Lakeland Financial Corporation (LKFN)

Lakeland Financial reported record quarterly net income and an increase in annual net income and net interest income. The company announced a dividend increase and received an analyst upgrade. A leadership promotion occurred within Lake City Bank. The company experienced a non-performing credit event related to an industrial company. The CEO was recognized on the Indianapolis Business Journal's Indiana 250 List.

Lakeland Financial Corp.'s fourth quarter cost of funds is impacted by seasonal public funds deposits in higher-priced deposit products. The company's business strategy focuses on making loans and funding them with core deposits in its Northern and Central Indiana communities.

Lakeland Financial Corporation operates as a bank holding company through its subsidiary, Lake City Bank, offering financial products and services to commercial and individual clients. The company provides commercial banking services such as commercial and industrial loans, consumer banking services including mortgage loans, and wealth management and advisory services like trust and investment management. Additional services include brokerage services and digital banking platforms. Lakeland Financial serves diverse industries including commercial real estate, manufacturing, and healthcare.

Lakeland Financial Corp. primarily operates in Northern and Central Indiana, United States. As of December 31, 2021, the company operated 51 offices across fifteen counties, with 45 offices in northern Indiana and six in central Indiana. Lake City Bank serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. The company's headquarters are located in Warsaw, Indiana.

Lakeland Financial Corp., through Lake City Bank, has a strong brand reputation for its dedication to customer service, receiving awards and recognitions. The company maintains a strong community presence and has expanded its footprint through organic growth and strategic acquisitions. A recent partnership with Spiral aims to support financial wellness and community impact.

Institutional ownership of Lakeland Financial Corp. is at 57.56%, while individual ownership is 3.25%. Major institutional owners include BlackRock Advisors LLC, LB Hercules Holdings LLC, Vanguard Fiduciary Trust Co., State Street Corp., and Silvercrest Asset Management Group Inc.