Lakeland Financial Ranked in Bank Director Magazine’s Performance Powerhouses 2020 Study
Lakeland Financial Corporation ranked seventh overall, and in the top ten in six of ten categories in Bank Director Magazine’s 2021 RankingBanking Performance Powerhouses study.
The study, published December 14, 2020, and sponsored by Crowe LLP, featured 20 banks that have delivered long-term value for their shareholders over time. Bank Director selected high-performing banks based on total shareholder return generated over a 20-year period ending June 30, 2020. Banks ranking in the top 20 for high performance varied in size, business model, strengths and geography. According to Bank Director Magazine, their common trait was a track record for successfully managing their institutions through economic cycles.
“We know that if we take care of our customers, our employees and our communities, that our shareholders should be taken care of as well,” said David M. Findlay, President and Chief Executive Officer. “Ranking among this high-performing group of banks is gratifying and is a reflection of our team’s consistent performance over a very long 20 year period.”
The study examined multiple factors that impact performance, from profitability, revenue generation and growth to efficiency and credit risk. In addition, the study looked at retail and lending strategies, employee retention programs, and board of directors’ composition. The 20 selected banks were ranked based on quantitative data from S&P Global Market Intelligence, company filings and other publicly available information. All told, more than 150 data points factored into the analysis for the five years from December 2014 to December 2019. Total shareholder return was only used to identify the top 20 banks and did not factor further into the ranking.
According to the study, for the five years measured, Lakeland Financial Corporation ranked seventh overall out of the 20 top performers in the nation. Lakeland Financial Corporation earned second place for its growth strategy. The study credits its high level of growth in profitability and its diverse revenue streams. The study also reported that Lakeland had a top five showing for creating shareholder value and efficiency, generating the fifth highest total shareholder return.
In the study, Lakeland Financial Corporation ranked in the top 10 in six of the 10 categories the study measured, including Best Bank for Creating Value, Best Growth Strategy, Most Efficient Bank, Best Technology Strategy and Best Employer. It earned its highest ranking, second of 20, for Best Growth Strategy. Bank Director Magazine cited Lakeland Financial Corporation’s high level of ROA growth and EPS growth as part of its number two ranking. Banks included in the study had differing growth strategies ranging from organic growth to pursing acquisitions. Lakeland Financial Corporation’s steady expansion was rooted in its organic growth strategy during the period under review.
“Our organic growth strategy has served us well,” said Findlay. “Our focus on commercial banking and core deposit funding, backed up by a strong focus on technology has enabled us to grow organically, without diluting our culture through acquisition.”
Lake City Bank, a $5.6 billion bank headquartered in Warsaw, Indiana, is the sixth largest bank headquartered in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 50 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN).