2014 Q4 Form 10-Q Financial Statement

#000072199414000038 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $29.75M $26.97M
YoY Change 10.29% -5.9%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $800.0K $800.0K
YoY Change 12.5% 0.0% 14.29%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.919M $3.780M $3.998M
YoY Change 4.45% -5.45% -38.49%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $16.64M $17.18M $14.52M
YoY Change 6.33% 18.33% 3.04%
Income Tax $5.565M $5.665M $4.746M
% Of Pretax Income 33.44% 32.98% 32.7%
Net Earnings $11.07M $11.51M $9.769M
YoY Change 4.55% 17.83% 4.51%
Net Earnings / Revenue 38.7% 36.22%
Basic Earnings Per Share $0.67 $0.70 $0.59
Diluted Earnings Per Share $0.66 $0.69 $0.59
COMMON SHARES
Basic Shares Outstanding 16.55M shares 16.55M shares 16.45M shares
Diluted Shares Outstanding 16.78M shares 16.63M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $90.64M $70.20M $81.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $41.98M $40.50M $38.51M
YoY Change 6.73% 5.16% 10.04%
Goodwill $4.970M $4.970M
YoY Change 0.0%
Intangibles $12.00K
YoY Change
Long-Term Investments $3.700M
YoY Change 94.74%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.443B $3.356B $3.041B
YoY Change 8.42% 10.35% 3.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.900M $2.700M
YoY Change 0.0%
Accrued Expenses $12.80M
YoY Change -16.88%
Deferred Revenue
YoY Change
Short-Term Debt $160.4M $68.60M $236.0M
YoY Change -38.75% -70.93% 98.95%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.900M $2.700M $12.80M
YoY Change 0.0% -78.91% -16.88%
LONG-TERM LIABILITIES
Long-Term Debt $30.90M $30.90M $30.90M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $14.50M $12.00M $2.200M
YoY Change 20.83% 445.45% 83.33%
Total Long-Term Liabilities $45.40M $42.90M $33.10M
YoY Change 5.83% 29.61% 3.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.900M $2.700M $12.80M
Total Long-Term Liabilities $45.40M $42.90M $33.10M
Total Liabilities $3.082B $3.004B $2.727B
YoY Change 7.99% 10.17% 2.61%
SHAREHOLDERS EQUITY
Retained Earnings $263.3M $225.6M
YoY Change 12.97%
Common Stock $96.12M $92.23M
YoY Change 3.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $1.970M
YoY Change 0.6%
Treasury Stock Shares 84.70K shares
Shareholders Equity $361.3M $351.9M $314.5M
YoY Change
Total Liabilities & Shareholders Equity $3.443B $3.356B $3.041B
YoY Change 8.42% 10.35% 3.02%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $11.07M $11.51M $9.769M
YoY Change 4.55% 17.83% 4.51%
Depreciation, Depletion And Amortization $900.0K $800.0K $800.0K
YoY Change 12.5% 0.0% 14.29%
Cash From Operating Activities $14.70M $13.90M $19.00M
YoY Change 14.84% -26.84% 50.79%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$1.500M -$4.000M
YoY Change 81.25% -62.5% 471.43%
Acquisitions
YoY Change
Other Investing Activities -$63.30M -$26.40M -$52.00M
YoY Change -58.84% -49.23% -842.86%
Cash From Investing Activities -$66.20M -$27.90M -$56.00M
YoY Change -57.4% -50.18% -1003.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.80M -76.00M 54.80M
YoY Change -42.28% -238.69% -269.14%
NET CHANGE
Cash From Operating Activities 14.70M 13.90M 19.00M
Cash From Investing Activities -66.20M -27.90M -56.00M
Cash From Financing Activities 71.80M -76.00M 54.80M
Net Change In Cash 20.30M -90.00M 17.80M
YoY Change -211.54% -605.62% -230.88%
FREE CASH FLOW
Cash From Operating Activities $14.70M $13.90M $19.00M
Capital Expenditures -$2.900M -$1.500M -$4.000M
Free Cash Flow $17.60M $15.40M $23.00M
YoY Change 22.22% -33.04% 72.93%

Facts In Submission

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dei Document Type
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dei Amendment Flag
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dei Document Period End Date
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Entity Registrant Name
EntityRegistrantName
LAKELAND FINANCIAL CORP
dei Entity Central Index Key
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0000721994
dei Current Fiscal Year End Date
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dei Entity Filer Category
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dei Trading Symbol
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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DerivativeAssetCollateralObligationToReturnCashOffset
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DerivativeAssets
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5 pure
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3072000 USD
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3143000 USD
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DerivativeFairValueOfDerivativeAsset
627000 USD
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DerivativeFairValueOfDerivativeLiability
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105468000 USD
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DerivativeCollateralObligationToReturnSecurities
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DerivativeCollateralRightToReclaimSecurities
104876000 USD
CY2013Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
260000 USD
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DerivativeCollateralRightToReclaimCash
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DerivativeAssets
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DerivativeLiabilities
592000 USD
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10 pure
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FinancingReceivableModificationsPreModificationRecordedInvestment2
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FinancingReceivableModificationsPostModificationRecordedInvestment2
2526000 USD
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FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
0 pure
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
1 pure
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0 USD
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
912000 USD
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AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
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OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
4828000 USD
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FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
2400000 USD
lkfn Loan Amount Of Credit Quality Analysis
LoanAmountOfCreditQualityAnalysis
250000 USD
CY2014Q1 lkfn Number Of Loans Restructured
NumberOfLoansRestructured
3 pure
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LoansModifiedInTroubledDebtRestructuredLoans
173000 USD
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31000 USD
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134000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
88000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
222000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
4962000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
119000 USD
CY2014Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
3824000 USD
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
-1828000 USD
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
5689000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
327000 USD
CY2013 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
8264000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-64000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
145000 USD
CY2013 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
81000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8655000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
472000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8183000 USD
CY2014Q3 lkfn Loans Modified In Troubled Debt Restructured Loans
LoansModifiedInTroubledDebtRestructuredLoans
4500000 USD
CY2013Q4 lkfn Loans Modified In Troubled Debt Restructured Loans
LoansModifiedInTroubledDebtRestructuredLoans
8300000 USD
CY2014Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
2700000 USD
CY2013Q1 lkfn Loans Modified In Troubled Debt Restructured Loans
LoansModifiedInTroubledDebtRestructuredLoans
1800000 USD
CY2014Q3 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
0 USD
us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
0 USD
CY2013Q3 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
0 USD
us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
365000 USD
CY2014Q1 us-gaap Allowance For Loan And Lease Losses Period Increase Decrease
AllowanceForLoanAndLeaseLossesPeriodIncreaseDecrease
80000 USD
CY2014Q1 lkfn Sale Of Loan
SaleOfLoan
6700000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
4300000 USD
CY2013Q2 lkfn Troubled Debt Restructured Loans Added Due To Clarifications In Accounting Guidence
TroubledDebtRestructuredLoansAddedDueToClarificationsInAccountingGuidence
328000 USD
us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.0410 pure
lkfn Weighted Average Maturity Of Residential Mortgages
WeightedAverageMaturityOfResidentialMortgages
P19Y
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.094 pure
CY2013 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.094 pure
CY2014Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3300000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
13766000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
29995000 USD
CY2014Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
13766000 USD
CY2013Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
29995000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
3000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
1077000 USD
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
3000 USD
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
1077000 USD
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
231000 USD
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
972000 USD
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
231000 USD
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
972000 USD
CY2014Q3 us-gaap Available For Sale Equity Securities Amortized Cost Basis
AvailableForSaleEquitySecuritiesAmortizedCostBasis
14000000 USD
CY2014Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
13800000 USD
CY2013Q3 us-gaap Available For Sale Equity Securities Amortized Cost Basis
AvailableForSaleEquitySecuritiesAmortizedCostBasis
29900000 USD
CY2013Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
30000000 USD
lkfn Market Value Price Variance Tolerance Percentage
MarketValuePriceVarianceTolerancePercentage
0.03 pure
lkfn Market Value Tolerable Value Indidual Security Increase Decrease
MarketValueTolerableValueIndidualSecurityIncreaseDecrease
50000 USD
lkfn Market Value Tolerable Value Increase Decrease
MarketValueTolerableValueIncreaseDecrease
500000 USD
CY2014Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
159000 USD

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