A Business at a Glance
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LAKELAND FINANCIAL CORP
LKFN
$1.6B
Mkt Cap
$61.11
-0.02%
LAKELAND FINANCIAL CORP (LKFN) has a current P/E ratio of 15.2, compared to its historical median P/E of 16.5. The stock is currently considered Fair based on its historical valuation range.
LAKELAND FINANCIAL CORP (LKFN) has a 5-year average return on invested capital (ROIC) of 13.1%. This indicates solid capital allocation.
LAKELAND FINANCIAL CORP (LKFN) has a market capitalization of $1.5B. It is classified as a small-cap stock.
Yes, LAKELAND FINANCIAL CORP (LKFN) pays a dividend with a trailing twelve-month yield of 3.40%. The company also returns capital through share buybacks, with a buyback yield of 2.61%.
Based on historical P/E analysis, LAKELAND FINANCIAL CORP (LKFN) appears fair. The current P/E of 15.2 is 8% below its historical median of 16.5. The estimated fair value CAGR (P/E method) is 2.7%.
LAKELAND FINANCIAL CORP (LKFN) operates in the State Commercial Banks industry, within the Financials sector.
LAKELAND FINANCIAL CORP (LKFN) reported annual revenue of $422 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS The Company Lakeland Financial Corporation ("Lakeland Financial"), an Indiana corporation incorporated in 1983, is a bank holding company headquartered in Warsaw, Indiana that provides, through its wholly owned subsidiary Lake City Bank (the "Bank") and together with Lakeland Financial (the "Company"), a broad array of financial products and services throughout its Northern and Central Indiana markets. The Company offers commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. The Company serves a diverse customer base, including commercial customers across a wide variety of industries including, among others, commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care. The Company is not dependent upon any single industry or customer.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 275M | 422M | 430M | 393M | 281M | 238M |
| Net Income | 110M | 103M | 93M | 94M | 104M | 96M |
| EPS | $4.34 | $4.01 | $3.63 | $3.65 | $4.04 | $3.74 |
| Free Cash Flow | 107M | 104M | 94M | 108M | 165M | 108M |
| ROIC | 0.0% | 14.3% | 13.5% | 12.0% | 12.6% | 13.3% |
| Gross Margin | - | - | - | 61.3% | - | - |
| Debt/Equity | 0.00 | 0.39 | 0.46 | 0.09 | 0.56 | 0.11 |
| Dividends/Share | $2.08 | $2.00 | $1.92 | $1.84 | $1.60 | $1.36 |
| Operating Income | 0 | 126M | 112M | 110M | 125M | 117M |
| Operating Margin | 0.0% | 29.8% | 26.0% | 28.1% | 44.5% | 49.4% |
| ROE | 14.7% | 14.3% | 14.0% | 15.4% | 16.3% | 14.1% |
| Shares Outstanding | 25M | 26M | 26M | 26M | 26M | 26M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 147M | 154M | 172M | 202M | 239M | 260M | 240M | 238M | 281M | 393M | 430M | 422M | 275M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 61.3% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39M | 39M | 42M | 45M | 48M | 49M | 49M | 58M | 59M | 59M | 67M | 75M | 78M |
| EBIT | 66M | 69M | 77M | 90M | 99M | 107M | 104M | 117M | 125M | 110M | 112M | 126M | 0 |
| Op. Margin | 44.9% | 44.9% | 44.9% | 44.4% | 41.4% | 41.3% | 43.3% | 49.4% | 44.5% | 28.1% | 26.0% | 29.8% | 0.0% |
| Net Income | 44M | 46M | 52M | 57M | 80M | 87M | 84M | 96M | 104M | 94M | 93M | 103M | 110M |
| Net Margin | 29.7% | 30.1% | 30.3% | 28.4% | 33.6% | 33.5% | 35.1% | 40.2% | 36.9% | 23.9% | 21.7% | 24.5% | 39.9% |
| Non-Recurring | -24K | -7K | -160K | -79K | -1K | 3K | -86K | -43K | -7K | -3K | -81K | -85K | -85K |
| Returns on Capital | |||||||||||||
| ROIC | 12.8% | 12.3% | 12.7% | 12.8% | 16.2% | 15.5% | 13.4% | 13.3% | 12.6% | 12.0% | 13.5% | 14.3% | 0.0% |
| ROE | 12.8% | 12.3% | 12.7% | 12.8% | 16.2% | 15.5% | 13.4% | 14.1% | 16.3% | 15.4% | 14.0% | 14.3% | 14.7% |
| ROA | 1.3% | 1.3% | 1.3% | 1.3% | 1.7% | 1.8% | 1.6% | 1.5% | 1.6% | 1.4% | 1.4% | 1.5% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 56M | 56M | 62M | 77M | 105M | 100M | 87M | 114M | 169M | 114M | 102M | 115M | 121M |
| Free Cash Flow | 49M | 47M | 52M | 68M | 97M | 92M | 82M | 108M | 165M | 108M | 94M | 104M | 107M |
| Owner Earnings | 49M | 49M | 54M | 66M | 94M | 90M | 79M | 101M | 156M | 54M | 92M | 100M | 54M |
| CapEx | 6.6M | 9.2M | 9.8M | 9.6M | 8.0M | 8.0M | 5.7M | 6.2M | 4.8M | 6.0M | 8.6M | 11M | 14M |
| Maint. CapEx | 3.4M | 3.8M | 4.2M | 5.1M | 5.7M | 5.9M | 6.0M | 6.1M | 6.0M | 56M | 6.0M | 6.0M | 58M |
| Growth CapEx | 3.2M | 5.4M | 5.6M | 4.5M | 2.3M | 2.1M | 0 | 62K | 0 | 0 | 2.7M | 5.1M | 0 |
| D&A | 3.4M | 3.8M | 4.2M | 5.1M | 5.7M | 5.9M | 6.0M | 6.1M | 6.0M | 56M | 6.0M | 6.0M | 58M |
| CapEx/OCF | 12.1% | 16.4% | 15.8% | 12.4% | 7.6% | 8.0% | 6.6% | 5.4% | 2.8% | 5.3% | 8.4% | 9.7% | 11.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 14M | 16M | 18M | 21M | 25M | 30M | 31M | 35M | 41M | 47M | 49M | 51M | 52M |
| Dividend Yield | 2.8% | 2.9% | 2.7% | 2.3% | 2.6% | 3.0% | 3.1% | 2.3% | 2.4% | 3.5% | 3.1% | 3.3% | 3.4% |
| Share Buybacks | 444K | 455K | 458K | 495K | 463K | 515K | 11M | 559K | 579K | 575K | 592K | 20M | 40M |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% | 2.6% |
| Stock-Based Comp | 2.8M | 2.5M | 4.2M | 5.7M | 5.6M | 4.2M | 1.8M | 7.2M | 7.8M | 3.7M | 4.6M | 8.6M | 8.7M |
| Debt Repayment | 2K | 35M | 70M | 275M | 80M | 31M | 11M | 0 | 22M | 22M | 0 | 13M | 13M |
| Balance Sheet | |||||||||||||
| Net Debt | 57M | 52M | 52M | 5.4M | -526M | -538M | -910M | -608M | 189M | -93M | 145M | 153M | -150M |
| Cash & Equiv. | 91M | 81M | 167M | 176M | 217M | 99M | 250M | 683M | 130M | 152M | 168M | 141M | 151M |
| Long-Term Debt | 1.0M | 1.0M | 1.2M | 1.3M | 1.6M | 1.7M | 247K | 75M | 297M | 50M | 0 | N/A | 1.8M |
| Debt/Equity | 0.45 | 0.36 | 0.54 | 0.39 | 0.53 | 0.28 | 0.11 | 0.11 | 0.56 | 0.09 | 0.46 | 0.39 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 361M | 393M | 427M | 469M | 522M | 598M | 657M | 705M | 569M | 650M | 684M | 762M | 749M |
| Total Assets | 3.4B | 3.8B | 4.3B | 4.7B | 4.9B | 4.9B | 5.8B | 6.6B | 6.4B | 6.5B | 6.7B | 7.0B | 7.1B |
| Total Liabilities | 3.1B | 3.4B | 3.9B | 4.2B | 4.4B | 4.3B | 5.2B | 5.9B | 5.9B | 5.9B | 6.0B | 6.2B | 6.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 263M | 294M | 328M | 364M | 419M | 475M | 529M | 583M | 646M | 693M | 736M | 788M | 802M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.74 | 1.84 | 2.05 | 2.23 | 3.13 | 3.38 | 3.30 | 3.74 | 4.04 | 3.65 | 3.63 | 4.01 | 4.34 |
| Owner EPS | 1.97 | 1.96 | 2.12 | 2.58 | 3.65 | 3.49 | 3.11 | 3.93 | 6.05 | 2.12 | 3.57 | 3.89 | 2.17 |
| Book Value | 14.35 | 15.59 | 16.81 | 18.23 | 20.30 | 23.22 | 25.71 | 27.54 | 22.13 | 25.29 | 26.55 | 29.58 | 30.04 |
| Cash Flow/Share | 2.21 | 2.21 | 2.45 | 3.00 | 4.09 | 3.88 | 3.41 | 4.44 | 6.59 | 4.44 | 3.98 | 4.46 | 6.73 |
| Dividends/Share | 0.55 | 0.63 | 0.73 | 0.85 | 1.00 | 1.16 | 1.20 | 1.36 | 1.60 | 1.84 | 1.92 | 2.00 | 2.08 |
| Shares Out. | 25.2M | 25.2M | 25.4M | 25.7M | 25.7M | 25.8M | 25.6M | 25.6M | 25.7M | 25.7M | 25.8M | 25.8M | 24.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.3 | 13.2 | 18.4 | 17.7 | 10.6 | 12.2 | 13.9 | 18.8 | 16.1 | 16.9 | 18.2 | 14.5 | 14.1 |
| P/FCF | 10.9 | 13.1 | 18.3 | 15.0 | 8.8 | 11.5 | 14.4 | 16.7 | 10.2 | 14.7 | 18.1 | 14.5 | 14.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.5 | 1.6 | 2.2 | 2.2 | 1.6 | 1.8 | 1.8 | 2.6 | 2.9 | 2.4 | 2.5 | 2.0 | 2.0 |
| Price/Sales | 3.6 | 4.0 | 4.4 | 5.5 | 5.1 | 4.9 | 4.7 | 6.7 | 7.1 | 5.5 | 6.3 | 5.8 | 5.5 |
| FCF Yield | 9.1% | 7.6% | 5.5% | 6.7% | 11.4% | 8.7% | 7.0% | 6.0% | 9.8% | 6.8% | 5.5% | 6.9% | 7.0% |
| Market Cap | 538M | 613M | 957M | 1.0B | 849M | 1.1B | 1.2B | 1.8B | 1.7B | 1.6B | 1.7B | 1.5B | 1.5B |
| Avg. Price | 19.11 | 21.59 | 26.42 | 36.53 | 38.38 | 37.98 | 38.53 | 58.63 | 67.59 | 52.58 | 61.58 | 60.63 | 61.11 |
| Year-End Price | 21.36 | 24.31 | 37.66 | 39.50 | 33.06 | 41.10 | 45.83 | 70.23 | 65.09 | 61.79 | 65.97 | 58.25 | 61.11 |
LAKELAND FINANCIAL CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
LAKELAND FINANCIAL CORP trades at 15.2x trailing earnings, compared to its 15-year median P/E of 16.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.9x vs a median of 14.6x. The company's 5-year average ROIC is 13.1% with a gross margin of 61.3%. Total shareholder yield (dividends + buybacks) is 6.0%. At current prices, the estimated annualized return to fair value is +3.1%.
LAKELAND FINANCIAL CORP (LKFN) has a net profit margin of 24.5%. This is a strong margin indicating high profitability.
LAKELAND FINANCIAL CORP (LKFN) generated $104 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LAKELAND FINANCIAL CORP (LKFN) has a debt-to-equity ratio of 0.39. This indicates a conservatively financed balance sheet.
LAKELAND FINANCIAL CORP (LKFN) reported earnings per share (EPS) of $4.01 in its most recent fiscal year.
LAKELAND FINANCIAL CORP (LKFN) has a return on equity (ROE) of 14.3%. This indicates moderate shareholder returns.
LAKELAND FINANCIAL CORP (LKFN) has a 5-year average gross margin of 61.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for LAKELAND FINANCIAL CORP (LKFN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LAKELAND FINANCIAL CORP (LKFN) has a book value per share of $29.58, based on its most recent annual SEC filing.
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