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Lakeland Financial

Nasdaq:LKFN
Snowflake Description

Flawless balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LKFN
Nasdaq
$1B
Market Cap
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Last updated 2019/05/20 01:35
Company description

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The last earnings update was 17 days ago. More info.

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LKFN Share Price and Events
7 Day Returns
0.8%
NasdaqGS:LKFN
-3.2%
US Banks
-0.7%
US Market
1 Year Returns
-5.9%
NasdaqGS:LKFN
-10.8%
US Banks
3%
US Market
LKFN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Lakeland Financial (LKFN) 0.8% -1% -2% -5.9% 46.4% 92.8%
US Banks -3.2% -3.4% -2.3% -10.8% 41.5% 46.8%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • LKFN outperformed the Banks industry which returned -10.8% over the past year.
  • LKFN underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
LKFN
Industry
5yr Volatility vs Market

LKFN Value

 Is Lakeland Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Lakeland Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Lakeland Financial.

NasdaqGS:LKFN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= $23.97 * 15% 		$3.59
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. $23.97
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:LKFN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.62 (1 + (1- 21%) (13.33%)) 		0.789
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) 		7.5%

Discounted Cash Flow Calculation for NasdaqGS:LKFN using Excess Returns Model Model

The calculations below outline how an intrinsic value for Lakeland Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:LKFN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (15% – 7.5%) * $23.97) 		$1.79
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.79 / (7.5% - 2.73%) 		$37.59
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $23.97 + $37.59 		$61.56
NasdaqGS:LKFN Discount to Share Price
Calculation Result
Value per share (USD) From above. $61.56
Current discount Discount to share price of $46.68
= -1 x ($46.68 - $61.56) / $61.56 		24.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Lakeland Financial is available for.
Intrinsic value
24%
Share price is $46.68 vs Future cash flow value of $61.56
Current Discount Checks
For Lakeland Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Lakeland Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Lakeland Financial's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Lakeland Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Lakeland Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:LKFN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.30
NasdaqGS:LKFN Share Price ** NasdaqGS (2019-05-17) in USD $46.68
United States of America Banks Industry PE Ratio Median Figure of 593 Publicly-Listed Banks Companies 12.77x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Lakeland Financial.

NasdaqGS:LKFN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:LKFN Share Price ÷ EPS (both in USD)

= 46.68 ÷ 3.30

 14.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lakeland Financial is overvalued based on earnings compared to the US Banks industry average.
  • Lakeland Financial is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Lakeland Financial's expected growth come at a high price?
Raw Data
NasdaqGS:LKFN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts		 4.2%per year
United States of America Banks Industry PEG Ratio Median Figure of 269 Publicly-Listed Banks Companies 1.39x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NasdaqGS:LKFN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.13x ÷ 4.2%

 3.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lakeland Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Lakeland Financial's assets?
Raw Data
NasdaqGS:LKFN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $21.35
NasdaqGS:LKFN Share Price * NasdaqGS (2019-05-17) in USD $46.68
United States of America Banks Industry PB Ratio Median Figure of 598 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqGS:LKFN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:LKFN Share Price ÷ Book Value per Share (both in USD)

= 46.68 ÷ 21.35

 2.19x

* Primary Listing of Lakeland Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lakeland Financial is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Lakeland Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
    5. Lakeland Financial has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LKFN Future Performance

 How is Lakeland Financial expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Lakeland Financial expected to grow at an attractive rate?
  • Lakeland Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Lakeland Financial's earnings growth is positive but not above the United States of America market average.
  • Lakeland Financial's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:LKFN Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:LKFN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 4.2%
NasdaqGS:LKFN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 6.2%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:LKFN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:LKFN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 215 89 4
2019-12-31 203 85 4
NasdaqGS:LKFN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 191 103 84
2018-12-31 185 105 80
2018-09-30 179 99 71
2018-06-30 175 87 66
2018-03-31 172 82 61
2017-12-31 169 77 57
2017-09-30 164 66 59
2017-06-30 159 63 57
2017-03-31 154 64 54
2016-12-31 150 62 52
2016-09-30 147 62 51
2016-06-30 143 64 49

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Lakeland Financial's earnings are expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
  • Lakeland Financial's revenue is expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:LKFN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Lakeland Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:LKFN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 3.45 3.60 3.30 6.00
2019-12-31 3.30 3.40 3.21 6.00
NasdaqGS:LKFN Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.30
2018-12-31 3.18
2018-09-30 2.80
2018-06-30 2.61
2018-03-31 2.43
2017-12-31 2.28
2017-09-30 2.35
2017-06-30 2.26
2017-03-31 2.17
2016-12-31 2.08
2016-09-30 2.03
2016-06-30 1.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Lakeland Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Lakeland Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Lakeland Financial has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LKFN Past Performance

  How has Lakeland Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Lakeland Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Lakeland Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Lakeland Financial's 1-year earnings growth exceeds its 5-year average (37% vs 13.7%)
  • Lakeland Financial's earnings growth has not exceeded the US Banks industry average in the past year (37% vs 40.7%).
Earnings and Revenue History
Lakeland Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Lakeland Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:LKFN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 190.71 83.76 77.90
2018-12-31 184.98 80.41 77.29
2018-09-30 178.59 70.68 74.80
2018-06-30 175.00 65.93 73.42
2018-03-31 171.58 61.15 72.28
2017-12-31 168.90 57.33 71.08
2017-09-30 164.16 59.23 69.95
2017-06-30 159.23 56.88 68.46
2017-03-31 154.46 54.32 67.45
2016-12-31 150.20 52.08 64.46
2016-09-30 147.45 50.85 63.56
2016-06-30 143.33 48.93 61.88
2016-03-31 139.76 47.51 60.25
2015-12-31 137.41 46.37 59.90
2015-09-30 135.15 45.15 59.20
2015-06-30 134.38 45.10 58.66
2015-03-31 133.74 45.03 58.04
2014-12-31 132.36 43.81 57.89
2014-09-30 131.22 43.32 58.79
2014-06-30 128.17 41.58 57.86
2014-03-31 124.50 39.51 56.82
2013-12-31 121.13 38.84 54.92
2013-09-30 115.86 36.85 54.99
2013-06-30 113.46 36.43 52.54
2013-03-31 111.44 36.01 50.40
2012-12-31 110.25 35.39 49.54
2012-09-30 108.90 35.05 44.14
2012-06-30 106.86 34.15 43.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Lakeland Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Lakeland Financial used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Lakeland Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Lakeland Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Lakeland Financial has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LKFN Health

 How is Lakeland Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Lakeland Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Lakeland Financial Company Filings, last reported 1 month ago.

NasdaqGS:LKFN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 543.27 158.32 188.75
2018-12-31 521.70 276.48 210.52
2018-09-30 498.54 208.28 182.32
2018-06-30 486.48 312.17 180.23
2018-03-31 473.33 125.64 167.55
2017-12-31 468.67 181.61 165.68
2017-09-30 462.52 94.85 129.83
2017-06-30 450.46 306.15 137.34
2017-03-31 437.20 175.73 111.58
2016-12-31 427.07 261.01 156.08
2016-09-30 427.38 91.16 278.38
2016-06-30 418.89 87.33 108.86
2016-03-31 406.96 125.46 80.74
2015-12-31 392.90 170.58 78.37
2015-09-30 386.70 111.38 98.07
2015-06-30 375.76 157.58 89.48
2015-03-31 370.84 91.48 113.05
2014-12-31 361.39 191.37 81.04
2014-09-30 351.95 99.54 70.20
2014-06-30 343.58 233.92 160.40
2014-03-31 332.09 145.32 77.14
2013-12-31 321.96 292.84 51.41
2013-09-30 314.54 266.92 81.34
2013-06-30 307.61 170.62 63.56
2013-03-31 306.67 144.48 75.67
2012-12-31 297.83 167.85 232.24
2012-09-30 294.99 164.52 181.40
2012-06-30 287.66 144.66 194.95
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Lakeland Financial has an acceptable proportion of non-loan assets held.
  • Lakeland Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Lakeland Financial are broadly funded by customer deposits.
  • Lakeland Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Lakeland Financial has a sufficient allowance for bad loans.
  • Lakeland Financial has an acceptable level of bad loans (less than 2%).
Show me more healthy companies in the Banks industry
X
Financial health checks
We assess Lakeland Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Lakeland Financial has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LKFN Dividends

 What is Lakeland Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.57%
Current annual income from Lakeland Financial dividends. Estimated to be 2.54% next year.
If you bought $2,000 of Lakeland Financial shares you are expected to receive $51 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Lakeland Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Lakeland Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:LKFN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 473 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:LKFN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.23 4.00
2019-12-31 1.15 4.00
NasdaqGS:LKFN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-09 1.200 2.528
2019-01-25 1.040 2.238
2018-10-25 1.040 2.423
2018-07-25 1.040 2.190
2018-04-10 1.040 2.128
2018-03-01 0.880 1.868
2018-01-25 0.880 1.869
2017-11-07 0.880 1.785
2017-10-25 0.880 1.813
2017-07-25 0.880 1.919
2017-04-11 0.880 1.956
2017-03-01 0.760 1.742
2017-01-25 0.760 1.686
2016-11-09 0.760 1.698
2016-10-25 0.760 2.076
2016-07-13 0.747 2.135
2016-04-12 0.747 2.368
2016-01-12 0.653 2.260
2015-10-13 0.653 2.097
2015-07-14 0.653 2.310
2015-04-15 0.653 2.388
2015-03-05 0.560 2.073
2015-01-26 0.560 2.136
2014-10-27 0.560 2.047
2014-08-11 0.560 2.177
2014-07-25 0.560 2.294
2014-04-09 0.560 2.260
2014-01-27 0.507 1.976
2013-10-25 0.507 2.053
2013-08-09 0.507 2.310
2013-07-25 0.507 2.381
2013-04-09 0.507 2.723
2013-03-04 0.453 2.609
2013-01-25 0.453 2.756
2012-10-25 0.453 2.676
2012-07-25 0.453 2.529
2012-05-10 0.453 2.614
2012-04-25 0.453 2.646
2012-04-12 0.453 2.713
2012-01-25 0.413 2.430
2011-10-25 0.413 2.491
2011-07-25 0.413 2.887
2011-04-25 0.413 2.807
2011-01-25 0.413 2.837
2010-11-04 0.413 2.870
2010-10-25 0.413 3.197
2010-08-04 0.413 3.230
2010-07-26 0.413 3.007
2010-04-26 0.413 3.019
2010-01-25 0.413 3.359
2009-10-26 0.413 3.462
2009-07-27 0.413 3.029

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Lakeland Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Show me more dividend paying companies in the Banks industry
X
Income/ dividend checks
We assess Lakeland Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Lakeland Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Lakeland Financial has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LKFN Management

 What is the CEO of Lakeland Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Findlay
COMPENSATION $1,604,171
AGE 56
TENURE AS CEO 5.1 years
CEO Bio

Mr. David M. Findlay has been the Chief Executive Officer and President at Lakeland Financial Corp. and its subsidiary Lake City Bank since April 8, 2014 and September 2010 respectively. Mr. Findlay served as the Chief Financial Officer and Principal Accounting Officer of Lakeland Financial Corp. and Lake City Bank from September 2000 to March 2014. He served as an Executive Vice President at Lake City Bank and Executive Vice President of Administration at Lakeland Financial Corp. since September 2000. He served as Secretary of Lakeland Financial Corp. Prior to his arrival, he served as the Chief Financial Officer of Quality Dining, Inc., a publicly traded company with its headquarters in Mishawaka, Indiana. Prior to that, he served in various capacities with The Northern Trust Company in Chicago. Mr. Findlay has been a Director of Lakeland Financial Corp. and Lake City Bank since September 2010.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year.
  • David's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Lakeland Financial management team in years:

5.1
Average Tenure
50
Average Age
  • The average tenure for the Lakeland Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Findlay

TITLE
President
COMPENSATION
$2M
AGE
56
TENURE
5.1 yrs

Lisa O'Neill

TITLE
Executive VP & CFO
COMPENSATION
$603K
AGE
50
TENURE
5.1 yrs

Kristin Pruitt

TITLE
Executive VP
COMPENSATION
$647K
AGE
46
TENURE
1.6 yrs

Kevin Deardorff

TITLE
Executive VP & Head of Retail Banking
COMPENSATION
$611K
AGE
56
TENURE
18.3 yrs

Eric Ottinger

TITLE
Executive VP & Head of Commercial Banking
COMPENSATION
$725K
AGE
48
TENURE
17.1 yrs

Brok Lahrman

TITLE
Chief Accounting Officer & Senior VP of Finance
AGE
32
TENURE
0.2 yrs

Tina Rensberger

TITLE
Executive Administrative Assistant

Jill DeBatty

TITLE
Senior VP of People Development

Jon Steiner

TITLE
Senior Vice President of Wealth Advisory Group & Brokerage
AGE
56
TENURE
9.3 yrs
Board of Directors Tenure

Average tenure and age of the Lakeland Financial board of directors in years:

8.8
Average Tenure
60.5
Average Age
  • The tenure for the Lakeland Financial board of directors is about average.
Board of Directors

Mike Kubacki

TITLE
Chairman
COMPENSATION
$139K
AGE
66
TENURE
15.8 yrs

David Findlay

TITLE
President
COMPENSATION
$2M
AGE
56
TENURE
8.7 yrs

Tom Hiatt

TITLE
Director
COMPENSATION
$109K
AGE
70
TENURE
12.3 yrs

Dan Evans

TITLE
Director
COMPENSATION
$109K
AGE
68
TENURE
8.8 yrs

Brian Smith

TITLE
Director
COMPENSATION
$114K
AGE
53
TENURE
7.8 yrs

Emily Pichon

TITLE
Director
COMPENSATION
$99K
AGE
54
TENURE
17.3 yrs

Ron Truex

TITLE
Director
COMPENSATION
$99K
AGE
67
TENURE
8.6 yrs

Blake Augsburger

TITLE
Director
COMPENSATION
$99K
AGE
55
TENURE
7.8 yrs

M. Welch

TITLE
Lead Independent Director
COMPENSATION
$109K
AGE
58
TENURE
6.8 yrs

Steven Ross

TITLE
Director
COMPENSATION
$109K
AGE
63
TENURE
19.3 yrs
Who owns this company?
Recent Insider Trading
  • Lakeland Financial insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. May 19 Sell Jill DeBatty Individual 30. Apr 19 30. Apr 19 -4,200 $48.00 $-201,600
18. Mar 19 Sell Eric Ottinger Individual 15. Mar 19 15. Mar 19 -2,276 $47.92 $-109,020
26. Feb 19 Sell Kristin Pruitt Individual 25. Feb 19 25. Feb 19 -1,500 $48.41 $-72,615
08. Feb 19 Buy Thomas Hiatt Individual 07. Feb 19 07. Feb 19 2,100 $45.66 $95,886
07. Feb 19 Sell Jonathan Steiner Individual 06. Feb 19 06. Feb 19 -1,991 $45.20 $-89,974
06. Feb 19 Sell Michael Gavin Individual 05. Feb 19 05. Feb 19 -5,000 $45.45 $-227,153
06. Feb 19 Sell Jill DeBatty Individual 05. Feb 19 05. Feb 19 -3,672 $45.39 $-166,672
14. Dec 18 Buy Kevin Deardorff Individual 14. Dec 18 14. Dec 18 5,582 $41.47 $231,486
13. Dec 18 Buy M. Welch Individual 12. Dec 18 12. Dec 18 8,750 $42.78 $374,301
12. Dec 18 Buy M. Welch Individual 10. Dec 18 10. Dec 18 8,000 $42.45 $339,600
07. Nov 18 Buy Brian Smith Individual 05. Nov 18 05. Nov 18 124 $43.49 $5,393
01. Nov 18 Buy Darrianne Christian Individual 01. Nov 18 01. Nov 18 1,000 $43.03 $43,035
01. Nov 18 Buy M. Welch Individual 30. Oct 18 31. Oct 18 6,000 $43.61 $257,460
30. Oct 18 Buy M. Welch Individual 29. Oct 18 29. Oct 18 8,000 $42.25 $337,968
12. Sep 18 Sell Jill DeBatty Individual 10. Sep 18 10. Sep 18 -1,800 $48.81 $-87,858
22. Aug 18 Sell Emily Pichon Individual 22. Aug 18 22. Aug 18 -500 $50.85 $-25,427
17. Aug 18 Sell Kristin Pruitt Individual 16. Aug 18 16. Aug 18 -300 $50.05 $-15,015
18. Jun 18 Sell Eric Ottinger Individual 15. Jun 18 15. Jun 18 -1,412 $49.69 $-70,162
X
Management checks
We assess Lakeland Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Lakeland Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LKFN News

Simply Wall St News

Are Insiders Buying Lakeland Financial Corporation (NASDAQ:LKFN) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Lakeland Financial Corporation (NASDAQ:LKFN). … Lakeland Financial Insider Transactions Over The Last Year. … We do always like to see insider buying, but it is worth noting if those purchases were made at well below today's share price, as the discount to value may have narrowed with the rising price

Simply Wall St - –

Is Lakeland Financial Corporation's (NASDAQ:LKFN) High P/E Ratio A Problem For Investors?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … Based on the last twelve months, Lakeland Financial's P/E ratio is 15.12. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St - –

Is Lakeland Financial Corporation's (NASDAQ:LKFN) CEO Overpaid Relative To Its Peers?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does David Findlay's Compensation Compare With Similar Sized Companies. … According to our data, Lakeland Financial Corporation has a market capitalization of US$1.2b, and pays its CEO total annual compensation worth US$1.6m.

Simply Wall St - –

Is It Too Late To Consider Buying Lakeland Financial Corporation (NASDAQ:LKFN)?

Lakeland Financial Corporation (NASDAQ:LKFN), operating in the financial services industry based in United States,. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s examine Lakeland Financial’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St - –

Investors Who Bought Lakeland Financial Shares Five Years Ago Are Now Up 92%

For example, long term Lakeland Financial Corporation (NASDAQ:LKFN) shareholders have enjoyed a 92% share price rise over the last half decade, well in excess of the market return of around 59%. … Over half a decade, Lakeland Financial managed to grow its earnings per share at 15% a year. … Dive deeper into the earnings by checking this interactive graph of Lakeland Financial's earnings, revenue and cash flow.

Simply Wall St - –

Does Lakeland Financial Corporation (NASDAQ:LKFN) Have A Particularly Volatile Share Price?

If you're interested in Lakeland Financial Corporation (NASDAQ:LKFN), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St - –

Have You Considered These Key Risks For Lakeland Financial Corporation (NASDAQ:LKFN)?

Lakeland Financial Corporation (NASDAQ:LKFN) is a small-cap bank with a market capitalisation of US$1.1b. … Its profit and value are directly impacted by its borrowers’ ability to pay which is driven by the level of economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Lakeland Financial’s bottom line.

Simply Wall St - –

Lakeland Financial Corporation (NASDAQ:LKFN): 4 Days To Buy Before The Ex-Dividend Date

Lakeland Financial Corporation (NASDAQ:LKFN) will be distributing its dividend of US$0.26 per share on the 05 February 2019, and will start trading ex-dividend in 4 days time on the 24 January 2019. … Below, I will explain how holding Lakeland Financial can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:?

Simply Wall St - –

Can These Factors Give You An Edge In Lakeland Financial Corporation (NASDAQ:LKFN)?

As a small-cap bank stock with a market capitalisation of US$1.1b, Lakeland Financial Corporation’s (NASDAQ:LKFN) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … Post-GFC recovery brought about a new set of reforms, Basel III, which was created to improve regulation, supervision and risk management in the financial services industry. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities.

Simply Wall St - –

Lakeland Financial Corporation (NASDAQ:LKFN) Insiders Increased Their Holdings

So shareholders might well want to know whether insiders have been buying or selling shares in Lakeland Financial Corporation (NASDAQ:LKFN). … But insiders sold 53.34k shares worth US$2.5m … In total, Lakeland Financial insiders bought more than they sold over the last year

Simply Wall St - –

LKFN Company Info

Description

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans. The company also offers retail and merchant credit card services; corporate treasury management, wealth advisory, and trust services; retail brokerage services, including various financial and investment products, such as annuities and life insurance; and Internet business banking and online treasury management services. It serves commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care industries. As of January 25, 2019, the company operated 50 offices in Northern and Central Indiana. Lakeland Financial Corporation was founded in 1872 and is headquartered in Warsaw, Indiana.

Details
Name: Lakeland Financial Corporation
LKFN
Exchange: NasdaqGS
Founded: 1872
$1,187,671,164
25,442,827
Website: http://www.lakecitybank.com
Address: Lakeland Financial Corporation
202 East Center Street,
PO Box 1387,
Warsaw,
Indiana, 46581,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS LKFN Common Stock Nasdaq Global Select US USD 31. Dec 1993
Number of employees
Current staff
Staff numbers
553
Lakeland Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:35
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/02
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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