8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549  

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 15, 2023  

LAKELAND FINANCIAL CORPORATION

(Exact name of Registrant as specified in its charter) 

Indiana	0-11487	35-1559596
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

202 East Center Street,
Warsaw	,	Indiana	46580
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (574) 267-6144

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	LKFN	NASDAQ

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 7.01. Regulation FD Disclosure

The executive officers of Lakeland Financial Corporation intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts. A copy of the materials are attached hereto as Exhibit 99.1.

Lakeland Financial Corporation does not intend for this Item 7.01 or Exhibit 99.1 to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated into its filings under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

The following exhibit shall not be deemed as "filed" for purposes of the Securities Exchange Act of 1934, as amended.

(d) Exhibits

99.1 Investor Update dated March 15, 2023

104 Cover Page Interactive Data File (embedded with the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LAKELAND FINANCIAL CORPORATION

Dated:  March 15, 2023	By:	/s/ Lisa M. O’Neill
		Lisa M. O’Neill
		Executive Vice President
		and Chief Financial Officer

EX-99.1

3/15/2023 Lake City Bank has operated successfully for 150 years since our founding in 1872. We’re a community bank with a strong history of consistent financial performance, as detailed on our Lake City Bank Fact Sheet. In addition we have built a robust and conservative capital base though this performance. Lake City Bank has significantly higher levels of capital than the minimum required by the regulators for “Well-Capitalized” status. Our balance sheet has grown conservatively throughout our 150-year history and our above-peer profitability has contributed to our strong capital foundation. We maintain conservative excess levels of capital to support the continued growth of Lake City Bank. Our balance sheet is very diverse on both the deposit and loan fronts. We do not have any client or industry concentrations on our deeply diversified balance sheet. Our loans and deposits are originated one customer at a time in the 15 Indiana counties where Lake City Bank operates. We are a traditional community bank with a diverse deposit base. Our core deposits consist of retail, commercial and public funds deposits. Our deposit and loan customers reflect local individuals, businesses and municipalities that live and work in our Indiana communities. Importantly, Lake City Bank has access to significant liquidity resources that include traditional commercial bank core deposits, which have historically and currently represented the primary funding resource of the bank. In addition, the bank has access to Federal Home Loan Bank programs, Federal Reserve Bank programs, Federal Funds lines from correspondent bank partners and other wholesale funding sources. As of March 15, 2023, these alternative liquidity sources provided total availability of approximately $2.8 billion. Lake City Bank’s growth has been organic, consistent and stable. We know our customers and have not grown through acquisitions, but rather through relationships with individuals and companies in our Indiana communities. Lake City Bank has produced record net income in 32 of the last 34 years. Furthermore, Lake City Bank is regulated by the Federal Reserve Bank of Chicago, and the Indiana Department of Financial Institutions, and has a history of transparent and strong relationships with them. Lake City Bank, through its parent Lakeland Financial Corporation is a publicly traded company on the NASDAQ exchange with the symbol LKFN. As of March 15, 2023, Lakeland Financial Corporation had market capitalization of $1.7 billion. We have a long history of serving our Indiana communities with a conservative balance sheet and an incredibly strong capital structure. Please let us know if you need additional information and we invite you to visit the investor relations page of our website at investors.lakecitybank.com for more information about the bank and its financial results.

Capital Lake City Bank operates with regulatory capital that is in excess of well-capitalized thresholds. Our regulatory capital cushion is noted below. Fortress Balance Sheet in Excess of Regulatory Capital Requirements Update March 14, 2023 Lake City Bank is a $6.4 billion bank headquartered in Warsaw, Indiana and the sixth largest bank headquartered in the state. We were founded in 1872, and we are proud to be the third oldest state chartered bank headquartered in Indiana. We operate 52 offices in Northern and Central Indiana, delivering technology-driven and client-centric financial services solutions to individuals and businesses. While our strategy encompasses all areas of community banking, we focus on building comprehensive business banking relationships and providing high levels of personal, relationship based client services. The strength of our balance sheet and our deep knowledge of Indiana business, economy and consumers enables us to compete effectively with larger regional and national competitors. Diversified Deposit Base Lake City Bank maintains a well-diversified deposit base consisting of deposits that are gathered within the Lake City Bank footprint in 15 Indiana counties. This highly diversified client base includes nearly 120,000 retail and commercial clients. Statistics—December 2022 NASDAQ Symbol Assets Deposits Loans Total Risk Based Capital YTD Return on Average Equity YTD Net Income Market Capitalization LKFN $6.432 Billion $5.461 Billion $4.710 Billion 15.07% 17.40% $103.8 Million $1.863 Billion lakecitybank.com3/2023 A Proven History of Shareholder Value Creation Total Return Performance 12/31/00 – 12/31/22 Commercial 38% Retail 36% Public Funds 26% Brokered Deposits 0% Risk-Based Capital Ratio 16.00% 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% Well Capitalized Threshold 10.0% for Consolidated Risk-Based Capital 13.3% 15.1% Q4’10 Q4’11 Q4’12 Q4’13 Q4’14 Q4’15 Q4’16 Q4’17 Q4’18 Q4’19 Q4’20 Q4’21 Q4’22 (in thousands)

XML

Cover	Mar. 15, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Mar. 15, 2023
Entity Registrant Name	LAKELAND FINANCIAL CORP
Entity Incorporation, State Country Name	IN
Entity File Number	0-11487
Entity Tax Identification Number	35-1559596
Entity Address, Address Line One	202 East Center Street,
Entity Address, City or Town	Warsaw
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46580
City Area Code	574
Local Phone Number	267-6144
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	LKFN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000721994
Amendment Flag	false