Lakeland Financial Corporation (LKFN) Financial Statements (2024 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)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments151,824130,282683,240249,92799,381216,922
Cash and cash equivalents151,824130,282683,240249,92799,381216,922
Financing receivable, accrued interest, after allowance for credit loss 21,50018,400  
Total current assets:173,324148,682683,240249,92799,381216,922
Noncurrent Assets
Operating lease, right-of-use asset4,6955,2964,2184,6755,100
Property, plant and equipment57,89958,09759,30959,29860,15458,097
Long-term investments and receivables 13,00012,2009,4009,2006,7007,000
Long-term investments 13,00012,2009,4009,2006,7007,000
Intangible assets, net (including goodwill)4,9704,9704,9704,9704,9704,970
Goodwill4,9704,9704,9704,9704,9704,970
Total noncurrent assets:80,56480,56377,89778,14376,92470,067
Other undisclosed assets6,270,1416,203,1265,796,1865,502,3654,770,4404,588,265
TOTAL ASSETS:6,524,0296,432,3716,557,3235,830,4354,946,7454,875,254
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt  275,000 75,000170,000245,555
Total current liabilities:  275,000 75,000170,000245,555
Noncurrent Liabilities
Other undisclosed liabilities5,874,2365,588,4845,852,4175,098,2514,178,6454,107,995
Total liabilities:5,874,2365,863,4845,852,4175,173,2514,348,6454,353,550
Equity
Equity, attributable to parent649,704568,798704,817657,095598,011521,615
Common stock127,692127,004120,615114,927114,858112,383
Treasury stock, value(15,553)(15,383)(15,025)(14,581)(4,153)(3,756)
Accumulated other comprehensive income (loss)(155,195)(188,923)16,09327,74412,059(6,191)
Retained earnings692,760646,100583,134529,005475,247419,179
Equity, attributable to noncontrolling interest898989898989
Total equity:649,793568,887704,906657,184598,100521,704
TOTAL LIABILITIES AND EQUITY:6,524,0296,432,3716,557,3235,830,4354,946,7454,875,254

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

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues37,06738,21724,64317,58819,21318,163
Net investment income35,25235,89922,66815,91817,52616,705
Cost of revenue(5,850)(9,375)(2,282)(772)(528)(503)
Provision for loan, lease, and other losses(5,850)(9,375)    
Amortization of mortgage servicing rights (msrs)   (2,282)(772)(528)(503)
Gross profit:31,21728,84222,36116,81618,68517,660
Operating expenses(28,946)(25,596)(25,466)(23,029)(20,346)(18,632)
Operating income (loss):2,2713,246(3,105)(6,213)(1,661)(972)
Nonoperating income
(Bank Owned Life Insurance Income)
 3,1334322,4672,1051,8901,244
Interest and debt expense(146,232)(36,680)(15,131)(30,095)(60,163)(47,699)
Other undisclosed income from continuing operations before equity method investments, income taxes   138,079167,319146,371
Income (loss) from continuing operations before equity method investments, income taxes:(140,828)(33,002)(15,769)103,876107,38598,944
Other undisclosed income from continuing operations before income taxes251,161158,166133,213   
Income from continuing operations before income taxes:110,333125,164117,444103,876107,38598,944
Income tax expense(16,566)(21,347)(21,711)(19,539)(20,338)(18,533)
Income from continuing operations:93,767103,81795,73384,33787,04780,411
Income before gain (loss) on sale of properties:95,73384,33787,04780,411
Net income available to common stockholders, diluted:93,767103,81795,73384,33787,04780,411

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:93,767103,81795,73384,33787,04780,411
Other comprehensive income (loss)33,728(205,016)(11,651)15,68518,250(5,280)
Comprehensive income (loss), net of tax, attributable to parent:127,495(101,199)84,082100,022105,29775,131

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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