LAKELAND FINANCIAL CORPORATION LKFN Cash Flow

Lakeland financial corporation (LKFN)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income
17,299	22,198	21,454	21,713	21,682	21,363	20,570	20,142	18,336	11,627	15,825	15,364	14,514	13,522	13,480	12,803	12,279	12,286	11,565	11,380	11,136	11,070	11,511	11,312	9,912	10,588	9,769	9,236	9,246	8,602	9,347	8,819	8,626	8,261	8,447	7,989	5,965
Adjustments to reconcile net income to net cash from operating activities:
Depreciation
1,514	1,502	1,498	1,513	1,417	1,455	1,438	1,357	1,404	1,407	1,300	1,247	1,165	1,103	1,117	1,026	983	910	933	959	956	905	850	827	830	819	790	705	679	761	691	672	666	619	560	549	551
Provision for loan losses
6,600	250	1,000	785	1,200	300	1,100	1,700	3,300	1,850	450	500	200	1,150	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	1,250	0	500	799	2,900	2,400	2,900	5,600
Net loss on sale and write down of other real estate owned
-	-	-	-	-	0	0	0	-16	9	-26	0	5	-10	-5	-2	0	21	13	2	12	74	143	-57	-1	18	87	-95	0	313	-111	-100	-3	-29	-95	-89	-174
Amortization of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12	12	11	12	13	13	13	13	13	14	13	14
Amortization of loan servicing rights
167	160	124	122	122	124	125	122	132	145	147	149	158	143	159	151	145	137	137	137	142	134	130	132	130	132	129	156	168	187	194	177	170	167	161	132	134
Net change in loan servicing rights valuation allowance
246	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3	0	-2	-37	-150	106	40	-62	-76	169	-4	-3
Loans originated for sale, including participations
16,801	22,498	19,821	16,235	7,454	10,890	13,805	15,615	9,506	12,716	15,850	14,810	10,812	18,661	23,765	17,231	10,341	6,311	19,565	21,791	16,679	16,425	12,431	19,216	7,035	13,293	16,739	22,230	29,409	30,052	24,788	39,766	25,041	30,131	17,652	20,903	9,739
Net gain on sales of loans
420	731	622	432	258	380	566	417	350	431	459	495	364	574	659	475	339	351	485	453	361	376	333	301	192	368	517	655	1,021	879	786	567	573	708	345	337	322
Proceeds from sale of loans, including participations
13,601	25,807	18,623	13,555	6,835	12,267	16,700	11,249	11,499	14,020	15,828	14,707	13,066	18,555	22,746	15,725	11,666	6,377	20,118	20,857	16,249	16,811	11,985	20,377	6,892	12,795	21,473	23,799	32,949	27,983	23,815	39,544	23,821	33,075	15,604	18,651	14,831
Net loss on sales of premises and equipment
-21	1	3	0	-1	23	-2	-20	-2	-2	-82	5	0	-	-	-	-	1	-19	8	3	-13	-16	5	0	-	-	-	-	-	-	-	-	0	-18	11	-10
Net gain on sales and calls of securities available-for-sale
0	48	6	65	23	-44	0	0	-6	-20	0	49	3	14	0	0	52	0	0	0	42	0	-228	4	0	0	106	0	1	1	-380	0	3	0	-1	32	-198
Net amortization of available-for-sale securities
-946	6,864	-1,051	-1,049	-817	5,640	-952	-762	-749	5,375	-854	-692	-715	-693	-747	-725	-695	-1,018	-1,093	-1,160	-1,193	-1,221	-1,306	-1,403	-1,490	-1,668	-1,958	-2,419	-2,720	-2,999	-2,067	-1,639	-1,504	-1,346	-1,053	-753	-449
Impairment on available for sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	67	449	510	132	33	0	121
Stock based compensation expense
413	561	1,359	1,067	1,200	1,293	1,633	1,271	1,411	1,189	1,690	1,260	1,559	1,016	1,398	1,012	784	734	880	568	353	536	1,039	631	597	597	637	289	439	183	472	261	428	281	414	381	266
Losses (earnings) on life insurance
-292	-	-	-	444	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings on life insurance
-	-	-	-	-	67	466	348	363	498	397	402	471	338	392	488	174	382	221	360	375	311	373	337	372	463	371	414	383	247	1,167	-149	-310	-	-	-	-326
Gain on life insurance
570	0	0	0	841	0	1	4	201	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit of stock award issuances
71	0	0	0	529	0	0	0	761	0	32	8	924	54	133	0	482	22	70	44	12	14	70	-21	-13	223	-38	-25	-14	423	-103	-165	-267	-42	-5	-13	-78
Net change:
Interest receivable and other assets
1,175	-683	2,377	1,697	1,342	-1,306	1,795	682	2,130	-3,557	4,554	-2,085	301	-348	-525	-1,034	3,293	463	10	8	-83	1,023	1,046	319	299	-120	-473	-6,272	1,005	-2,735	-1,324	-617	-381	2,903	1,096	1,646	-1,177
Accrued income receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	289	-31	-135	-	83	-88	-174
Accrued expenses payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	644	-2,276	3,659	-	253	38	968
Interest payable and other liabilities
-2,547	-104	5,450	-88	1,276	2,301	3,727	58	2,395	3,089	2,299	-5,067	2,263	-4,296	-560	2,018	6,595	-1,237	2,281	-2,426	3,848	2,264	1,101	-3,618	2,953	-2,117	3,965	-11,562	8,765	2,200	-437	308	-486	1,871	-126	-28	-38
Total adjustments
2,216	5,967	5,761	-713	1,977	8,444	9,044	-527	7,603	12,478	1,384	-196	6,246	-790	1,209	3,509	6,187	388	5,097	-1,411	5,340	3,661	2,327	-394	4,982	2,193	9,214	-1,143	13,862	5,187	3,236	1,428	5,347	4,891	1,328	360	14,161
Net cash from operating activities
19,515	28,165	27,215	21,000	23,659	29,807	29,614	19,615	25,939	24,105	17,209	15,168	20,760	12,732	14,689	16,312	18,466	12,674	16,662	9,969	16,476	14,731	13,838	10,918	14,894	12,781	18,983	8,093	23,108	13,789	12,583	10,247	13,973	13,152	9,775	8,349	20,126
Cash flows from investing activities:
Proceeds from sale of securities available-for-sale
0	18,570	12,725	12,126	13,693	2,980	0	0	12,322	5,032	0	19,034	16,811	5,166	0	0	6,929	0	0	0	7,787	0	13,766	0	0	-	-	-	-	-	-	-	-	0	0	4,471	68,847
Proceeds from maturities, calls and principal paydowns of securities available-for-sale
16,393	16,859	20,809	14,124	16,026	11,796	17,212	12,150	12,659	13,508	17,400	16,728	14,109	17,128	16,624	15,891	19,700	15,276	21,721	18,218	19,464	13,408	15,344	14,941	14,277	15,395	27,554	31,382	38,293	42,608	34,401	25,560	22,538	25,383	20,222	16,047	22,399
Purchases of securities available-for-sale
20,211	37,749	31,697	37,824	22,183	25,849	27,962	18,899	53,841	25,013	24,099	37,377	52,763	39,102	23,328	26,797	26,969	21,582	26,366	17,793	26,069	14,706	29,201	15,997	13,457	25,439	50,844	33,431	57,736	33,372	67,028	29,611	31,610	32,254	33,535	96,256	17,251
Purchase of life insurance
232	60	70	60	5,362	52	61	52	258	40	50	44	446	3,011	41	159	179	2,369	52	59	149	3,024	33	38	86	23	18	20	79	20,017	196	8	6	-28	14	16	132
Proceeds from loans sold to others
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	529	-4,836	-	-	0	0	-	-	-	-	-	-	-	-
Net increase in total loans
23,588	42,833	25,539	59,391	24,356	71,810	-14,809	12,666	32,003	183,433	57,773	44,515	61,496	191,092	82,558	84,765	32,730	109,785	79,547	122,110	10,672	60,612	27,980	99,248	47,325	143,773	58,954	72,423	5,567	55,966	-10,955	-9,556	-6,727	54,425	34,700	44,201	16,789
Proceeds from sales of land, premises and equipment
18	0	4	0	10	432	1	27	1	0	3	7	0	-	-	-	-	2	675	18	6	226	0	6	0	-	-	-	-	-	-	-	-	0	-11	30	14
Purchases of land, premises and equipment
2,133	2,024	2,411	1,472	2,091	2,538	1,843	2,909	678	1,486	1,282	4,529	2,285	1,176	4,164	1,558	2,927	3,582	2,264	1,907	1,414	2,853	1,522	1,120	1,070	1,643	3,971	1,549	341	631	704	614	950	3,695	1,520	678	767
Proceeds from sales of other real estate
-	-	-	-	-	-	-	-	-	-	82	0	42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of other real estate owned
-	-	-	-	-	0	9	0	12	-	-	-	-	25	80	31	0	85	621	241	16	100	1,176	137	13	50	235	386	0	93	1,325	292	81	816	306	372	576
Proceeds from life insurance
0	0	0	0	1,483	0	1	4	564	0	0	0	0	-	-	-	-	-	-	-	-	0	476	0	302	-	-	0	0	-	-	-	-	-	-	-	-
Net cash from investing activities
-29,753	-47,237	-26,179	-72,497	-22,780	-85,041	2,166	-22,345	-61,222	-193,607	-65,719	-50,696	-86,028	-215,145	-93,072	-98,055	-36,176	-121,217	-85,212	-121,647	-11,031	-66,142	-27,974	-101,848	-42,510	-155,434	-56,002	-75,654	-25,430	-66,922	6,247	5,175	-3,220	-64,147	-49,252	-120,231	56,897
Cash flows from financing activities:
Net increase in total deposits
147,884	-149,571	62,091	73,862	103,372	28,141	80,971	-164,535	90,833	134,665	258,051	-63,458	101,485	-74,030	248,487	152,720	67,314	35,887	127,383	25,912	121,119	-16,552	61,927	88,971	192,706	101,242	-38,666	32,304	-130,568	105,659	-49,388	41,615	71,174	56,337	79,860	-15,969	91,443
Net increase in short-term borrowings
10,500	0	-15,000	-107,000	46,445	148,203	-183,887	186,523	24,064	6,764	-211,300	135,412	89,731	59,847	3,830	-38,136	-45,118	24,208	-46,201	66,098	-99,890	91,829	-134,383	88,600	-147,515	25,917	96,304	26,140	-8,368	3,331	19,856	-26,469	-16,825	414	3,142	-6,490	-29,128
Payments on short-term FHLB borrowings
170,000	-	-	-	170,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from long-term FHLB borrowings
75,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on short term FHLB borrowings
170,000	-	-	-	170,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on long-term FHLB borrowings
-	-	-	-	-	-80,000	0	0	80,030	-180,000	0	5,000	175,002	70,000	0	0	2	35,000	0	0	1	0	0	0	2	0	0	0	15,001	0	0	0	2	0	0	0	1
Common dividends paid
7,689	7,687	7,687	7,684	6,581	6,578	6,580	6,575	5,545	5,543	5,542	5,540	4,771	4,767	4,679	4,675	4,079	4,076	4,074	4,070	3,477	3,476	3,475	3,473	3,131	3,128	3,123	3,121	0	5,563	2,778	2,774	2,515	2,512	2,511	2,512	2,510
Payments related to equity incentive plans
-2,030	0	-20	0	-2,089	0	0	48	-2,483	0	0	-84	-1,652	933	-462	0	143	-126	-252	-207	597	-	-64	-129	199	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds related to equity incentive plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-138	-	-	-	-	-	-	-	-
Proceeds from stock option exercise
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138	155	30	-	59	70	266
Purchase of treasury stock
10,227	54	215	51	195	45	189	44	185	37	202	36	220	30	202	28	198	23	219	22	191	17	197	21	209	18	191	17	173	30	205	14	172	11	120	10	103
Net cash from financing activities
43,438	-18,122	-60,831	59,114	-29,048	89,836	-29,685	15,404	26,654	215,849	41,007	61,281	9,571	91,315	247,898	109,868	17,774	91,146	77,141	88,112	16,963	71,847	-76,064	174,193	41,650	124,418	54,804	55,449	-154,248	103,968	-32,377	12,500	51,690	54,301	80,430	-24,924	59,967
Net change in cash and cash equivalents
33,200	-37,194	-59,795	7,617	-28,169	34,602	2,095	12,674	-8,629	46,347	-7,503	25,753	-55,697	-111,098	169,515	28,125	64	-17,397	8,591	-23,566	22,408	20,436	-90,200	83,263	14,034	-18,235	17,785	-12,112	-156,570	50,835	-13,547	27,922	62,443	3,306	40,953	-136,806	136,990
Cash paid during the period for:
Interest
13,107	13,898	15,606	15,564	13,896	12,476	11,040	11,418	8,672	7,897	7,338	8,095	5,841	4,866	4,621	4,892	4,188	4,107	4,464	3,897	3,318	3,722	4,027	3,638	3,570	4,464	4,773	4,668	5,232	7,577	7,377	6,349	6,211	7,120	8,795	6,977	6,323
Income taxes
-	-	-	-	-	-	-	-	-	9,302	8,305	11,509	4	6,500	6,363	8,750	0	6,150	5,552	9,760	104	4,650	6,350	9,720	465	4,100	4,850	8,330	0	1,700	3,978	7,050	0	6,900	5,807	7,807	1,015
Supplemental non-cash disclosures:
Loans transferred to other real estate owned
35	-	-	-	0	-	-	-	-	-	-	-	-	41	0	31	33	52	607	0	194	90	166	108	737	383	108	0	0	117	152	66	78	151	537	0	270
Securities purchases payable
0	-	1,313	-5,146	8,725	-	2,120	-1,183	3,081	-	1,793	-2,073	2,073	-896	-1,530	3,885	0	-	-	-	-	-	-	-	-	-	-	-	5,216	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for lease liabilities
0	0	0	0	5,483	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Security purchased not settled
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-