Lakeland Financial
Runs Lake City Bank's commercial, retail, wealth, and treasury services across Indiana.
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Profile
Operates Lake City Bank, a deposit-funded community bank serving Northern and Central Indiana with commercial and consumer banking, treasury management, private banking, wealth advisory, trust, brokerage, and planning services. Growth has come from organic branch expansion rather than bank acquisitions.
Owns Lake City Bank, the operating franchise that provides commercial and consumer banking, deposits, lending, treasury management, private banking, wealth advisory, trust, brokerage, and planning services. The holding company conducts little business apart from owning the bank and receiving bank dividends.
Built from a Warsaw, Indiana bank founded in 1872, the franchise remains concentrated in Indiana, with offices across Northern Indiana and the Indianapolis market. Expansion has been de novo and organic rather than acquisition-led.
Execution depends on local relationships, branch and digital delivery, disciplined credit underwriting, deposit retention, loan spreads, and banking regulation. Management reports one operating segment because most revenue comes from banking and regional markets share similar products, customers, and economics.
Company facts
Categories
Key statistics
Year to date +5.5% · Average volume (30d) 150.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jan 27, 2026 | Stephens | Target | $66 | |||
| Jan 7, 2026 | Hovde Group | Downgrade | Outperform | Market Perform | ||
| Oct 28, 2025 | Raymond James | Reiterate | Outperform | $68 | ||
| May 6, 2025 | Hovde Group | Upgrade | Market Perform | Outperform | $66 | $72 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $1.08 | $1.13 | +4.6% | $72.1M | $70.9M | −1.7% | +0.55% |
| Apr 27, 2026Q1 FY26 | $1.01 | $1.04 | +3.0% | $70.4M | $69.7M | −1.0% | +0.19% |
| Jan 26, 2026Q4 FY25 | $1.05 | $1.16 | +10.5% | $69.4M | $69.8M | +0.5% | −2.09% |
| Oct 27, 2025Q3 FY25 | $1.04 | $1.03 | −1.0% | $69.2M | $69.0M | −0.2% | −0.77% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $101.4M | $105.9M | $107.8M | $106.6M | $104.9M | $107.7M | |
| Gross profit | $57.0M | $63.4M | $67.0M | $69.8M | $67.7M | $69.2M | |
| Operating income | $24.2M | $32.9M | $32.1M | $36.4M | $32.6M | $34.9M | |
| Net income | $20.1M | $27.0M | $26.4M | $29.9M | $26.5M | $28.4M | |
| Diluted EPS | $0.78 | $1.04 | $1.03 | $1.16 | $1.04 | $1.13 | |
| Gross margin | 56.2% | 59.8% | 62.2% | 65.5% | 64.5% | 64.2% | |
| Operating margin | 23.9% | 31.1% | 29.7% | 34.1% | 31.0% | 32.4% |
Fiscal years (4-quarter sums)FY21 $225.3M · FY22 $287.9M · FY23 $393.1M · FY24 $430.0M · FY25 $421.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $67.8M · Total debt $70.0M · Total assets $7.24B · Shareholders' equity $773.3M
Dividends
Raised for 30 straight years — most recently to $0.52 from $0.50 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 24, 2026 | Jul 25 | Aug 5 | $0.52 | |
| Apr 24, 2026 | Apr 25 | May 5 | $0.52 | |
| Jan 23, 2026 | Jan 25 | Feb 5 | $0.52 | raised from $0.50 |
| Oct 24, 2025 | Oct 25 | Nov 5 | $0.50 | |
| Jul 25, 2025 | Jul 25 | Aug 5 | $0.50 | |
| Apr 25, 2025 | Apr 25 | May 5 | $0.50 | |
| Jan 24, 2025 | Jan 25 | Feb 5 | $0.50 | raised from $0.48 |
| Oct 25, 2024 | Oct 25 | Nov 5 | $0.48 |
Ownership
Shares outstanding 24.91M · Float 24.05M · 96.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.64M | 14.61% | 13F | Aug 7, 2026 |
| Neuberger Berman Group LLC | 2.18M | 8.73% | 13F | Aug 13, 2026 |
| State Street Corp | 1.43M | 5.73% | 13F | Aug 7, 2026 |
| Vanguard Capital Management | 1.25M | 5.03% | 13G | Jul 31, 2026 |
| Sixth Street Partners Management Company, L.P. | 940.9K | 3.78% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Donald Robinson-Gay | officer: Senior Vice President | −500 | $63.00 |
| Jul 30, 2026 | Kyra E. Clark | officer: Senior Vice President | −250 | $63.22 |
| May 29, 2026 | Bradley J. Toothaker | director | −5,900 | $60.62 |
| May 6, 2026 | Steven D. Ross | director | −1,281 | $62.50 |
| May 5, 2026 | Steven D. Ross | director | −19 | $62.50 |
Peers
- Old National Bancorp
Large Indiana-rooted bank with retail, commercial, wealth overlap
- First Merchants
Indiana community bank peer across lending, deposits, treasury, and wealth
- 1st Source
Northern Indiana peer with community banking and specialty finance
- Horizon Bancorp
Indiana-Michigan commercial bank with branch and trust overlap
- Fifth Third
Super-regional bank pressure in commercial, retail, payments, and wealth
- German American Bancorp
Southern Indiana bank peer with retail, commercial, and wealth overlap
- First Financial
Terre Haute bank peer with commercial, consumer, lease, and trust services
- First Financial Bancorp
Cincinnati regional bank overlapping in Indiana, deposits, loans, and wealth
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lakeland Financial | $59.61 | +0.08% | $1.49B | 13.7 | 13.5 | 3.5 | +6.8% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| First Merchants | $41.93 | −0.02% | $2.63B | 13.4 | 9.9 | 2.4 | +23.2% |
| 1st Source | $86.41 | −0.01% | $2.08B | 12.4 | 11.9 | 3.4 | +8.2% |
| Horizon Bancorp | $19.56 | +0.05% | $1.00B | — | 9.1 | 10.5 | +16.1% |
| Fifth Third | $54.60 | +0.14% | $49.43B | 18.6 | 11.9 | 3.3 | +45.2% |
| German American Bancorp | $49.92 | −0.02% | $1.88B | 13.2 | 12.4 | 3.7 | +12.7% |
| First Financial | $79.24 | +0.11% | $942.3M | 11.1 | 10.2 | 2.8 | +14.0% |
| First Financial Bancorp | $32.84 | +0.09% | $3.44B | 11.6 | 10.2 | 2.6 | +16.7% |
| Median | 12.4 | 10.2 | 3.1 | +15.0% |