At a glance
Lakeland Financial Corporation is worth $1.49B, about 15 times its fiscal 2025 earnings. Revenue grew 6.1% to $269.0M in fiscal 2025, with 38.4% kept as profit; over 5 years it has grown 5.1% a year. It pays a 3.44% dividend yield, raised every year for at least 9 years, and returned $246.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.4% over the past year with dividends reinvested and −0.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.8% in the 2020 crash (S&P 500: 33.7%) and 22.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Lakeland Financial, based in Warsaw, Indiana, is the holding company for Lake City Bank, a community bank first organized in 1872. As of December 31, 2025, the bank had 55 offices in 15 Indiana counties: 46 in Northern Indiana and nine in the Indianapolis area of Central Indiana. Total assets were $7.0 billion. The holding company does little besides own the bank, and its main source of income is dividends from the bank.
The bank takes deposits and makes commercial and consumer loans. It also offers treasury management (cash-handling services for businesses), retail and merchant credit card services, private banking, and wealth advisory, trust and brokerage services. Its strategy centers on long-term relationships with business customers in fields such as commercial real estate, manufacturing, agriculture, construction and health care. The company says it does not depend on any single industry or customer.
Most revenue is net interest income. That is the gap between the interest the bank earns on loans and securities and the interest it pays on deposits and borrowings. In fiscal 2025 that came to about $221 million of $269 million in total revenue. The other $48 million was noninterest income, such as fees. Management reports one business segment. The company has grown without buying other banks, and its assets rose from $286 million in 1990 to $7.0 billion in 2025.
Price history
The interactive chart needs JavaScript.
LKFN +7.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $73.0M, up 5.7% from a year earlier, and net income was $28.9M (+9.3%).
- For fiscal 2025, revenue was $269.0M (+6.1% year over year; +5.1% a year from FY2020 to FY2025) with a 38.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.1% good |
|---|---|
| Return on equity | 13.6% good |
| Net income / revenue | 38.4% good |
| Deposits | $6.29B |
| Loans | $5.61B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $209.9M | $84.3M | — |
| FY2021 | $222.8M | $95.7M | — |
| FY2022 | $244.7M | $103.8M | — |
| FY2023 | $246.9M | $93.8M | — |
| FY2024 | $253.5M | $93.5M | — |
| FY2025 | $269.0M | $103.4M | — |
Valuation snapshot
| Market value | $1.49B |
|---|---|
| P/E ratio | 15.1 |
| Dividend yield | 3.44% |
Rank among 1514 US companies
Market value at each year end
Lakeland Financial’s market value went from $1.19B at the end of 2016 to $1.49B on Oct 28, 2026, up 26%; since the end of 2025 it is up 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.49B | +2.4% |
| 2025 | $1.46B | -16.9% |
| 2024 | $1.75B | +5.8% |
| 2023 | $1.66B | -10.4% |
| 2022 | $1.85B | -8.8% |
| 2021 | $2.03B | +47.2% |
| 2020 | $1.38B | +9.9% |
| 2019 | $1.25B | +23.4% |
| 2018 | $1.02B | -16.8% |
| 2017 | $1.22B | +2.9% |
| 2016 | $1.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LKFN price data to Oct 28, 2026 | +9.6% | +7.4% | +11.2% | -0.5% | +8.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.6% |
| 2025 | -14.3% |
| 2024 | +8.7% |
| 2023 | -7.8% |
| 2022 | -7.0% |
| 2021 | +53.7% |
| 2020 | +12.5% |
| 2019 | +25.0% |
| 2018 | -15.4% |
| 2017 | +4.3% |
| 2016 | +56.0% |
| 2015 | +9.7% |
| 2014 | +13.9% |
| 2013 | +53.8% |
| 2012 | +3.2% |
| 2011 | +24.0% |
| 2010 | +28.7% |
| 2009 | -25.2% |
| 2008 | +17.4% |
| 2007 | -16.1% |
| 2006 | +29.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.5% over that stretch · deepest drop along the way 43.6%, back to its old high 27.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30% over that stretch · deepest drop along the way 30.8%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.5% over that stretch · deepest drop along the way 22.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 6 sales ($1.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 29, 2026 | Melinda Jo Truex Director | sell | $1.4M |
| May 29, 2026 | Bradley J Toothaker Director | sell | $358K |
| May 6, 2026 | Steven D Ross Director | sell | $80K |
| Aug 5, 2026 | Donald Robinson-Gay Senior Vice President | sell | $32K |
| Jul 30, 2026 | Kyra E Clark Senior Vice President | sell | $16K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.5% | Mar 31, 2026 |
| Neuberger Berman Group LLC | 5.9% | Jun 30, 2025 |
| STATE STREET CORPORATION | 5.3% | Mar 31, 2026 |
| Vanguard Capital Management | 5.03% | Jun 30, 2026 |
| Victory Capital Management, Inc. | 3.59% | Jun 30, 2025 |
ETFs with the most weight in LKFN
| OSCV Opus Small Cap Value ETF | 1.4% |
| KBE SPDR S&P Bank ETF | 0.5% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.47% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.44% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.26% |
| KRE SPDR S&P Regional Banking ETF | 0.25% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.25% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.21% |
What could go wrong
- Almost entirely tied to Indiana. Its branches and borrowers are concentrated in Northern and Central Indiana. A regional downturn could hurt loan repayment and collateral values, and the bank is less able than national lenders to spread credit risk.
- A notable concentration in farm lending. The annual report flags agri-business loans as a notable concentration. Their risks are largely outside the bank's control, such as droughts, flooding, farm prices and trade policy, including tariffs.
- Large share of business and property loans. Loans to businesses make up a significant share of lending. Commercial real estate loans add exposure to property values, which the annual report ties to interest rates and the strength of Indiana's commercial property market.
- Public deposits rely on a state program. Some deposits come from Indiana public bodies and are covered by the state's Public Deposit Insurance Fund. If that coverage changed or ended, the bank might need costlier funding or have to pledge collateral.
- Interest rate changes can squeeze profits. Funding costs jumped in 2023 and weighed on net interest income into mid-2024. Rising long-term rates could also enlarge the $143.3 million of paper losses on its securities as of December 31, 2025.
- Tax savings depend on subsidiary structures. Its tax rate could rise if tax laws covering subsidiary LCB Investments II change. It could also rise if subsidiary LCB Funding stops qualifying as a real estate investment trust, a structure with special tax treatment.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
Lakeland Financial has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. The dividend grew from $1.20 per share in fiscal 2020 to $2.00 in fiscal 2025, about 10.8% a year. It still rose when earnings dipped in fiscal 2023. The fiscal 2025 payout was about half of earnings (49.7%), and the yield was 3.44% as of October 28, 2026. Buybacks are modest: $22.7 million over fiscal 2021–2025, mostly in fiscal 2025, against $223.3 million in dividends.
Past downturns hit the shares hard. They fell 43.6% in the 2008 financial crisis and took about 28 months to recover from the low. In the 2020 COVID crash they fell 30.8% but recovered in under three months. After a 22.6% drop in the 2022 bear market, they had not regained their January 2022 high as of October 28, 2026. A single bank stock like this carries more risk than a diversified fund.
Questions investors ask
Does Lakeland Financial raise its dividend every year?
Yes. Lakeland Financial raised its regular dividend at least nine years in a row through fiscal 2025, and the streak may be longer. The dividend rose from $1.20 per share in fiscal 2020 to $2.00 in fiscal 2025, about 10.8% a year. It kept rising in fiscal 2023 even though earnings per share fell that year, from $4.04 to $3.65. Past increases do not guarantee future ones.
How does Lakeland Financial make money?
Mostly from the gap between the interest it earns and the interest it pays. Its subsidiary, Lake City Bank, earns interest on loans and securities and pays interest on deposits and borrowings. That difference, called net interest income, was about $221 million of the company's $269 million in revenue in fiscal 2025. The other $48 million was noninterest income, which includes fees from services such as wealth advisory, trust and treasury management. Net income was $103.4 million that year.
Where does Lake City Bank have branches?
Only in Indiana. As of December 31, 2025, Lake City Bank had 55 offices in 15 Indiana counties: 46 in Northern Indiana and nine in Central Indiana, in the Indianapolis market. The company is headquartered in Warsaw, Indiana. The bank opened its 55th branch in Westfield, north of Indianapolis, on September 2, 2025. It plans further growth in the Indianapolis market and in areas within three hours of an existing branch.
What is Lakeland Financial's dividend yield?
Lakeland Financial's dividend yield was 3.44% as of October 28, 2026. The yield is the annual dividend divided by the share price, so it rises when the stock falls. In fiscal 2025 the company paid $2.00 per share, about half of its earnings of $4.01 per share. On October 28, 2026, the stock traded at about 15.1 times fiscal 2025 earnings.
Has Lakeland Financial ever acquired another bank?
No. Lakeland Financial has grown entirely on its own, without acquisitions, though management looks at merger opportunities from time to time. After Indiana's cross-county banking laws changed in 1985, the bank entered Elkhart County in 1990, St. Joseph County in 1997, Allen County in 1999 and the Indianapolis market in 2011. Total assets grew from $286 million in 1990 to $7.0 billion in 2025, about 10% a year compounded.