Announcement • Jun 11
Lakeland Financial Corporation to Report Q2, 2026 Results on Jul 27, 2026 Lakeland Financial Corporation announced that they will report Q2, 2026 results at 7:00 AM, Eastern Daylight on Jul 27, 2026 Recent Insider Transactions • Jun 01
Independent Director recently sold US$358k worth of stock On the 29th of May, Bradley Toothaker sold around 6k shares on-market at roughly US$60.62 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.9m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 31
Independent Director notifies of intention to sell stock Bradley Toothaker intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of May. If the sale is conducted around the recent share price of US$60.62, it would amount to US$358k. Since September 2025, Bradley's direct individual holding has decreased from 25.21k shares to 20.18k. Company insiders have collectively sold US$1.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Apr 28
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$1.05 (up from US$0.78 in 1Q 2025). Revenue: US$67.7m (up 19% from 1Q 2025). Net income: US$26.5m (up 32% from 1Q 2025). Profit margin: 39% (up from 35% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
Lakeland Financial Corporation Reports Charge offs for the First Quarter Ended March 31, 2026 Lakeland Financial Corporation reported charge offs for the first quarter ended March 31, 2026. For the period, the company reported net charge offs of $2,081,000 compared to $327,000 a year ago. Declared Dividend • Apr 17
Fourth quarter dividend of US$0.52 announced Shareholders will receive a dividend of US$0.52. Ex-date: 24th April 2026 Payment date: 5th May 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (50% payout ratio) and is expected to be covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 16
Lakeland Financial Corporation announces Quarterly dividend, payable on May 05, 2026 Lakeland Financial Corporation announced Quarterly dividend of USD 0.5200 per share payable on May 05, 2026, ex-date on April 24, 2026 and record date on April 25, 2026. Announcement • Mar 13
Lakeland Financial Corporation to Report Q1, 2026 Results on Apr 27, 2026 Lakeland Financial Corporation announced that they will report Q1, 2026 results at 7:00 AM, Eastern Daylight on Apr 27, 2026 Announcement • Mar 06
Lakeland Financial Corporation, Annual General Meeting, Apr 14, 2026 Lakeland Financial Corporation, Annual General Meeting, Apr 14, 2026. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$4.02 (up from US$3.64 in FY 2024). Revenue: US$257.2m (up 8.6% from FY 2024). Net income: US$103.4m (up 11% from FY 2024). Profit margin: 40% (in line with FY 2024). Net interest margin (NIM): 3.45% (up from 3.18% in FY 2024). Cost-to-income ratio: 48.9% (down from 49.5% in FY 2024). Non-performing loans: 0.39% (down from 1.10% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Recent Insider Transactions • Feb 25
Independent Director recently sold US$332k worth of stock On the 23rd of February, Bradley Toothaker sold around 6k shares on-market at roughly US$58.36 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$983k more than they bought in the last 12 months. Reported Earnings • Jan 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$4.02 (up from US$3.64 in FY 2024). Revenue: US$257.2m (up 8.6% from FY 2024). Net income: US$103.4m (up 11% from FY 2024). Profit margin: 40% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Jan 16
Third quarter dividend increased to US$0.52 Dividend of US$0.52 is 4.0% higher than last year. Ex-date: 23rd January 2026 Payment date: 5th February 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (48% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 16
Lakeland Financial Corporation and Lake City Bank Appoint Donald J. Robinson-Gay as Executive Vice President and Chief Credit Officer, Effective January 14, 2026 On January 15, 2026, Lakeland Financial Corporation (the "Company") announced that Donald J. Robinson-Gay, age 48, was appointed an Executive Vice President and the Chief Credit Officer of the Company and Lake City Bank (the "Bank"), the Company's wholly owned subsidiary, effective January 14, 2026. Robinson-Gay was promoted to Senior Vice President, Chief Credit Officer and joined the bank’s Management Committee in 2023. He previously served as Senior Vice President and Regional Credit Officer from 2020-2023 and as Vice President and Regional Credit Officer from 2018-2020, with responsibility for the bank’s Fort Wayne and Warsaw markets in those roles. In addition to his role as a Regional Credit Officer, he managed the Special Assets team, the Commercial Real Estate Appraisal team and the Field Audit Examination team. Prior to joining Lake City Bank, Robinson-Gay began his career in management consulting at Accenture, before moving into various commercial banking and credit roles with M&I Bank and BMO Harris Bank. While at BMO Harris, he held leadership roles in commercial banking and strategy, as well as serving as a commercial banking market executive in Indianapolis. At M&I Bank, after spending several years as a commercial banker, he served as a senior credit administration officer focused on loan workout strategy during the Great Recession. Robinson-Gay is responsible for management of the bank’s loan portfolio, overseeing credit quality and policies to balance loan growth with risk management. He works closely with the bank’s lending teams and plays a strategic role in numerous bank project teams and standing committees, including Corporate Loan Committee, Loan Review Committee and Risk Management Committee. Robinson-Gay earned a master’s of business administration from Marquette University and a bachelor’s degree from Miami University. He serves on the board of directors of the Kosciusko Economic Development Corporation. Announcement • Jan 14
Lakeland Financial Corporation Declares Cash Dividend for the First Quarter of 2026, Payable on February 5, 2026 Lakeland Financial Corporation announced that the Board of Directors approved a quarterly cash dividend for the first quarter of 2026 of $0.52 per share, payable February 5, 2026, to shareholders of record as of January 25, 2026. The quarterly dividend represents a 4% increase over the quarterly dividend rate of $0.50 per share paid in 2025. Announcement • Jan 12
Lakeland Financial Corporation to Report Q4, 2025 Results on Jan 26, 2026 Lakeland Financial Corporation announced that they will report Q4, 2025 results at 7:00 AM, US Eastern Standard Time on Jan 26, 2026 Reported Earnings • Oct 28
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$1.03 (up from US$0.91 in 3Q 2024). Revenue: US$67.0m (up 15% from 3Q 2024). Net income: US$26.4m (up 13% from 3Q 2024). Profit margin: 39% (in line with 3Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Oct 27
Lakeland Financial Corporation Reports Unaudited Net Charge Offs for the Third Quarter Ended September 30, 2025 Lakeland Financial Corporation reported unaudited net charge offs for the third quarter ended September 30, 2025. for the quarter, the company reported Net charge offs of $384,000, compared to $143,000 in the third quarter of 2024 and $28.9 million during the linked second quarter of 2025. Net charge offs to average loans were 0.03% for the third quarter of 2025, compared to 0.01% for the third quarter of 2024 and 2.22% for the linked second quarter of 2025. Announcement • Oct 16
Lakeland Financial Corporation announces Quarterly dividend, payable on November 05, 2025 Lakeland Financial Corporation announced Quarterly dividend of USD 0.5000 per share payable on November 05, 2025, ex-date on October 24, 2025 and record date on October 25, 2025. Recent Insider Transactions • Aug 28
Insider recently sold US$311k worth of stock On the 25th of August, Eric Ottinger sold around 5k shares on-market at roughly US$67.07 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.5m more than they bought in the last 12 months. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$1.05 (up from US$0.88 in 2Q 2024). Revenue: US$63.4m (up 5.2% from 2Q 2024). Net income: US$27.0m (up 20% from 2Q 2024). Profit margin: 43% (up from 37% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.7%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Announcement • Jul 25
Lakeland Financial Corporation Reports Unaudited Net Charge Offs for the Second Quarter Ended June 30, 2025 Lakeland Financial Corporation reported unaudited net charge offs for the second quarter ended June 30, 2025. for the quarter, the company reported Net charge offs of $28,881,000 against $949,000 a year ago. Declared Dividend • Jul 11
First quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 25th July 2025 Payment date: 5th August 2025 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.0% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 10
Lakeland Financial Corporation announces Quarterly dividend, payable on August 05, 2025 Lakeland Financial Corporation announced Quarterly dividend of USD 0.5000 per share payable on August 05, 2025, ex-date on July 25, 2025 and record date on July 25, 2025. Price Target Changed • Apr 28
Price target decreased by 8.7% to US$62.25 Down from US$68.20, the current price target is an average from 5 analysts. New target price is 14% above last closing price of US$54.84. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of US$3.76 for next year compared to US$3.64 last year. Reported Earnings • Apr 27
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.78 (down from US$0.91 in 1Q 2024). Revenue: US$57.0m (down 2.6% from 1Q 2024). Net income: US$20.1m (down 14% from 1Q 2024). Profit margin: 35% (down from 40% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Announcement • Apr 26
Lakeland Financial Corporation Reports Unaudited Net Charge Offs Results for the Quarter Ended March 31, 2025 Lakeland Financial Corporation reported unaudited net charge offs results for the quarter ended March 31, 2025. For the quarter, the company reported net charge offs of $327,000 against $312,000 a year ago. Declared Dividend • Apr 14
Fourth quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 25th April 2025 Payment date: 5th May 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 09
Lakeland Financial Corporation Declares Quarterly Cash Dividend, Payable on May 5, 2025 The Board of Directors of Lakeland Financial Corporation declared a quarterly cash dividend of $0.50 per share on its common stock. The dividend will be paid on May 5, 2025 to the shareholders of record on April 25, 2025. Recent Insider Transactions • Mar 19
Independent Director recently bought US$613k worth of stock On the 10th of March, M. Welch bought around 10k shares on-market at roughly US$61.34 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$967k more in shares than they bought in the last 12 months. Announcement • Mar 15
Lakeland Financial Corporation to Report Q1, 2025 Results on Apr 25, 2025 Lakeland Financial Corporation announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Feb 28
Lakeland Financial Corporation, Annual General Meeting, Apr 08, 2025 Lakeland Financial Corporation, Annual General Meeting, Apr 08, 2025. Recent Insider Transactions • Feb 06
Chairman & CEO recently sold US$432k worth of stock On the 5th of February, David Findlay sold around 6k shares on-market at roughly US$67.06 per share. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$728k. David has been a net seller over the last 12 months, reducing personal holdings by US$1.9m. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 8 highly experienced directors. President & Director Kristin Pruitt was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$3.64 (down from US$3.66 in FY 2023). Revenue: US$236.8m (down 1.8% from FY 2023). Net income: US$93.5m (flat on FY 2023). Profit margin: 40% (in line with FY 2023). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jan 24
Lakeland Financial Corporation Reports Unaudited Net Charge Offs Results for the Fourth Quarter Ended December 31, 2024 Lakeland Financial Corporation reported unaudited net charge offs results for the fourth quarter ended December 31, 2024. For the quarter, the company reported net charge offs of $1,358,000 against $433,000 a year ago. Declared Dividend • Jan 19
Third quarter dividend increased to US$0.50 Dividend of US$0.50 is 4.2% higher than last year. Ex-date: 24th January 2025 Payment date: 5th February 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (50% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Jan 15
Lakeland Financial Corporation Approves Quarterly Cash Dividend for the First Quarter of 2025, Payable February 5, 2025 Lakeland Financial Corporation announced that the Board of Directors approved a quarterly cash dividend for the first quarter of 2025 of $0.50 per share, payable February 5, 2025, to shareholders of record as of January 25, 2025. The quarterly dividend represents a 4% increase over the quarterly dividend rate of $0.48 per share paid in 2024. New Risk • Nov 15
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$872k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$872k sold). Recent Insider Transactions • Nov 15
Chairman & CEO recently sold US$728k worth of stock On the 12th of November, David Findlay sold around 10k shares on-market at roughly US$75.51 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by US$2.2m. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$75.51, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$91.27 per share. Buy Or Sell Opportunity • Nov 07
Now 22% undervalued Over the last 90 days, the stock has risen 16% to US$71.54. The fair value is estimated to be US$91.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to decline by 4.2% in the next 2 years. Announcement • Oct 27
Lakeland Financial Corporation Approves Cash Dividend for the Third Quarter of 2024, Payable on November 5, 2024 On October 8, 2024, the board of directors of Lakeland Financial Corporation approved a cash dividend for the third quarter of $0.48 per share, payable on November 5, 2024, to shareholders of record as of October 25, 2024. The third quarter dividend per share represents a 4% increase from the $0.46 dividend per share paid for the third quarter of 2023. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.91 (down from US$0.99 in 3Q 2023). Revenue: US$58.1m (down 1.2% from 3Q 2023). Net income: US$23.3m (down 7.6% from 3Q 2023). Profit margin: 40% (down from 43% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Oct 11
Second quarter dividend of US$0.48 announced Shareholders will receive a dividend of US$0.48. Ex-date: 25th October 2024 Payment date: 5th November 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (48% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 7.5% over the next 3 years. However, it would need to fall by 46% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Sep 17
Insider recently bought US$293k worth of stock On the 13th of September, Stephanie Leniski bought around 5k shares on-market at roughly US$65.04 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$4.3m more in shares than they bought in the last 12 months. New Risk • Aug 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$862k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$862k sold). Recent Insider Transactions • Aug 27
President & Director recently sold US$805k worth of stock On the 26th of August, Kristin Pruitt sold around 12k shares on-market at roughly US$67.06 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kristin's only on-market trade for the last 12 months. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.88 (up from US$0.57 in 2Q 2023). Revenue: US$60.3m (up 1.7% from 2Q 2023). Net income: US$22.5m (up 54% from 2Q 2023). Profit margin: 37% (up from 25% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$68.82, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$83.39 per share. Declared Dividend • Jul 12
First quarter dividend of US$0.48 announced Shareholders will receive a dividend of US$0.48. Ex-date: 25th July 2024 Payment date: 5th August 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.91 (vs US$0.95 in 1Q 2023) First quarter 2024 results: EPS: US$0.91 (down from US$0.95 in 1Q 2023). Revenue: US$58.5m (up 1.8% from 1Q 2023). Net income: US$23.4m (down 3.6% from 1Q 2023). Profit margin: 40% (down from 42% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Declared Dividend • Apr 12
Fourth quarter dividend of US$0.48 announced Shareholders will receive a dividend of US$0.48. Ex-date: 24th April 2024 Payment date: 6th May 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (55% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.1% over the next 2 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Mar 13
Insider recently sold US$350k worth of stock On the 11th of March, Eric Ottinger sold around 5k shares on-market at roughly US$66.75 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.9m. Insiders have been net sellers, collectively disposing of US$1.1m more than they bought in the last 12 months. Buy Or Sell Opportunity • Mar 11
Now 20% undervalued Over the last 90 days, the stock has risen 9.0% to US$66.31. The fair value is estimated to be US$83.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to decline by 2.5% in the next 2 years. Announcement • Mar 01
Lakeland Financial Corporation, Annual General Meeting, Apr 09, 2024 Lakeland Financial Corporation, Annual General Meeting, Apr 09, 2024, at 15:30 Eastern Standard Time. Reported Earnings • Feb 25
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$3.66 (down from US$4.07 in FY 2022). Revenue: US$241.0m (up 2.4% from FY 2022). Net income: US$93.8m (down 9.7% from FY 2022). Profit margin: 39% (down from 44% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.31% (down from 3.40% in FY 2022). Cost-to-income ratio: 47.4% (up from 45.0% in FY 2022). Non-performing loans: 0.32% (down from 0.36% in FY 2022). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Recent Insider Transactions • Feb 25
Insider recently sold US$212k worth of stock On the 22nd of February, Jonathan Steiner sold around 3k shares on-market at roughly US$63.73 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.9m. Despite this recent sale, insiders have collectively bought US$1.0m more than they sold in the last 12 months. Announcement • Feb 07
Lakeland Financial Corporation to Report Q1, 2024 Results on Apr 25, 2024 Lakeland Financial Corporation announced that they will report Q1, 2024 results at 8:00 AM, Eastern Daylight on Apr 25, 2024 Recent Insider Transactions • Feb 01
Independent Director recently sold US$1.9m worth of stock On the 30th of January, Michael Kubacki sold around 27k shares on-market at roughly US$71.51 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.4m more than they sold in the last 12 months. Price Target Changed • Jan 26
Price target increased by 8.8% to US$64.75 Up from US$59.50, the current price target is an average from 4 analysts. New target price is 10% below last closing price of US$72.28. Stock is up 6.2% over the past year. The company is forecast to post earnings per share of US$3.47 for next year compared to US$3.66 last year. Reported Earnings • Jan 25
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$3.66 (down from US$4.07 in FY 2022). Revenue: US$241.0m (up 2.4% from FY 2022). Net income: US$93.8m (down 9.7% from FY 2022). Profit margin: 39% (down from 44% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • Jan 25
Lakeland Financial Corporation Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2023 Lakeland Financial Corporation reported net charge offs for the fourth quarter ended December 31, 2023. Net charge offs in the fourth quarter of 2023 were $433,000 compared to $3.6 million in the fourth quarter of 2022. Upcoming Dividend • Jan 17
Upcoming dividend of US$0.48 per share at 3.0% yield Eligible shareholders must have bought the stock before 24 January 2024. Payment date: 05 February 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.6%). In line with average of industry peers (3.3%). Announcement • Jan 10
Lakeland Financial Corporation Declares Quarterly Dividend for the First Quarter of 2024, Payable on February 5, 2024 Lakeland Financial Corporation announced that the Board of Directors approved a quarterly cash dividend for the first quarter of 2024 of $0.48 per share, payable February 5, 2024, to shareholders of record as of January 25, 2024. The quarterly dividend represents a 4% increase over the quarterly dividend rate of $0.46 per share paid in 2023. Announcement • Nov 15
Lakeland Financial Corporation and Lake City Bank Appoint David M. Findlay as Chairman of Board Lakeland Financial Corporation and Lake City Bank announced that David M. Findlay has been appointed as Chairman of the Board of the bank and holding company. Findlay will assume the role of Chairman in addition to his current responsibilities as Chief Executive Officer of both organizations. Findlay succeeds Michael L. Kubacki as Chairman of the board of both organizations. Kubacki has served in the role since 2003 and will retire from the boards of directors on April 9, 2024 at the company’s annual report of shareholders. The bank and holding company also announced that director Blake W. Augsburger has been appointed Lead Independent Director. Augsburger joined the boards of Lake City Bank and Lakeland Financial Corporation in 2011. Announcement • Nov 14
Lakeland Financial Corporation to Report Q4, 2023 Results on Jan 25, 2024 Lakeland Financial Corporation announced that they will report Q4, 2023 results at 8:00 AM, US Eastern Standard Time on Jan 25, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: US$0.99 (down from US$1.12 in 3Q 2022). Revenue: US$58.8m (down 6.1% from 3Q 2022). Net income: US$25.3m (down 12% from 3Q 2022). Profit margin: 43% (down from 46% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.6%. Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Upcoming Dividend • Oct 17
Upcoming dividend of US$0.46 per share at 3.6% yield Eligible shareholders must have bought the stock before 24 October 2023. Payment date: 06 November 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (5.2%). In line with average of industry peers (3.9%). Recent Insider Transactions • Aug 24
Insider recently bought US$166k worth of stock On the 17th of August, Jonathan Steiner bought around 3k shares on-market at roughly US$55.26 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$1.6m more in shares than they bought in the last 12 months. Announcement • Jul 26
Lakeland Financial Corporation to Report Q3, 2023 Results on Oct 25, 2023 Lakeland Financial Corporation announced that they will report Q3, 2023 results at 8:00 AM, US Eastern Standard Time on Oct 25, 2023 Reported Earnings • Jul 23
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.57 (down from US$1.01 in 2Q 2022). Revenue: US$59.2m (flat on 2Q 2022). Net income: US$14.6m (down 43% from 2Q 2022). Profit margin: 25% (down from 43% in 2Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Upcoming Dividend • Jul 17
Upcoming dividend of US$0.46 per share at 3.6% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (3.5%). Announcement • May 25
Lakeland Financial Corporation to Report Q2, 2023 Results on Jul 25, 2023 Lakeland Financial Corporation announced that they will report Q2, 2023 results at 8:00 AM, Eastern Daylight on Jul 25, 2023 Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$50.34, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$71.48 per share. Announcement • May 11
Lake City Bank and Lakeland Financial Corporation Announce Promotion of Kristin L. Pruitt to President Lakeland Financial Corporation and Lake City Bank announced that Kristin L. Pruitt has been promoted to President of both organizations and will join their respective boards of directors. She joined the company in 2008 as Senior Vice President and General Counsel, was promoted to Executive Vice President in 2014, and to Chief Administrative Officer in 2019. Pruitt will continue her present oversight of risk management, compliance, corporate governance, legal, people development, operations, marketing, and corporate and institutional services. In addition, she will become more directly involved with the company’s investor and public relations initiatives as well as client and community engagement activities. Pruitt has a bachelor’s degree cum laude from the University of Notre Dame and a juris doctor degree magna cum laude from Case Western Reserve University School of Law. Before joining Lake City Bank, she served as Assistant General Counsel and Chief Compliance Officer for 1st Source Bank in South Bend, Indiana. Previously she practiced law with Skadden, Arps, Slate, Meagher & Flom in Washington, DC and with Baker and Daniels in South Bend, Indiana. Recent Insider Transactions • May 10
Independent Director recently bought US$459k worth of stock On the 9th of May, M. Welch bought around 10k shares on-market at roughly US$45.90 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$1.1m. Despite this recent purchase, insiders have collectively sold US$1.8m more in shares than they bought in the last 12 months. Price Target Changed • May 09
Price target decreased by 11% to US$60.25 Down from US$67.75, the current price target is an average from 4 analysts. New target price is 30% above last closing price of US$46.25. Stock is down 37% over the past year. The company is forecast to post earnings per share of US$3.75 for next year compared to US$4.07 last year. Recent Insider Transactions • May 03
Independent Director recently bought US$516k worth of stock On the 28th of April, M. Welch bought around 10k shares on-market at roughly US$51.58 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$1.1m. Despite this recent purchase, insiders have collectively sold US$2.4m more in shares than they bought in the last 12 months. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.95 (up from US$0.93 in 1Q 2022). Revenue: US$57.5m (up 4.2% from 1Q 2022). Net income: US$24.3m (up 2.7% from 1Q 2022). Profit margin: 42% (in line with 1Q 2022). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 6% per year.