Lakeland Financial Corporation (LKFN)

Lakeland Financial Income Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	337.77	308.02	203.67	170.55	177.19
Interest Income on Investments	35.39	35.25	35.9	22.67	15.92
Total Interest Income	373.16	343.27	239.57	193.22	193.1
Interest Paid on Deposits	172.76	137.79	36.28	14.83	29.34
Interest Paid on Borrowings	3.72	8.44	0.4	0.3	0.75
Total Interest Expense	176.48	146.23	36.68	15.13	30.1
Net Interest Income	196.68	197.04	202.89	178.09	163.01
Net Interest Income Growth (YoY)	-0.18%	-2.88%	13.93%	9.25%	5.13%
Trust Income	10.47	9.08	8.64	8.75	7.47
Mortgage Banking Activities	0.12	-0.25	0.63	1.42	3.91
Gain (Loss) on Sale of Investments	8.95	-0.03	0.02	0.8	0.43
Other Non-Interest Income	26.15	30.28	20.98	23.15	24.92
Total Non-Interest Income	56.84	49.86	41.86	44.72	46.84
Non-Interest Income Growth (YoY)	14.01%	19.10%	-6.39%	-4.53%	4.10%
Revenues Before Loan Losses	253.52	246.89	244.75	222.81	209.85
Provision for Loan Losses	16.75	5.85	9.38	1.08	14.77
Revenue	236.77	241.04	235.37	221.73	195.08
Revenue Growth (YoY)	-1.77%	2.41%	6.15%	13.66%	-0.88%
Salaries and Employee Benefits	66.73	55.49	50.72	50.72	47.62
Occupancy Expenses	6.87	5.62	5.6	5.17	5.29
Federal Deposit Insurance	3.47	3.36	2	2.24	1.71
Selling, General & Administrative	34.69	37.42	38.77	37.25	28.39
Other Non-Interest Expense	13.34	10.76	9.62	8.91	8.2
Total Non-Interest Expense	125.08	112.65	106.71	104.29	91.21
EBT Excluding Unusual Items	111.69	128.39	128.66	117.44	103.88
Legal Settlements	-	-	-3.5	-	-
Other Unusual Items	-	-18.06	-	-	-
Pretax Income	111.69	110.33	125.16	117.44	103.88
Income Tax Expense	18.21	16.57	21.35	21.71	19.54
Net Income	93.48	93.77	103.82	95.73	84.34
Net Income to Common	93.48	93.77	103.82	95.73	84.34
Net Income Growth	-0.31%	-9.68%	8.44%	13.51%	-3.11%
Basic Shares Outstanding	26	26	26	25	25
Diluted Shares Outstanding	26	26	26	26	26
Shares Change (YoY)	0.18%	0.04%	0.36%	0.18%	-0.72%
EPS (Basic)	3.64	3.66	4.07	3.76	3.31
EPS (Diluted)	3.63	3.65	4.04	3.74	3.30
EPS Growth	-0.55%	-9.65%	8.02%	13.33%	-2.37%
Dividend Per Share	1.940	1.860	1.660	1.420	1.240
Dividend Growth	4.30%	12.05%	16.90%	14.52%	3.33%
Effective Tax Rate	16.30%	15.01%	17.06%	18.49%	18.81%

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