Lakeland Financial Corp Files Q3 2024 10-Q

TL;DR

Lakeland Financial Corp's Q3 2024 10-Q is in. Check financials.

AI Summary

Lakeland Financial Corp filed its 10-Q for the period ending September 30, 2024. The report details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the third quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look into Lakeland Financial Corp's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Lakeland Financial Corp is subject to various market and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial data presented in the 10-Q.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-07-01 — Q3 2024 Start Date (The beginning of the third fiscal quarter for which financial results are reported.)
• 2023-09-30 — Q3 2023 End Date (The end of the third fiscal quarter for the comparative prior year period.)
• 2023-12-31 — Fiscal Year End (The company's fiscal year concludes on this date annually.)

Key Players & Entities

• LAKELAND FINANCIAL CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241030 (date) — Filing Date
• WARSAW (location) — Company Headquarters City
• IN (location) — Company Headquarters State

FAQ

Filing Documents

• lkfn-20240930.htm (10-Q) — 4196KB
• exhibit311-q32024.htm (EX-31.1) — 9KB
• exhibit312-q32024.htm (EX-31.2) — 9KB
• exhibit321-q32024.htm (EX-32.1) — 5KB
• exhibit322-q32024.htm (EX-32.2) — 5KB
• 0000721994-24-000140.txt ( ) — 19643KB
• lkfn-20240930.xsd (EX-101.SCH) — 63KB
• lkfn-20240930_cal.xml (EX-101.CAL) — 163KB
• lkfn-20240930_def.xml (EX-101.DEF) — 330KB
• lkfn-20240930_lab.xml (EX-101.LAB) — 843KB
• lkfn-20240930_pre.xml (EX-101.PRE) — 602KB
• lkfn-20240930_htm.xml (XML) — 5429KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets — September 30, 2024 and December 31, 2023 1 Consolidated Statements of Income — three and nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Loss) — three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Changes in Stockholders' Equity — three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows — nine months ended September 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 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

SIGNATURES

SIGNATURES 60 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and due from banks $ 86,785 $ 70,451 Short-term investments 73,405 81,373 Total cash and cash equivalents 160,190 151,824 Securities available-for-sale, at fair value 1,016,649 1,051,728 Securities held-to-maturity, at amortized cost (fair value of $ 118,861 and $ 119,215 , respectively) 131,157 129,918 Real estate mortgage loans held-for-sale 3,148 1,158 Loans, net of allowance for credit losses of $ 83,627 and $ 71,972 4,998,363 4,844,562 Land, premises and equipment, net 59,987 57,899 Bank owned life insurance 112,075 109,114 Federal Reserve and Federal Home Loan Bank stock 21,420 21,420 Accrued interest receivable 28,471 30,011 Goodwill 4,970 4,970 Other assets 108,941 121,425 Total assets $ 6,645,371 $ 6,524,029 LIABILITIES Noninterest bearing deposits $ 1,284,527 $ 1,353,477 Interest bearing deposits 4,552,786 4,367,048 Total deposits 5,837,313 5,720,525 Federal Funds purchased 30,000 0 Federal Home Loan Bank advances 0 50,000 Total borrowings 30,000 50,000 Accrued interest payable 14,784 20,893 Other liabilities 64,093 82,818 Total liabilities 5,946,190 5,874,236 STOCKHOLDERS' EQUITY Common stock: 90,000,000 shares authorized, no par value 25,974,017 shares issued and 25,506,084 outstanding as of September 30, 2024 25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023 128,346 127,692 Retained earnings 724,550 692,760 Accumulated other comprehensive income (loss) ( 138,136 ) ( 155,195 ) Treasury stock at cost ( 467,933 shares as of September 30, 2024, 473,120 shares as of December 31, 2023) ( 15,668 ) ( 15,553 ) Total stockholders' equity 699,092 649,704 Noncontrolling interest 89 89 Total equity 699,181 649,793 Total liabilities and equity $ 6,645,371 $ 6,524,029 The accompanying notes are an integral part of these consolidated

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