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Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. It also offers loan products, including commercial and industrial, commercial real estate and multi-family residential, construction, agri-business and agricultural, consumer 1-4 family mortgage, and other commercial and consumer loans. In addition, the company provides retail and merchant credit card services; corporate treasury management services, private banking, and wealth advisory; retail brokerage services comprising financial and investment products, annuities, and life insurance; and trust and fiduciary services, and estate and financial planning consulting services. It serves commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care industries. The company was founded in 1872 and is headquartered in Warsaw, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $269M | - | $103M | $104M | 13.6% | 6.1% | 10.6% |
| 2024 | $254M | - | $93M | $94M | 13.7% | 2.7% | -0.3% |
| 2023 | $247M | - | $94M | $108M | 14.4% | 0.9% | -9.7% |
| 2022 | $245M | - | $104M | $165M | 18.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 244.75 | 246.89 | 253.52 | 268.99 |
| Operating Revenue | - | 244.75 | 246.89 | 253.52 | 268.99 |
| Selling General And Administration | - | 60.53 | 62.51 | 70.19 | 78.65 |
| Interest Income | - | 239.57 | 343.27 | 373.16 | 373.74 |
| Interest Expense | - | 36.68 | 146.23 | 176.48 | 152.72 |
| Net Interest Income | - | 202.89 | 197.04 | 196.68 | 221.02 |
| Pretax Income | - | 125.16 | 110.33 | 111.69 | 125.58 |
| Tax Provision | - | 21.35 | 16.57 | 18.21 | 22.22 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -2.71 | 0 | 0 |
| Net Income Continuous Operations | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Net Income From Continuing And Discontinued Operation | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Net Income | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Net Income Common Stockholders | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Net Income Including Noncontrolling Interests | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Normalized Income | - | 103.82 | 109.12 | 93.48 | 103.36 |
| Diluted NI Availto Com Stockholders | - | 103.82 | 93.77 | 93.48 | 103.36 |
| Basic Average Shares | - | 25.53 | 25.60 | 25.68 | 25.69 |
| Diluted Average Shares | - | 25.71 | 25.72 | 25.77 | 25.80 |
| Reconciled Depreciation | - | 6.78 | 6.17 | 5.95 | 5.98 |
| Total Unusual Items | - | 0 | -18.06 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -18.06 | 0 | 0 |
| Special Income Charges | - | 0 | -18.06 | 0 | 0 |
| Other Special Charges | - | - | 18.06 | - | - |
| Gain On Sale Of Security | - | 0.02 | -0.02 | 8.95 | 0 |
| General And Administrative Expense | - | 60.53 | 62.51 | 70.19 | 78.65 |
| Other Gand A | 4.26 | - | - | - | - |
| Salaries And Wages | - | 58.53 | 59.15 | 66.73 | 75.29 |
| Insurance And Claims | - | 2 | 3.36 | 3.46 | 3.36 |
| Occupancy And Equipment | - | 12.05 | 11.99 | 12.48 | 13.24 |
| Professional Expense And Contract Services Expense | - | 6.48 | 8.58 | 8.95 | 7.70 |
| Other Non Interest Expense | - | 31.15 | 29.57 | 33.46 | 32.01 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lakeland Financial Corporationthis co. | LKFN | $1.5B | 14.29↓ discount | 1.94 | 13.6% | - |
| Hope Bancorp, Inc. | HOPE | $1.6B | 26.13 | 0.70 | 2.7% | - |
| Bank First Corporation | BFC | $1.6B | 21.96 | 2.44 | 11.1% | - |
| ConnectOne Bancorp, Inc. | CNOB | $1.5B | 19.13 | 1.05 | 5.5% | - |
| QCR Holdings, Inc. | QCRH | $1.5B |
| - |
| - |
| - |
| - |
| - |
| - |
| 12.07 |
| 1.38 |
| 11.4% |
| - |
| Byline Bancorp, Inc. | BY | $1.5B | 11.70 | 1.20 | 10.3% | - |
| Origin Bancorp, Inc. | OBK | $1.5B | 19.77 | 1.19 | 6.0% | - |
| Perella Weinberg Partners | PWP | $1.5B | 41.59 | -11.59 | -27.9% | 20.42 |
| Kemper Corporation | KMPR | $1.4B | 9.76 | 0.52 | 5.3% | - |
| Peer Median | - | 19.45 | 1.12 | 5.8% | 20.42 | |