Curious about Lakeland Financial Corporation net worth in 2024? With a market cap of $1.68 billion, Lakeland continues to grow.
Let’s dive into their financials and discover more about their impressive performance. Stay informed with Ando Money for the latest updates.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Lakeland Financial Corporation |
| Full Name | Lakeland Financial Corporation |
| Traded as | LKFN (Nasdaq Global Select) |
| ISIN | US5116561003 |
| Founded | 1872 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Warsaw, Indiana, USA |
| Chief Executive Officer | David M. Findlay |
| Number of Employees | 653 |
| Market Cap | $1.68 Billion (as of September 2024) |
| Total Assets | $6.57 Billion |
| Total Equity | $654.6 Million |
| Revenue | $68.7 Million (Q2 2024) |
| Net Income | $22.5 Million (Q2 2024) |
What is the Net Worth/ Market Cap Of Lakeland Financial Corporation in 2024?
As of September 2024, Lakeland Financial Corporation boasts a market cap of $1.68 billion. This market capitalization reflects the company’s strong financial performance and consistent growth in assets and equity.
Compared to other regional banks, Lakeland is positioned competitively, offering stability in the ever-evolving financial sector.
In comparison to other prominent banks, Lakeland’s market cap situates it among smaller, regional institutions, though it still ranks impressively in its sector.
Notably, its market cap is dwarfed by the giants of the industry, yet Lakeland’s steady growth signals its robust presence in the Indiana market.
Some related banks include:
- Fifth Third Bancorp
- Huntington Bancshares
- First Merchants Corporation
- PNC Financial Services
- Old National Bancorp
- KeyBank
- Regions Financial Corporation
- JPMorgan Chase
- U.S. Bancorp
- Bank of America
For more information on how this compares to other financial institutions, check out our largest banks article.
Financial Performance Overview
The financial performance of Lakeland Financial Corporation in 2024 has been notable, with strong growth across multiple key metrics.
One of the standout figures is the company’s total assets, which reached $6.57 billion by the end of the second quarter.
This reflects an impressive balance sheet that continues to expand due to a steady increase in loans, deposits, and equity growth.
Loans and Deposits
Lakeland reported total loans of $5.05 billion in Q2 2024, a milestone achievement marking a 5% annual increase from the previous year.
The company has seen this growth driven by robust demand for commercial real estate and multi-family residential loans, which make up nearly half of its loan portfolio.
Additional increases were noted in commercial and industrial loans, particularly working capital lines of credit. These loans saw an increase of 8% on a quarter-to-quarter basis, highlighting the bank’s consistent ability to provide credit to businesses in its footprint.
Deposits grew to $5.76 billion, reflecting a 6% year-over-year increase. This growth was fueled by both commercial and public fund deposits.
Core deposits, which exclude brokered deposits, grew 5%, underscoring the bank’s reliance on stable, local funding sources. Importantly, the bank’s brokered deposits rose significantly, nearly doubling from $68.4 million in 2023 to $161 million in Q2 2024.
Revenue and Net Interest Margin
Revenue for Lakeland Financial rose to $68.7 million in the second quarter of 2024, an increase of 15% year-over-year.
This revenue growth was primarily driven by noninterest income, which surged by 78% due to a $9 million gain on Visa shares.
However, the company’s net interest margin (NIM), a key indicator of its profitability, slightly decreased compared to 2023.
NIM was reported at 3.17%, down from 3.28% in Q2 2023, but it saw a slight improvement from Q1 2024, showcasing resilience despite the rising competition for deposits and higher interest rates.
Asset Quality and Noninterest Expense
Lakeland’s asset quality took a hit in Q2 2024 due to an increase in nonperforming loans, which ballooned to $57.2 million, up from $14.8 million in Q1.
This was largely due to the downgrade of a single industrial borrower with a significant loan balance. The bank responded by increasing its provision for credit losses to $8.5 million, a sharp rise from $800,000 the previous year.
Despite this, overall loan portfolio quality remains solid, with most sectors performing well.
On the expense side, noninterest expense fell by 22% compared to Q2 2023, amounting to $33.3 million. This decline was primarily attributed to the resolution of a large fraud-related loss that occurred in 2023.
However, salaries and employee benefits rose significantly, reflecting the bank’s investments in its workforce to support growth.
Capital Strength
Lakeland’s capital ratios continue to reflect its strength and stability. Its total capital ratio improved to 15.54% by the end of June 2024, compared to 14.93% in June 2023.
This ensures that Lakeland is well-capitalized and prepared to support further balance sheet growth.
The bank’s tangible common equity also increased to $25.34 per share, showing a solid foundation for future dividend growth and shareholder returns.
FAQs about Lakeland Financial Corporation
What is the market cap of Lakeland Financial Corporation in 2024?
As of September 2024, the market cap is $1.68 billion. The bank continues to grow in the regional banking sector.
What is its net income for Q2 2024?
The bank reported net income of $22.5 million for Q2 2024, up 54% from Q2 2023.
How much are its total assets?
By June 2024, the bank’s total assets reached $6.57 billion, showing strong financial health.
Who is the CEO of the bank?
David M. Findlay is the CEO, guiding the bank’s strategic growth and expansion.
What are the main sources of revenue?
The bank generates revenue from loan interest, noninterest income, and investment gains like its Visa shares.
How many employees does it have?
The bank employs 653 people as of mid-2024, reflecting its growing workforce.
Where is it headquartered?
The bank is headquartered in Warsaw, Indiana, operating 54 branches.
How did the bank perform in loan growth?
Loans grew by 5% in 2024, surpassing $5 billion, with notable increases in commercial and industrial loans.
What is the dividend per share?
The bank declared a dividend of $0.48 per share in Q2 2024, a 4% rise from 2023.
How does it manage asset quality?
The bank maintains 1.60% allowance for credit losses. Nonperforming loans rose to $57.2 million, but it remains focused on managing risk effectively.
Conclusion
Lakeland Financial Corporation shows steady growth, boasting a market cap of $1.68 billion. For more insights, including where it stands in the largest US banks ranking, visit andomoney.com and share your thoughts.
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