2017 Q1 Form 10-Q Financial Statement

#000072199417000036 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $38.13M $33.21M
YoY Change 14.81% 11.95%
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 $1.165M $1.000M
YoY Change 16.5% 4.6%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $6.066M $4.628M
YoY Change 31.07% 16.75%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $20.07M $18.24M
YoY Change 10.04% 9.92%
Income Tax $5.558M $5.962M
% Of Pretax Income 27.69% 32.69%
Net Earnings $14.51M $12.28M
YoY Change 18.2% 10.26%
Net Earnings / Revenue 38.07% 36.97%
Basic Earnings Per Share $0.58 $0.49
Diluted Earnings Per Share $0.57 $0.48
COMMON SHARES
Basic Shares Outstanding 25.15M shares 25.02M shares
Diluted Shares Outstanding 25.60M shares 25.33M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $111.6M $80.74M
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 $53.20M $48.60M
YoY Change 9.47% 14.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.319B $3.809B
YoY Change 13.39% 9.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.900M $4.200M
YoY Change 40.48% 16.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $144.8M $94.50M
YoY Change 53.23% 56.2%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.900M $4.200M
YoY Change 40.48% 16.67%
LONG-TERM LIABILITIES
Long-Term Debt $30.90M $30.90M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $20.90M $21.50M
YoY Change -2.79% 22.86%
Total Long-Term Liabilities $51.80M $52.40M
YoY Change -1.15% 8.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900M $4.200M
Total Long-Term Liabilities $51.80M $52.40M
Total Liabilities $3.882B $3.402B
YoY Change 14.11% 9.5%
SHAREHOLDERS EQUITY
Retained Earnings $302.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 163.1K shares 100.1K shares
Shareholders Equity $437.1M $406.9M
YoY Change
Total Liabilities & Shareholders Equity $4.319B $3.809B
YoY Change 13.39% 9.52%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $14.51M $12.28M
YoY Change 18.2% 10.26%
Depreciation, Depletion And Amortization $1.165M $1.000M
YoY Change 16.5% 4.6%
Cash From Operating Activities $20.76M $18.50M
YoY Change 12.22% 12.28%
INVESTING ACTIVITIES
Capital Expenditures $2.285M $2.927M
YoY Change -21.93% 107.0%
Acquisitions
YoY Change
Other Investing Activities $2.073M $0.00
YoY Change -100.0%
Cash From Investing Activities -$86.03M -$36.20M
YoY Change 137.65% 228.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $220.0K $198.0K
YoY Change 11.11% 3.66%
Debt Paid & Issued, Net $175.0M $2.000K
YoY Change 8750000.0% 100.0%
Cash From Financing Activities $9.571M 17.80M
YoY Change -46.23% 4.93%
NET CHANGE
Cash From Operating Activities $20.76M 18.50M
Cash From Investing Activities -$86.03M -36.20M
Cash From Financing Activities $9.571M 17.80M
Net Change In Cash -$55.70M 100.0K
YoY Change -55797.0% -99.55%
FREE CASH FLOW
Cash From Operating Activities $20.76M $18.50M
Capital Expenditures $2.285M $2.927M
Free Cash Flow $18.48M $15.57M
YoY Change 18.63% 3.39%

Facts In Submission

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LoansModifiedInTroubledDebtRestructuredLoans
2700000 USD
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21666000 USD
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20692000 USD
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20742000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
175000 USD
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141000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18422000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
92000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
82000 USD
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3518968000 USD
CY2017Q1 lkfn Loans Receivable Recorded Investment30 To89 Days Past Due
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1493000 USD
CY2017Q1 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
13311000 USD
CY2017Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
10185000 USD
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FinancingReceivableRecordedInvestmentCurrent
3462648000 USD
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10351000 USD
CY2017Q1 lkfn Loans Receivable Nonaccrual Troubled Debt Restructured Loans
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7180000 USD
CY2016Q4 lkfn Loans Receivable Nonaccrual Troubled Debt Restructured Loans
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5633000 USD
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17414000 USD
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15984000 USD
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150000 USD
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0.093 pure
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2634000 USD
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0 USD
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0 USD
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59776000 USD
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0 USD
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2634000 USD
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1910000 USD
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832000 USD
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2645000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
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52780000 USD
CY2016Q4 lkfn Derivative Asset Gross Value Offset
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CY2016Q4 lkfn Derivativeliabilitygrossvalueoffset
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CY2016Q4 lkfn Derivative Asset Net Value Offset
DerivativeAssetNetValueOffset
2645000 USD
CY2016Q4 lkfn Derivativeliabilitynetvalueoffset
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CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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0 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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2142000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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26000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-37000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
21000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
22000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-1000 USD
CY2017Q1 dei Document Type
DocumentType
10-Q
CY2017Q1 dei Amendment Flag
AmendmentFlag
false
CY2017Q1 dei Document Period End Date
DocumentPeriodEndDate
2017-03-31
CY2017Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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50045000 USD
CY2016Q4 lkfn Derivativeassetcollateralobligationtoreturncashnotoffset
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0 USD
CY2016Q4 us-gaap Derivative Assets
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2645000 USD
CY2016Q4 lkfn Derivativeliabilitycollateralrighttoreclaimcashoffsets
Derivativeliabilitycollateralrighttoreclaimcashoffsets
1330000 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
1405000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
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448000 USD
CY2017Q1 lkfn Accumulated Other Comprehensive Income Loss Available For Sale Securities Reclassification Adjustment Included In Net Income Net Of Tax
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445000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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0 USD
CY2017Q1 lkfn Accumulated Other Comprehensive Income Loss Defined Benefit Pension Reclassification Adjustment Included In Net Income Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionReclassificationAdjustmentIncludedInNetIncomeNetOfTax
40000 USD
CY2017Q1 lkfn Other Comprehensive Income Loss Adjustment Before Reclassification Adjustments And Tax
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448000 USD
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AccumulatedOtherComprehensiveIncomeLossReclassificationAdjustmentIncludedInNetIncomeNetOfTax
37000 USD
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-722000 USD
CY2017Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-277000 USD
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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-1665000 USD
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-1625000 USD
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-4518000 USD
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-40000 USD
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-4558000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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130000 USD
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90000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-4529000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
3836000 USD
CY2017Q1 dei Document Fiscal Period Focus
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Q1
CY2017Q1 dei Entity Registrant Name
EntityRegistrantName
LAKELAND FINANCIAL CORP
CY2017Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000721994
CY2017Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2017Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017Q1 dei Trading Symbol
TradingSymbol
LKFN
CY2017Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25183425 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2016Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2017Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25180759 shares
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25017691 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25096087 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24937865 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
163068 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
158222 shares
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
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0.163
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0.19
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
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2073000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2017Q1 lkfn Available For Sale Securities With Maturities Amortized Cost
AvailableForSaleSecuritiesWithMaturitiesAmortizedCost
166727000 USD
CY2017Q1 lkfn Available For Sale Securities With Maturities Fair Value
AvailableForSaleSecuritiesWithMaturitiesFairValue
165831000 USD
CY2017Q1 us-gaap Reclassifications
Reclassifications
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold" align="left">NOTE 12. RECLASSIFICATIONS</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <br/> </div> <div style="CLEAR:both;TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" align="left">Certain amounts appearing in the financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassification had no effect on net income or stockholders' equity as previously reported.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Available For Sale Equity Securities Amortized Cost Basis
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16800000 USD
CY2017Q1 us-gaap Available For Sale Securities Debt Securities
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16800000 USD
CY2016Q1 us-gaap Available For Sale Equity Securities Amortized Cost Basis
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6900000 USD
CY2016Q1 us-gaap Available For Sale Securities Debt Securities
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7000000 USD
CY2017Q1 lkfn Operating Lease Obligations
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4700000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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3000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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40000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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31000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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32000 USD
CY2017Q1 lkfn Percentage Of Loans And Leases Receivable Gross Carrying Amount Commercial
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1.0 pure
CY2016 lkfn Percentage Of Loans And Leases Receivable Gross Carrying Amount Consumer
PercentageOfLoansAndLeasesReceivableGrossCarryingAmountConsumer
1.0 pure
CY2016Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
241000 USD
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
443894 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
308053 shares
CY2017Q1 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
237000 USD
CY2016 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
355000 USD
CY2017Q1 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
118000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
42000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
0 USD
CY2016Q1 lkfn Extension Period For Modified Repayment Terms
ExtensionPeriodForModifiedRepaymentTerms
P15M
CY2017Q1 lkfn Payments Related To Equity Incentive Plans
PaymentsRelatedToEquityIncentivePlans
1652000 USD
CY2016Q1 lkfn Payments Related To Equity Incentive Plans
PaymentsRelatedToEquityIncentivePlans
143000 USD

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