Lakeland Financial Corp. Q2 2024 10-Q Filing
Ticker: LKFN · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 721994
| Field | Detail |
|---|---|
| Company | Lakeland Financial Corp (LKFN) |
| Form Type | 10-Q |
| Filed Date | Aug 7, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Lakeland Financial Corp. filed its Q2 2024 10-Q, detailing financials. Check for loan growth and net interest margin trends.
AI Summary
Lakeland Financial Corp. reported its financial results for the quarter ended June 30, 2024. The company's filing details its financial position and performance, including various balance sheet and income statement items. Specific figures for assets, liabilities, equity, and revenue streams are presented within the report.
Why It Matters
This 10-Q filing provides investors and analysts with a detailed look at Lakeland Financial Corp.'s financial health and operational performance during the second quarter of 2024.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report and does not contain any immediately apparent significant negative developments.
Key Players & Entities
- Lakeland Financial Corp. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240807 (date) — Date of filing
FAQ
What is the total asset value for Lakeland Financial Corp. as of June 30, 2024?
The filing does not explicitly state the total asset value in the provided text snippet, but it indicates the reporting period ends on June 30, 2024.
What was the net income for the quarter ended June 30, 2024?
The provided text snippet does not contain specific net income figures for the quarter ended June 30, 2024.
What is the company's primary industry classification?
Lakeland Financial Corp. is classified under 'State Commercial Banks' with SIC code 6022.
When is Lakeland Financial Corp.'s fiscal year end?
Lakeland Financial Corp.'s fiscal year ends on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 7, 2024.
Filing Stats: 4,708 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-07 07:58:59
Filing Documents
- lkfn-20240630.htm (10-Q) — 4101KB
- exhibit311-q22024.htm (EX-31.1) — 9KB
- exhibit312-q22024.htm (EX-31.2) — 9KB
- exhibit321-q22024.htm (EX-32.1) — 5KB
- exhibit322-q22024.htm (EX-32.2) — 5KB
- 0000721994-24-000120.txt ( ) — 19275KB
- lkfn-20240630.xsd (EX-101.SCH) — 65KB
- lkfn-20240630_cal.xml (EX-101.CAL) — 164KB
- lkfn-20240630_def.xml (EX-101.DEF) — 332KB
- lkfn-20240630_lab.xml (EX-101.LAB) — 850KB
- lkfn-20240630_pre.xml (EX-101.PRE) — 606KB
- lkfn-20240630_htm.xml (XML) — 5253KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements Consolidated Balance Sheets — June 30, 2024 and December 31, 2023 1 Consolidated Statements of Income — three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income — three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Changes in Stockholders' Equity — three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows — six months ended June 30, 2024 and 2023 6 Notes to the Consolidated Financial Statements 7 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 37 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.
Controls and Procedures
Controls and Procedures 56
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 57 Item 1A.
Risk Factors
Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58
SIGNATURES
SIGNATURES 59 Table of Contents
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and due from banks $ 60,887 $ 70,451 Short-term investments 60,290 81,373 Total cash and cash equivalents 121,177 151,824 Securities available-for-sale, at fair value 993,057 1,051,728 Securities held-to-maturity, at amortized cost (fair value of $ 113,997 and $ 119,215 , respectively) 130,746 129,918 Real estate mortgage loans held-for-sale 399 1,158 Loans, net of allowance for credit losses of $ 80,711 and $ 71,972 4,971,630 4,844,562 Land, premises and equipment, net 58,793 57,899 Bank owned life insurance 110,985 109,114 Federal Reserve and Federal Home Loan Bank stock 21,420 21,420 Accrued interest receivable 30,681 30,011 Goodwill 4,970 4,970 Other assets 124,949 121,425 Total assets $ 6,568,807 $ 6,524,029 LIABILITIES Noninterest bearing deposits $ 1,212,989 $ 1,353,477 Interest bearing deposits 4,550,548 4,367,048 Total deposits 5,763,537 5,720,525 Federal Funds purchased 55,000 0 Federal Home Loan Bank advances 0 50,000 Total borrowings 55,000 50,000 Accrued interest payable 15,354 20,893 Other liabilities 80,326 82,818 Total liabilities 5,914,217 5,874,236 STOCKHOLDERS' EQUITY Common stock: 90,000,000 shares authorized, no par value 25,968,167 shares issued and 25,503,744 outstanding as of June 30, 2024 25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023 126,871 127,692 Retained earnings 713,541 692,760 Accumulated other comprehensive income (loss) ( 170,458 ) ( 155,195 ) Treasury stock at cost ( 464,423 shares as of June 30, 2024, 473,120 shares as of December 31, 2023) ( 15,453 ) ( 15,553 ) Total stockholders' equity 654,501 649,704 Noncontrolling interest 89 89 Total equity 654,590 649,793 Total liabilities and equity $ 6,568,807 $ 6,524,029 The accompanying notes are an integral part of these consolidated financial statemen