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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number: 0-11487

LAKELAND FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Indiana

35-1559596

(State or Other Jurisdiction

(IRS Employer

of Incorporation or Organization)

Identification No.)

202 East Center Street,

Warsaw, Indiana

46580

(Address of principal executive offices)

(Zip Code)

(574) 2676144

(Registrant’s Telephone Number, Including Area Code)

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common stock, No par value

LKFN

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filer    Accelerated filer    Non-accelerated filer

Smaller reporting company     Emerging growth company

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Number of shares of common stock outstanding at April 23, 2021:  25,290,908

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets — March 31, 2021 and December 31, 2020

1

Consolidated Statements of Income — three months ended March 31, 2021 and 2020

2

Consolidated Statements of Comprehensive Income — three months ended March 31, 2021 and 2020

3

Consolidated Statements of Changes in Stockholders’ Equity — three months ended March 31, 2021 and 2020

4

Consolidated Statements of Cash Flows — three months ended March 31, 2021 and 2020

5

Notes to the Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

49

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3.

Defaults Upon Senior Securities

50

Item 4.

Mine Safety Disclosures

50

Item 5.

Other Information

50

Item 6.

Exhibits

51

SIGNATURES

52

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

March 31,

December 31, 

    

2021

    

2020

(Unaudited)

ASSETS

 

  

 

  

Cash and due from banks

$

59,382

$

74,457

Short-term investments

 

442,563

 

175,470

Total cash and cash equivalents

 

501,945

 

249,927

Securities available-for-sale (carried at fair value)

 

840,429

 

734,845

Real estate mortgage loans held-for-sale

 

19,092

 

11,218

Loans, net of allowance for credit losses* of $71,844 and $61,408

 

4,402,787

 

4,587,748

Land, premises and equipment, net

 

59,884

 

59,298

Bank owned life insurance

 

96,158

 

95,227

Federal Reserve and Federal Home Loan Bank stock

 

13,772

 

13,772

Accrued interest receivable

 

19,355

 

18,761

Goodwill

 

4,970

 

4,970

Other assets

 

58,250

 

54,669

Total assets

$

6,016,642

$

5,830,435

LIABILITIES

 

  

 

  

Noninterest bearing deposits

$

1,604,068

$

1,538,331

Interest bearing deposits

 

3,625,902

 

3,498,474

Total deposits

 

5,229,970

 

5,036,805

Borrowings

 

 

Federal Home Loan Bank advances

 

75,000

 

75,000

Miscellaneous borrowings

 

0

 

10,500

Total borrowings

 

75,000

85,500

Accrued interest payable

 

4,283

 

5,959

Other liabilities

 

55,721

 

44,987

Total liabilities

 

5,364,974

 

5,173,251

STOCKHOLDERS’ EQUITY

 

  

 

  

Common stock: 90,000,000 shares authorized, no par value

 

  

 

  

25,762,538 shares issued and 25,290,908 outstanding as of March 31, 2021

 

  

 

  

25,713,408 shares issued and 25,239,748 outstanding as of December 31, 2020

 

114,764

 

114,927

Retained earnings

 

536,390

 

529,005

Accumulated other comprehensive income

 

15,110

 

27,744

Treasury stock at cost (471,630 shares as of March 31, 2021, 473,660 shares as of December 31, 2020)

 

(14,685)

 

(14,581)

Total stockholders’ equity

 

651,579

 

657,095

Noncontrolling interest

 

89

 

89

Total equity

 

651,668

 

657,184

Total liabilities and equity

$

6,016,642

$

5,830,435

*    Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

The accompanying notes are an integral part of these consolidated financial statements.

1

Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)

Three Months Ended

March 31,

    

2021

    

2020

NET INTEREST INCOME

 

  

 

  

Interest and fees on loans

 

  

 

  

Taxable

$

43,461

$

46,054

Tax exempt

 

104

222

Interest and dividends on securities

 

Taxable

 

1,835

1,973

Tax exempt

 

2,489

2,006

Other interest income

88

184

Total interest income

 

47,977

50,439

Interest on deposits

 

4,218

11,199

Interest on borrowings

 

Short-term

 

7

362

Long-term

 

73

24

Total interest expense

 

4,298

11,585

NET INTEREST INCOME

 

43,679

38,854

Provision for credit losses*

 

1,477

6,600

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

 

42,202

32,254

NONINTEREST INCOME

 

  

 

  

Wealth advisory fees

 

2,178

1,859

Investment brokerage fees

 

464

417

Service charges on deposit accounts

 

2,491

2,772

Loan and service fees

 

2,776

2,408

Merchant card fee income

 

622

669

Bank owned life insurance income (loss)

 

756

(292)

Interest rate swap fee income

249

653

Mortgage banking income

 

1,373

586

Net securities gains

 

753

0

Other income

 

895

1,705

Total noninterest income

 

12,557

10,777

NONINTEREST EXPENSE

 

  

 

  

Salaries and employee benefits

 

14,385

11,566

Net occupancy expense

 

1,503

1,387

Equipment costs

 

1,445

1,417

Data processing fees and supplies

 

3,319

2,882

Corporate and business development

 

1,509

1,111

FDIC insurance and other regulatory fees

 

464

267

Professional fees

 

1,877

1,147

Other expense

 

2,244

2,312

Total noninterest expense

 

26,746

22,089

INCOME BEFORE INCOME TAX EXPENSE

 

28,013

20,942

Income tax expense

 

5,030

3,643

NET INCOME

$

22,983

$

17,299

BASIC WEIGHTED AVERAGE COMMON SHARES

 

25,457,659

25,622,988

BASIC EARNINGS PER COMMON SHARE

$

0.90

$

0.68

DILUTED WEIGHTED AVERAGE COMMON SHARES

 

25,550,111

25,735,826

DILUTED EARNINGS PER COMMON SHARE

$

0.90

$

0.67

*    Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

The accompanying notes are an integral part of these consolidated financial statements.

2

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited - in thousands)

Three months ended March 31,

    

2021

    

2020

Net income

$

22,983

$

17,299

Other comprehensive income

Change in securities available-for-sale:

Unrealized holding gain (loss) on securities available-for-sale arising during the period

 

(15,297)

13,219

Reclassification adjustment for gains included in net income

 

(753)

0

Net securities gain (loss) activity during the period

 

(16,050)

13,219

Tax effect

 

3,371

(2,775)

Net of tax amount

 

(12,679)

10,444

Defined benefit pension plans:

Amortization of net actuarial loss

 

60

63

Net gain activity during the period

 

60

63

Tax effect

 

(15)

(16)

Net of tax amount

 

45

47

Total other comprehensive income (loss), net of tax

 

(12,634)

10,491

Comprehensive income

$

10,349

$

27,790

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited - in thousands, except share and per share data)

Accumulated

 

Other

Total

 

Common Stock

Retained

Comprehensive

Treasury

Stockholders’

Noncontrolling

Total

    

Shares

    

Stock

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

    

Interest

    

Equity

Balance at January 1, 2020

 

25,444,275

$

114,858

$

475,247

$

12,059

$

(4,153)

$

598,011

$

89

$

598,100

Comprehensive income:

Net income

17,299

17,299

17,299

Other comprehensive income, net of tax

 

10,491

10,491

10,491

Cash dividends declared and paid, $0.30 per share

 

(7,689)

(7,689)

(7,689)

Treasury shares purchased under share repurchase plan

 

(289,101)

(10,012)

(10,012)

(10,012)

Treasury shares purchased under deferred directors' plan

(4,449)

215

(215)

0

0

Treasury shares sold and distributed under deferred directors' plan

5,748

(119)

119

0

0

Stock activity under equity compensation plans

 

78,099

(2,030)

(2,030)

(2,030)

Stock based compensation expense

413

413

413

Balance at March 31, 2020

 

25,234,572

$

113,337

$

484,857

$

22,550

$

(14,261)

$

606,483

$

89

$

606,572

Balance at January 1, 2021

 

25,239,748

$

114,927

$

529,005

$

27,744

$

(14,581)

$

657,095

$

89

$

657,184

Adoption of ASU 2016-13

(6,951)

(6,951)

(6,951)

Comprehensive income:

Net income

22,983

22,983

22,983

Other comprehensive loss, net of tax

(12,634)

(12,634)

(12,634)

Cash dividends declared and paid, $0.34 per share

 

(8,647)

(8,647)

(8,647)

Treasury shares purchased under deferred directors' plan

 

(3,634)

219

(219)

0

0

Treasury shares sold and distributed under deferred directors' plan

5,664

(115)

115

0

0

Stock activity under equity compensation plans

 

49,130

(1,648)

(1,648)

(1,648)

Stock based compensation expense

1,381

1,381

1,381

Balance at March 31, 2021

25,290,908

$

114,764

$

536,390

$

15,110

$

(14,685)

$

651,579

$

89

$

651,668

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited - in thousands)