Lakeland Financial Corporation

Financial Services advisory banks brokerage commercial banks holding company insurance investment management lending mortgages

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various financial services. The Company offers various deposit products and commercial, industrial and consumer loans. In addition, it provides corporate treasury management, wealth advisory, trust, and wealth management services, retail brokerage services, including various financial and investment products, such as annuities and life insurance, retail and merchant credit card services, and Internet business banking and on-line treasury management services.

Market capitalization(2018-06-22)

$1.3 B

Total Loans(Q2, 2017)

$3.6 B

Type

Public

Warsaw, US

Founded

1872

Size (employees)

524 (est)

Website

lakecitybank.com

Lakeland Financial Corporation was founded in 1872 and is headquartered in Warsaw, US

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Lakeland Financial Corporation Office Locations

Lakeland Financial Corporation has an office in Warsaw

Warsaw, US (HQ)

202 East Center Street, P.O. Box 1387

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Lakeland Financial Corporation Financials and Metrics

Lakeland Financial Corporation Financials

Lakeland Financial Corporation's revenue was reported to be $171.82 m in FY, 2016 which is a 11.6% increase from the previous period.

Summary

USD
Revenue (Q1, 2018)	55.9 m
Gross profit (Q1, 2018)	46.1 m
Gross profit margin (Q1, 2018), %	82.4%
Net income (Q1, 2018)	18.3 m
EBIT (Q1, 2018)	32.9 m
Market capitalization (22-Jun-2018)	1.3 b
Closing share price (22-Jun-2018)	50.1
Cash (31-Mar-2018)	167.6 m
EV	1.1 b

Lakeland Financial Corporation's current market capitalization is $1.3 b.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	107.7 m	147.3 m	154 m	171.8 m
Revenue growth, %		37%	5%	12%
Cost of goods sold			16.6 m	20.5 m	29.8 m
Gross profit			137.4 m	151.3 m

Quarterly

USD	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Revenue	38 m	38.9 m	40.3 m	42.4 m	44.1 m	46.4 m	49.6 m	55.9 m
Cost of goods sold	4.2 m	4.3 m	4.6 m	5.1 m	5.4 m	6.1 m	7 m	9.8 m
Gross profit	33.8 m	34.6 m	35.6 m	37.3 m	38.7 m	40.3 m	42.6 m	46.1 m
Gross profit Margin, %	89%	89%	89%	88%	88%	87%	86%	82%

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	63.1 m	90.6 m	80.7 m	167.3 m	176.2 m
Accounts Receivable	8.6 m	8.7 m	9.5 m	3.5 m
Inventories
Goodwill	5 m	5 m	5 m	5 m	5 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Cash	81.3 m	77.1 m	160.4 m	70.2 m	113 m	89.5 m	98.1 m	80.7 m	108.9 m	278.4 m	111.6 m	137.3 m	167.6 m
Goodwill	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m	5 m
Total Assets	3 b	3.2 b	3.4 b	3.4 b	3.5 b	3.6 b	3.7 b	3.8 b	3.9 b	4.2 b	4.3 b	4.4 b	4.7 b
Accounts Payable	2.4 b	2.7 b	2.8 b	2.9 b	3 b	3 b	3.1 b	3.3 b	3.4 b	3.7 b	3.7 b	3.6 b	4.1 b

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Cash Flow

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	38.8 m	43.8 m	46.4 m	52.1 m	57.3 m
Depreciation and Amortization	3 m	3.4 m	3.8 m	4.2 m	5.1 m
Inventories
Accounts Payable

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Net Income	28.3 m	9.9 m	21.2 m	32.7 m	11.1 m	22.5 m	34.1 m	12.3 m	25.1 m	38.6 m	14.5 m	29.9 m	18.3 m
Depreciation and Amortization	2.2 m	830 k	1.7 m	2.5 m	956 k	1.9 m	2.8 m	983 k	2 m	3.1 m	1.2 m	2.4 m	1.4 m
Cash From Operating Activities	50.2 m	14.9 m	25.8 m	39.7 m	16.5 m	26.4 m	43.1 m	18.5 m	34.8 m	49.5 m	20.8 m	35.9 m	25.9 m
Purchases of PP&E	(142 m)	(13.5 m)	(29.5 m)	(58.7 m)	(26.1 m)	(43.9 m)	(70.2 m)	(27 m)	(53.8 m)	(77.1 m)	(52.8 m)	(90.1 m)	(53.8 m)

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Ratios

USD	Y, 2018
EV/EBIT	34.4 x
EV/CFO	43.6 x
Financial Leverage	10 x

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Lakeland Financial Corporation Operating Metrics

Lakeland Financial Corporation's Total Loans was reported to be $3.6b in Q2, 2017.

	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017
Bank Branches	46				47				48
Non-performing Loans	$13.71 m	$15.61 m	$14.37 m	$14.31 m	$13.06 m	$7.58 m	$9.33 m	$7.26 m	$6.69 m	$11.82 m	$9.88 m
Total Loans	$2.76 b	$2.77 b	$2.89 b	$2.97 b	$3.08 b	$3.11 b	$3.20 b	$3.28 b	$3.47 b	$3.53 b	$3.58 b