Lakeland Financial Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lakeland Financial Corp's Q1 2024 10-Q filing details financial performance and position as of March 31, 2024.</b>

AI Summary

LAKELAND FINANCIAL CORP (LKFN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Lakeland Financial Corp filed a 10-Q report for the period ending March 31, 2024. The company's principal business is commercial banking. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement elements such as Common Stock, Retained Earnings, and Accumulated Other Comprehensive Income are detailed. The report covers financial activities from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking LAKELAND FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Lakeland Financial Corp's financial health and operational performance. The detailed financial statements and disclosures are crucial for understanding the company's current standing and future prospects in the commercial banking sector.

Risk Assessment

Risk Level: low — LAKELAND FINANCIAL CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report for publicly traded companies, indicating no unusual or high-risk events.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Lakeland Financial Corp's asset quality, loan portfolio performance, and profitability trends for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filed As Of Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-12-31 — Previous Year End Date (Financial data reference)
• 2023-03-31 — Prior Year Quarter End Date (Financial data reference)

Key Players & Entities

• LAKELAND FINANCIAL CORP (company) — FILER
• 0000721994 (company) — CENTRAL INDEX KEY
• 6022 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• IN (company) — STATE OF INCORPORATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-01 (date) — FILED AS OF DATE

FAQ

Industry Context

Lakeland Financial Corp operates in the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Lakeland Financial Corp is subject to regulations from various financial authorities, including the SEC, Federal Reserve, and state banking departments.

What Investors Should Do

1. Analyze the balance sheet for changes in loan and deposit portfolios.
2. Examine the income statement for trends in net interest income and non-interest income.
3. Review any disclosures related to capital adequacy and regulatory compliance.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing an update compared to the previous quarter (ended December 31, 2023) and the same quarter last year (ended March 31, 2023).

Filing Documents

• lkfn-20240331.htm (10-Q) — 3462KB
• exhibit311-q12024.htm (EX-31.1) — 9KB
• exhibit312-q12024.htm (EX-31.2) — 9KB
• exhibit321-q12024.htm (EX-32.1) — 5KB
• exhibit322-q12024.htm (EX-32.2) — 5KB
• 0000721994-24-000035.txt (&nbsp;) — 17406KB
• lkfn-20240331.xsd (EX-101.SCH) — 60KB
• lkfn-20240331_cal.xml (EX-101.CAL) — 160KB
• lkfn-20240331_def.xml (EX-101.DEF) — 325KB
• lkfn-20240331_lab.xml (EX-101.LAB) — 812KB
• lkfn-20240331_pre.xml (EX-101.PRE) — 591KB
• lkfn-20240331_htm.xml (XML) — 4726KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets — March 31, 2024 and December 31, 2023 1 Consolidated Statements of Income — three months ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income — three months ended March 31, 2024 and 2023 3 Consolidated Statements of Changes in Stockholders' Equity — three months ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows — three months ended March 31, 2024 and 2023 5 Notes to the Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 53

SIGNATURES

SIGNATURES 54 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Cash and due from banks $ 55,533 $ 70,451 Short-term investments 92,154 81,373 Total cash and cash equivalents 147,687 151,824 Securities available-for-sale, at fair value 1,014,481 1,051,728 Securities held-to-maturity, at amortized cost (fair value of $ 115,467 and $ 119,215 , respectively) 130,335 129,918 Real estate mortgage loans held-for-sale 1,659 1,158 Loans, net of allowance for credit losses of $ 73,180 and $ 71,972 4,924,379 4,844,562 Land, premises and equipment, net 57,890 57,899 Bank owned life insurance 110,067 109,114 Federal Reserve and Federal Home Loan Bank stock 21,420 21,420 Accrued interest receivable 30,793 30,011 Goodwill 4,970 4,970 Other assets 123,180 121,425 Total assets $ 6,566,861 $ 6,524,029 LIABILITIES Noninterest bearing deposits $ 1,254,200 $ 1,353,477 Interest bearing deposits 4,363,885 4,367,048 Total deposits 5,618,085 5,720,525 Federal Home Loan Bank advances 200,000 50,000 Accrued interest payable 14,524 20,893 Other liabilities 87,243 82,818 Total liabilities 5,919,852 5,874,236 STOCKHOLDERS' EQUITY Common stock: 90,000,000 shares authorized, no par value 25,966,500 shares issued and 25,503,425 outstanding as of March 31, 2024 25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023 125,873 127,692 Retained earnings 703,330 692,760 Accumulated other comprehensive income (loss) ( 166,913 ) ( 155,195 ) Treasury stock at cost ( 463,075 shares as of March 31, 2024, 473,120 shares as of December 31, 2023) ( 15,370 ) ( 15,553 ) Total stockholders' equity 646,920 649,704 Noncontrolling interest 89 89 Total equity 647,009 649,793 Total liabilities and equity $ 6,566,861 $ 6,524,029 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents CONSOLIDATED STATEMENTS

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View this 10-Q filing on SEC EDGAR