Profile: Lakeland Financial Corp (LKFN.OQ)
2 Mar 2015
Lakeland Financial Corporation, incorporated on February 8, 1983, is a bank holding company. The Company, through its wholly owned subsidiary, Lake City Bank provides an array of products and services throughout its Northern and Central Indiana markets. The Company offers commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. The Company serves a variety of industries including, among others, manufacturing, agriculture, construction, retail, services, health care and transportation. The Bank has a wholly owned subsidiary, LCB Investments II, Inc., which manages a portion of the Bank’s investment portfolio. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation. The Bank’s activities cover all phases of commercial banking, including checking accounts, savings accounts, time deposits, the sale of securities under agreements to repurchase, commercial, real estate and agricultural lending, direct and indirect consumer lending, commercial and residential real estate mortgage lending, retail and merchant credit card services, corporate treasury management services, retirement services, bond administration, safe deposit box service and wealth advisory, trust and brokerage services.
As of December 31, 2013, the Bank had 45 offices in thirteen counties throughout Northern and Central Indiana. The Company operates in thirteen counties, it operates in five primary geographical markets: the South Region, which includes Kosciusko County and portions of contiguous counties; the North Region, which includes portions of Elkhart and St. Joseph Counties; the Central Region, which includes portions of Elkhart County and contiguous counties; the East Region, which includes Allen and DeKalb counties; and the Indianapolis Region, which includes the metropolitan market of Indianapolis, including primarily Marion and Hamilton Counties.
The Company is a full-service commercial bank and provides commercial, retail, wealth advisory, trust and investment management services to its customers. Commercial products include commercial loans and technology-driven solutions to commercial customers’ treasury management needs, such as Internet business banking and on-line treasury management services in addition to retirement services, bond administration and health savings account services. Retail banking clients are provided a range of traditional retail banking services, including lending, deposit and investment services. Retail lending programs are focused on mortgage loans, home equity lines of credit and traditional retail installment loans, including indirect automotive financing. The Company provides credit card services to retail and commercial customers through an outsourced retail card program and merchant processing activity. It provides wealth advisory clients with traditional personal and corporate trust and investment services. The Company also provides retail brokerage services, including an array of financial and investment products such as annuities and life insurance.
The Bank’s loan portfolio as of December 31, 2013, consisted of Commercial and industrial loans, commercial real estate and multi-family residential loans, agri-business and agricultural loans, other commercial loans, Consumer one to four family mortgage loans, Open end and junior lien loans. The residential construction and land development loans class included construction loans totaling $ 4,640,000 as of December 31, 2013. The Bank generally sells conforming mortgage loans which it originates on the secondary market. These loans generally represent mortgage loans that are made to clients with long-term or substantial relationships with the Bank on terms consistent with secondary market requirements.
As of December 31, 2013, the Bank’s investment portfolio consisted of the United States Treasury securities, the United States government sponsored agencies, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities and state and municipal securities. The Total debt securities available for sale as of Dec 31, 2013 were $ 471,000,000.
Sources of Funds
Sources of funds consisted of demand deposits, savings and transaction accounts, and Time deposits. During the year ending December 31, 2013, securities sold under agreements to repurchase included corporate sweep accounts.
Lakeland Financial Corp
202 E Center St,
P O Box 1387
WARSAW IN 46581-1387