Stock Analysis Report

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Executive Summary

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services.

Snowflake Analysis

Flawless balance sheet average dividend payer.

Similar Companies

Share Price & News

How has Lakeland Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: LKFN has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: LKFN exceeded the US Banks industry which returned -18.2% over the past year.

Return vs Market: LKFN underperformed the US Market which returned 8.4% over the past year.

Shareholder returns

7 Day9.2%10.7%2.5%
30 Day-1.6%-0.3%5.1%
90 Day4.9%-18.4%2.0%
1 Year0.3%-2.4%-15.4%-18.2%10.9%8.4%
3 Year4.9%-2.3%-6.4%-13.7%30.5%21.9%
5 Year76.1%57.2%14.5%0.8%56.9%39.2%

Price Volatility Vs. Market

How volatile is Lakeland Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Lakeland Financial undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: LKFN ($42.89) is trading below our estimate of fair value ($45.76)

Significantly Below Fair Value: LKFN is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: LKFN is poor value based on its PE Ratio (13.3x) compared to the Banks industry average (9.8x).

PE vs Market: LKFN is good value based on its PE Ratio (13.3x) compared to the US market (16x).

Price to Earnings Growth Ratio

PEG Ratio: LKFN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: LKFN is overvalued based on its PB Ratio (1.8x) compared to the US Banks industry average (0.8x).

Next Steps

Future Growth

How is Lakeland Financial forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: LKFN's earnings are forecast to decline over the next 3 years (-14.3% per year).

Earnings vs Market: LKFN's earnings are forecast to decline over the next 3 years (-14.3% per year).

High Growth Earnings: LKFN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: LKFN's revenue is expected to decline over the next 3 years (-0.2% per year).

High Growth Revenue: LKFN's revenue is forecast to decline over the next 3 years (-0.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if LKFN's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has Lakeland Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LKFN has high quality earnings.

Growing Profit Margin: LKFN's current net profit margins (43.2%) are lower than last year (43.9%).

Past Earnings Growth Analysis

Earnings Trend: LKFN's earnings have grown by 15.5% per year over the past 5 years.

Accelerating Growth: LKFN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: LKFN had negative earnings growth (-1.3%) over the past year, making it difficult to compare to the Banks industry average (2.9%).

Return on Equity

High ROE: LKFN's Return on Equity (13.6%) is considered low.

Next Steps

Financial Health

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

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: LKFN's Assets to Equity ratio (8.3x) is low.

Allowance for Bad Loans: LKFN has a sufficient allowance for bad loans (384%).

Low Risk Liabilities: 97% of LKFN's liabilities are made up of primarily low risk sources of funding.

Loan Level: LKFN has an appropriate level of Loans to Assets ratio (80%).

Low Risk Deposits: LKFN's Loans to Deposits ratio (94%) is appropriate.

Level of Bad Loans: LKFN has an appropriate level of bad loans (0.3%).

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: LKFN's dividend (2.8%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: LKFN's dividend (2.8%) is low compared to the top 25% of dividend payers in the US market (4.45%).

Stability and Growth of Payments

Stable Dividend: LKFN's dividends per share have been stable in the past 10 years.

Growing Dividend: LKFN's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (37.2%), LKFN's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


David Findlay (57yo)





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 ...

CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD1.58M) is below average for companies of similar size in the US market ($USD3.17M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

Leadership Team

David Findlay
President6.08yrsUS$1.58m0.74% $8.2m
Lisa O'Neill
Executive VP & CFO6.08yrsUS$590.48k0.11% $1.2m
Kristin Pruitt
Executive VP & Chief Administrative Officer2.58yrsUS$660.90k0.068% $754.5k
Kevin Deardorff
Retail Banking Advisorno dataUS$622.25k0.19% $2.1m
Eric Ottinger
Executive Vice President of Commercial Banking18.08yrsUS$716.31k0.12% $1.4m
Brok Lahrman
Chief Accounting Officer & Senior VP of Finance1.17yrsno data0.0014% $15.5k
Jill DeBatty
Senior VP & People Development Directorno datano data0.027% $292.6k
Jonathan Steiner
Senior Vice President of Wealth Advisory Group & Brokerage10.17yrsno data0.050% $553.9k
Stephanie Leniski
Senior VP & Retail Banking Manager1.33yrsno data0.0088% $96.9k
Kirtus Murray
Senior Vice President of Consumer & Home Loansno datano datano data


Average Tenure


Average Age

Experienced Management: LKFN's management team is seasoned and experienced (6.1 years average tenure).

Board Members

David Findlay
President6.08yrsUS$1.58m0.74% $8.2m
Michael Kubacki
Independent Chairman16.83yrsUS$132.64k0.99% $10.9m
Thomas Hiatt
Independent Director13.33yrsUS$102.64k0.091% $1.0m
M. Welch
Independent Director22.33yrsUS$102.64k0.65% $7.2m
Steven Ross
Independent Director20.33yrsUS$102.64k0.12% $1.3m
Emily Pichon
Independent Director18.33yrsUS$92.64k0.044% $485.2k
Daniel Evans
Independent Director9.83yrsUS$102.64k0.079% $875.4k
Blake Augsburger
Independent Director8.75yrsUS$92.64k0.059% $646.1k
Ronald Truex
Independent Director9.58yrsUS$92.64k0.092% $1.0m
Brian Smith
Independent Director8.83yrsUS$107.64k0.21% $2.3m


Average Tenure


Average Age

Experienced Board: LKFN's board of directors are seasoned and experienced ( 11.6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: LKFN insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Lakeland Financial Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Lakeland Financial Corporation
  • Ticker: LKFN
  • Exchange: NasdaqGS
  • Founded: 1872
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$1.102b
  • Shares outstanding: 25.70m
  • Website:

Number of Employees


  • Lakeland Financial Corporation
  • 202 East Center Street
  • PO Box 1387
  • Warsaw
  • Indiana
  • 46581-1387
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LKFNNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDDec 1993


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 on-line 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 March 19, 2020, the company operated 50 offices in Northern and Central Indiana. Lakeland Financial Corporation was founded in 1872 and is headquartered in Warsaw, Indiana. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/29 02:17
End of Day Share Price2020/05/28 00:00
Annual Earnings2019/12/31

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.