Financial Performance - Net income for 2024 was $93.5 million, a decrease of 0.3% from $93.8 million in 2023, and 9.7% lower than $103.8 million in 2022[192]. - Diluted net income per share was $3.63 in 2024, down from $3.65 in 2023 and $4.04 in 2022, with a return on average total assets of 1.40% in 2024 compared to 1.45% in 2023[193]. - Core operational profitability for 2024 was $89.4 million, a decrease of 12.0%, or $12.2 million, compared to $101.6 million in 2023[226]. - Net income for 2024 was $93.5 million, a decrease of $289,000 compared to $93.8 million in 2023, driven by a 186.3% increase in provision expense and a 9.9% increase in income tax expense[223]. - The effective tax rate increased to 16.3% in 2024 from 15.0% in 2023, influenced by changes in accounting for low-income housing tax credit structures[247]. - Comprehensive income for 2024 is $82,173,000, a decrease of 35.51% from $127,495,000 in 2023[348]. Asset and Liability Management - Total assets increased to $6.678 billion as of December 31, 2024, a rise of $154.3 million or 2.4% from $6.524 billion in 2023, driven by loan growth of $201.4 million or 4.1%[196]. - Total equity increased to $683.9 million in 2024 from $649.8 million in 2023, representing a growth of 5.2%[217]. - Total deposits increased by $180.4 million, or 3.2%, to $5.901 billion at December 31, 2024, driven by increased public funds deposits[253]. - Total loans outstanding rose by $201.4 million, or 4.1%, to $5.118 billion at December 31, 2024, from $4.917 billion at December 31, 2023[253]. - Total risk-based capital ratio stood at 15.90% as of December 31, 2024, exceeding the Federal Reserve's minimum requirement of 10.0%[278]. Income and Expense Analysis - Noninterest income rose by $7.0 million, while noninterest expense decreased by $5.6 million, contributing positively to net income despite a $10.9 million increase in the provision for credit losses[194]. - Total noninterest expense decreased to $125.1 million in 2024, down 4.3% from $130.7 million in 2023, largely due to the absence of a wire fraud loss that impacted 2023 expenses[244]. - Total interest income increased to $373,158,000 in 2024, up 8.73% from $343,267,000 in 2023[347]. - Total interest expense increased by $30.2 million, or 20.7%, with deposit interest expense rising by $35.0 million, or 25.4%[232]. Credit Quality and Provisioning - Provision expense increased by $10.9 million or 186.3% in 2024, primarily due to the downgrade of one commercial borrower to nonperforming status[210]. - The allowance for credit losses was comprised of 32% specific reserves and 68% general reserves at December 31, 2024, compared to 11% specific reserves and 89% general reserves at December 31, 2023[201]. - Provision for credit losses rose to $16.8 million in 2024 from $5.9 million in 2023, with the allowance for credit losses representing 1.68% of total loans as of December 31, 2024[238]. - Nonperforming loans rose to $56,446 thousand, or 1.1% of total loans, at December 31, 2024, compared to $15,712 thousand, or 0.3% of total loans, at December 31, 2023[288]. - The ratio of allowance for credit losses to nonperforming loans was 152.25% at December 31, 2024, down from 458.01% at December 31, 2023[295]. Investment and Securities - The investment securities portfolio represented 16.8% of total assets on December 31, 2024, down from 18.1% on December 31, 2023[257]. - The investment in U.S. government-sponsored mortgage-backed securities represented approximately 38% of total investment securities fair value as of December 31, 2024[282]. - Purchases of securities available-for-sale totaled $27.5 million in 2024, compared to $7.2 million in 2023 and $315.3 million in 2022[257]. - The carrying value of mortgage servicing rights was $1.9 million as of December 31, 2024, down from $2.2 million in 2023[389]. Operational Efficiency - The efficiency ratio improved to 49.34% in 2024 from 52.94% in 2023, indicating better cost management[214]. - The adjusted core efficiency ratio for 2024 was 49.49%, compared to 47.40% in 2023, indicating a decline in operational efficiency[220]. - The Company aims to achieve optimum and stable net interest income through asset/liability management tools[328]. Future Outlook - The outlook for 2025 includes continued organic balance sheet growth and significant investment in the downtown Warsaw campus headquarters[211]. - The Company expects approximately $104.2 million of potential contingent funding from the securities portfolio in 2025[307].

Company Overview - Lakeland Financial (LKFN) is headquartered in Warsaw and operates in the Finance sector. The stock has experienced a price change of 0.84% since the beginning of the year [3]. Dividend Information - The company currently pays a dividend of $0.5 per share, resulting in a dividend yield of 2.88%. This yield is slightly below the Banks - Midwest industry's yield of 2.9% but significantly higher than the S&P 500's yield of 1.52% [3]. - Lakeland Financial's annualized dividend of $2 has increased by 4.2% from the previous year. Over the last 5 years, the company has raised its dividend 4 times year-over-year, averaging an annual increase of 12.70% [4]. - The current payout ratio for Lakeland Financial is 55%, indicating that the company distributes 55% of its trailing 12-month earnings per share as dividends [4]. Earnings Growth Expectations - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $3.70 per share, reflecting a year-over-year growth rate of 6.63% [5]. Investment Appeal - Lakeland Financial is viewed as an attractive dividend investment, supported by its strong dividend history and growth potential. The company holds a Zacks Rank of 1 (Strong Buy), indicating a compelling investment opportunity [7].

Lakeland Financial (LKFN) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Indivi ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a ...

Core Insights - Lakeland Financial (LKFN) reported revenue of $63.57 million for the quarter ended December 2024, reflecting a year-over-year decline of 3.4% [1] - Earnings per share (EPS) for the quarter was $0.94, down from $0.98 in the same quarter last year, but exceeded the consensus estimate of $0.89 by 5.62% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $61.2 million by 3.87% [1] Financial Metrics - Net Interest Margin was reported at 3.3%, slightly above the two-analyst average estimate of 3.2% [4] - The Efficiency Ratio stood at 48.2%, better than the two-analyst average estimate of 49.1% [4] - Total Noninterest Income was $11.88 million, exceeding the two-analyst average estimate of $11.70 million [4] Stock Performance - Over the past month, shares of Lakeland Financial have returned -3.6%, contrasting with the Zacks S&P 500 composite's increase of +2.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023. Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared wi ...

Financial Performance - Annual net income for 2024 was $93.5 million, a slight decrease from $93.8 million in 2023, with diluted earnings per share at $3.63 compared to $3.65[1] - Fourth quarter net income decreased by 18% to $24.2 million, with diluted earnings per share at $0.94, down from $1.16 in Q4 2023[2] - The company reported a net income of $24.190 million for Q4 2024, compared to $29.626 million in Q4 2023[46] - Net income for the full year 2024 was $93,478,000, slightly down from $93,767,000 in 2023, with diluted earnings per share at $3.63 compared to $3.65[50] Loan and Deposit Growth - Average total loans for 2024 increased by $225.7 million, or 5%, to $5.04 billion, with Q4 loans at $5.09 billion, up $206.9 million, or 4% from Q4 2023[10] - Loans increased to $5.118 billion as of December 31, 2024, from $4.917 billion at the end of 2023[46] - Total loans net as of December 31, 2024, were $5,031,988,000, an increase from $4,844,562,000 in December 2023[53] - Total deposits grew to $5,900,966 thousand, compared to $5,720,525 thousand in the previous year, representing an increase of approximately 3.15%[49] - As of December 31, 2024, deposits not covered by FDIC insurance were 62% of total deposits, up from 57% a year earlier[20] Asset Management - Total assets as of December 31, 2024, were $6.678 billion, compared to $6.524 billion at the end of 2023[46] - Total investment securities decreased by $58.7 million, or 5%, to $1.12 billion as of December 31, 2024, representing 17% of total assets[25] - The company reported total assets of $6,795,596 thousand, an increase from $6,514,430 thousand year-over-year[58] Capital and Efficiency Ratios - Total risk-based capital ratio improved to 15.90% at December 31, 2024, exceeding the 10.00% regulatory threshold[6] - The company's efficiency ratio improved to 49.3% for the twelve months ended December 31, 2024, down from 52.9% for the same period in 2023[39] - Adjusted core efficiency ratio for the twelve months ended December 31, 2024, was 49.5%, compared to 47.4% for the twelve months ended December 31, 2023[39] - The efficiency ratio (Noninterest Expense/Net Interest Income plus Noninterest Income) improved to 48.22% from 49.67% in the previous quarter, indicating enhanced operational efficiency[47] Noninterest Income and Expenses - Noninterest income for the year increased by 14% to $56.8 million, driven by a net gain on the sale of Visa shares of $9.0 million[32] - Noninterest expense decreased by 4% to $125.1 million for the year ended December 31, 2024, despite a 13% increase in salaries and employee benefits[36] - Noninterest income for Q4 2024 was $11.876 million, slightly down from $11.917 million in Q3 2024[46] - Total noninterest income decreased to $11,876,000 in Q4 2024 from $17,208,000 in Q4 2023, primarily due to lower other income and net securities gains[50] Credit Quality and Provisions - Provision expense for the year ended December 31, 2024, was $16.8 million, an increase of 186% compared to the prior year, primarily due to a downgrade of a $43.3 million credit[28] - Nonperforming assets increased by 253% to $56.9 million as of December 31, 2024, compared to $16.1 million a year earlier[30] - The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% a year earlier[29] - Provision for credit losses increased significantly to $3,691,000 in Q4 2024 from $300,000 in Q4 2023, indicating a more cautious outlook on credit quality[50] Operational Highlights - The company declared a cash dividend of $0.50 per share for Q4 2024, a 4% increase from $0.48 in Q4 2023[8] - Full-time equivalent employees increased to 643 from 619 year-over-year, reflecting a growth in workforce[47] - The company maintained 54 offices as of December 31, 2024, unchanged from the previous year[47] - The company plans to continue focusing on market expansion and new product development to drive future growth[64]

Wall Street analysts forecast that Lakeland Financial (LKFN) will report quarterly earnings of $0.89 per share in its upcoming release, pointing to a year-over-year decline of 9.2%. It is anticipated that revenues will amount to $61.2 million, exhibiting a decline of 7% compared to the year-ago quarter.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of ...

WARSAW, Ind., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Lake City Bank is pleased to announce that Stephanie R. Leniski has been promoted to Executive Vice President, Chief Retail Banking Officer. "Stephanie's energy for the business, accompanied by her ability to effectively manage and motivate our retail team, makes her a strong leader," said David M. Findlay, Chairman and Chief Executive Officer. "She's strategic in the decisions she makes and represents a thoughtful leader of the business. Her balanced approach ...

Executive Vice President, Chief Retail Banking Officer Stephanie R. Leniski WARSAW, Ind., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Lake City Bank is pleased to announce that Stephanie R. Leniski has been promoted to Executive Vice President, Chief Retail Banking Officer. “Stephanie’s energy for the business, accompanied by her ability to effectively manage and motivate our retail team, makes her a strong leader,” said David M. Findlay, Chairman and Chief Executive Officer. “She’s strategic in the decisions she ...