Lakeland Financial Corporation (LKFN)

Lakeland Financial Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	335.86	308.02	203.67	170.55	177.19	197.68
Interest Income on Investments	34.87	35.25	35.9	22.67	15.92	17.53
Total Interest Income	370.73	343.27	239.57	193.22	193.1	215.21
Interest Paid on Deposits	173.24	137.79	36.28	14.83	29.34	57.15
Interest Paid on Borrowings	3.91	8.44	0.4	0.3	0.75	3.02
Total Interest Expense	177.15	146.23	36.68	15.13	30.1	60.16
Net Interest Income	193.58	197.04	202.89	178.09	163.01	155.05
Net Interest Income Growth (YoY)	-5.69%	-2.88%	13.93%	9.25%	5.13%	2.50%
Trust Income	10.08	9.08	8.64	8.75	7.47	6.84
Mortgage Banking Activities	-0	-0.25	0.63	1.42	3.91	1.63
Gain (Loss) on Sale of Investments	8.94	-0.03	0.02	0.8	0.43	0.14
Other Non-Interest Income	32.14	30.28	20.98	23.15	24.92	20.68
Total Non-Interest Income	62.18	49.86	41.86	44.72	46.84	45
Non-Interest Income Growth (YoY)	44.03%	19.10%	-6.39%	-4.53%	4.10%	11.65%
Revenues Before Loan Losses	255.76	246.89	244.75	222.81	209.85	200.04
Provision for Loan Losses	13.36	5.85	9.38	1.08	14.77	3.24
Revenue	242.4	241.04	235.37	221.73	195.08	196.81
Revenue Growth (YoY)	3.62%	2.41%	6.15%	13.66%	-0.88%	6.28%
Salaries and Employee Benefits	60.2	55.49	50.72	50.72	47.62	44.56
Occupancy Expenses	5.92	5.62	5.6	5.17	5.29	4.77
Federal Deposit Insurance	3.47	3.36	2	2.24	1.71	0.64
Selling, General & Administrative	40.35	37.42	38.77	37.25	28.39	29.65
Other Non-Interest Expense	9.4	10.76	9.62	8.91	8.2	9.81
Total Non-Interest Expense	119.34	112.65	106.71	104.29	91.21	89.42
EBT Excluding Unusual Items	123.06	128.39	128.66	117.44	103.88	107.39
Legal Settlements	-4.54	-	-3.5	-	-	-
Other Unusual Items	-	-18.06	-	-	-	-
Pretax Income	118.53	110.33	125.16	117.44	103.88	107.39
Income Tax Expense	19.61	16.57	21.35	21.71	19.54	20.34
Net Income	98.91	93.77	103.82	95.73	84.34	87.05
Net Income to Common	98.91	93.77	103.82	95.73	84.34	87.05
Net Income Growth	9.76%	-9.68%	8.44%	13.51%	-3.11%	8.25%
Basic Shares Outstanding	26	26	26	25	25	26
Diluted Shares Outstanding	26	26	26	26	26	26
Shares Change (YoY)	0.17%	0.04%	0.36%	0.18%	-0.72%	0.12%
EPS (Basic)	3.86	3.66	4.07	3.76	3.31	3.40
EPS (Diluted)	3.85	3.65	4.04	3.74	3.30	3.38
EPS Growth	9.99%	-9.65%	8.02%	13.33%	-2.37%	7.99%
Dividend Per Share	1.920	1.860	1.660	1.420	1.240	1.200
Dividend Growth	4.35%	12.05%	16.90%	14.52%	3.33%	15.38%
Effective Tax Rate	16.55%	15.01%	17.06%	18.49%	18.81%	18.94%

Source: S&P Capital IQ. Banks template. Financial Sources.