Lake City Bank (LKFN) 2023年年度报告「NASDAQ」.pdf

1、LAKELAND FINANCIAL CORPORATIONAnnual Report2023 ANNUAL REPORT23Letter to ShareholdersDavid M.FindlayChairman and Chief Executive Officer Lake City Bank Shareholders,Clients and Community Partners:2023 created many dynamic and unexpected challenges for the Lake City Bank team,and once again,they answ

2、ered the call.After raising the target Fed Funds rate by 525 basis points in 11 rate actions in 2022 and 2023,the banking industry faced an unprecedented interest rate environment that created net interest margin challenges for the entire sector.In addition,the high-profile bank failures of 2023 had

3、 a significant impact on the industry.The combination of the interest rate environment and the bank failures created a dramatic and unprecedented increase in the banking industrys cost of deposits.Proudly,we moved through these events with our solid balance sheet only getting stronger and with an en

4、couraging outlook for our future.The exceptional strength of our capital structure and our extensive liquidity access provided a stable foundation to navigate the pressures of 2023.We view our fortress balance sheet as critical to our ability to fuel the economic growth and expansion of our Indiana

5、communities.Across the board,our capital ratios significantly exceed the regulatory thresholds that define a well-capitalized financial institution and we will continue to focus on creating quality growth to further build capital.Over the past 32 years,our successful organic growth strategy has incr

6、eased tangible book value per share by an unparalleled compounded annual growth rate of 10%.This track record reflects our consistent operating performance and strong financial results over a very long period of time.The greatest driver of our ability to continue our organic growth strategy is the m