Lakeland Financial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lakeland Financial Corp has submitted its 2023 annual 10-K filing.</b>

AI Summary

LAKELAND FINANCIAL CORP (LKFN) filed a Annual Report (10-K) with the SEC on February 21, 2024. Lakeland Financial Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 for State Commercial Banks. The filing was made on February 21, 2024. The principal business address is in Warsaw, Indiana. The report covers the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking LAKELAND FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lakeland Financial Corp's financial performance and operations for the fiscal year 2023, crucial for investors and stakeholders to assess the company's health and strategic direction. As a commercial bank, the detailed financial information within the 10-K is essential for understanding its regulatory compliance, asset management, and profitability in the current economic climate.

Risk Assessment

Risk Level: low — LAKELAND FINANCIAL CORP shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, which is routine and does not inherently indicate significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Lakeland Financial Corp's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period of report)
• 20240221 — Filing Date (Date filed)
• 140 — Public Document Count (Number of documents in the filing)
• 2023 — Fiscal Year (Year covered by the report)

Key Players & Entities

• LAKELAND FINANCIAL CORP (company) — Filer name
• 0000721994 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• IN (company) — State of Incorporation
• WARSAW (company) — City
• IN (company) — State
• 5742676144 (company) — Business Phone
• 20240221 (date) — Filing Date

FAQ

Industry Context

Lakeland Financial Corp operates within the commercial banking sector, a highly regulated industry focused on deposit-taking, lending, and other financial services.

Regulatory Implications

As a commercial bank, Lakeland Financial Corp is subject to oversight from various regulatory bodies, including potentially the Federal Reserve, FDIC, and state banking authorities, ensuring compliance with financial regulations.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Examine any disclosed risk factors or management's discussion and analysis (MD&A) for insights into future performance.
3. Compare key financial metrics from this 10-K with previous filings to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available within this data.

Key Financial Figures

• $6.5 billion — ancial had consolidated total assets of $6.5 billion and was the seventh largest independent
• $286 million — , the Company has grown its assets from $286 million to $6.5 billion, a compound annual grow
• $6.5 b — s grown its assets from $286 million to $6.5 billion, a compound annual growth rate of
• $3 billion — s with consolidated assets of less than $3 billion) and certain qualifying banking organiz

Filing Documents

• lkfn-20231231.htm (10-K) — 5476KB
• ex191insidertradingandsect.htm (EX-19.1) — 24KB
• a10kexhibit21112312023.htm (EX-21.1) — 2KB
• a10kexhibit23112312023.htm (EX-23.1) — 3KB
• a10kexhibit31112312023.htm (EX-31.1) — 10KB
• a10kexhibit31212312023.htm (EX-31.2) — 9KB
• a10kexhibit32112312023.htm (EX-32.1) — 6KB
• a10kexhibit32212312023.htm (EX-32.2) — 6KB
• ex971clawbackpolicy.htm (EX-97.1) — 39KB
• lkfn-20231231_g1.jpg (GRAPHIC) — 260KB
• 0000721994-24-000013.txt (&nbsp;) — 25940KB
• lkfn-20231231.xsd (EX-101.SCH) — 117KB
• lkfn-20231231_cal.xml (EX-101.CAL) — 220KB
• lkfn-20231231_def.xml (EX-101.DEF) — 596KB
• lkfn-20231231_lab.xml (EX-101.LAB) — 1427KB
• lkfn-20231231_pre.xml (EX-101.PRE) — 996KB
• lkfn-20231231_htm.xml (XML) — 5961KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128 Item 9A.

Controls and Procedures

Controls and Procedures 128 Item 9B. Other Information 128 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III Item 10. Directors, Executive Officers and Corporate Governance 129 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 129 Item 14. Principal Accountant Fees and Services 129 PART IV Item 15. Exhibits and Financial Statement Schedules 130 Item 16. Form 10-K Summary 132 Form 10-K Signature Page 133 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS The Company Lakeland Financial Corporation ("Lakeland Financial"), an Indiana corporation incorporated in 1983, is a bank holding company headquartered in Warsaw, Indiana that provides, through its wholly owned subsidiary Lake City Bank (the "Bank" and together with Lakeland Financial, the "Company"), a broad array of financial products and services throughout its Northern and Central Indiana markets. The Company offers commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. The Company serves a diverse customer base, including commercial customers across a wide variety of industries including, among others, commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care. The Company is not dependent upon any single industry or customer. At December 31, 2023, Lakeland Financial had consolidated total assets of $6.5 billion and was the seventh largest independent bank holding company headquartered in the State of Indiana. Company's Business . Lakeland Financial is a bank holding company as defined in the Bank Holding Company Act of 1956, as amended. Lakeland Financial owns all of the outstanding stock of the Bank, a full-service commercial bank organized under Indiana law. Lakeland Financial conducts no business except that which is incidental to its ownership of the outstanding stock of the Bank. Although Lakeland Financial is a corporate entity, legally separate and distinct from its affiliates, bank holding companies such as Lakeland Financial are required to act as a source of financial strength for their subsidiary banks. The principal source of Lakeland Financial's income is dividends from the Bank. There are certain regulatory restrictions on the extent to which subsidiary banks can pay dividends or otherwise supply funds to their holding companies. See "Supervision an

Forward-looking Statements

Forward-looking Statements This document (including information incorporated by reference) contains, and future oral and written statements of the Company and its management may contain, forward-looking statements, within the meaning of such term in the federal securities law. Forward-looking statements are not historical facts and are generally identifiable by the use of words such as "believe," "expect," "anticipate," "project," "possible," "continue," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. 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. 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 statement made by the Company. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including, without limitation: the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; changes in borrowers' credit risks and payment behaviors; the failure of assumptions and estimates used in our reviews of our loan portfolio, underlying the establishment of reserves for possible credit losses, our analysis of our capital position and other estimates; the effects of disruption and volatility in capital markets on the value of our investment portfo

View Full Filing

View this 10-K filing on SEC EDGAR