Lakeland Financial Corporation Annual Report 2022

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FY2022 Annual Report · Lakeland Financial Corporation

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ANNUAL REPORT

(888) 522-2265

LAKECI TYBANK. CO M

LAKELAND FINANCIAL CORPORATION

C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

We are immensely proud of our 150
year history of community banking.

Lake City Bank is still on our door is a testament to the

team members who preceded us at the bank and those

who work here today. We are immensely proud of our 150

year history of community banking and look forward to

writing the next chapter as we move into 2023.

In 2022, we reached another milestone with net income

exceeding $100 million for the first time in our history. As

we have in 32 of the last 34 years, the Lake City Bank

team produced record net income and earnings per share

for shareholders. We are very proud of our consistent

track record of high quality financial performance driven

by our long term organic growth strategy. It’s a three-plus

decade track record of financial success that reflects

our consistent and stable ability to generate strong

performance for our shareholders.

Once again, balance sheet growth was 100% driven by

our long-standing strategy of organic growth. Loan growth

returned to double digits in 2022 with an increase in loans

of $423 million, or 10%. Importantly, we experienced

solid loan growth in every one of our markets. While line

of credit usage remained historically low in 2022, we

significantly increased our overall lines of credit available

by 16%, or $651 million. We are well positioned with our

clients to support their continued growth and expansion.

As we entered 2023, the banking industry and our clients

continued to absorb the impact of the Federal Reserve

Bank’s interest rate tightening actions. The unprecedented

rapid increase in short term rates, while positively

impacting our net interest margin, has affected both our

borrowers and depositors. Accompanying these rate

actions have been concerns over economic conditions

that could negatively affect our clients. We ended 2022

with historically strong loan quality metrics, yet we’ll

remain vigilant in our oversight of the loan portfolio and

continue to approach it with our historically conservative

balance sheet management strategies. We’ve got a pretty

good track record on this front.

Lake City Bank Shareholders, Clients and
Community Partners:

On May 14, 2022, the Lake City Bank team kicked off the

celebration surrounding the bank’s 150th anniversary with

donations totaling $150,000 to the community foundations

in each of our 15 Indiana counties. After 150 years, we

continue to recognize that the communities where we

live and work define our culture which is at the core of

our long term success. On a spring day in 1872, a group

of community leaders came together and decided that

Warsaw, Indiana, a town of less than 2,000 residents,

needed a fourth bank. They raised capital from the

community to start Lake City Bank and we’ve been serving

our Indiana communities ever since. The fact that the name

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

As we do every year in our annual report, we’re

pleased to feature client relationships, because they

are the foundation of our success. We are particularly

proud of our relationship with Bernadette Pohlman,

featured on page 16. Her interaction with our Client

Protection Services and Retail Banking teams is a

story of true community banking. When a client refers

to our team members as friends, we know that we are

delivering on our community banking mission. As this

story tells, we have teams of technology, operations

and risk management staff throughout the bank who

truly care about our clients and come to work every

day ready to protect their financial wellbeing. It’s a

terrific story of community banking and we are glad to

call Bernadette a friend.

We continue to experience constant pressure from

both bank and non-bank competitors and are

diligently focused on the rapidly evolving role of

technology in the financial services sector. We’ll

continue to thoughtfully expand our extensive

relationships with Fintech partners that assist us in

remaining competitive and providing leading edge

services and products. We must ensure that we

continue to innovate and evolve our products and

services to provide our clients with technology-driven

solutions for their financial services while retaining the

We were happy to open our 52nd office in Downtown

look and feel of a community bank.

Elkhart in 2022. Elkhart’s downtown is undergoing

a renaissance, and we’re excited that we’re playing

an important role. We’ve been closely involved with

the development and financing of The Elkhart River

District, where the office is located, and this level of

engagement reflects our role as the leading commercial

bank in the market. It’s also a progressive office

environment that reflects the evolution of our branch

design and functionality.

Our next two branches are planned for the Indianapolis

market, where we reached a milestone in 2022 with

more than $1 billion in loans outstanding during our

10th full year in the market. In early 2023, we’ll open

an office at 16 Tech in the HqO, the innovation hub

at the heart of the 16 Tech Innovation District. Our

planned 54th office, our eighth in the market, will be in

Westfield, in the Northern portion of our Indianapolis

market. Westfield has also undergone a renaissance,

highlighted by significant partnership between the

public and private sectors. Both of these offices

will be another evolution of our branch template

as we continue to see our clients engage with us

through a combination of face-to-face banking and

digital technologies. We remain committed to a brick

and mortar strategy of community banking as we

believe these offices represent a commitment to our

communities. At the same time, we recognize that the

role of an office must continue to evolve.

Our sesquicentennial celebration has been a

wonderful reminder that the success of our business

starts with the nearly 650 people that come to work

every day at Lake City Bank. We are thankful for the

dedication, commitment and passion of the entire

team. The celebration has also reminded us of the

impact that we have on the Indiana communities we

are lucky to serve. It’s been a great first 150 years!

We are grateful for the partnerships we have with our

clients, employees, communities and shareholders.

Thank you.

David M. Findlay
President and Chief Executive Officer

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Management Committee

Left to right:

David M. Findlay
President and Chief
Executive Officer

Stephanie R. Leniski
Senior Vice President
Chief Retail Banking Officer

J. Rickard Donovan
Senior Vice President
General Counsel

Eric H. Ottinger
Executive Vice President
Chief Commercial
Banking Officer

Kristin L. Pruitt
Executive Vice President
Chief Administrative Officer

Kyra E. Clark
Senior Vice President
Chief Human Resources
Officer

Jonathan P. Steiner
Senior Vice President
Chief Wealth Advisory
Officer

Michael E. Gavin
Executive Vice President
Chief Credit Officer

Lisa M. O’Neill
Executive Vice President
Chief Financial Officer

2022 represented a transitional year for the bank. After
more than two years of challenges presented by the
pandemic, the Lake City Bank team found some clean air
and our business returned to a more traditional cadence.
In 2022, we recommitted to our business development
program and intensely focused on moving the business
forward. We strengthened existing relationships and
developed new ones as we focused our collective energy
on a return to a more normal energy level. Through
the channel of our 150th anniversary celebration,
we hosted events in every market to commemorate

the sesquicentennial mark. The celebrations were
a wonderful way to reinforce our mission to be the
acknowledged and recognized leader in Indiana
community banking. While we remain an execution and
results driven organization, we were happy to pause
and take time to celebrate an important milestone in our
history. The Lake City Bank team remains committed
to the simple strategy of taking care of clients one at a
time each, and every day. It’s a strategy that has worked
pretty well for the first 150 years!

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Board of Directors

Left to right:

A. Faraz Abassi
Managing Partner
Centerfield Capital

David M. Findlay
President and Chief
Executive Officer
Lakeland Financial
Corporation and
Lake City Bank

Bradley J. Toothaker
CEO Bradley Company
Managing Partner of Great Lakes
Capital Development

M. Scott Welch
Chief Executive Officer
Welch Packaging Group

Blake W. Augsburger
Founder and Chief Executive
Officer
LEA Professional

Emily E. Pichon
Chairman, ETP Asset Holdings, Inc.
Officer and Director, Olive B
Cole Foundation and M E Raker
Foundation, Inc.

Michael L. Kubacki
Chairman
Lakeland Financial Corporation and
Lake City Bank

Darrianne P. Christian
Civic Leader

Robert E. Bartels, Jr.
Partner at Incedo LLC

Steven D. Ross
Owner
Ross and Associates

Brian J. Smith
Co-Chief Executive Officer
Heritage Group, Inc.

As a community bank, our board of directors serves both

Governance (ESG) issues. With the support of the

a corporate governance oversight and reputational role

board, the Lake City Bank team continues to take

in our Indiana communities. We’ve always viewed our

a balanced and thoughtful approach to ESG as we

board as an extension of the bank in our communities,

recognize that we need to understand not only our

and our board members play a real role in our growth

financial impact on shareholders, but also our broader

and success. Strong corporate governance is at the

impact on our communities and team members.

core of the board’s role and the board continues to

actively engage and contribute to our efforts on the

important focus on Environmental, Social and Corporate

2 0 2 2 A N N U A L R E P O R T

Senior Leadership Council

For the last decade, the Senior Leadership Council has been at the core of our success in executing our

Strategic Initiatives. The council includes leaders from every functional and operational area of the bank and

represents the foundation of our successful growth and performance since its formation in 2011. As the bank

has grown, the Senior Leadership Council has ensured that we remain diligent in our day-to-day execution,

while always respecting our culture. It’s a culture that matters and we will preserve and protect it.

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

1. Kimberly A. Hooley, Senior Vice President, Credit Administration Manager 2. Matthew D. VanDeWielle, Senior Vice President, Senior Risk Manager 3.
Lisa A. Fulton, Senior Vice President, Chief Operations Officer 4. James D. Westerfield, Senior Vice President, Chief Fiduciary Officer 5. Kristin L. Pruitt,
Executive Vice President, Chief Administrative Officer 6. Brok A. Lahrman, Senior Vice President, Finance & Chief Accounting Officer 7. William R. Redman,
Senior Vice President, Commercial Indianapolis Regional Manager 8. Darrin M. McLaughlin, Senior Vice President, Chief Technology Officer 9. Joseph F.
Kessie, Senior Vice President, Commercial South Regional Manager 10. Kirtus D. Murray, Senior Vice President, Retail Lending Manager 11. Stephanie R.
Leniski, Senior Vice President, Chief Retail Banking Officer 12. Kyra E. Clark, Senior Vice President, Chief Human Resources Officer 13. Michael E. Gavin,
Executive Vice President, Chief Credit Officer 14. Jennifer M. Hurford, Senior Vice President, Treasurer 15. J. Rickard Donovan, Senior Vice President,
General Counsel 16. David M. Findlay, President & Chief Executive Officer 17. J. Chad Stoltzfus, Senior Vice President, Commercial Central Regional
Manager 18. Camalyn M. Treadway, Senior Vice President, Commercial East Regional Manager 19. Donald J. Robinson-Gay, Senior Vice President,
Regional Credit Officer 20. Eric H. Ottinger, Executive Vice President, Chief Commercial Banking Officer 21. Brad S. Grabow, Senior Vice President,
Regional Credit Officer 22. Todd A. Bruce, Senior Vice President, Commercial North Regional Manager 23. Lisa M. O’Neill, Executive Vice President,
Chief Financial Officer 24. Jonathan P. Steiner, Senior Vice President, Chief Wealth Advisory Officer 25. Andrew R. Haddock, Senior Vice President, Chief
Investment Officer 26. Bruce A. Wright, Senior Vice President, Retail Banking Regional Manager

2 0 2 2 A N N U A L R E P O R T

Wellfield Botanic Gardens

ELKHART | CLI E NT SI NCE 20 1 1

We feel very
connected
to Lake City
Bank for many
reasons.

From left to right: Jodie Papandrea, Guest Services and Volunteer
Manager; Eric Garton, Robert and Peggy Weed Executive
Director; Amy Myers, Horticulture and Facilities Manager; Nina
Cunningham, Visitors Cottage Manager

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

From left to right: Anna Corkill, Vice President, Treasury Management Sales Officer; Becky Miller, Vice President, Retail Banking
Officer; Nina Cunningham, Visitors Cottage Manager; Amy Myers, Horticulture and Facilities Manager; Robert Congdon, Vice President,
Trust Officer and Retirement Services Manager; Eric Garton, Robert and Peggy Weed Executive Director; Melissa Blosser, First Vice
President, Retail Banking Regional Manager; Jodie Papandrea, Guest Services and Volunteer Manager

“Museum” isn’t what springs to mind when considering
Wellfield Botanic Gardens, but that’s exactly what it
is—a living museum. Its mission, in fact, emphasizes
education and fostering appreciation for the relationship
between animals, plants and water. Initially conceived as
a community service project by the Elkhart Rotary Club
and founded in 2005, work began in 2007 on the 36-
acre site, half of which is water. Aptly named, Wellfield
Botanic Gardens originally was the North Main Street
Well Field, a source of hydraulic energy and drinking
water since the mid-1800s. In fact, the city of Elkhart
owns and operates 13 active wells on the property that
still provide about 70 percent of Elkhart’s water. “Wellfield
Botanic Gardens is a perfect public-private partnership,”
said Eric Garton, Robert and Peggy Weed Executive
Director. “We’re careful to maintain the land sustainably,
and the city continues to benefit from safe, clean water.”
That deliberate focus on community makes Wellfield
and Lake City Bank an excellent partnership as well.
Wellfield uses the bank for deposit products, technology-
forward treasury management solutions, retirement plan

services and company credit cards. Bank employees
have been part of Wellfield since its inception. “We feel
very connected to Lake City Bank for many reasons, not
the least of which is that we share a strong commitment
to Elkhart and Elkhart County,” Garton said. Today,
Wellfield Botanic Gardens is poised to complete about 95
percent of its original master plan. Next in development
includes a new Visitors Center and Open Air Pavilion. As
a botanic garden, Wellfield is a showplace, laboratory and
gathering place for propagating and enjoying local plants.
Other local elements form unique features across the
gardens as well. Fallen trees are salvaged, preserved and
converted for use in structures by local woodworkers.
A local foundry, local metal fabricating companies, and
local businesses have collaborated to grow Wellfield to
where it is today. “We take our role in the community very
seriously. In fact, we like to say that we’re world class and
home grown,” Garton said.

2 0 2 2 A N N U A L R E P O R T

DC Construction Services

PENDLETON | CL I ENT SI NCE 2 0 2 0

Lake City
Bank knows
our business,
making them a
perfect partner.

From left to right: Dustin Calhoun,
President, and Brooke Calhoun

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

From left to right: Dana Hess, Vice President, Retail Banking Officer and Private Banker; Brian Burrell, Vice President,
Commercial Banking Officer; Dustin Calhoun, President; Brooke Calhoun; Chris Knox, Chief Financial Officer; Bill
Redman, Senior Vice President, Commercial Indianapolis Regional Manager; Melanie McIntyre, Vice President, Corporate
and Institutional Services Sales Officer

them a perfect partner.” DC Construction Services
uses the bank for commercial loans and lines of credit,
deposits and technology-forward treasury management
products including Lake City Bank Digital, Credit Sweep
and Positive Pay. “The other banks we considered didn’t
compare with Lake City Bank Digital and the other
treasury management products we use,” said Chris Knox,
Chief Financial Officer. “With Positive Pay, for example,
we don’t worry about check fraud, because we authorize
each check as it’s presented.” In addition to services for
the business, Dustin and Brooke Calhoun also use Lake
City Bank for personal banking services as well.

DC Construction Services is a picture-perfect example
of a great idea plus hard work growing into a full-fledged
business. Sixteen-year-old Dustin Calhoun started
doing driveway sealcoating in 1995 as a summer job
that funded his college degree. Fast forward to today,
and DC Construction Services is a regional asphalt
and concrete contractor providing everything from new
asphalt and concrete surfaces to services to maintain
those surfaces, including striping, sealcoating, crack
filling and related services. The company prides itself on
doing quality work that provides the best solutions for
its customers, along with exceptional communication
and attention to detail. DC Construction Services
chose Lake City Bank for financial services over other
regional and local providers based on the bank’s ability
to provide specialized credit solutions. “We work with
many different types of organizations, so we need a bank
that understands our cash flow,” said Dustin Calhoun,
President. “Lake City Bank knows our business, making

2 0 2 2 A N N U A L R E P O R T

Entech

MIDDLEB URY | CL I E NT SI NCE 20 1 8

With Lake
City Bank,
local is
just the
beginning.

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Lavon Detweiler, Chief Executive Officer

From left to right: Chad Stoltzfus, Senior Vice President, Commercial Central Regional Manager; Lavon Detweiler, Chief
Executive Officer; Anna Corkill, Vice President, Treasury Management Sales Officer; Keith Goodman, Vice President,
Commercial Banking Officer

In northern Indiana, not far from the Michigan border,
you’ll find a company that’s at the forefront of recycling,
in terms of both product and technology. Entech and
its sister company JOMAR have led the way in tire
recycling, reuse and related equipment development and
manufacture for decades. Entech takes discarded tires,
separates the steel banding from the rubber components,
and creates useful materials from both. Although the
process sounds simple, the science and technology
behind the work are as complex and evolving as the
products that result from them. After environmentally
friendly processing, rubber from tires can be used to
produce dozens of products like edging for gardens, infill
for synthetic sports fields, all kinds of durable molded
products, running tracks, new tires and asphalt for road
paving, to name a few. Entech produces some products,
and supplies custom materials to other manufacturers.
Steel harvested from tires is processed into ingots for
reuse. JOMAR creates turnkey tire recycling equipment
for other recyclers. With Entech as a lab for testing new

designs, JOMAR is able to market reliable systems to
companies around the world. When Chief Executive
Officer Lavon Detweiler and his team looked for a financial
services partner, local was at the top of their list. The best
partner would have a deep understanding of the region,
its economy and its businesses. Lake City Bank fit the
bill perfectly because of its unique combination of local
knowledge paired with technology-forward solutions.
Entech, its trucking subsidiary Paxco and JOMAR use
Lake City Bank for credit, including commercial loans and
lines of credit, deposit accounts, Lake City Bank Digital
and a variety of treasury management products. “The
bank understands all aspects of our business and our
marketplace,” said Detweiler. “With Lake City Bank, local
is just the beginning. Their commitment to the area and to
our growth is second to none.”

2 0 2 2 A N N U A L R E P O R T

Biggs Group

FORT WAYNE | CL I E NT SI NCE 2 0 1 6

The bank is just
as committed to
the Fort Wayne
market as we
are, and that
creates synergy
as we grow the
business.

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Kevan Biggs, Owner and President

From left to right: Dan Beechy, Assistant Vice President, Treasury Management Sales Officer; Kevan Biggs, Owner and Presi-
dent; Cammy Treadway, Senior Vice President, Commercial East Regional Manager; Chad Glassburn, Vice President, Commer-
cial Banking Officer; Dave Frey, Vice President, Commercial Banking Officer

For Kevan Biggs, Owner and President of Biggs Group,
building—both literally and figuratively—animates
everything he and his companies take on. Ideal Homes,
for example, is a 60-plus year old company that builds
quality homes across northeastern Indiana and was
started by Biggs’s grandfather, Clark Smith. Biggs is a
developer and investor in residential subdivisions and
apartment complexes throughout Indiana, providing
expertise in finance, accounting, marketing and all facets
of real estate management. Biggs and his companies
work with Lake City Bank, which provides commercial
loans, deposit accounts and multiple technology-forward
treasury management solutions that help manage and
maximize cash flow, process payments efficiently and
protect against fraud. “Lake City Bank has been an
excellent partner for us,” said Biggs. “The bank is just as
committed to the Fort Wayne market as we are, and that
creates synergy as we grow the business.” Kevan Biggs is
well known in the area for his involvement in projects that
benefit Fort Wayne in a number of ways. Most noticeably,

Biggs has been a visionary and leader in helping bring
Fort Wayne’s Electric Works project to life. Phase I of
the project, launched in 2022, includes six meticulously
restored, renovated and leased buildings on the 100-year-
old, 1.2 million square foot General Electric campus in
downtown Fort Wayne. Dozens of local, regional and
national organizations made the complex project a reality
from the initial concept conceived by Biggs, Josh Parker,
Jeff Kingsbury, Tim Ash and Larry Weigand, all partners
of RTM Ventures. Lake City Bank played a pivotal role as
well. President and Chief Executive Officer David Findlay
stepped in and rallied four other local lenders to join in
financing the project along with a lead out of town bank.
“David was the catalyst that made financing happen
locally,” Biggs said. “He and Lake City Bank represent
what this community can do when we recognize
something that will benefit all of us.”

2 0 2 2 A N N U A L R E P O R T

Bernadette Pohlman

PLYMOUTH | CL I EN T SINCE 2 0 1 0

Kim and
Chelsea went
through the
process with
me step by
step, and their
advice was
spot on.

Bernadette Pohlman

From left to right: Chelsea Stanifer, Senior Retail Banker,
Plymouth; Bernadette Pohlman; Kim Knoerzer, Client
Protection Services Assistant Manager and Officer

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Client Protection Services Team

From left to right: Kathryn Kent, Client Protection Services (CPS) Specialist; Kim Knoerzer, CPS Assistant Manager and Officer;
Jamie McTaggart, CPS Specialist; Sheila Smith, CPS Specialist; Amanda Longmire, Vice President, BSA Officer and CPS Manager
Middle, left to right: Misty Snyder, CPS Specialist; Kelsey Stewart, CPS Expert; Mackenzie Riley, CPS Specialist; Teresa Medina,
CPS Specialist
Back, left to right: Angie Rucker, CPS Specialist; Amy Staton, CPS Specialist; Lilliana Fisher, CPS Specialist
Not pictured: Wendy Brown, CPS Assistant Manager and Officer

It’s not often that fraud in a bank account leads to finding
new best friends, but that is exactly what Lake City Bank
Customer Bernadette Pohlman experienced when her
account was compromised last summer. Fortunately,
Lake City Bank’s monitoring systems identified the out-
of-the-norm transactions right away. Kimberly Knoerzer,
Client Protection Services (CPS) Assistant Manager and
Officer, quickly reviewed the suspect transactions and
blocked Pohlman’s digital access and account to prevent
losses. Just as quickly, she called Bernadette to verify
that the transactions were indeed fraud. Understandably,
Pohlman was upset, but Knoerzer explained exactly what
happened and how the bank would rectify the situation.
“I asked Kim what to do, and she recommended that I go
to my local branch right away,” Pohlman said. “Kim and
Chelsea went through the process with me step by step,
and their advice was spot on.” Chelsea Stanifer, Senior
Retail Banker, Plymouth, helped Pohlman close her
existing account, open a new one, and change her digital
access information. “I was absolutely overwhelmed when
everything taken from my account was back within a
week,” Pohlman said. “Everyone at the branch made me
so comfortable, and I have a new best friend in Chelsea.”
Lake City Bank devotes time and resources to detect,

prevent and, when it happens, help our customers
recover from fraud. Our Information Security and
Assurance team manages security and access to bank
systems, and makes sure monitoring and protection
solutions keep data that’s entrusted to us safe. Our
Client Protection Services team monitors account
activity and steps in to help customers when they
experience fraud. “When situations like this one happen,
we work closely with branch team members so that our
clients receive assistance from familiar faces backed up
by an expert in recognizing and correcting fraud from
our team,” said Amanda Longmire, Vice President, BSA
Officer and Client Protection Services manager. The
CPS team also works across the bank on other fraud
related activities and to ensure that the bank is adhering
to Bank Secrecy Act (BSA) and other regulations that
protect against fraud. “It’s unfortunate when fraud
occurs, but the CPS team works to help our customers,”
Longmire said. “It’s music to our ears when customers
like Bernadette tell us ‘Friends of mine had something
similar happen. I told them they needed to bank at Lake
City Bank.’”

2 0 2 2 A N N U A L R E P O R T

Five Year Summary of Financial Highlights

(in thousands, except share and per share data)

End of Period Balances

Assets
Deposits
Loans, net of Deferred Fees
Allowance for Credit Losses*
Total Equity

Average Balances

Assets

Total Assets
Earning Assets
Investments
Loans, net of Deferred Fees

Liabilities and Equity
Total Deposits
Interest Bearing Deposits
Interest Bearing Liabilities
Total Equity

Income Statement Data

Net Interest Income
Net Interest Income - Fully Tax Equivalent
Provision for Credit Losses*
Noninterest Income
Noninterest Expense
Net Income

Per Share Data

Basic Net Income Per Common Share
Diluted Net Income Per Common Share
Cash Dividends Per Common Share
Dividend Payout
Book Value Per Common Share
Basic Weighted Average Common Shares Outstanding
Diluted Weighted Average Common Shares Outstanding

Key Ratios

Return on Average Assets
Return on Average Total Equity
Average Equity to Average Assets
Net Interest Margin
Efficiency
Net Charge Offs to Average Loans
Credit Loss Reserve to Total Loans
Credit Loss Reserve to Nonperforming Loans
Nonperforming Assets to Total Loans

2022
$6,432,371
5,460,620
4,710,396
72,606
568,887

2021
$6,557,323
5,735,407
4,287,841
67,773
704,906

2020
$5,830,435
5,036,805
4,649,156
61,408
657,184

2019
$4,946,745
4,133,819
4,065,828
50,652
598,100

2018
$4,875,254
4,044,065
3,914,745
48,453
521,704

$6,427,579
6,123,163
1,432,287
4,427,166

$6,153,780
5,906,640
1,068,325
4,421,094

$5,424,796
5,184,836
633,957
4,424,472

$4,941,904
4,656,707
603,580
3,974,532

$4,758,392
4,461,366
562,385
3,843,912

$5,717,358
3,874,581
3,913,195
596,487

$5,357,284
3,686,112
3,761,520
674,637

$4,650,597
3,340,696
3,437,338
624,174

$4,242,524
3,298,406
3,390,512
562,601

$4,093,894
3,235,867
3,382,507
487,062

$202,887
208,514
9,375
41,862
110,210
103,817

$4.07

4.04

1.60

39.60%

$22.28

$178,088
181,675
1,077
44,720
104,287
95,733

$163,008
165,454
14,770
46,843
91,205
84,337

$3.76

3.74

1.36

36.36%

$27.65

$3.31

3.30

1.20

36.36%

$25.85

$155,047
157,176
3,235
44,997
89,424
87,047

$3.40

3.38

1.16

34.32%

$23.34

$151,271
153,088
6,400
40,302
86,229
80,441

$3.18

3.13

1.00

31.95%

$20.62

25,528,328

25,475,994

25,469,242

25,588,404

25,288,533

25,712,538

25,620,105

25,573,941

25,758,893

25,727,831

1.62%

17.40%

9.28%

3.40%

45.03%

0.10%

1.54%

1.56%

14.19%

10.96%

3.07%

46.81%

0.09%

1.58%

1.55%

13.51%

11.51%

3.19%

43.46%

0.09%

1.32%

1.76%

15.47%

11.38%

3.38%

44.70%

0.03%

1.25%

1.69%

16.51%

10.24%

3.43%

45.01%

0.13%

1.24%

424.91%

449.13%

507.42%

270.58%

667.40%

0.37%

0.36%

0.26%

0.47%

0.19%

*Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on
the incurred loss methodology.

The following selected data has been taken from the Company’s consolidated financial statements. Refer to Lakeland Financial Corporation’s Annual
Report on Form 10-K for the year 2022 for a complete set of consolidated financials.

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Condensed Consolidated Balance Sheets

(Years ended December 31)
(in thousands, except share data)

Assets

Cash and due from banks

Short-term investments

Total cash and cash equivalents

Securities available-for-sale (carried at fair value)

Securities held-to-maturity (carried at amortized cost)

Real estate mortgage loans held-for-sale

Total loans

Less: Allowance for credit losses*

Net loans

Land, premises and equipment, net

Bank owned life insurance

Federal Reserve and Federal Home Loan Bank stock

Accrued interest receivable

Goodwill

Other assets

Total Assets

Liabilities

Noninterest bearing deposits

Interest bearing deposits

Total deposits

Accrued interest payable and other liabilities

FHLB advances and other borrowings

Total Liabilities

Stockholders’ Equity

Common stock: 90,000,000 shares authorized, no par value

Retained earnings

Accumulated other comprehensive income

Treasury stock

Total Stockholders’ Equity

Total Noncontrolling Interest

Total Equity

Total Liabilities and Stockholders’ Equity

End of period shares issued

End of period shares outstanding

2022
$80,992

49,290

130,282

1,185,528

128,242

357

4,710,396

72,606

4,637,790

58,097

108,407

15,795

27,994

4,970

134,909

$6,432,371

$1,736,761

3,723,859

5,460,620

105,864

297,000

5,863,484

127,004

646,100

(188,923)

(15,383)

568,798

568,887

$6,432,371

25,825,127

25,349,225

2021
$51,830

631,410

683,240

1,398,558

7,470

4,287,841

67,773

4,220,068

59,309

97,652

13,772

17,674

4,970

54,610

$6,557,323

$1,895,481

3,839,926

5,735,407

42,010

75,000

5,852,417

120,615

583,134

16,093

(15,025)

704,817

704,906

$6,557,323

25,777,609

25,300,793

See Annual Report on Form 10-K.
*Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology.

Report of Independent Registered Public Accounting Firm

Stockholders and the Board of Directors of Lakeland Financial Corporation, Warsaw, Indiana

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of Lakeland
Financial Corporation as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and
cash flows for each of the years in the three-year period ended December 31, 2022 (not presented herein); and in our report dated February 22, 2023, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated, in all
material respects, in relation to the consolidated financial statements from which it has been derived.

Crowe LLP, South Bend, Indiana, February 22, 2023

2 0 2 2 A N N U A L R E P O R T

◊

Condensed Consolidated Statements of Income

(Years ended December 31)
(in thousands, except for share and per share data)

Interest Income

Interest and fees on loans
Interest and dividends on securities

Taxable
Tax exempt

Interest on short-term investments
Total Interest Income

Interest Expense
Interest on deposits
Interest on FHLB advances and other borrowings

Total Interest Expense

Net Interest Income

Provision for credit losses*

Net Interest Income After Provision for
Credit Losses
Noninterest Income

Wealth advisory and investment brokerage income
Service charges on deposit accounts
Loan and service fees
Merchant card fee income
Bank owned life insurance income
Interest rate swap fee income
Mortgage banking income
Net securities gains
Other income

Total Noninterest Income

Noninterest Expense

Salaries and employee benefits
Occupancy and equipment expense
Data processing fees and supplies
Other expense

Total Noninterest Expense

Income Before Income Tax Expense

Income tax expense

Net Income

2022
$203,668

2021
$170,551

2020
$177,185

14,132

19,553

2,214

239,567

36,281
399
36,680

202,887
9,375
193,512

10,954
11,595
12,214
3,560
432
579
633
21
1,874
41,862

58,530
12,050
12,826
26,804

110,210

125,164
21,347
$103,817

9,086

13,033

549

193,219

14,827
304
15,131

178,088
1,077
177,011

10,725
10,608
11,922
3,023
2,467
1,035
1,418
797
2,725
44,720

57,882
11,258
12,674
22,473

104,287

117,444
21,711
$95,733

6,973

8,577

368

193,103

29,342
753
30,095

163,008
14,770
148,238

9,138
10,110
10,085
2,408
2,105
5,089
3,911
433
3,564
46,843

49,413
11,617
11,864
18,311

91,205

103,876
19,539
$84,337

BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

25,528,328

25,475,994

25,469,242

BASIC EARNINGS PER COMMON SHARE

$4.07

$3.76

$3.31

DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

25,712,538

25,620,105

25,573,941

DILUTED EARNINGS PER COMMON SHARE

$4.04

$3.74

$3.30

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

◊

Condensed Consolidated Statements of Income

Corporate Information

Nature of Business
Lakeland Financial Corporation is a $6.4 billion bank
holding company located in Warsaw, Indiana. Lake City
Bank, its single bank subsidiary, is the sixth largest bank
headquartered in the state and the largest bank 100%
invested in Indiana. Lake City Bank operates 52 offices in
Northern and Central Indiana, delivering technology-driven
and client-centric financial services solutions to individuals
and businesses.
Headquarters
Lakeland Financial Corporation
202 E Center Street
Warsaw, IN 46580
(574) 267-6144
(800) 827-4522
lakecitybank.com
Annual Meeting
Tuesday, April 11, 2023
4:30 pm eastern
Common Stock Listing
Lakeland Financial Corporation common stock is traded on
the Nasdaq Global Select Market under the symbol “LKFN.”
Market Makers
Canaccord Genuity Inc.
Robert W. Baird & Co. Incorporated
Cantor Fitzgerald & Co.
Citadel Securities LLC
Cowen and Company, LLC
Cannacord Genuity LLC.
Citadel Derivatives Group Llc
D.A. Davidson & Co.
G1 Execution Services, LLC
Goldman, Sachs & Co. LLC
GTS Securities LLC
HRT Financial LC
IMC Financial Markets
StoneX Financial Inc.
Janney Montgomery Scott Inc.
Jefferies LLC
Keefe, Bruyette & Woods, Inc.
Keybanc Capital Markets Inc.
SVB Leerink LLC
Maxim Group LLC
Bofa Securities, Inc.
Morgan Stanley & Co. LLC
VIRTU Americas LLC
Piper Sandler & Co.
Raymond James & Associates, Inc.
RBC Capital Markets, LLC
SG Americas Securities, LLC
Two Sigma Securities, LLC
Stephens, Inc.
Susquehanna Securities
Stifel, Nicolaus & Company, Incorporated
Susquehanna Financial Group, LLP
Two Sigma Securities, LLC
UBS Securities LLC
Virtu Americas LLC
Wall Street Access
William Blair
Summit Securities Group, LLC
Wells Fargo Securities, LLC
Latour Trading LLC

Stock Transfer Agent and Registrar
American Stock Transfer and Trust Company
6201 15th Avenue
Brooklyn, NY 11219
(800) 937-5449
(718) 236-4588 fax
info@amstock.com
amstock.com
Dividend Reinvestment and Stock
Purchase Plan
Lakeland Financial Corporation offers stockholders a
convenient way to increase their investment through the
Lakeland Financial Dividend Reinvestment and Stock Purchase
Plan. Under the plan, investors can elect to acquire Lakeland
Financial shares in the open market by reinvesting dividends
and through optional cash payments. Lakeland Financial
absorbs the fees and brokerage commissions on shares
acquired through the plan. To obtain a plan prospectus and
authorization form, call Tina Rensberger at (800) 827-4522. The
plan prospectus is also available on the company’s website at
investors.lakecitybank.com.
Direct Deposit of Dividends
The direct deposit program, which is offered at no charge,
provides for automatic deposit of quarterly dividends directly to
a checking or savings account. For information regarding this
program, call Tina Rensberger at (800) 827-4522.
Form 10-K and Other Financial Reports
The company maintains a website at lakecitybank.com. The
company makes available free of charge on the investor
relations section of this site its annual report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K
and other reports filed or furnished pursuant to Section 13(a) or
15(d) of the Exchange Act as soon as reasonably practicable
after it electronically files such material with, or furnishes it to,
the Securities and Exchange Commission. The company will
also provide copies of its filings free of charge upon written
request to:
Lakeland Financial Corporation
Attn: Investor Relations
PO Box 1387
Warsaw IN 46581-1387
Corporate Governance
Lakeland Financial Corporation corporate governance
documents are available on the company’s website at
investors.lakecitybank.com or may be obtained in print form by
contacting Tina Rensberger at (800) 827-4522.
Independent Registered Public
Accounting Firm
Crowe LLP
330 E Jefferson Boulevard
PO Box 7
South Bend, IN 46624-0007

2 0 2 2 A N N U A L R E P O R T

Lake City Bank Officers

Management Committee
David M. Findlay
President &

Chief Executive Officer

Michael E. Gavin
Executive Vice President

Chief Credit Officer

Lisa M. O’Neill
Executive Vice President
Chief Financial Officer

Eric H. Ottinger
Executive Vice President

Chief Commercial Banking Officer

Kristin L. Pruitt
Executive Vice President

Chief Administrative Officer

Kyra E. Clark
Senior Vice President

Chief Human Resources Officer

J. Rickard Donovan
Senior Vice President
General Counsel

Stephanie R. Leniski
Senior Vice President

Chief Retail Banking Officer

Jonathan P. Steiner
Senior Vice President

Chief Wealth Advisory Officer

Brokerage
Vice President
Scott M. Hartman
Adam C. Johnston

Officer
Greg L. Emmack

Commercial Banking
Senior Vice President—Regional
Manager
Todd A. Bruce
Joseph F. Kessie
William R. Redman
J. Chad Stoltzfus
Camalyn M. Treadway
Christopher W. Wiggins

First Vice President
Timothy M. Schlichte

Vice President
Ronald L. BonDurant
Steven L. Brown
Brian D. Burrell
Nathan R. Conley
David J. Curry
David E. Davis
John F. Dietzen
David S. Frey
Chad A. Glassburn
Keith B. Goodman
Ryan L. Hart
Rodney B. Hooley
Cari J. Juillerat
Jeffery W. Krusenklaus
Gregory W. Lentz
Cory E. McClarnon
Patricia T. McNarney
Shelly A. Meyer
Gavin S. Miller
Cameron V. Plew
Benjamin A. Rice
Michael J. Ryan
D. Andrew Skaggs
Eric J. Steenman
Nicholas A. Toney
Steven J. Troike
Amber M. Wolfer

Assistant Vice President
Holly A. Davis
Corbin J. Holtsberry
Kelsey M. Jenkins
Kris J. Kerlin
Sara B. Millspaugh
Luke C. Mungovan

Kevin R. Poe
Stacy M. Richardson
Robin R. Ritchie
Elizabeth A. Schmidlin
Virginia E. Wirt

Officer
Quinten J. Bender
Erin R. Martz
Marlee J. Richter

Consumer & Home Loans
Senior Vice President
Kirtus D. Murray

Vice President
Denise M. Brennan
Sabrina N. Brown
Scott B. Bucher
Holly N. Clevenger
Phillip G. Ensley
Glenn A. Goudey
Jodi L. Hammond
Cheryl L. Luke
Sarah J. Miller-Bontrager
W. John Pritz
Mark R. Rensner

Assistant Vice President
Chad J. Clinton
John J. (J.J.) Foster
Anna A. Jimenez
Susan R. McClanahan
Todd E. Pequignot
Amanda M. Tom

Officer
Sandra F. Medina

Corporate & Institutional Services
Vice President
Anna N. Corkill
Melanie A. McIntyre
Sheena L. White
Tabitha A. Williamson

Assistant Vice President
Dan L. Beechy
Michelle L. Harris
Tiffany R. Mudd

Credit Administration
Senior Vice President
Bradford S. Grabow
Kimberly A. Hooley
Donald J. Robinson-Gay

Vice President
Amanda R. Ellsworth
Cynthia J. Gianneschi
Christopher D. Hanson
Justin T. Hayes
Judd P. McNally
Matthew R. Smith
Marshall C. Weadick

Assistant Vice President
Joseph D. Burtnette
Bridget M. Camden
Seth M. Greiner
Megan E. Ottinger
Christoffer C. Penny
Aaron T. Wood
Jeffrey L. Wyckoff

Officer
Kyle A. Grimm
Trent W. Koble
Victoria A. Larrew
Jordan Smith
Troy D. Tom
Thomas B. Weimer

Executive Administration
Officer
Tina A. Rensberger

Finance & Treasury
Senior Vice President
Jennifer M. Hurford—Treasurer
Brok A. Lahrman—Chief Accounting Officer

Vice President
Melissa D. Davison

David J. Hughes
Ryan D. Neese
Stacy L. Price

Assistant Vice President
Samantha D. Ducey
Crystal A. Vander Bie
Beth A. Weber

Marketing
Vice President
Mary S. Horan

Assistant Vice President
Rae S. Kaleohano
Luke A. Weick

Operations
Senior Vice President
Lisa A. Fulton

Vice President
Michele R. Ganser
Shannan L. Hepler
Michelle L. Jacobsen
Miranda R. Jordan
Scot A. Karbach
Jan R. Martin
Timothy C. Vosberg
Eric D. Wagoner
Diane M. Wirth
Donna J. Wolfe

Assistant Vice President
Lisa M. Bicknese
Sherri L. DiRico
Jill E. Garber
Christine M. Himes
Jennifer R. Kooistra
Karla J. Kroll
Katrina L. Mills
Michele I. Myers
Natalie M. Ousley
Melissa S. Rupe
Leslie R. Rutherford

Officer
Jennifer A. Bradley
Denise M. Eldridge
Lisa M. Goon
Susan K. Hayes
Brittney C. Hollopeter
Jillian M. Howell
Lindsay A. Justice
Candince M. Leedy
Cynthia L. Montel
Jennifer L. Mosier
Maritza Patino
Carla A. Snyder

People Development
Vice President
Ana Karina Cervantes
Alice G. Hitchcock
Mary A. Lepird
Tori L. Platt

Assistant Vice President
Rhonda K. Frank
Brianna D. Kreczmer
Justin Taylor

Officer
Kristen J. Heiman
Marissa Rico

Property Management
Vice President
Rick Hatcher
Richard A. Hoover

Retail Banking
First Vice President—Retail Banking
Regional Manager
Melissa J. Blosser

Vice President—Retail Banking
Regional Manager
Karen A. Francis
Sara B. Hill
Pamela F. Messmore
Steve D. Schumacher
Kimberly K. Strawbridge

Vice President
Lisa S. Fitzgerald

Assistant Vice President
Jean A. Ciriello

Officer
Megan L. Sutter

Risk Management
Senior Vice President
Matthew D. VanDeWielle

First Vice President
Jeannine P. Draper Cooley

Vice President
Gloria J. Crawford
Dianne C. Harris
Candy A. Little
Amanda M. Longmire
Kyle G. Schmidt

Assistant Vice President
Kristin D. Brown
Aaron T. Connell
Kristina R. Kiracofe
Eric D. Neuenschwander
Ashley L. Pluta
Victoria L. Starr
Becka J. Turnbow

Officer
Austin L. Bair
Wendy N. Brown
Hilda E. Cantu
Kimberly A. Knoerzer
Dakotah B. Lantz

Technology Services
Senior Vice President
Darrin M. McLaughlin

Vice President
Paul D. Dausman
Joanie L. Foreman
Kimberly K. Mattke
Christopher D. Merrill

Assistant Vice President
Jordan M. Bell

Officer
Andrew D. Lockridge
David J. Miller
Thomas R. Stephenson
Jackie L. Stout

Wealth Advisory Group
Senior Vice President
Andrew R. Haddock
James D. Westerfield

First Vice President
Reneta U. Thurairatnam

Vice President
Robert M. Congdon
Lili A. Dailey
Richard A. Delks
Kevin D. Hampton
Michelle L. Kindler
Jennifer I. King
Lisa A. Mansberger
Scott R. Tapley

Assistant Vice President
Steven B. Burnside
Leslie E. Rohrer

Officer
Janel A. Burnworth
Deborah R. Cataldo
Adam L. Esterline
Phillip Nguyen

2 0 2 2 A N N U A L R E P O R T | C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y

Lake City Bank Offices

Akron
Argos
Auburn
Bremen
Columbia City
Concord
Elkhart Beardsley
Elkhart East
Elkhart High School
Elkhart Northwest
Elkhart River District

Fishers
Fort Wayne Downtown

Fort Wayne Jefferson
Fort Wayne North
Fort Wayne Northeast
Fort Wayne Southwest
Goshen Downtown
Goshen South

Grace Village
Granger
Greenwood
Huntington
Indianapolis Clearwater
Indianapolis Downtown
Indianapolis Michigan Road
Indianapolis North

Jimtown
Kendallville
LaGrange
Ligonier Downtown
Ligonier South
Medaryville
Mentone

Middlebury
Milford
Mishawaka
Nappanee
North Webster
Pierceton
Plymouth
Rochester
Shipshewana
Silver Lake
South Bend Downtown
South Bend Northwest
Syracuse
Warsaw Downtown
Warsaw East
Warsaw North
Warsaw West
Winona Lake

L. Jane Murphy
Kimberly K. Vermillion
Rebekah K. Hefty
Sonia R. Teske
Carolyn M. Ross
Andrea R. Bowers
Rebecca L. Miller
Katelynn E. Rowe
Emily E. Wold
Emily E. Wold
Melissa J. Blosser
Christina J. Myer
Dana L. Hess
Steve D. Schumacher
Nichole L. Mendez
Kristi L. Manwaring
Jennifer H. Leon
Andrew P. Dance
Ameenah K. Outlaw
Angela M. Daly
Kimberly K. Strawbridge
Alma R. Jimenez
Sheryl L. Harlan
Kathryn A. Smith
Joseph P. Waltermann
Paula J. Whiting
Dereck L. Stinson
Jody M. Meyer
Terry L. Bradley
Sara B. Hill
Ashley G. Bridges
Codie N. Gluchowski
Brooke E. Bentley
Mareen L. Barton
Lori I. Cunningham
Jana L. Miller
Karen S. Scott
Karen A. Francis
Kimberly S. Orr
Stephanie M. Butler
Brooke C. Williams
Brandon Prince
Katina A. Stephenson
Brenda S. Peterson
Kelli-Anna Cook
Carol D. Brown
Penny S. Ramsey
Kourtney M. Jackson
Sandra A. Nelson-Rowland
Alexandra L. Rhoades
Mark A. Berta
Brittni A. Kuhn
Shelly R. Kammerer
Jennifer M. Flinn
Pamela F. Messmore
Kathleen Madden
Sheryl L. Harlan

Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
First Vice President, Regional Manager
Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Regional Manager
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Regional Manager
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Regional Manager
Retail Banking Officer
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Regional Manager
Retail Banking Officer
Retail Banking Officer
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Retail Banking Officer
Vice President, Regional Manager
Assistant Vice President, Retail Banking Officer
Assistant Vice President, Retail Banking Officer

Forward Looking Statement
This document (including information incorporated by reference) contains, and future oral and written statements of the Company and its management may contain, forward-
looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future
performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and
on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,”
“will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they
are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking
statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of future terrorist attacks and threats
or acts of war and the response of the United States to any such attacks or threats; (iii) changes in state and federal laws, regulations and governmental policies concerning
the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the
inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or
employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi)
changes in accounting standards and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be
placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial
results, is included in the Company’s filings with the Securities and Exchange Commission.

2 0 2 2 A N N U A L R E P O R T

ANNUAL REPORT

(888) 522-2265
LAKECI TYBANK. CO M

LAKELAND FINANCIAL CORPORATION

C E L E B R A T I N G 1 5 0 Y E A R S O F C O M M U N I T Y