LAKELAND FINANCIAL CORP LKFN
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, 2025, Lakeland Financial had consolidated total assets of $7.0 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $373.7M | $373.2M | $343.3M | $239.6M | $193.2M | $193.1M | $215.2M | $199.0M | $165.7M | $928.0K |
| Interest expense | $221.0M | $196.7M | $197.0M | $202.9M | $15.1M | $30.1M | $60.2M | $47.7M | $29.8M | $20.5M |
| Pre-tax income | $125.6M | $111.7M | $110.3M | $125.2M | $117.4M | $103.9M | $107.4M | $98.9M | $89.6M | $77.2M |
| Income tax | $22.2M | $18.2M | $16.6M | $21.3M | $21.7M | $19.5M | $20.3M | $18.5M | $32.3M | $25.1M |
| Net income | $103.4M | $93.5M | $93.8M | $103.8M | $95.7M | $84.3M | $87.0M | $80.4M | $57.3M | $52.1M |
| EPS, basic | 4.02 | 3.64 | 3.67 | 4.07 | 3.76 | 3.31 | 3.40 | 3.18 | 2.28 | 2.08 |
| EPS, diluted | 4.01 | 3.63 | 3.65 | 4.04 | 3.74 | 3.30 | 3.38 | 3.13 | 2.23 | 2.05 |
| Shares, diluted (wtd. avg.) | $25.8M | $25.8M | $25.7M | $25.7M | $25.6M | $25.6M | $25.8M | $25.7M | $25.7M | $25.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $141.3M | $168.2M | $151.8M | $130.3M | $683.2M | $249.9M | $99.4M | $216.9M | $176.2M | $167.3M |
| Property, plant and equipment | $65.5M | $60.5M | $57.9M | $58.1M | $59.3M | $59.3M | $60.4M | $58.1M | $56.5M | $52.1M |
| Goodwill | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M |
| Total assets | $6.99B | $6.68B | $6.52B | $6.43B | $6.56B | $5.83B | $4.95B | $4.88B | $4.68B | $4.29B |
| Short-term debt | — | — | — | — | — | — | — | — | — | $230.0M |
| Long-term debt | — | — | $50.0M | $297.0M | $75.0M | — | — | — | — | — |
| Total liabilities | $6.23B | $5.99B | $5.87B | $5.86B | $5.85B | $5.17B | $4.35B | $4.35B | $4.21B | $3.86B |
| Retained earnings | $788.3M | $736.4M | $692.8M | $646.1M | $583.1M | $529.0M | $475.2M | $419.2M | $363.8M | $327.9M |
| Total equity | $762.4M | $683.8M | $649.8M | $568.9M | $704.9M | $657.2M | $598.1M | $521.7M | $468.7M | $427.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $114.9M | $102.5M | $114.0M | $169.3M | $113.8M | $87.2M | $100.0M | $105.0M | $77.2M | $62.2M |
| Depreciation and amortisation | $6.0M | $6.0M | $6.2M | $6.0M | $6.1M | $6.0M | $5.9M | $5.7M | $5.1M | $4.2M |
| Stock-based compensation | $8.6M | $4.6M | $3.7M | $7.8M | $7.2M | $1.8M | $4.2M | $5.6M | $5.7M | $4.2M |
| Capital expenditure | $11.1M | $8.6M | $6.0M | $4.8M | $6.2M | $5.7M | $8.0M | $8.0M | $9.6M | $9.8M |
| Investing cash flow | -$325.4M | -$164.2M | -$54.9M | -$626.5M | -$331.5M | -$712.0M | -$168.7M | -$166.4M | -$396.1M | -$442.4M |
| Financing cash flow | $183.6M | $78.1M | -$37.5M | -$95.8M | $651.1M | $775.3M | -$48.9M | $102.2M | $327.7M | $466.9M |
| Dividends paid | $51.4M | $49.3M | $47.1M | $40.8M | $34.6M | $30.6M | $29.6M | $25.3M | $21.4M | $18.2M |
| Buybacks | $20.4M | $592.0K | $575.0K | $579.0K | $559.0K | $10.5M | $515.0K | $463.0K | $495.0K | $458.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000721994-26-000018.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |