Lakeland Financial (US:LKFN)2025-08-06 20:59PART I. FINANCIAL INFORMATION This section presents Lakeland Financial Corporation's unaudited consolidated financial statements and notes for interim periods Item 1. Financial Statements This section presents Lakeland Financial Corporation's unaudited consolidated financial statements and notes, detailing financial position and performance for the specified interim periods Consolidated Balance Sheets This section presents the consolidated balance sheets, detailing assets, liabilities, and equity at June 30, 2025, and December 31, 2024 | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------- | :------------ | :---------------- | :--------- | :--------- | | Total assets | $6,964,301 | $6,678,374 | $285,927 | 4.28% | | Total liabilities | $6,254,314 | $5,994,463 | $259,851 | 4.33% | | Total equity | $709,987 | $683,911 | $26,076 | 3.81% | | Total deposits | $6,176,833 | $5,900,966 | $275,867 | 4.67% | | Loans, net | $5,160,275 | $5,031,988 | $128,287 | 2.55% | | Cash and cash equivalents | $310,180 | $168,205 | $141,975 | 84.41% | Consolidated Statements of Income This section presents the consolidated statements of income, detailing net interest income, noninterest income, and net income for the three and six months ended June 30, 2025 and 2024 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net interest income | $54,876 | $48,296 | $6,580 | 13.62% | | Provision for credit losses | $3,000 | $8,480 | $(5,480) | -64.62% | | Noninterest income | $11,486 | $20,439 | $(8,953) | -43.81% | | Noninterest expense | $30,432 | $33,333 | $(2,901) | -8.70% | | Net income | $26,966 | $22,549 | $4,417 | 19.59% | | Basic EPS | $1.05 | $0.88 | $0.17 | 19.32% | | Diluted EPS | $1.04 | $0.87 | $0.17 | 19.54% | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net interest income | $107,751 | $95,712 | $12,039 | 12.58% | | Provision for credit losses | $9,800 | $10,000 | $(200) | -2.00% | | Noninterest income | $22,414 | $33,051 | $(10,637) | -32.18% | | Noninterest expense | $63,195 | $64,038 | $(843) | -1.32% | | Net income | $47,051 | $45,950 | $1,101 | 2.40% | | Basic EPS | $1.83 | $1.79 | $0.04 | 2.23% | | Diluted EPS | $1.82 | $1.78 | $0.04 | 2.25% | Consolidated Statements of Comprehensive Income This section presents the consolidated statements of comprehensive income, detailing net income and other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net income | $26,966 | $22,549 | $4,417 | 19.59% | | Total other comprehensive income (loss), net of tax | $2,758 | $(3,545) | $6,303 | -177.81% | | Comprehensive income | $29,724 | $19,004 | $10,720 | 56.41% | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net income | $47,051 | $45,950 | $1,101 | 2.40% | | Total other comprehensive income (loss), net of tax | $5,379 | $(15,263) | $20,642 | -135.24% | | Comprehensive income | $52,430 | $30,687 | $21,743 | 70.85% | Consolidated Statements of Changes in Stockholders' Equity This section presents the consolidated statements of changes in stockholders' equity, detailing total equity, retained earnings, and accumulated other comprehensive income (loss) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Stockholders' Equity | $709,898 | $683,822 | | Retained Earnings | $757,739 | $736,412 | | Accumulated Other Comprehensive Income (Loss) | $(161,121) | $(166,500) | | Treasury Stock at Cost | $(17,384) | $(15,754) | - Total stockholders' equity increased by $26.1 million from December 31, 2024, to June 30, 2025, primarily due to net income of $47.1 million, partially offset by $25.7 million in cash dividends paid and an improvement of $5.4 million in accumulated other comprehensive income (loss)120178 Consolidated Statements of Cash Flows This section presents the consolidated statements of cash flows, detailing net cash from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net cash from operating activities | $45,096 | $45,796 | $(700) | -1.53% | | Net cash from investing activities | $(156,340) | $(97,322) | $(59,018) | 60.64% | | Net cash from financing activities | $253,220 | $20,879 | $232,341 | 1112.80% | | Net change in cash and cash equivalents | $141,975 | $(30,647) | $172,622 | -563.29% | | Cash and cash equivalents at end of period | $310,180 | $121,177 | $189,003 | 155.97% | Notes to the Consolidated Financial Statements This section provides detailed notes accompanying the consolidated financial statements, offering further explanations and disclosures on various accounting policies and financial items NOTE 1. BASIS OF PRESENTATION This note clarifies the scope of the consolidated financial statements, the Company's single reportable segment, and the adoption and impact of new accounting standards - The Company's financial results are aggregated into one reportable segment, with the Chief Operating Decision Maker evaluating performance on a Company-wide basis, primarily using consolidated net income1819 - ASU 2023-08, 'Intangibles—Goodwill and Other—Crypto Assets,' effective for annual periods after December 15, 2024, did not materially impact the consolidated financial statements due to the Company's current operations20[22](index=22&type