The bank maintains a conservative capital structure with an equity-to-assets ratio consistently between 0.10 and 0.11, supporting a stable foundation despite the $6.7 billion concentration in investment securities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 1.6B | 141.32M | 591.05M | 1.2B | 1.32B | 2.08B | 984.77M | 707.61M | 802.47M | 714.67M | 671.47M | 558.75M | 566.55M | 532.07M | 699.26M | 571.98M | 60.14M | 55.98M | 64.01M | 56.28M | 65.25M | 77.39M | 81.14M | 52.3M | 74.15M | 70.22M | 84.68M | 59.32M | 61.5M | 49.8M | 44.88M |
| Cash & Due from Banks | 65.7M | 57.14M | 168.21M | 151.82M | 130.28M | 683.24M | 249.93M | 99.38M | 216.92M | 176.18M | 167.28M | 80.67M | 90.64M | 63.1M | 232.24M | 104.58M | 60.14M | 48.96M | 57.15M | 56.28M | 65.25M | 77.39M | 81.14M | 52.3M | 74.15M | 70.22M | 84.68M | 59.32M | 61.5M | 49.8M | 44.88M |
| Short Term Investments | 0 | 84.18M | 422.85M | 1.05B | 1.19B | 1.4B | 734.85M | 608.23M | 585.55M | 538.49M | 504.19M | 478.07M | 475.91M | 468.97M | 467.02M | 467.39M | 0 | 7.02M | 6.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 6.67B | 5.39B | 6.16B | 6.03B | 5.95B | 5.63B | 5.33B | 4.63B | 4.45B | 4.31B | 3.94B | 3.52B | 3.19B | 2.96B | 2.68B | 2.65B | 2.49B | 2.4B | 2.21B | 1.85B | 1.69B | 1.48B | 1.3B | 1.15B | 1.1B | 1.01B | 1.01B | 922.58M | 860.7M | 701.5M | 584.97M |
| Investments Growth % | 0.48% | -12.44% | 2.15% | 1.27% | 5.79% | 5.48% | 15.25% | 3.9% | 3.27% | 9.55% | 11.9% | 10.18% | 8% | 10.23% | 1.2% | 6.32% | 3.95% | 8.59% | 19.55% | 9.19% | 14.09% | 13.67% | 13.74% | 4.26% | 8.85% | 0.1% | 9.46% | 7.19% | 22.69% | 19.92% | 12.86% |
| Long-Term Investments | 23.73B | 5.31B | 5.73B | 4.98B | 4.77B | 4.23B | 4.6B | 4.02B | 3.87B | 3.77B | 3.43B | 3.04B | 2.72B | 2.49B | 2.22B | 2.18B | 2.49B | 2.39B | 2.2B | 1.85B | 1.69B | 1.48B | 1.3B | 1.15B | 1.1B | 1.01B | 1.01B | 922.58M | 860.7M | 701.5M | 584.97M |
| Accounts Receivables | 29.7M | 29M | 28.45M | 30.01M | 27.99M | 17.67M | 18.76M | 15.39M | 15.52M | 14.09M | 11.69M | 9.46M | 8.66M | 8.58M | 8.48M | 9.61M | 9.07M | 8.6M | 8.6M | 9.13M | 8.72M | 7.42M | 5.76M | 5.01M | 5M | 5.44M | 6.74M | 5.42M | 5.7M | 4.9M | 4.25M |
| Goodwill & Intangibles | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 5.02M | 5.07M | 5.12M | 5.18M | 5.38M | 9.13M | 8.72M | 7.42M | 6.21M | 5.01M | 5M | 5.44M | 6.74M | 5.42M | 5.7M | 4.9M | 0 |
| Goodwill | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 4.97M | 0 | 0 | 0 | 4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47K | 99K | 153K | 207K | 413K | 9.13M | 8.72M | 7.42M | 1.25M | 5.01M | 5M | 5.44M | 6.74M | 5.42M | 5.7M | 4.9M | 0 |
| PP&E (Net) | 75.65M | 65.54M | 60.49M | 57.9M | 58.1M | 59.31M | 59.3M | 60.37M | 58.1M | 56.47M | 52.09M | 46.68M | 41.98M | 39.34M | 34.84M | 34.74M | 30.41M | 29.58M | 30.52M | 27.52M | 25.18M | 24.56M | 25.06M | 26.16M | 24.77M | 24.25M | 27.3M | 27.81M | 26.4M | 23.1M | 16.01M |
| Other Assets | 234.47M | 1.44B | 259.58M | 251.96M | 259.11M | 166.03M | 163.67M | 138.7M | 125.61M | 118.09M | 116.68M | 105.81M | 103.48M | 102.73M | 101.02M | 85.03M | 84M | 80.68M | 67.03M | 42.99M | 39.58M | 36.1M | 30.19M | 34.36M | 37.61M | 20.82M | 10.96M | 14.19M | 13.11M | 7.6M | 6.43M |
| Total Current Assets | 95.4M | 170.31M | 619.5M | 1.23B | 1.34B | 2.1B | 1B | 723M | 817.99M | 728.77M | 683.16M | 568.21M | 575.21M | 540.65M | 707.74M | 581.59M | 69.22M | 64.58M | 72.61M | 65.4M | 73.97M | 84.8M | 86.91M | 57.31M | 79.15M | 75.66M | 91.43M | 64.74M | 67.2M | 54.7M | 49.13M |
| Total Non-Current Assets | 6.99B | 6.82B | 6.06B | 5.29B | 5.09B | 4.46B | 4.83B | 4.22B | 4.06B | 3.95B | 3.61B | 3.2B | 2.87B | 2.64B | 2.36B | 2.31B | 2.61B | 2.51B | 2.3B | 1.92B | 1.76B | 1.55B | 1.37B | 1.21B | 1.17B | 1.06B | 1.06B | 975.1M | 911.71M | 741.8M | 607.42M |
| Total Assets | 7.08B | 6.99B | 6.68B | 6.52B | 6.43B | 6.56B | 5.83B | 4.95B | 4.88B | 4.68B | 4.29B | 3.77B | 3.44B | 3.18B | 3.06B | 2.89B | 2.68B | 2.57B | 2.38B | 1.99B | 1.84B | 1.63B | 1.45B | 1.27B | 1.25B | 1.14B | 1.15B | 1.04B | 978.9M | 796.5M | 656.55M |
| Asset Growth % | 17.84% | 4.67% | 2.37% | 1.42% | -1.91% | 12.47% | 17.86% | 1.47% | 4.11% | 9.16% | 13.91% | 9.38% | 8.42% | 3.64% | 6.04% | 7.75% | 4.29% | 8.16% | 19.52% | 8.3% | 12.36% | 12.49% | 14.29% | 1.89% | 9.68% | -1% | 10.51% | 6.23% | 22.9% | 21.32% | 15.47% |
| Return on Assets (ROA) | 1.57% | 1.51% | 1.42% | 1.45% | 1.6% | 1.55% | 1.57% | 1.77% | 1.68% | 1.28% | 1.29% | 1.29% | 1.32% | 1.24% | 1.19% | 1.1% | 0.93% | 0.77% | 0.9% | 1% | 1.08% | 1.16% | 1.07% | 1.1% | 1.04% | 0.88% | 0.85% | 0.82% | 0.89% | 1.03% | 1.05% |
| Accounts Payable | 8.59M | 0 | 15.12M | 20.89M | 3.19M | 2.62M | 5.96M | 11.6M | 10.4M | 6.31M | 5.68M | 3.77M | 2.95M | 2.92M | 4.76M | 0 | 11.48M | 14.04M | 17.16M | 0 | 0 | 0 | 0 | 0 | 0 | 6.13M | 6.68M | 4.76M | 0 | 0 | 0 |
| Total Debt | 75.09M | 184.2M | 0 | 50M | 297M | 75M | 85.5M | 170M | 446.48M | 181.61M | 441M | 170.58M | 191.37M | 292.84M | 167.85M | 187.96M | 220.02M | 425.02M | 323.58M | 347.14M | 218.46M | 242.52M | 226.62M | 245.74M | 235.66M | 243.51M | 211.51M | 211.85M | 157.1M | 109.5M | 111.91M |
| Net Debt | 9.39M | 127.06M | -168.21M | -101.82M | 166.72M | -608.24M | -164.43M | 70.62M | 229.56M | 5.43M | 273.73M | 89.91M | 100.73M | 229.74M | -64.39M | 83.37M | 159.88M | 376.06M | 266.43M | 290.86M | 153.21M | 165.13M | 145.48M | 193.44M | 161.51M | 173.29M | 126.83M | 152.53M | 95.6M | 59.7M | 67.03M |
| Long-Term Debt | 18.2M | 14.2M | 0 | 50M | 275M | 75M | 85.5M | 170M | 200.93M | 30.93M | 210.96M | 30.96M | 30.96M | 30.96M | 45.97M | 45.97M | 48.01M | 70.97M | 120.97M | 30.97M | 30.97M | 30.97M | 40.97M | 60.98M | 50.69M | 11.39M | 11.43M | 16.47M | 21.4M | 25.4M | 23.53M |
| Short-Term Debt | 50.73M | 170M | 0 | 0 | 22M | 0 | 0 | 0 | 245.56M | 150.68M | 230.04M | 139.62M | 160.41M | 261.88M | 121.88M | 141.99M | 172.01M | 354.05M | 202.61M | 316.17M | 187.48M | 211.54M | 185.65M | 184.76M | 184.97M | 232.12M | 200.08M | 195.37M | 135.7M | 84.1M | 88.38M |
| Other Liabilities | 6.26B | 46.91M | 78.38M | 82.82M | 102.68M | 39.39M | 44.99M | 33.22M | -147.4M | 17.73M | -161.63M | 15.61M | 14.46M | 11.97M | -3.37M | -11.36M | 2.32M | 1.24M | 1.43M | 1.31M | 338K | 2.1M | 1.89M | 1.46M | 2.42M | 21.16M | 20.66M | 20.8M | 27.21M | 25.7M | 1.01M |
| Total Current Liabilities | 50.73M | 6.17B | 5.92B | 5.74B | 5.49B | 5.74B | 5.04B | 4.15B | 4.3B | 4.17B | 3.81B | 3.33B | 3.04B | 2.81B | 2.72B | 2.57B | 2.38B | 2.22B | 2.11B | 1.8B | 1.66B | 1.48B | 1.3B | 1.11B | 1.11B | 1.03B | 1.05B | 948.38M | 875.1M | 697.1M | 584.93M |
| Total Non-Current Liabilities | 6.28B | 61.11M | 78.38M | 132.82M | 377.68M | 114.39M | 130.49M | 203.22M | 53.53M | 48.66M | 49.33M | 46.57M | 45.43M | 42.94M | 42.6M | 34.61M | 50.32M | 72.21M | 122.41M | 32.28M | 31.31M | 33.07M | 42.86M | 62.44M | 53.11M | 32.55M | 32.09M | 37.27M | 48.61M | 51.1M | 24.54M |
| Total Liabilities | 6.33B | 6.23B | 5.99B | 5.87B | 5.86B | 5.85B | 5.17B | 4.35B | 4.35B | 4.21B | 3.86B | 3.37B | 3.08B | 2.85B | 2.77B | 2.62B | 2.43B | 2.29B | 2.23B | 1.84B | 1.71B | 1.52B | 1.35B | 1.18B | 1.16B | 1.06B | 1.08B | 985.65M | 923.7M | 748.2M | 614.51M |
| Total Equity | 748.99M | 762.49M | 683.91M | 649.79M | 568.89M | 704.91M | 657.18M | 598.1M | 521.7M | 468.67M | 427.07M | 392.9M | 361.38M | 321.96M | 297.83M | 273.29M | 247.09M | 280.08M | 149.88M | 146.27M | 130.19M | 113.33M | 101.77M | 90.02M | 83.88M | 73.53M | 64.97M | 54.19M | 55.2M | 48.3M | 42.04M |
| Equity Growth % | 34.71% | 11.49% | 5.25% | 14.22% | -19.3% | 7.26% | 9.88% | 14.64% | 11.32% | 9.74% | 8.7% | 8.72% | 12.24% | 8.1% | 8.98% | 10.6% | -11.78% | 86.87% | 2.47% | 12.35% | 14.87% | 11.37% | 13.04% | 7.32% | 14.07% | 13.18% | 19.89% | -1.82% | 14.29% | 14.88% | 14.39% |
| Equity / Assets (Capital Ratio) | 10.57% | 10.91% | 10.24% | 9.96% | 8.84% | 10.75% | 11.27% | 12.09% | 10.7% | 10.01% | 9.95% | 10.43% | 10.5% | 10.14% | 9.72% | 9.46% | 9.21% | 10.89% | 6.3% | 7.35% | 7.09% | 6.93% | 7% | 7.08% | 6.72% | 6.46% | 5.65% | 5.21% | 5.64% | 6.06% | 6.4% |
| Return on Equity (ROE) | 14.79% | 14.29% | 14.02% | 15.39% | 16.3% | 14.06% | 13.44% | 15.55% | 16.24% | 12.8% | 12.7% | 12.29% | 12.82% | 12.53% | 12.39% | 11.78% | 9.31% | 8.83% | 13.3% | 13.9% | 15.38% | 16.7% | 15.17% | 15.95% | 15.71% | 14.6% | 15.65% | 15.21% | 15.27% | 16.6% | 16.36% |
| Book Value per Share | 29.38 | 29.59 | 26.54 | 25.26 | 22.12 | 27.51 | 25.70 | 23.22 | 20.28 | 18.26 | 16.77 | 15.56 | 14.36 | 12.90 | 12.05 | 11.16 | 10.16 | 14.42 | 8.02 | 7.85 | 7.01 | 6.14 | 5.66 | 5.05 | 4.74 | 4.20 | 3.73 | 3.11 | 3.16 | 2.77 | 2.42 |
| Tangible BV per Share | 29.18 | 29.40 | 26.35 | 25.07 | 21.93 | 27.32 | 25.50 | 23.03 | 20.08 | 18.07 | 16.58 | 15.37 | 14.16 | 12.70 | 11.84 | 10.95 | 9.95 | 14.15 | 7.73 | 7.36 | 6.54 | 5.73 | 5.31 | 4.76 | 4.45 | 3.89 | 3.34 | 2.80 | 2.84 | 2.49 | 2.42 |
| Common Stock | 137.93M | 136.97M | 129.66M | 127.69M | 127M | 120.61M | 114.93M | 114.86M | 112.38M | 108.86M | 104.41M | 99.12M | 96.12M | 93.25M | 90.04M | 87.38M | 0 | 0 | 0 | 0 | 0 | 1.45M | 1.45M | 1.45M | 1.45M | 1.45M | 1.45M | 1.45M | 0 | 0 | 1.45M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87.38M | 85.77M | 83.49M | 22.09M | 19.53M | 17.98M | 14.29M | 12.46M | 10.51M | 8.54M | 8.54M | 8.54M | 8.54M | 0 | 0 | 8.23M |
| Retained Earnings | 801.62M | 788.35M | 736.41M | 692.76M | 646.1M | 583.13M | 529M | 475.25M | 419.18M | 363.79M | 327.87M | 294M | 263.35M | 233.11M | 203.65M | 181.9M | 161.3M | 149.94M | 141.37M | 129.09M | 116.52M | 102.33M | 89.86M | 80.26M | 70.82M | 62.38M | 55.73M | 49.42M | 43.7M | 37.8M | 31.97M |
| Accumulated OCI | -135.62M | -127.14M | -166.5M | -155.19M | -188.92M | 16.09M | 27.74M | 12.06M | -6.19M | -670K | -2.39M | 2.14M | 3.83M | -2.49M | 5.69M | -82.24M | 1.35M | -5.99M | -12.02M | -1.01M | -3.18M | -3.81M | -1.27M | -1.28M | 3.94M | 1.83M | -207K | -4.8M | 1.8M | 700K | 396K |
| Treasury Stock | -55.02M | -35.77M | -15.75M | -15.55M | -15.38M | -15.03M | -14.58M | -4.15M | -3.76M | -3.41M | -2.91M | -2.46M | -2M | -1.99M | -1.64M | -1.22M | -1.42M | -1.54M | -1.55M | -1.34M | -1.13M | -919K | -748K | -918K | -866K | -669K | -544K | -421K | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geographic and Sector Concentration
As reported in financial statements, Lakeland Financial's total assets grew from $6.5 billion in 2023Q4 to $7.1 billion in 2026Q1, primarily fueled by an expansion in the investment securities portfolio rather than aggressive loan book growth, suggesting a cautious approach to credit deployment in the current environment.
The shift toward a $6.7 billion securities portfolio indicates that management is prioritizing liquidity and capital preservation over higher-risk loan expansion. This trajectory suggests that the bank is effectively waiting for more favorable credit conditions in its core Indiana markets before deploying capital into more volatile commercial lending segments.
Based on the provided balance sheet data, the equity-to-assets ratio has remained remarkably stable between 0.10 and 0.11 over the last ten quarters, which indicates that Lakeland Financial maintains a consistent capital buffer despite the recent fluctuations in total asset size and the broader economic cycle.
This stability in the capital base suggests that the bank is well-positioned to absorb potential credit shocks without necessitating a reduction in shareholder returns. Investors should monitor whether this capital adequacy remains sufficient if the bank decides to pivot toward more aggressive organic loan growth in the coming quarters.
According to recent regulatory filings, Lakeland Financial's cash and bank balances have fluctuated significantly, peaking at $310.2 million in 2025Q2 before settling at $65.7 million in 2026Q1, reflecting a dynamic management of liquidity to balance immediate funding needs against the yield potential of the securities portfolio.
The bank's reliance on a large securities portfolio as a secondary liquidity source appears to be a deliberate strategy to mitigate the risks associated with its concentrated deposit base. This liquidity management approach suggests that the bank is prepared for potential deposit outflows, though it may limit the upside potential of the net interest margin.
As evidenced by the $6.7 billion investment securities portfolio reported in 2026Q1, Lakeland Financial holds a substantial portion of its assets in fixed-income instruments, which may expose the bank to significant unrealized losses if interest rates remain elevated or continue to rise in the near term.
While this portfolio provides a stable income stream, the duration mismatch between these assets and the bank's deposit liabilities warrants further investigation by analysts. The lack of M&A activity means the bank cannot easily diversify this interest rate risk, making the valuation of these securities a critical factor for tangible book value stability.
Quick answers to the most common questions about buying LKFN stock.
As of 2025, Lakeland Financial Corporation (LKFN) had total assets of $6.99B including $170.3M in current assets.
Lakeland Financial Corporation (LKFN) carries total debt of $184.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lakeland Financial Corporation (LKFN) has total shareholders' equity (book value) of $762.4M ($29.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lakeland Financial Corporation (LKFN) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.