Lakeland Financial Corporation Financial Ratios — LKFN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	14.24	12.57	12.53	12.77	12.32	12.62	12.67	16.01	15.52	13.67	14.21	14.06	11.77	11.09	11.54
Return on Assets (%)	1.1	1.19	1.24	1.32	1.29	1.29	1.28	1.68	1.77	1.57	1.55	1.6	1.45	1.42	1.51
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.65	3.29	3.14	3.12	3.32	3.37	3.49	3.39	3.41	3.44	3.76	2.77	2.5	2.35	2.22
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	41.02	48.46	50.54	52.45	53.31	53.92	54.76	54.4	56.63	52.47	52.71	51.14	44.69	44.05	46.69
Profit Margin (%)	27.72	32.62	33.61	34.71	35.72	36.37	35.02	44.21	45.9	42.6	42.97	42.42	37.98	36.87	38.43
Net Income to Common Margin (%)	27.72	32.62	33.61	34.71	35.72	36.37	35.02	44.21	45.9	42.6	42.97	42.42	37.98	36.87	38.43
Effective Tax Rate (%)	32.43	32.68	33.49	33.82	33	32.55	36.04	18.73	18.94	18.81	18.49	17.06	15.01	16.31	17.7
Dvd Payout Ratio (%)	32.8	38.55	24.16	30.97	33.88	34.97	37.34	31.45	34.06	36.26	36.2	39.35	50.24	52.73	49.76
Sustainable Growth Rate (%)	9.57	7.73	9.5	8.82	8.15	8.21	7.94	10.98	10.23	8.71	9.06	8.53	5.86	5.24	5.8

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	46	46	177	136	101	391	111	371	170	86	75	275	50	- -	184
ST Debt	- -	- -	146	105	70	180	80	170	- -	- -	- -	- -	- -	- -	170
LT Debt	46	46	31	31	31	211	31	201	170	86	75	275	50	- -	14
Total Debt/EBITDA	15.7	12.88	48.82	34.53	23.42	80.99	19.41	60.24	26.32	12.55	8.94	40.58	8.1	- -	30.81
Net Debt/EBITDA	-20.03	-52.18	31.41	11.51	4.71	46.34	-11.41	25.01	10.94	-24.13	-72.52	21.35	-16.5	-28.26	7.17
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.32	9.58	10.28	10.44	10.44	10.08	10.09	10.9	11.93	11.04	10.73	12.02	12.58	12.97	13.24
Long-Term Debt/Equity (%)	16.82	15.43	9.62	8.57	7.88	49.4	6.6	38.51	28.42	13.01	10.64	48.34	7.69	- -	1.86
Long-Term Debt/Capital (%)	14.58	13.53	6.15	6.25	6.27	25.62	5.3	22.26	22.36	11.72	9.63	26.24	5.74	- -	1.28
Long-Term Debt/Total Assets (%)	1.59	1.5	0.98	0.9	0.82	4.92	0.66	4.12	3.44	1.47	1.14	4.28	0.77	- -	0.2
Total Debt/Equity (%)	16.82	15.43	54.96	37.62	25.7	91.55	23.68	71.1	28.42	13.01	10.64	48.34	7.69	- -	24.16
Total Debt/Capital (%)	14.58	13.53	35.15	27.44	20.43	47.49	19.01	41.1	22.36	11.72	9.63	26.24	5.74	- -	16.6
Total Debt/Total Assets (%)	1.59	1.5	5.57	3.95	2.68	9.11	2.37	7.61	3.44	1.47	1.14	4.28	0.77	- -	2.64
Net Debt to Equity	-21.45	-62.54	35.36	12.54	5.16	52.38	-13.92	29.52	11.81	-25.02	-86.29	25.44	-15.67	-24.59	5.62
Net Debt/Capital (%)	-27.81	-173.26	25.86	11.19	4.91	34.1	-16	22.46	10.69	-34.28	-636.25	15.77	-14.17	-24.1	4.43
EBITDA	3	4	4	4	4	5	6	6	6	7	8	7	6	6	6
EBITDA-CapEx	-4	1	-4	-3	-5	-5	-4	-2	-2	1	2	2	- -	-3	-5
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.32	9.58	10.28	10.44	10.44	10.08	10.09	10.9	11.93	11.04	10.73	12.02	12.58	12.97	13.24
Long-Term Debt/Equity (%)	16.82	15.43	9.62	8.57	7.88	49.4	6.6	38.51	28.42	13.01	10.64	48.34	7.69	- -	1.86
Long-Term Debt/Capital (%)	14.58	13.53	6.15	6.25	6.27	25.62	5.3	22.26	22.36	11.72	9.63	26.24	5.74	- -	1.28
Long-Term Debt/Total Assets (%)	1.59	1.5	0.98	0.9	0.82	4.92	0.66	4.12	3.44	1.47	1.14	4.28	0.77	- -	0.2
Total Debt/Equity (%)	16.82	15.43	54.96	37.62	25.7	91.55	23.68	71.1	28.42	13.01	10.64	48.34	7.69	- -	24.16
Total Debt/Capital (%)	14.58	13.53	35.15	27.44	20.43	47.49	19.01	41.1	22.36	11.72	9.63	26.24	5.74	- -	16.6
Total Debt/Total Assets (%)	1.59	1.5	5.57	3.95	2.68	9.11	2.37	7.61	3.44	1.47	1.14	4.28	0.77	- -	2.64
CFO/Total Liabilities	1.96	1.83	2.21	1.76	1.65	1.61	1.83	2.41	2.3	1.69	1.94	2.89	1.94	1.71	1.84
CFO/CapEx	7.72	17.45	8.39	8.28	6.08	6.33	8.06	13.17	12.51	15.25	18.45	35.13	19.03	11.87	10.33
Altman's Z-Score	0.22	0.22	0.27	0.28	0.28	0.32	0.32	0.3	0.35	0.32	0.37	0.37	0.36	0.37	0.34

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	11.84	11.99	13.54	14.64	14.33	13.54	12.7	12.29	12.27	11.59	12.23	10.72	8.51	8.67	9.37
Days Sales Outstanding	30.83	30.44	26.95	24.93	25.48	26.95	28.74	29.71	29.75	31.48	29.84	34.05	42.88	42.08	38.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	419	422	641	719	775	1,187	1,221	1,016	1,252	1,365	2,042	1,863	1,668	1,766	1,466
- Cash & Cash Equivalents	105	232	63	91	81	167	176	217	99	250	683	130	152	168	141
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	46	46	177	136	101	391	111	371	170	86	75	275	50	- -	184
Enterprise Value	-107	-231	286	288	317	906	617	584	715	465	35	822	515	606	1,055
Total Capital	315	340	503	496	494	823	584	903	760	730	779	1,048	871	866	1,110
Total Debt/Capital (%)	14.58	13.53	35.15	27.44	20.43	47.49	19.01	41.1	22.36	11.72	9.63	26.24	5.74	- -	16.6
Total Debt / EV	-0.43	-0.2	0.62	0.47	0.32	0.43	0.18	0.64	0.24	0.18	2.15	0.33	0.1	- -	0.17
EV/Sales	- -	- -	2.48	2.28	2.44	6.33	3.77	3.21	3.77	2.35	0.16	3.36	2.09	2.39	3.92
EV/EBITDA	- -	- -	78.89	73.21	73.54	187.74	107.98	94.87	110.64	68.31	4.17	121.3	83.42	101.79	176.4
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	4.54	5.3	5.68	14.57	7.99	5.56	7.14	5.34	0.31	4.85	4.52	5.91	9.18
EV/Free Cash Flow to Firm	- -	- -	4.06	4.73	4.88	12.58	7.11	5.17	6.61	5.01	0.29	4.72	4.29	5.45	8.37
Diluted Market Cap	422	426	649	729	785	1,206	1,244	1,033	1,260	1,370	2,053	1,876	1,676	1,772	1,472
Diluted Enterprise Value	364	240	763	775	805	1,430	1,179	1,187	1,331	1,206	1,445	2,021	1,574	1,604	1,515
EV per Share	- -	- -	11.6	11.62	12.72	36.17	24.52	23.1	27.92	18.28	1.37	32.2	20.11	23.6	41.05
TTM Sales	111	108	116	126	130	143	164	182	190	198	223	245	247	254	269
TTM EBITDA	3	4	4	4	4	5	6	6	6	7	8	7	6	6	6
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	51	51	63	54	56	62	77	105	100	87	114	169	114	102	115
TTM Free Cash Flow to Firm	58	53	70	61	65	72	87	113	108	93	120	174	120	111	126

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	7.27	7.96	9.21	11.97	12.08	16.74	14.33	9.15	11.67	14.74	17.12	10.77	13.97	15.95	11.68
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-107	-231	286	288	317	906	617	584	715	465	35	822	515	606	1,055
Low Price	12.93	15.65	15.95	23.31	24.95	26.53	39.68	37.79	39.78	30.49	53.03	64.05	43.05	57.45	50
EV/Sales	- -	- -	2.48	2.28	2.44	6.33	3.77	3.21	3.77	2.35	0.16	3.36	2.09	2.39	3.92
EV/EBITDA	- -	- -	78.89	73.21	73.54	187.74	107.98	94.87	110.64	68.31	4.17	121.3	83.42	101.79	176.4
Price/Earnings	13.68	11.92	16.5	16.41	16.71	22.78	21.3	12.63	14.38	16.18	21.33	17.94	17.79	18.89	14.18
Price/Earnings Average	11.82	11.98	12.77	14.52	15.22	16.33	20.13	14.85	13.44	13.63	17.92	18.58	15.62	17.86	15.4
Price/Earnings High	13.99	13.29	16.64	16.66	17.74	23.51	23.03	16.28	14.7	17	21.49	21.08	21.05	21.59	17.84
Price/Earnings Low	10.25	10.83	10.12	13.2	13.41	12.76	17.43	11.88	11.69	9.21	14.11	15.75	11.76	15.78	12.43
Price/Book Value	1.56	1.44	1.96	2	1.97	2.75	2.58	1.91	2.12	2.12	2.9	2.41	2.03	2.04	1.58
Price/Book Value Average	1.35	1.44	1.52	1.77	1.8	1.97	2.44	2.25	1.98	1.79	2.44	2.5	1.79	1.93	1.72
Price/Book Value High	1.59	1.6	1.98	2.03	2.09	2.83	2.79	2.46	2.17	2.23	2.92	2.83	2.41	2.33	1.99
Price/Book Value Low	1.17	1.3	1.2	1.61	1.58	1.54	2.11	1.8	1.72	1.21	1.92	2.11	1.34	1.7	1.39
Price/Tangible Book Value	1.56	1.44	2.02	2.02	2	2.81	2.63	1.97	2.11	2.09	2.92	3.3	2.59	2.6	1.93
Price/Tangible Book Value Average	1.35	1.45	1.56	1.79	1.82	2.02	2.49	2.31	1.97	1.76	2.45	3.42	2.27	2.46	2.1
Price/Tangible Book Value High	1.6	1.61	2.04	2.05	2.12	2.9	2.85	2.53	2.16	2.2	2.94	3.88	3.06	2.97	2.43
Price/Tangible Book Value Low	1.17	1.31	1.24	1.62	1.6	1.57	2.15	1.85	1.72	1.19	1.93	2.9	1.71	2.17	1.7
Price/Sales	3.79	3.89	5.55	5.7	5.97	8.29	7.46	5.58	6.6	6.89	9.16	7.61	6.76	6.96	5.45
Price/Sales Average	3.28	3.91	4.29	5.04	5.44	5.94	7.05	6.57	6.17	5.81	7.7	7.88	5.93	6.59	5.92
Price/Sales High	3.88	4.34	5.59	5.78	6.33	8.55	8.07	7.2	6.75	7.24	9.24	8.94	7.99	7.96	6.85
Price/Sales Low	2.84	3.53	3.4	4.58	4.79	4.64	6.1	5.25	5.37	3.92	6.06	6.68	4.46	5.82	4.77
Price/Cash Flow	8.16	8.34	10.18	13.22	13.89	19.08	15.81	9.67	12.52	15.64	17.95	11	14.64	17.23	12.76
Price/Cash Flow Average	7.05	8.38	7.88	11.7	12.65	13.68	14.94	11.38	11.7	13.18	15.08	11.39	12.85	16.29	13.85
Price/Cash Flow High	8.35	9.3	10.26	13.42	14.74	19.69	17.09	12.47	12.79	16.43	18.09	12.92	17.31	19.69	16.05
Price/Cash Flow Low	6.11	7.57	6.25	10.63	11.15	10.69	12.94	9.1	10.18	8.9	11.87	9.66	9.67	14.39	11.18
Price/Free Cash Flow Average	6.29	8	7.12	10.59	11.01	12	13.55	10.76	10.9	12.42	14.38	11.16	12.26	15.08	12.69
Price/Free Cash Flow High	7.44	8.88	9.28	12.16	12.82	17.28	15.5	11.79	11.92	15.49	17.25	12.65	16.52	18.23	14.69
Price/Free Cash Flow Low	5.45	7.23	5.65	9.63	9.7	9.38	11.73	8.61	9.48	8.39	11.33	9.46	9.23	13.32	10.24
EV/Sales Average	2.75	2.19	5.28	5.4	5.59	7.5	6.65	7.41	6.54	4.98	4.97	8.47	5.52	5.92	6.08
EV/Sales High	3.35	2.62	6.58	6.14	6.49	10.12	7.67	8.04	7.12	6.41	6.51	9.53	7.58	7.3	7.01
EV/Sales Low	2.31	1.82	4.39	4.94	4.95	6.2	5.71	6.1	5.74	3.09	3.33	7.27	4.05	5.16	4.93
EV/EBITDA Average	103.87	66.62	168.25	173.1	168.46	222.58	190.48	218.99	192.14	144.57	132	306.02	220.77	252.21	273.43
EV/EBITDA High	126.58	79.61	209.69	196.9	195.48	300.09	219.5	237.62	209.06	186.24	172.83	344.23	303.2	310.82	315.58
EV/EBITDA Low	87.38	55.19	139.91	158.35	148.99	184.07	163.35	180.24	168.57	89.85	88.57	262.64	162.08	219.55	222.04
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	17.25	17.23	26	28.98	31.08	47.36	48.49	40.16	48.93	53.58	80.14	72.97	65.16	68.76	57.06
High Price	17.65	19.21	26.21	29.43	32.99	48.88	52.43	51.76	50	56.28	80.77	85.71	77.07	78.61	71.77
Enterprise Value Average	304	238	610	682	726	1,074	1,089	1,348	1,241	985	1,107	2,074	1,363	1,501	1,635
Enterprise Value High	370	284	760	775	843	1,449	1,255	1,463	1,350	1,269	1,450	2,333	1,872	1,850	1,887
Enterprise Value Low	256	197	507	624	642	889	934	1,110	1,089	612	743	1,780	1,001	1,307	1,327

Shares Outstanding	24	24	25	25	25	25	25	25	25	25	25	25	25	26	25
Diluted Weighted Avg Shares	24	25	25	25	25	25	26	26	26	26	26	26	26	26	26
Basic Weighted Avg Shares	24	24	25	25	25	25	25	25	26	25	25	26	26	26	26
Revenue per Share	4.55	4.43	4.69	5.09	5.21	5.72	6.5	7.19	7.41	7.77	8.75	9.59	9.64	9.87	10.47
EBITDA per Share	0.12	0.15	0.15	0.16	0.17	0.19	0.23	0.24	0.25	0.27	0.33	0.27	0.24	0.23	0.23
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.26	1.45	1.58	1.77	1.86	2.08	2.28	3.18	3.4	3.31	3.76	4.07	3.66	3.64	4.02
Basic EPS from Cont Ops	1.26	1.45	1.58	1.77	1.86	2.08	2.28	3.18	3.4	3.31	3.76	4.07	3.66	3.64	4.02
Diluted EPS, GAAP	1.25	1.43	1.56	1.74	1.84	2.05	2.23	3.13	3.38	3.3	3.74	4.04	3.65	3.63	4.01
Diluted EPS from Cont Ops	1.25	1.43	1.56	1.74	1.84	2.05	2.23	3.13	3.38	3.3	3.74	4.04	3.65	3.63	4.01
Dividend per Share	0.41	0.56	0.38	0.55	0.63	0.73	0.85	1	1.16	1.2	1.36	1.6	1.84	1.92	2
Cash Flow per Share	2.11	2.07	2.55	2.19	2.24	2.48	3.07	4.15	3.91	3.42	4.47	6.63	4.45	3.99	4.47
Free Cash Flow per Basic Share	1.84	1.95	2.25	1.93	1.87	2.09	2.69	3.84	3.6	3.2	4.22	6.44	4.22	3.66	4.04
Cash & Equivalents per Share	23.53	28.56	21.58	22.84	22.42	26.8	28.38	31.73	27.65	38.67	81.72	51.54	47.01	45.16	23.18
Book Value per Share	11.08	11.99	13.24	14.49	15.77	17.25	18.77	21.02	23.06	25.28	27.62	30.28	32.04	33.73	36.02
Tangible Book Value per Share	11.03	11.96	12.86	14.37	15.56	16.85	18.41	20.43	23.18	25.61	27.47	22.09	25.18	26.44	29.49

Lakeland Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)