ratio of 15.14% compared to 15.38%
  • Tangible capital ratio of 8.62%, compared to 8.20%

Third Quarter 2023 versus Second Quarter 2023 highlights:

  • Return on average equity of 16.91%, compared to 9.70%
  • Return on average assets of 1.54%, compared to 0.91%
  • Average loan growth of $52.0 million, or 1%
  • Core deposit growth of $124.9 million, or 2%
  • Net interest margin contracted by 7 basis points from 3.28% to 3.21%
  • Provision expense of $400,000, compared to $800,000
  • Watch list loans as a percentage of total loans remained at 3.83%
  • Noninterest income decreased $666,000, or 6%
  • Noninterest expense decreased $13.6 million, or 32%
  • Total risk-based capital ratio of 15.14%, compared to 14.93%
  • Tangible capital ratio of 8.62%, compared to 9.04%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets was 15.14% at September 30, 2023, compared to 15.38% at September 30, 2022, and 14.93% at June 30, 2023. These capital levels are well in excess of the 10.00% regulatory threshold required to be characterized as “well-capitalized” and represent a strong capital position.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, was 8.62% at September 30, 2023, compared to 8.20% at September 30, 2022 and 9.04% at June 30, 2023. Unrealized losses from available-for-sale investment securities were $266.4 million at September 30, 2023, compared to $256.1 million at September 30, 2022 and $202.0 million at June 30, 2023. When excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets was 11.74% at September 30, 2023 compared to 11.32% at September 30, 2022, and 11.45% at June 30, 2023.

Findlay stated, “Our strong capital structure positions us well for a continuation of our long history of organic loan growth in the Lake City Bank footprint. This robust capital position reflects the balance sheet strength that’s resulted from healthy and consistent profitability.”

As announced on October 10, 2023, the board of directors approved a cash dividend for the third quarter of $0.46 per share, payable on November 6, 2023, to shareholders of record as of October 25, 2023. The third quarter dividend per share represents a 15% increase from the $0.40 dividend per share paid for the third quarter of 2022 and is unchanged from the dividend paid in August 2023.

Kristin L. Pruitt, President, added, “Our strong dividend growth rate translates to a strong return for our shareholders. We are pleased to support this 15% dividend growth and to continue to maintain a strong capital foundation with 7% annual growth in tangible common equity.”

Loan Portfolio

Total loans outstanding increased by $381.1 million, or 8%, from $4.49 billion as of September 30, 2022, to $4.87 billion as of September 30, 2023. On a linked quarter basis, total outstanding loans increased by $8.7 million, or less than 1%, from $4.86 billion as of June 30, 2023. Linked quarter loan growth was positively impacted by an increase in consumer loans of $19.8 million, or 4%, and offset by a reduction in commercial loans of $11.0 million, or less than 1%. Average total loans were $4.85 billion in the third quarter of 2023, an increase of $433.8 million, or 10%, from $4.42 billion for the third quarter of 2022, and an increase of $52.0 million, or 1%, from $4.80 billion for the second quarter of 2023.

“We are experiencing healthy loan growth on both the commercial and retail business fronts. Our growth in the commercial real estate portfolio represents in-market lending to in-market clients for land acquisition and construction, particularly in the Indianapolis market. This variable rate loan activity further contributes to the asset sensitivity of the bank’s balance sheet. Continued demand for multifamily, logistics and distribution projects is fueling this growth,” stated Findlay. “Our liquidity remains strong, with the loan to deposit ratio hovering in the 80% to 90% range throughout the year. Despite the long-anticipated shift in deposits, we are effectively managing the funding of our strong loan growth with a focus on core deposit retention and growth.”

Commercial loan originations for the third quarter included approximately $388.0 million in loan originations offset by approximately $399.0 million in commercial loan pay downs. Line of credit usage decreased to 39% at September 30, 2023, compared to 42% at September 30, 2022 and 40% at June 30, 2023. Total available lines of credit expanded by $345.0 million, or 8%, as compared to a year ago, and line usage decreased by $17.0 million, or 1%, for the same period. The company has limited exposure to commercial office space borrowers, all of which are located in the bank's Indiana markets. Loans totaling $71.9 million for this sector represented 1.5% of total loans at September 30, 2023.

Diversified Deposit Base

The bank’s diversified deposit base has remained stable on a year over year basis and on a linked quarter basis.

 
DEPOSIT DETAIL

(unaudited, in thousands)
 
 September 30,

2023
 June 30,

2023
 September 30,

2022
Retail$1,761,235 31.1% $1,821,607 33.6% $2,056,626 36.3%
Commercial 2,154,853 38.1   2,082,564 38.4   2,116,390 37.4 
Public fund 1,563,557 27.7   1,450,527  26.7   1,481,100 26.1 
Core deposits 5,479,645 96.9   5,354,698 98.7   5,654,116 99.8 
Brokered deposits 177,430 3.1   68,361 1.3   10,017 0.2 
Total$5,657,075 100.0% $5,423,059 100.0% $5,664,133 100.0%
                  

Total deposits decreased $7.1 million, or less than 1%, from $5.66 billion as of September 30, 2022 to $5.66 billion as of September 30, 2023. The decrease in total deposits was driven by a decrease in core deposits of $174.5 million, or 3%. Total core deposits were $5.5 billion and represent 97% of total deposits as compared to $5.7 billion and 100%, respectively, at September 30, 2022. Brokered deposits increased by $167.4 million to $177.4 million at September 30, 2023, accounting for 3% of total deposits at quarter end.

The composition of core deposits reflects continued growth in commercial deposits to $2.2 billion, or 38% of total deposits, and stability in public funds at $1.6 billion or 28% of total deposits. Retail deposits have contracted by $296 million since September 30, 2022 and currently represent 31% of total deposits at $1.8 billion. Net retail deposits outflows since September 30, 2022 reflect the continued utilization of deposits from peak savings levels during 2021.

On a linked quarter basis total deposits increased $234.0 million, or 4%, from $5.42 billion at June 30, 2023 to $5.66 billion at September 30, 2023, and core deposits increased by $124.9 million, or 2%. Linked quarter expansion in core deposits resulted from growth in public fund deposits, of $113.0 million, or 8%, and growth in commercial deposits of $72.3 million, or 3%. Offsetting these increases was a contraction in retail deposits of $60.4 million, or 3%. An increase in brokered deposits of $109.1 million, or 160%, also contributed to the linked quarter increase in total deposits.

“With the deposit challenges impacting the banking sector during the first nine months of the year, we are pleased with our deposit trends and with the growth we have experienced with our commercial depositors. Our monitoring of average checking account balances highlights that all three core deposit sectors continue to operate with higher levels of liquidity when compared to pre-pandemic levels,” noted Findlay. “While average balances per account have dropped from their peak in 2021, we have done a terrific job of retaining client deposits and this contributes to our solid liquidity position.”

Average total deposits were $5.57 billion for the third quarter of 2023, a decrease of $66.0 million, or 1%, from $5.64 billion for the third quarter of 2022.

On a linked quarter basis, average total deposits increased by $21.3 million, or less than 1%, from $5.55 billion for the second quarter of 2023. Total average time deposits drove the increase in linked quarter average deposit growth, increasing $141.2 million, or 17%. The increase in average time deposits was offset by decreases in average balances for interest bearing checking, noninterest bearing checking and savings accounts between the two quarters.

Checking accounts by deposit sector, which include demand deposits and interest-bearing checking accounts, continue to maintain balances that are higher than pre-pandemic levels. Since December 31, 2019, commercial checking account balances have grown by $915.6 million, or 83%, retail checking account balances have grown by $241.9 million, or 37%, and public fund checking account balances have grown by $419.4 million, or 50%. Importantly, the number of checking accounts have grown since December 31, 2019 by 18% for commercial checking accounts, by 9% for retail checking accounts and by 3% for public fund checking accounts. Overall, all three sectors have grown in balance and in number of accounts since December 31, 2019.

Checking account trends compared to a year ago at September 30, 2022 demonstrate checking account balance growth of $108.8 million, or 6%, for commercial checking account balances, offset by a contraction of $219.9 million, or 20%, for retail checking account balances and a contraction of $166.7 million, or 12%, for public fund checking account balances. These trends demonstrate continued organic growth of commercial deposits and 3% growth in the number of commercial checking accounts as compared to September 30, 2022. Retail checking account balance declines reflect the anticipated utilization of excess liquidity by our retail customers from peak levels experienced during 2022. The number of retail accounts have grown by 2% since September 30, 2022. Public funds checking account balance declines, as compared to a year ago, demonstrate the utilization of stimulus funding received by our public fund depositors even as the number of accounts are largely unchanged during the past year. Importantly, a deposit mix shift from noninterest bearing deposits to interest bearing deposits has resulted in response to the rise in deposit interest rates.

Uninsured deposits not covered by FDIC deposit insurance were 54% as of September 30, 2023, unchanged from June 30, 2023, and March 31, 2023. Uninsured deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public fund deposits in Indiana), were 28% of total deposits as of September 30, 2023, unchanged from June 30, 2023, and down from 29% as of March 31, 2023. As of September 30, 2023, 98% of deposit accounts had deposit balances less than $250,000.

Liquidity Overview

The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve Bank Discount Window and the Federal Reserve Bank Term Funding Program. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, Federal Funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of September 30, 2023, the company had access to $3.3 billion in unused liquidity available from these aggregate sources, compared to $3.3 billion at September 30, 2022 and $2.9 billion at June 30, 2023. Utilization from these sources totaled $267.4 million at September 30, 2023, compared to $10.0 million at September 30, 2022, and $468.4 million at June 30, 2023. Importantly, core deposits have historically represented, and currently represent, the primary funding resource of the bank.

Investment Portfolio Overview

Total investment securities were $1.11 billion at September 30, 2023, reflecting a decrease of $215.0 million, or 16%, as compared to $1.32 billion at September 30, 2022. On a linked quarter basis, investment securities decreased $86.1 million, or 7%. Investment securities represented 17% of total assets on September 30, 2023, compared to 21% on September 30, 2022, and 18% on June 30, 2023. Effective duration for the investment portfolio was 6.7 years at September 30, 2023, compared to 4.0 years at December 31, 2019 and 6.5 years at December 31, 2022. Duration of the portfolio expanded following the deployment of excess liquidity to the investment portfolio and the dramatic rise in interest rates during 2022 that has continued into 2023. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14% during 2014 to 2020. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities of these investment securities are used to fund loan portfolio growth and for other general liquidity purposes. Investment portfolio sales of $102.8 million for losses of $16,000 and investment portfolio cash flows of $55.3 million provided liquidity of $158.2 million during the nine months ended September 30, 2023. The company anticipates receiving principal and interest cash flows of approximately $125.0 million during the next five quarters.

Net Interest Margin

Net interest margin was 3.21% for the third quarter of 2023, representing a 36 basis point contraction from 3.57% for the third quarter of 2022. Earning assets yields increased by 157 basis points to 5.81% for the third quarter of 2023, up from 4.24% for the third quarter of 2022. The increase in earning asset yields was offset by an increase in the company's funding costs as interest expense as a percentage of average earning assets increased to 2.60% for the third quarter of 2023 from 0.67% for the third quarter of 2022, an increase of 193 basis points. The target Federal Funds rate was increased by 225 basis points between September 30, 2022 and September 30, 2023, from a range of 3.00%-3.25% to a range of 5.25%-5.50%. While the rate increases have positively affected the company's yields on earning assets between the two periods, the company has experienced an offsetting increase to funding costs as excess customer liquidity was utilized and the competition for deposits has increased throughout the industry.

Linked quarter net interest margin contracted by 7 basis points and was 3.21% for the third quarter of 2023, compared to 3.28% for the second quarter of 2023. The linked quarter contraction in net interest income was a result of a net increase in funding costs over average earning asset yields. Average earning asset yields increased by 16 basis points from 5.65% during the second quarter of 2023 to 5.81% during the third quarter of 2023. Earning asset yields benefited from a 25 basis point increase in the target Federal Funds rate in July 2023. The increase in earning asset yields was offset by a 23 basis point increase in interest expense as a percentage of average earning assets. This increase in interest expense was driven by continued upward pressure in deposit costs resulting from market competition. Total noninterest bearing deposits to total deposits were 24% at September 30, 2023, compared to 27% at June 30, 2023 and 32% at September 30, 2022. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, is 52% for the current rate-tightening cycle, compared to 61% during the prior tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank's deposit cost to changes in short-term interest rates, is 46% for the current rate-tightening cycle, compared to 45% during the prior tightening cycle.

“The deposit mix shift that began in the fourth quarter of 2022 has slowed in the third quarter of 2023 from peak levels in the second quarter of 2023,” noted Findlay. “As a result, our net interest margin decline has slowed during the quarter. Our commercial depositors remain with elevated liquidity and as a result are utilizing credit availability in a more limited manner as evidenced by the downward trend in commercial line utilization. Although the deposit mix shift has put pressure on net interest margin, we are pleased with growth in deposit relationships for commercial, retail and public fund deposit accounts.“

Net interest income was $48.4 million for the third quarter of 2023, representing a decrease of $4.1 million, or 8%, as compared to the third quarter of 2022. On a linked quarter basis, net interest income decreased $131,000, or less than 1%, from $48.5 million for the second quarter of 2023. Net interest income increased by $2.4 million, or 2%, for the nine months ended September 30, 2023, as compared to the nine months ended September 30, 2022, due primarily to an increase in loan interest income of $88.9 million, offset by a decrease to securities interest income of $2.9 million, an increase in deposit interest expense of $77.6 million, and an increase in borrowing expense of $8.1 million.

Asset Quality

The company recorded a provision expense of $400,000 in the third quarter of 2023, compared to no provision expense in the third quarter of 2022. On a linked quarter basis, the provision expense decreased by $400,000 from $800,000 for the second quarter of 2023, or 50%.

“Asset quality trends continue to be stable. Although there has been some slowing in the recreational vehicle sector, overall, the current economic conditions have not curtailed economic output in our Indiana markets. In addition, we are not experiencing material credit deterioration in the loan portfolio,” stated Findlay.

The allowance for credit loss reserve to total loans was 1.48% at September 30, 2023, versus 1.50% at September 30, 2022 and unchanged from 1.48% at June 30, 2023. Net charge offs in the third quarter of 2023 were $353,000 compared to $284,000 in the third quarter of 2022 and a net recovery of $43,000 during the linked second quarter of 2023. Annualized net charge offs to average loans were 0.03% for the third quarter of 2023, unchanged from the third quarter of 2022, and compared to none for the linked second quarter of 2023.

Nonperforming assets increased $6.6 million, or 66%, to $16.7 million as of September 30, 2023, versus $10.1 million as of September 30, 2022. The increase was a result of the net addition of loan balances placed on nonaccrual status during the first quarter of 2023 due primarily to a single commercial borrower. On a linked quarter basis, nonperforming assets decreased $1.7 million, or 9%, compared to $18.4 million as of June 30, 2023, primarily from paydowns of nonaccrual balances. The ratio of nonperforming assets to total assets at September 30, 2023 increased to 0.26% from 0.16% at September 30, 2022 and decreased from 0.28% at June 30, 2023.

Total individually analyzed and watch list loans increased by $23.2 million, or 14%, to $186.4 million at September 30, 2023, versus $163.2 million as of September 30, 2022. On a linked quarter basis, total individually analyzed and watch list loans increased by $333,000, or less than 1%, from $186.0 million at June 30, 2023. Watch list loans as a percentage of total loans increased by 20 basis points to 3.83% at September 30, 2023, compared to 3.63% at September 30, 2022, and remained unchanged compared to June 30, 2023.

Noninterest Income

The company’s noninterest income increased $671,000, or 7%, to $10.8 million for the third quarter of 2023, compared to $10.2 million for the third quarter of 2022. The increase in noninterest income was driven primarily by an increase in bank owned life insurance income of $955,000, an increase in wealth advisory fees of $239,000, or 12%, and an increase in other income of $175,000, or 41%. Bank owned life insurance income benefited from improved market performance of the company's variable life insurance policies which track to the overall performance of the equity markets, and from the purchase of general life insurance policies during the fourth quarter of 2022. The increase in wealth advisory fees was driven by an increase in trust assets which benefited from new customer inflows. The increase to other income was driven by increased limited partnership income and higher dividends from the company's FHLB stock holdings. Offsetting these increases to noninterest income was a decrease to service charges on deposit accounts of $255,000, or 9%, primarily the result of increased earning credit rating for commercial depositors related to commercial treasury management fees and other changes to the deposit fee schedule for retail accounts. Additional declines included a decrease to investment brokerage fees of $243,000, or 37%, due to fluctuations in fee generating sales volume and mix, and a decrease to loan and service fees of $113,000, or 4%, due to a decline in fee-based volume.

Noninterest income for the third quarter of 2023 decreased by $666,000, or 6%, on a linked quarter basis from $11.5 million during the second quarter of 2023. The linked quarter decrease was driven largely by a decrease in interest rate swap fee income of $794,000, due to no new swap activity during the quarter. Offsetting this decrease was an increase in bank owned life insurance of $316,000, or 46%, due to improved equity market performance.

Noninterest income increased by $1.3 million, or 4%, to $32.7 million for the nine months ended September 30, 2023, compared to $31.3 million for the prior year nine-month period. The increase was driven by increases to bank owned life insurance income of $2.6 million, other income of $348,000, or 22%, interest rate swap fee income of $302,000, or 61%, and wealth advisory fees of $219,000, or 3%. These increases were offset by decreases to mortgage banking income of $955,000, or 124%, service charges on deposit accounts of $590,000, or 7%, loan service fees of $349,000, or 4%, and investment brokerage fees of $341,000, or 20%.

Noninterest Expense

Noninterest expense increased $1.2 million, or 4%, to $29.1 million for the third quarter of 2023, compared to $27.9 million during the third quarter of 2022. The increase in noninterest expense during the quarter was attributable to an increase in salaries and employee benefits of $1.3 million, or 9%, an increase in professional fees of $560,000, or 36%, and an increase in FDIC insurance and other regulatory fees of $413,000, or 90%. Salaries and employee benefits increased due to increases in salaries and employee insurance expense and an increase in deferred compensation expense, which is tied to the market performance of the company's variable bank owned life insurance policies. Professional fees increased as a result of increased interest charges associated with the bank's cash swap collateral positions and increased legal expense. The increase to FDIC insurance and other regulatory fees was caused by a blanket increase to the assessment rate used by the FDIC to calculate insurance premiums. Offsetting these increases was a decrease to other expense of $1.1 million, or 30%, driven by a decrease in accruals pertaining to ongoing legal matters. On a linked quarter basis, noninterest expense decreased by $13.6 million, or 32%, compared to $42.7 million during the second quarter of 2023.

Noninterest expense increased by $18.5 million, or 22%, for the nine months ended September 30, 2023 from $82.8 million to $101.3 million. The increase to noninterest expense during the year was driven by an $18.1 million wire fraud loss recorded as a component of noninterest expense during the second quarter of 2023. Other drivers contributing to the increase in noninterest expense include an increase to professional fees of $1.8 million, or 39%, an increase to FDIC insurance and other regulatory fees of $953,000, or 63%, and an increase to data processing fees and supplies of $795,000, or 8%.

The company’s efficiency ratio was 49.1% for the third quarter of 2023, compared to 44.5% for the third quarter of 2022 and 71.2% for the linked second quarter of 2023. The company's efficiency ratio for the nine months ended September 30, 2023 was 55.9%, compared to 46.7% for the nine months ended September 30, 2022.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at . The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” In addition to the results presented in accordance with generally accepted accounting principles in the United States, this earnings release contains certain non-GAAP financial measures. The company believes that providing 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 tangible common equity, tangible assets, tangible book value per share, tangible common equity to tangible assets ratio, pretax pre-provision earnings, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio. A reconciliation of these and other non-GAAP measures to the most comparable GAAP equivalents is included in the attached financial tables where the non-GAAP measures are presented.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of global conflicts, including its effects on our customers, local economic conditions, our operations and vendors, and the responses of federal, state and local governmental authorities, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q.

                    
LAKELAND FINANCIAL CORPORATION

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
 
 Three Months Ended Nine Months Ended 
(Unaudited – Dollars in thousands, except per share data)September 30, June 30, September 30, September 30, September 30,
END OF PERIOD BALANCES2023 2023 2022 2023 2022
Assets$6,426,844  $6,509,546  $6,288,406  $6,426,844  $6,288,406 
Investments 1,105,026   1,191,139   1,320,006   1,105,026   1,320,006 
Loans 4,870,965   4,862,260   4,489,835   4,870,965   4,489,835 
Allowance for Credit Losses 72,105   72,058   67,239   72,105   67,239 
Deposits 5,657,075   5,423,059   5,664,133   5,657,075   5,664,133 
Brokered Deposits 177,430   68,361   10,017   177,430   10,017 
Core Deposits (1) 5,479,645   5,354,698   5,654,116   5,479,645   5,654,116 
Total Equity 557,184   591,995   519,220   557,184   519,220 
Goodwill Net of Deferred Tax Assets 3,803   3,803   3,803   3,803   3,803 
Tangible Common Equity (2) 553,381   588,192   515,417   553,381   515,417 
Adjusted Tangible Common Equity (2) 780,756   765,090   736,264   780,756   736,264 
AVERAGE BALANCES                   
Total Assets$6,498,984  $6,432,929  $6,298,358  $6,448,316  $6,469,102 
Earning Assets 6,145,894   6,096,284   5,991,630   6,103,538   6,178,787 
Investments 1,171,426   1,210,870   1,429,186   1,210,540   1,472,807 
Loans 4,849,758   4,797,742   4,415,944   4,791,431   4,381,284 
Total Deposits 5,572,466   5,551,145   5,638,469   5,537,379   5,745,771 
Interest Bearing Deposits 4,154,825   4,100,749   3,821,699   4,028,087   3,876,913 
Interest Bearing Liabilities 4,382,380   4,287,167   3,821,699   4,246,648   3,919,779 
Total Equity 592,510   603,999   583,679   594,063   616,202 
INCOME STATEMENT DATA                   
Net Interest Income$48,393  $48,524  $52,492  $148,436  $146,050 
Net Interest Income-Fully Tax Equivalent 49,712   49,842   53,945   152,436   150,171 
Provision for Credit Losses 400   800   0   5,550   417 
Noninterest Income 10,835   11,501   10,164   32,650   31,343 
Noninterest Expense 29,097   42,734   27,894   101,265   82,776 
Net Income 25,252   14,611   28,525   64,141   77,840 
Pretax Pre-Provision Earnings (2) 30,131   17,291   34,762   79,821   94,617 
PER SHARE DATA                   
Basic Net Income Per Common Share$0.99  $0.57  $1.12  $2.51  $3.05 
Diluted Net Income Per Common Share 0.98   0.57   1.11   2.49   3.03 
Cash Dividends Declared Per Common Share 0.46   0.46   0.40   1.38   1.20 
Dividend Payout 46.94%  80.70%  36.04%  36.95%  39.60%
Book Value Per Common Share (equity per share issued)$21.75  $23.12  $20.33  $21.75  $20.33 
Tangible Book Value Per Common Share (2) 21.60   22.97   20.18   21.60   20.18 
                    
 Three Months Ended Nine Months Ended 
(Unaudited – Dollars in thousands, except per share data)September 30, June 30, September 30, September 30, September 30,
PER SHARE DATA (continued)2023 2023 2022 2023 2022
Market Value – High$57.00  $62.71  $81.27  $77.07  $85.71 
Market Value – Low 44.46   43.05   64.05   43.05   64.05 
Basic Weighted Average Common Shares Outstanding 25,613,456   25,607,663   25,533,832   25,601,493   25,525,734 
Diluted Weighted Average Common Shares Outstanding 25,693,535   25,686,354   25,734,613   25,709,841   25,710,088 
KEY RATIOS                   
Return on Average Assets 1.54%  0.91%  1.80%  1.33%  1.61%
Return on Average Total Equity 16.91   9.70   19.39   14.44   16.89 
Average Equity to Average Assets 9.12   9.39   9.27   9.21   9.53 
Net Interest Margin 3.21   3.28   3.57   3.33   3.25 
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income) 49.13   71.19   44.52   55.92   46.66 
Loans to Deposits 86.10   89.66   79.27   86.10   79.27 
Investment Securities to Total Assets 17.19   18.30   20.99   17.19   20.99 
Tier 1 Leverage (3) 11.64   11.54   11.40   11.64   11.40 
Tier 1 Risk-Based Capital (3) 13.89   13.68   14.13   13.89   14.13 
Common Equity Tier 1 (CET1) (3) 13.89   13.68   14.13   13.89   14.13 
Total Capital (3) 15.14   14.93   15.38   15.14   15.38 
Tangible Capital (2) 8.62   9.04   8.20   8.62   8.20 
Adjusted Tangible Capital (2) 11.74   11.45   11.32   11.74   11.32 
ASSET QUALITY                   
Loans Past Due 30 - 89 Days$1,782  $1,207  $921  $1,782  $921 
Loans Past Due 90 Days or More 19   8   25   19   25 
Nonaccrual Loans 16,290   18,004   9,892   16,290   9,892 
Nonperforming Loans 16,309   18,012   9,917   16,309   9,917 
Other Real Estate Owned 384   384   196   384   196 
Other Nonperforming Assets 45   20   0   45   0 
Total Nonperforming Assets 16,738   18,416   10,113   16,738   10,113 
Individually Analyzed Loans 16,739   18,465   17,313   16,739   17,313 
Non-Individually Analyzed Watch List Loans 169,621   167,562   145,839   169,621   145,839 
Total Individually Analyzed and Watch List Loans 186,360   186,027   163,152   186,360   163,152 
Gross Charge Offs 480   390   373   6,766   1,211 
Recoveries 127   433   89   715   260 
Net Charge Offs/(Recoveries) 353   (43)  284   6,051   951 
Net Charge Offs/(Recoveries) to Average Loans 0.03%  0.00%  0.03%  0.17%  0.03%
Credit Loss Reserve to Loans 1.48   1.48   1.50   1.48   1.50 
Credit Loss Reserve to Nonperforming Loans 442.11   400.06   678.01   442.11   678.01 
                    
 Three Months Ended Nine Months Ended
(Unaudited – Dollars in thousands, except per share data)September 30, June 30, September 30, September 30, September 30,
 2023 2023 2022 2023 2022
Nonperforming Loans to Loans 0.33   0.37   0.22   0.33   0.22 
Nonperforming Assets to Assets 0.26   0.28   0.16   0.26   0.16 
Total Individually Analyzed and Watch List Loans to Total Loans 3.83%  3.83%  3.63%  3.83%  3.63%
OTHER DATA                   
Full Time Equivalent Employees 614   632   600   614   600 
Offices 53   53   52   53   52 
              
(1)  Core deposits equals deposits less brokered deposits.
(2)  Non-GAAP financial measure - see “Reconciliation of Non-GAAP Financial Measures”.
(3)  Capital ratios for September 30, 2023 are preliminary until the Call Report is filed.
 

 

    
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)   
    
September 30,

2023
 December 31,

2022
(Unaudited) 
ASSETS   
Cash and due from banks$67,512  $80,992 
Short-term investments 78,768   49,290 
Total cash and cash equivalents 146,280   130,282 
   
Securities available-for-sale, at fair value 975,532   1,185,528 
Securities held-to-maturity, at amortized cost (fair value of $102,629 and $111,029, respectively) 129,494   128,242 
Real estate mortgage loans held-for-sale 572   357 
   
Loans, net of allowance for credit losses of $72,105 and $72,606 4,798,860   4,637,790 
   
Land, premises and equipment, net 58,512   58,097 
Bank owned life insurance 108,758   108,407 
Federal Reserve and Federal Home Loan Bank stock 21,420   15,795 
Accrued interest receivable 28,994   27,994 
Goodwill 4,970   4,970 
Other assets 153,452   134,909 
Total assets$6,426,844  $6,432,371 
   
   
LIABILITIES   
Noninterest bearing deposits$1,377,650  $1,736,761 
Interest bearing deposits 4,279,425   3,723,859 
Total deposits 5,657,075   5,460,620 
   
Federal Funds purchased 0   22,000 
Federal Home Loan Bank advances 90,000   275,000 
Total borrowings 90,000   297,000 
    
Accrued interest payable 16,178   3,186 
Other liabilities 106,407   102,678 
Total liabilities 5,869,660   5,863,484 
   
STOCKHOLDERS’ EQUITY   
Common stock: 90,000,000 shares authorized, no par value   
25,903,264 shares issued and 25,431,724 outstanding as of September 30, 2023   
25,825,127 shares issued and 25,349,225 outstanding as of December 31, 2022 125,758   127,004 
Retained earnings 674,917   646,100 
Accumulated other comprehensive income (loss) (228,111)  (188,923)
Treasury stock, at cost (471,540 shares and 475,902 shares as of September 30, 2023 and December 31, 2022, respectively) (15,469)  (15,383)
Total stockholders’ equity 557,095   568,798 
Noncontrolling interest 89   89 
Total equity 557,184   568,887 
Total liabilities and equity$6,426,844  $6,432,371 



 
CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)
 
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
NET INTEREST INCOME       
Interest and fees on loans       
Taxable$78,910  $52,707  $223,499  $136,580 
Tax exempt 1,008   462   2,869   911 
Interest and dividends on securities     
Taxable 3,077   3,608   9,966   10,613 
Tax exempt 4,023   5,009   12,387   14,609 
Other interest income 1,605   772   3,604   1,501 
Total interest income 88,623   62,558   252,325   164,214 
   
Interest on deposits 37,108   10,066   95,637   18,037 
Interest on borrowings     
Short-term 3,122   0   8,252   0 
Long-term 0   0   0   127 
Total interest expense 40,230   10,066   103,889   18,164 
   
NET INTEREST INCOME 48,393   52,492   148,436   146,050 
   
Provision for credit losses 400   0   5,550   417 
   
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 47,993   52,492   142,886   145,633 
   
NONINTEREST INCOME       
Wealth advisory fees 2,298   2,059   6,769   6,550 
Investment brokerage fees 408   651   1,370   1,711 
Service charges on deposit accounts 2,735   2,990   8,091   8,681 
Loan and service fees 2,934   3,047   8,782   9,131 
Merchant and interchange fee income 938   941   2,744   2,660 
Bank owned life insurance income (loss) 1,009   54   2,393   (212)
Interest rate swap fee income 0   88   794   492 
Mortgage banking income (loss) (50)  (89)  (184)  771 
Net securities gains (losses) (35)  0   (16)  0 
Other income 598   423   1,907   1,559 
Total noninterest income 10,835   10,164   32,650   31,343 
   
NONINTEREST EXPENSE       
Salaries and employee benefits 15,977   14,650   43,414   43,840 
Net occupancy expense 1,621   1,476   4,874   4,793 
Equipment costs 1,325   1,380   4,189   4,250 
Data processing fees and supplies 3,379   3,226   10,305   9,510 
Corporate and business development 1,201   1,426   3,930   4,078 
FDIC insurance and other regulatory fees 871   458   2,469   1,516 
Professional fees 2,114   1,554   6,284   4,527 
Wire fraud loss 0   0   18,058   0 
Other expense 2,609   3,724   7,742   10,262 
Total noninterest expense 29,097   27,894   101,265   82,776 
   
INCOME BEFORE INCOME TAX EXPENSE 29,731   34,762   74,271   94,200 
Income tax expense 4,479   6,237   10,130   16,360 
NET INCOME$25,252  $28,525  $64,141  $77,840 
   
BASIC WEIGHTED AVERAGE COMMON SHARES 25,613,456   25,533,832   25,601,493  $25,525,734 
     
BASIC EARNINGS PER COMMON SHARE$0.99  $1.12  $2.51  $3.05 
     
DILUTED WEIGHTED AVERAGE COMMON SHARES 25,693,535   25,734,613   25,709,841   25,710,088 
       
DILUTED EARNINGS PER COMMON SHARE$0.98  $1.11  $2.49  $3.03 



 
LAKELAND FINANCIAL CORPORATION

LOAN DETAIL

(unaudited, in thousands)
 
 September 30,

2023
 June 30,

2023
 September 30,

2022
Commercial and industrial loans:           
Working capital lines of credit loans$589,345  12.1% $618,655  12.7% $684,281  15.2%
Non-working capital loans 812,875  16.7   851,232  17.5   827,014  18.4 
Total commercial and industrial loans 1,402,220  28.8   1,469,887  30.2   1,511,295  33.6 
            
Commercial real estate and multi-family residential loans:           
Construction and land development loans 633,920  13.0   590,860  12.1   468,288  10.4 
Owner occupied loans 811,175  16.6   806,072  16.6   741,293  16.5 
Nonowner occupied loans 740,783  15.2   724,799  14.9   655,975  14.6 
Multifamily loans 236,581  4.8   254,662  5.2   191,212  4.3 
Total commercial real estate and multi-family residential loans 2,422,459  49.6   2,376,393  48.8   2,056,768  45.8 
            
Agri-business and agricultural loans:           
Loans secured by farmland 183,241  3.8   176,807  3.6   165,328  3.7 
Loans for agricultural production 197,287  4.0   198,155  4.1   176,738  3.9 
Total agri-business and agricultural loans 380,528  7.8   374,962  7.7   342,066  7.6 
            
Other commercial loans 125,939  2.6   120,958  2.5   100,831  2.2 
Total commercial loans 4,331,146  88.8   4,342,200  89.2   4,010,960  89.2 
            
Consumer 1-4 family mortgage loans:           
Closed end first mortgage loans 247,114  5.1   229,078  4.7   196,077  4.4 
Open end and junior lien loans 189,611  3.9   183,738  3.8   173,419  3.9 
Residential construction and land development loans 12,888  0.3   18,569  0.4   18,775  0.4 
Total consumer 1-4 family mortgage loans 449,613  9.3   431,385  8.9   388,271  8.7 
            
Other consumer loans 93,737  1.9   92,139  1.9   93,026  2.1 
Total consumer loans 543,350  11.2   523,524  10.8   481,297  10.8 
Subtotal 4,874,496  100.0%  4,865,724  100.0%  4,492,257  100.0%
Less:  Allowance for credit losses (72,105)    (72,058)    (67,239)  
Net deferred loan fees (3,531)    (3,464)    (2,422)  
Loans, net$4,798,860    $4,790,202    $4,422,596   



 
LAKELAND FINANCIAL CORPORATION

DEPOSITS AND BORROWINGS

(unaudited, in thousands)
 
 September 30,

2023
 June 30,

2023
 September 30,

2022
Noninterest bearing demand deposits$1,377,650 $1,438,030 $1,832,328
Savings and transaction accounts:     
Savings deposits 315,651  342,847  428,718
Interest bearing demand deposits 2,891,683  2,819,385  2,652,783
Time deposits:     
Deposits of $100,000 or more 756,107  616,455  573,923
Other time deposits 315,984  206,342  176,381
Total deposits$5,657,075 $5,423,059 $5,664,133
FHLB advances and other borrowings 90,000  400,000  0
Total funding sources$5,747,075 $5,823,059 $5,664,133



 
LAKELAND FINANCIAL CORPORATION

AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS

(UNAUDITED) 
 
  Three Months Ended September 30,

2023
 Three Months Ended June 30,

2023
 Three Months Ended September 30,

2022
(fully tax equivalent basis, dollars in thousands) Average Balance Interest Income Yield (1)/

Rate
 Average Balance Interest Income Yield (1)/

Rate
 Average Balance Interest Income Yield (1)/

Rate
Earning Assets                  
Loans:                  
Taxable (2)(3) $4,791,156  $78,910 6.53% $4,739,885  $75,047 6.35% $4,376,724  $52,707 4.78%
Tax exempt (1)  58,602   1,258 8.52   57,857   1,198 8.31   39,220   583 5.90 
Investments: (1)                  
Securities  1,171,426   8,169 2.77   1,210,870   8,520 2.82   1,429,186   9,949 2.76 
Short-term investments  2,533   29 4.54   2,308   26 4.52   2,307   9 1.55 
Interest bearing deposits  122,177   1,576 5.12   85,364   1,009 4.74   144,193   763 2.10 
Total earning assets $6,145,894  $89,942 5.81% $6,096,284  $85,800 5.65% $5,991,630  $64,011 4.24%
Less:  Allowance for credit losses  (71,997)      (71,477)      (67,481)    
Nonearning Assets                  
Cash and due from banks  68,669       69,057       70,672     
Premises and equipment  58,782       58,992       58,796     
Other nonearning assets  297,636       280,073       244,741     
Total assets $6,498,984      $6,432,929      $6,298,358     
                   
Interest Bearing Liabilities                  
Savings deposits $329,557  $57 0.07% $360,173  $65 0.07% $430,428  $85 0.08%
Interest bearing checking accounts  2,873,795   27,891 3.85   2,930,285   27,226 3.73   2,623,747   8,809 1.33 
Time deposits:                  
In denominations under $100,000  211,039   1,507 2.83   198,864   1,147 2.31   180,774   298 0.65 
In denominations over $100,000  740,434   7,654 4.10   611,427   5,173 3.39   586,750   874 0.59 
Miscellaneous short-term borrowings  227,555   3,121 5.44   186,418   2,347 5.05   0   0 0.00 
Long-term borrowings and subordinated debentures  0   0 0.00   0   0 0.00   0   0 0.00 
Total interest bearing liabilities $4,382,380  $40,230 3.64% $4,287,167  $35,958 3.36% $3,821,699  $10,066 1.04%
Noninterest Bearing Liabilities                  
Demand deposits  1,417,641       1,450,396       1,816,770     
Other liabilities  106,453       91,367       76,210     
Stockholders' Equity  592,510       603,999       583,679     
Total liabilities and stockholders' equity $6,498,984      $6,432,929      $6,298,358     
Interest Margin Recap                  
Interest income/average earning assets    89,942 5.81%    85,800 5.65%    64,011 4.24%
Interest expense/average earning assets    40,230 2.60     35,958 2.37     10,066 0.67 
Net interest income and margin   $49,712 3.21%   $49,842 3.28%   $53,945 3.57%

(1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983 included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.32 million, $1.32 million and $1.45 million in the three-month periods ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, are included as taxable loan interest income.

(3)  Nonaccrual loans are included in the average balance of taxable loans.



Reconciliation of Non-GAAP Financial Measures 

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

 Three Months Ended Nine Months Ended
 Sep. 30, 2023 Jun. 30, 2023 Sep. 30, 2022 Sep. 30, 2023 Sep. 30, 2022
Total Equity$557,184  $591,995  $519,220  $557,184  $519,220 
Less: Goodwill (4,970)  (4,970)  (4,970)  (4,970)  (4,970)
Plus: DTA Related to Goodwill 1,167   1,167   1,167   1,167   1,167 
Tangible Common Equity 553,381   588,192   515,417   553,381   515,417 
Market Value Adjustment in AOCI 227,375   176,898   220,847   227,375   220,847 
Adjusted Tangible Common Equity 780,756   765,090   736,264   780,756   736,264 
          
Assets$6,426,844  $6,509,546  $6,288,406  $6,426,844  $6,288,406 
Less: Goodwill (4,970)  (4,970)  (4,970)  (4,970)  (4,970)
Plus: DTA Related to Goodwill 1,167   1,167   1,167   1,167   1,167 
Tangible Assets 6,423,041   6,505,743   6,284,603   6,423,041   6,284,603 
Market Value Adjustment in AOCI 227,375   176,898   220,847   227,375   220,847 
Adjusted Tangible Assets 6,650,416   6,682,641   6,505,450   6,650,416   6,505,450 
          
Ending Common Shares Issued 25,614,163   25,607,663   25,536,026   25,614,163   25,536,026 
          
Tangible Book Value Per Common Share$21.60  $22.97  $20.18  $21.60  $20.18 
          
Tangible Common Equity/Tangible Assets 8.62%  9.04%  8.20%  8.62%  8.20%
Adjusted Tangible Common Equity/Adjusted Tangible Assets 11.74%  11.45%  11.32%  11.74%  11.32%
          
Net Interest Income$48,393  $48,524  $52,492  $148,436  $146,050 
Plus:  Noninterest Income 10,835   11,501   10,164   32,650   31,343 
Minus:  Noninterest Expense (29,097)  (42,734)  (27,894)  (101,265)  (82,776)
          
Pretax Pre-Provision Earnings$30,131  $17,291  $34,762  $79,821  $94,617 
                    

Adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated using GAAP amounts. These adjusted amounts are calculated by excluding the impact of the wire fraud loss and corresponding reduction to salaries and employee benefits for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

 Three Months Ended Nine Months Ended
 Sep. 30, 2023 Jun. 30, 2023 Sep. 30, 2022 Sep. 30, 2023 Sep. 30, 2022
Noninterest Expense$29,097  $42,734  $27,894  $101,265  $82,776 
Less: Wire Fraud Loss 0   (18,058)  0   (18,058)  0 
Plus: Salaries and Employee Benefits (1) 0   1,850   0   1,850   0 
Adjusted Core Noninterest Expense$29,097  $26,526  $27,894  $85,057  $82,776 
          
Earnings Before Income Taxes$29,731  $16,491  $34,762  $74,271  $94,200 
Adjusted Core Noninterest Expense Impact 0   16,208   0   16,208   0 
Adjusted Earnings Before Income Taxes 29,731   32,699   34,762   90,479   94,200 
Tax Effect (4,479)  (5,873)  (6,237)  (14,123)  (16,360)
Core Operational Profitability$25,252  $26,826  $28,525  $76,356  $77,840 
          
Core Operational Diluted Earnings Per Common Share$0.98  $1.05  $1.11  $2.97  $3.03 
          
Adjusted Core Efficiency Ratio 49.13%  44.19%  44.52%  46.97%  46.66%

(1) Long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss.

Contact

Lisa M. O’Neill

Executive Vice President and Chief Financial Officer

(574) 267-9125



EN
25/10/2023

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Reports on Lakeland Financial Corporation

 PRESS RELEASE

Lake City Bank Promotes Carrie A. Gutman to Chief Wealth Advisory Offi...

Lake City Bank Promotes Carrie A. Gutman to Chief Wealth Advisory Officer WARSAW, Ind., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Lake City Bank is pleased to announce that it has promoted Carrie A. Gutman, Senior Vice President, Chief Fiduciary Officer, to Chief Wealth Advisory Officer. Gutman, 54, will join the bank’s Management Committee and succeeds Jonathan P. Steiner, Senior Vice President, Chief Wealth Advisory Officer, who will retire on December 6, 2024 after a 40-year career in banking and the last 14 years with Lake City Bank. “Since joining Lake City Bank, Carrie has quickly become a...

 PRESS RELEASE

Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, ...

Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, Organic Loan Growth of 5% and Organic Deposit Growth of 4% WARSAW, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $23.3 million for the three months ended September 30, 2024, which represents a decrease of $1.9 million, or 8%, compared with net income of $25.3 million for the three months ended September 30, 2023. Diluted earnings per share were $0.91 for the third quarter of 2024 and decreased $0.07, or 7...

 PRESS RELEASE

Lake City Bank Expands Downtown Campus with Building Acquisition to be...

Lake City Bank Expands Downtown Campus with Building Acquisition to become the Innovation and Technology Center WARSAW, Ind., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Lake City Bank has purchased the 35,600 square foot three story office building at 122 E. Center Street, Warsaw, IN on August 30, 2024. The office building will significantly expand the bank’s Warsaw Campus and support the continued growth of Lake City Bank. The newly acquired building will be substantially renovated and modernized and will be renamed the Lake City Bank Innovation and Technology Center. Lake City Bank has been hea...

MarketLine Department
  • MarketLine Department

Huntington Bancshares Incorporated - Mergers & Acquisitions (M&A), Par...

Summary Marketline's Huntington Bancshares Incorporated Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Huntington Bancshares Incorporated - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partne...

 PRESS RELEASE

Lakeland Financial Reports Second Quarter Net Income of $22.5 million,...

Lakeland Financial Reports Second Quarter Net Income of $22.5 million, and Reaches $5.0 Billion in Total Loans, Representing 5% Annual Average Loan Growth WARSAW, Ind., July 25, 2024 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $22.5 million for the three months ended June 30, 2024, which represents an increase of $7.9 million, or 54%, compared with net income of $14.6 million for the three months ended June 30, 2023. Diluted earnings per share were $0.87 for the second quarter of 2024 and i...

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