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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _____________

Commission File Number: 0-11487

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, No par value

LKFN

NASDAQ

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filer ☒   Accelerated filer ☐   Non-accelerated filer ☐

Smaller reporting company ☐    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock outstanding at October 22, 2021:  25,299,178

TABLE OF CONTENTS

						Page
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Consolidated Balance Sheets — September 30, 2021 and December 31, 2020			1
			Consolidated Statements of Income — three months and nine months ended September 30, 2021 and 2020			2
			Consolidated Statements of Comprehensive Income — three months and nine months ended September 30, 2021 and 2020			3
			Consolidated Statements of Changes in Stockholders’ Equity — three months and nine months ended September 30, 2021 and 2020			4
			Consolidated Statements of Cash Flows — nine months ended September 30, 2021 and 2020			6
			Notes to the Consolidated Financial Statements			7
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			36
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			56
Item 4.			Controls and Procedures			57
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			58
Item 1A.			Risk Factors			58
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			58
Item 3.			Defaults Upon Senior Securities			58
Item 4.			Mine Safety Disclosures			58
Item 5.			Other Information			58
Item 6.			Exhibits			59
SIGNATURES						60

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

			September 30, 2021						December 31, 2020
			(Unaudited)
ASSETS
Cash and due from banks			$	78,523					$	74,457
Short-term investments			478,710						175,470
Total cash and cash equivalents			557,233						249,927
Securities available-for-sale (carried at fair value)			1,239,715						734,845
Real estate mortgage loans held-for-sale			7,969						11,218
Loans, net of allowance for credit losses* of $73,048 and $61,408			4,166,405						4,587,748
Land, premises and equipment, net			59,998						59,298
Bank owned life insurance			97,224						95,227
Federal Reserve and Federal Home Loan Bank stock			13,772						13,772
Accrued interest receivable			17,780						18,761
Goodwill			4,970						4,970
Other assets			57,850						54,669
Total assets			$	6,222,916					$	5,830,435
LIABILITIES
Noninterest bearing deposits			$	1,762,021					$	1,538,331
Interest bearing deposits			3,652,617						3,498,474
Total deposits			5,414,638						5,036,805
Borrowings
Federal Home Loan Bank advances			75,000						75,000
Miscellaneous borrowings			0						10,500
Total borrowings			75,000						85,500
Accrued interest payable			2,916						5,959
Other liabilities			47,160						44,987
Total liabilities			5,539,714						5,173,251
STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,775,133 shares issued and 25,299,178 outstanding as of September 30, 2021
25,713,408 shares issued and 25,239,748 outstanding as of December 31, 2020			119,625						114,927
Retained earnings			567,518						529,005
Accumulated other comprehensive income			10,932						27,744
Treasury stock at cost (475,955 shares as of September 30, 2021, 473,660 shares as of December 31, 2020)			(14,962)						(14,581)
Total stockholders’ equity			683,113						657,095
Noncontrolling interest			89						89
Total equity			683,202						657,184
Total liabilities and equity			$	6,222,916					$	5,830,435

*    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 accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)

*    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 accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

*    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 accompanying notes are an integral part of these consolidated financial statements.