Lakeland Financial Corporation (LKFN) Financial Statements (2025 and earlier)

Company Profile

Business Address 202 E CENTER ST
WARSAW, IN 46581-1387
State of Incorp. IN
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2025
MRQ
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments168,205151,824130,282683,240249,92799,381
Cash and cash equivalent168,205151,824130,282683,240249,92799,381
Financing receivable, accrued interest, after allowance for credit loss21,50018,400  
Total current assets:168,205173,324148,682683,240249,92799,381
Noncurrent Assets
Operating lease, right-of-use asset6,7774,6955,2964,2184,6755,100
Property, plant and equipment60,48957,89958,09759,30959,29860,154
Long-term investments and receivables 7,60013,00012,2009,4009,2006,700
Long-term investments 7,60013,00012,2009,4009,2006,700
Intangible assets, net (including goodwill)4,9704,9704,9704,9704,9704,970
Goodwill4,9704,9704,9704,9704,9704,970
Investment, proportional amortization method, elected, amount 7,200     
Total noncurrent assets:87,03680,56480,56377,89778,14376,924
Other undisclosed assets6,423,1336,270,1416,203,1265,796,1865,502,3654,770,440
TOTAL ASSETS:6,678,3746,524,0296,432,3716,557,3235,830,4354,946,745
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt   275,000 75,000170,000
Total current liabilities:   275,000 75,000170,000
Noncurrent Liabilities
Liabilities, other than long-term debt 3,800     
Investment program, proportional amortization method, elected, commitment 3,800     
Total noncurrent liabilities: 3,800     
Other undisclosed liabilities5,990,6635,874,2365,588,4845,852,4175,098,2514,178,645
Total liabilities:5,994,4635,874,2365,863,4845,852,4175,173,2514,348,645
Equity
Equity, attributable to parent683,822649,704568,798704,817657,095598,011
Common stock129,664127,692127,004120,615114,927114,858
Treasury stock, value(15,754)(15,553)(15,383)(15,025)(14,581)(4,153)
Accumulated other comprehensive income (loss)(166,500)(155,195)(188,923)16,09327,74412,059
Retained earnings736,412692,760646,100583,134529,005475,247
Equity, attributable to noncontrolling interest898989898989
Total equity:683,911649,793568,887704,906657,184598,100
TOTAL LIABILITIES AND EQUITY:6,678,3746,524,0296,432,3716,557,3235,830,4354,946,745

Income Statement (P&L) ($ in thousands)

3/31/2025
TTM
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Revenues37,28737,06738,21724,64317,58819,213
Net investment income35,39335,25235,89922,66815,91817,526
Cost of revenue(16,750)(5,850)(9,375)(2,282)(772)(528)
Provision for loan, lease, and other losses(16,750)(5,850)(9,375)   
Amortization of mortgage servicing rights (msrs)    (2,282)(772)(528)
Gross profit:20,53731,21728,84222,36116,81618,685
Operating expenses(30,976)(28,946)(25,596)(25,466)(23,029)(20,346)
Operating income (loss):(10,439)2,2713,246(3,105)(6,213)(1,661)
Nonoperating income
(Bank Owned Life Insurance Income)
  3,1334322,4672,1051,890
Interest and debt expense  (146,232)(36,680)(15,131)(30,095)(60,163)
Other undisclosed income from continuing operations before equity method investments, income taxes     138,079167,319
Income (loss) from continuing operations before equity method investments, income taxes:(10,439)(140,828)(33,002)(15,769)103,876107,385
Other undisclosed income from continuing operations before income taxes122,128251,161158,166133,213  
Income from continuing operations before income taxes:111,689110,333125,164117,444103,876107,385
Income tax expense(18,211)(16,566)(21,347)(21,711)(19,539)(20,338)
Income from continuing operations:93,47893,767103,81795,73384,33787,047
Income before gain (loss) on sale of properties:95,73384,33787,047
Net income available to common stockholders, diluted:93,47893,767103,81795,73384,33787,047

Comprehensive Income ($ in thousands)

3/31/2025
TTM
12/31/2024
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Net income:93,47893,767103,81795,73384,33787,047
Other comprehensive income (loss)(11,305)33,728(205,016)(11,651)15,68518,250
Comprehensive income (loss), net of tax, attributable to parent:82,173127,495(101,199)84,082100,022105,297

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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