1. Name and Address of Reporting Person
Ludwig, Allan J.
55755 County Road 27
Bristol, IN 46507
2. Issuer Name and Ticker or Trading Symbol
Lakeland Financial Corporation (LKFN)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Day/Year
04/28/2003 R1
5. If Amendment, Date of Original (Month/Day/Year)
04/29/2003
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner
( ) Officer (give title below) ( ) Other (specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
+------------------------------+----------+----------+---------+--------------------------+--------------+-----------+------------+
|1. Title of Security |2. Trans- |2A.Execu- |3. Trans-|4. Securities Acquired (A)|5. Amount of |6. Owner- |7. Nature |
| | action | action | action| or Disposed of (D) |Securities | ship | of In- |
| | Date | Date | Code | |Beneficially | Form: | direct |
| | | | | |Owned | Direct | Bene- |
| | (Month/ | (Month/ | | |Following | (D) or | ficial |
| | Day/ | Day/ +-----+---+-----------+---+----------+Reported | Indirect| Owner- |
| | Year) | Year) |Code |V |Amount |A/D|Price |Transaction(s)| (I) | ship |
+------------------------------+----------+----------+-----+---+-----------+---+----------+--------------+-----------+------------+
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
+----------+--------+-------+-------+---------+-----------+---------------------+----------------+----------+-------+-------+------+
|1. |2. |3. |3A. |4. |5. |6. |7. |8. |9. |10. |11. |
| | | | | | | | | |Number |Owner- | |
| | | | | | | | | |of |ship | |
| | | | | | | | | |Deriv- |Form of| |
| | | | | | | |Title and Amount| |ative |Deriv- | |
| | | | | | | |of Underlying | |Secur- |ative |Nature|
| |Conver- |Trans- |Execu- | |Number of | |Securities | |ities |Secur- |of |
| |sion or |action |tion | |Derivative |Date Exercisable +-------+--------+ |Benefi-|ity: |In- |
| |Exercise|Date |Date | |Securities |and Expiration Date | |Amount | |cially |Direct |direct|
| |Price of| | |Transac- |Acquired(A)|(Month/Day/Year) | |or | |Owned |(D) or |Bene- |
|Title of |Deriv- |(Month/|(Month/|tion Code|Disposed(D)+----------+----------+ |Number |Price of | |In- |ficial|
|Derivative|ative | Day/ | Day/ +------+--+-----+-----+Date Exer-|Expira- | |of |Derivative| |direct |Owner-|
|Security |Security|Year) |Year) |Code |V |(A) |(D) |cisable |tion Date |Title |Shares |Security | |(I) |ship |
+----------+--------+-------+-------+------+--+-----+-----+----------+----------+-------+--------+----------+-------+-------+------+
Stock $13.5 06/13/2010 Common 500 D
Options Stock
(Right to
buy)
Stock $13.625 01/09/2011 Common 1000 D
Options Stock
(Right to
buy)
Stock $15.125 02/08/2010 Common 600 D
Options Stock
(Right to
buy)
Stock $19.4375 02/09/2009 Common 575 D
Options Stock
(Right to
buy)
Stock $28 05/10/2008 Common 925 D
Options Stock
(Right to
buy)
Phantom $0 01/01/2003 Common 4112.1 D
Stock Stock
Phantom $0 01/07/2013 Common 280.5 D
Stock Stock
Phantom $0 01/28/2013 Common 31.7 D
Stock Stock
Phantom $0F1 04/28/2 A 31.7 04/28/2003 04/28/2013 Common 31.7 $26.4700 31.7 D
Stock 003 F2 F3 Stock
Explanation of Responses:
Each phantom stock unit exersises into 1 share of Common Stock.
Phantom stock is exercisable after the directors' retirement as a Board member.
Phantom shares expire after the directors' retirement as a Board member.
SIGNATURE OF REPORTING PERSON
/s/ Teresa A. Bartman,Attorney-in-fact
DATE
04/29/2003