Form 8-K

8-K — LAKELAND FINANCIAL CORP

Accession: 0000721994-26-000050

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0000721994

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lkfn-20260427.htm (Primary)

EX-99.1 (lkfn-20260427exhibit991.htm)

GRAPHIC (lakelandlogoa.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lkfn-20260427.htm · Sequence: 1

lkfn-20260427

0000721994FALSE00007219942026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 27, 2026

LAKELAND FINANCIAL CORPORATION

(Exact name of Registrant as specified in its charter)

Indiana 0-11487 35-1559596

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

202 East Center Street,

Warsaw , Indiana 46580

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (574) 267-6144

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, no par value LKFN The Nasdaq Stock Market, LLC

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (s230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s240.12b-2 of this chapter).

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

On April 27, 2026, Lakeland Financial Corporation (the “Company”) issued a press release announcing its earnings for the three months ended March 31, 2026. The press release is furnished herewith as Exhibit 99.1.

The disclosure in this Item 2.02 and the related exhibit under Item 9.01 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The disclosure in this Item 2.02 and the related exhibit under Item 9.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

99.1 Press Release dated April 27, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LAKELAND FINANCIAL CORPORATION

Dated: April 27, 2026

By: /s/ Lisa M. O’Neill

Lisa M. O’Neill

Executive Vice President

and Chief Financial Officer

EX-99.1

Filename: lkfn-20260427exhibit991.htm · Sequence: 2

Document

Exhibit 99.1

NEWS FROM LAKELAND FINANCIAL CORPORATION

FOR IMMEDIATE RELEASE

Contact

Lisa M. O’Neill

Executive Vice President and Chief Financial Officer

(574) 267-9125

lisa.oneill@lakecitybank.com

Lakeland Financial Reports Record First Quarter Performance; Loan Growth of 5% and Revenue Growth of 9% Contribute to 32% Increase in Net Income to $26.5 Million

Warsaw, Indiana (April 27, 2026) – Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record first quarter net income of $26.5 million for the three months ended March 31, 2026, which represents an increase of $6.4 million, or 32%, compared to net income of $20.1 million for the three months ended March 31, 2025. Diluted earnings per share of $1.04 for the first quarter of 2026 also represents a record first quarter performance and increased $0.26, or 33%, compared to $0.78 for the first quarter of 2025. On a linked quarter basis, net income decreased $3.4 million, or 11%, from $29.9 million. Diluted earnings per share decreased $0.12, or 10%, from $1.16 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $34.6 million for the three months ended March 31, 2026, an increase of $3.5 million, or 11%, compared to $31.0 million for the three months ended March 31, 2025. On a linked quarter basis, pretax pre-provision earnings declined by $1.8 million, or 5%, from $36.4 million.

"We started 2026 with robust, record net income for the second consecutive quarter and high single-digit revenue growth on a year-over-year basis," noted David M. Findlay, Chairman and CEO. "Our record profitability in the first quarter was driven by healthy loan growth, strong net interest margin expansion, and across-the-board growth in fee based revenue. We entered 2026 with a focus of expanding existing client relationships and increasing market share growth opportunities and the Lake City Bank team delivered great results on the revenue generating front. It was a terrific start to 2026."

Quarterly Financial Performance

First Quarter 2026 versus First Quarter 2025 highlights:

•Return on average equity improved to 13.89%, compared to 11.70%

•Return on average assets improved to 1.52%, compared to 1.20%

•Tangible book value per share grew by $2.84, or 11%, to $29.69

•Average loans grew by $255.0 million, or 5%, to $5.44 billion

•Average deposits grew by $180.8 million, or 3%, to $6.06 billion

•Net interest margin improved 9 basis points to 3.49% versus 3.40%

•Net interest income increased by $3.9 million, or 7%

•Noninterest income increased by $2.0 million, or 18%

•Watch list loans as a percentage of total loans improved to 3.33% from 4.13%

•Nonaccrual loans declined to $20.9 million, compared to $57.4 million

•Common dividend per share increased to $0.52, or 4%, compared to $0.50

•Repurchased 336,853 shares at a weighted average per share price of $56.99, compared to zero shares

•Common equity tier 1 capital ratio of 14.45%, compared to 14.51%

•Total risk-based capital ratio of 15.58%, compared to 15.77%

•Tangible capital ratio improved to 10.53%, compared to 10.09%

•Tangible common equity improved by $54.5 million, or 8%

First Quarter 2026 versus Fourth Quarter 2025 highlights:

•Return on average equity of 13.89%, compared to 15.59%

•Return on average assets of 1.52%, compared to 1.70%

•Average loans improved by $169.2 million, or 3%, to $5.44 billion

•Net interest margin improved by 1 basis point to 3.49% versus 3.48%

•Noninterest income increased by $330,000, or 3%

•Watch list loans as a percentage of total loans improved to 3.33% from 3.42%

•Repurchased 336,853 shares at a weighted average per share price of $56.99, compared to 307,590 shares at $58.23

•Common equity tier 1 capital ratio decreased to 14.45%, compared to 14.77%

•Total risk-based capital ratio decreased to 15.58%, compared to 15.92%

•Tangible capital ratio decreased to 10.53%, compared to 10.86%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets was 15.58% at March 31, 2026, compared to 15.77% at March 31, 2025 and 15.92% at December 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as "well capitalized" and reflect the company's robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, was 10.53% at March 31, 2026, compared to 10.09% at March 31, 2025 and 10.86% at December 31, 2025. Unrealized losses from available-for-sale investment securities were $154.5 million at March 31, 2026, compared to $188.3 million at March 31, 2025 and $143.3 million at December 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.20% at March 31, 2026, compared to 12.19% at March 31, 2025, and 12.45% at December 31, 2025.

The company utilized its share repurchase program to repurchase 336,853 shares of its common stock at a weighted average price per share of $56.99 during the first quarter of 2026. The aggregate purchase price of these repurchases was $19.2 million. The current program, as amended on March 5, 2026, authorizes the company to repurchase up to $60.0 million in aggregate purchase price of the company's common stock through April 30, 2027. The company has repurchased a total of 674,743 shares at a weighted average purchase price of $57.51 under the current program and has $21.2 million in remaining repurchase authority as of March 31, 2026.

As announced on April 14, 2026, the board of directors approved a cash dividend for the first quarter of $0.52 per share, payable on May 5, 2026, to shareholders of record as of April 25, 2026. The first quarter dividend per share represents a 4% increase from the $0.50 dividend per share paid for the first quarter of 2025.

Kristin L. Pruitt, President, commented, "We continue to operate with strong levels of capital to support our organic loan growth strategy and cash dividend return to shareholders, which increased by 4% in 2026. In addition, we opportunistically repurchased 3% of our year-end outstanding common stock during the last two quarters, reflecting our confidence in our continued ability to generate future shareholder value."

Net Interest Margin

Net interest margin was 3.49% for the first quarter of 2026, representing a 9 basis point increase from 3.40% for the first quarter of 2025. This improvement was driven by a reduction in the company's funding costs, with interest expense as a percentage of average earning assets falling by 25 basis points from 2.37% for the first quarter of 2025 to 2.12% for the first quarter of 2026. Offsetting the decrease in funding costs was a decrease to earning asset yields of 16 basis points from 5.77% for the first quarter of 2025 to 5.61% for the first quarter of 2026. The easing of monetary policy by the Federal Reserve Bank through the duration of 2025 favorably impacted net interest margin as the reduction in deposit pricing outpaced the decline in earning asset yields. The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 33% compared to the deposit beta of 47% during this period and has resulted in net interest margin expansion that has benefited net interest income.

Net interest margin expanded by 1 basis point to 3.49% for the first quarter of 2026, compared to 3.48% for the linked fourth quarter of 2025. Average earning asset yields decreased by 7 basis points from 5.68% to 5.61% on a linked quarter basis and

interest expense as a percentage of average earning assets decreased 8 basis points from 2.20% to 2.12%. The linked fourth quarter cost of funds was impacted by seasonal public funds deposits in higher priced deposit products.

Net interest income was $56.8 million for the first quarter of 2026, representing an increase of $3.9 million, or 7%, as compared to the first quarter of 2025. On a linked quarter basis, net interest income decreased $420,000, or 1%, from $57.2 million for the fourth quarter of 2025.

"We are pleased to report 3.49% net interest margin for the first quarter of 2026, which reflects margin expansion of 9 basis points as compared to the first quarter of 2025. Our cost of deposits has repriced quicker than loans following the three rate cuts by the Federal Reserve Bank in September, November and December of 2025 totaling 75 basis points," stated Lisa M. O'Neill, Executive Vice President and Chief Financial Officer. "We believe that our neutral interest rate position provides flexibility in the current interest rate environment."

Loan Portfolio

Average total loans of $5.44 billion in the first quarter of 2026 increased $255.0 million, or 5%, from $5.19 billion for the first quarter of 2025, and increased $169.2 million, or 3%, from $5.27 billion for the fourth quarter of 2025.

Total loans, net of deferred loan fees, increased by $250.3 million, or 5%, from $5.23 billion as of March 31, 2025, to $5.48 billion as of March 31, 2026. The growth in loans was driven by increases in both the commercial and consumer segments of the portfolio, with increases to commercial real estate and multi-family residential loans of $119.5 million, or 5%, commercial and industrial loan portfolio of $55.2 million, or 4%, consumer 1-4 family mortgage loans of $70.6 million, or 14%, and other consumer loans of $13.9 million, or 14%. Agri-business and agricultural loans declined $9.7 million, or 3%, due to seasonal fluctuations inherent in the portfolio. On a linked quarter basis, total loans increased by $98.0 million, or 2%, from $5.38 billion at December 31, 2025. The linked quarter increase was driven by growth in both the commercial and consumer segments of the portfolio, with increases to commercial real estate and multi-family residential loans of $73.8 million, or 3%, total commercial and industrial loans of $25.1 million, or 2%, and consumer 1-4 family mortgage loans of $33.6 million, or 6%. Agri-business and agricultural loans declined by $32.8 million, or 8%.

Commercial loan originations for the first quarter were approximately $478.0 million and were offset by approximately $414.0 million in loan pay downs. Line of credit usage increased to 45% as of March 31, 2026, from 43% at March 31, 2025, and 44% at December 31, 2025. Total available lines of credit expanded by $186.0 million, or 4%, as compared to a year ago, and line usage increased by $180.0 million, or 9%, over that period.

"We continued to experience healthy organic loan growth and are laser-focused on our strategy to increase market share in our commercial banking business," commented Findlay. "The growth in our commercial and consumer loan portfolios reflects our continued investment in human capital with additional bankers and physical capital with strategic branch expansion in our footprint. We are encouraged that commercial line utilization continues to grow and has reached 45% in the quarter. We are also encouraged by the commercial loan pipeline as we move into the second quarter. The double-digit loan growth generated by our consumer lending teams is also contributing to our overall loan growth."

Diversified Deposit Base

The bank's diversified deposit base has grown on a year-over-year basis and core deposits, which exclude brokered deposits, represented 94% of total deposits.

(in thousands) March 31, 2026 December 31, 2025 March 31, 2025

Retail $ 1,800,420 29.1 % $ 1,763,452 29.5 % $ 1,787,992 30.0 %

Commercial 2,136,404 34.5 2,179,999 36.5 2,336,910 39.2

Public funds 1,877,855 30.3 1,979,327 33.2 1,709,883 28.7

Core deposits 5,814,679 93.9 5,922,778 99.2 5,834,785 97.9

Brokered deposits 375,581 6.1 50,572 0.8 125,409 2.1

Total $ 6,190,260 100.0 % $ 5,973,350 100.0 % $ 5,960,194 100.0 %

Total deposits increased $230.1 million, or 4%, from $5.96 billion as of March 31, 2025, to $6.19 billion as of March 31, 2026. The increase in total deposits was driven by an increase in brokered deposits of $250.2 million, or 199%. Core deposits decreased by $20.1 million, or less than 1%. Public funds deposits grew annually by $168.0 million, or 10%, to $1.88 billion. Public funds deposits as a percentage of total deposits were 30%, up from 29% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Retail deposits expanded by $12.4 million, or 1%, to $1.80 billion. Commercial deposits contracted by $200.5 million, or 9%, to $2.14 billion.

On a linked quarter basis, total deposits increased $216.9 million, or 4%, from $5.97 billion at December 31, 2025, to $6.19 billion at March 31, 2026. Core deposits decreased by $108.1 million, or 2%, while brokered deposits increased by $325.0 million. The linked quarter reduction in core deposits was driven primarily by a seasonal reduction in public funds of $101.5 million, or 5%. Additionally, commercial deposits decreased by $43.6 million, or 2%. Retail deposits grew by $37.0 million, or 2%.

Average total deposits were $6.06 billion for the first quarter of 2026, an increase of $180.8 million, or 3%, from $5.87 billion for the first quarter of 2025. Average interest-bearing deposits drove the increase in average total deposits and increased by $204.6 million, or 4%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $200.2 million, or 6%. Average noninterest-bearing demand deposits decreased by $23.8 million, or 2%, to $1.23 billion.

On a linked quarter basis, average total deposits decreased by $100.0 million, or 2%, from $6.16 billion for the fourth quarter of 2025 to $6.06 billion for the first quarter of 2026. Average interest-bearing deposits drove the decrease in total average deposits, which declined by $62.5 million, or 1%. Interest bearing checking accounts declined by $163.5 million, or 4%, and were offset by growth in total average time deposits of $94.0 million, or 12%. Average noninterest bearing demand deposits decreased by $37.5 million, or 3%.

Checking account growth as of March 31, 2026, compared to March 31, 2025, includes growth of $259.1 million, or 17%, in aggregate public fund checking account balances and growth of $6.2 million, or 1%, in aggregate retail checking account balances. Aggregate commercial checking account balances declined by $239.7 million, or 11%. The number of accounts grew for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts.

"Our deposit base continues to be well-diversified and stable, with core deposits representing 94% of total deposits. Our strong loan growth during the quarter outpaced deposit growth and resulted in increased utilization of brokered funding currently at 6% of total deposits," noted O'Neill. "While we did experience some one-time commercial outflows during the quarter, our checking accounts for all three segments continue to grow annually. Core deposit growth is a focus for Lake City Bank and a driver of our continued branch expansion initiatives in our Indiana footprint."

Asset Quality

The company recorded a provision for credit losses of $2.0 million in the first quarter of 2026, compared to $6.8 million in the first quarter of 2025 and none for the linked fourth quarter of 2025.

The allowance for credit loss reserve to total loans was 1.26% at March 31, 2026, down from 1.77% at March 31, 2025, and 1.28% at December 31, 2025. The decrease in allowance coverage compared to the prior year was primarily driven by the previously disclosed commercial net charge off in 2025. The company recorded net charge offs of $2.1 million in the first quarter of 2026, compared to net charge offs of $327,000 in the first quarter of 2025 and net recoveries of $827,000 during the linked fourth quarter of 2025. Annualized net charge offs (recoveries) to average loans were 0.16% for the first quarter of 2026, compared to 0.03% for the first quarter of 2025 and (0.06)% for the linked fourth quarter of 2025.

Nonperforming assets decreased by $36.9 million, or 64%, to $20.9 million as of March 31, 2026, versus $57.9 million as of March 31, 2025. On a linked quarter basis, nonperforming assets were unchanged. The ratio of nonperforming assets to total assets at March 31, 2026, decreased to 0.30% from 0.84% at March 31, 2025. The ratio was unchanged at 0.30% when compared to December 31, 2025.

Total individually analyzed and watch list loans decreased by $33.3 million, or 15%, to $182.3 million as of March 31, 2026, versus $215.6 million as of March 31, 2025. On a linked quarter basis, total individually analyzed and watch list loans decreased by $1.7 million, or 1%, from $184.0 million at December 31, 2025. Watch list loans as a percentage of total loans were 3.33% at March 31, 2026, an 80 basis point decrease compared to 4.13% at March 31, 2025, and a 9 basis point decrease compared to 3.42% at December 31, 2025.

"We are pleased to report continued stable asset quality at Lake City Bank, commented Findlay. "Watch list loans have declined since year end and our asset quality metrics reflect our confidence in the strength of the portfolio. Our borrowers continue to manage through the uncertainty of the current economic environment, and we are encouraged by overall portfolio performance."

Investment Portfolio Overview

Total investment securities were $1.16 billion at March 31, 2026, reflecting an increase of $27.8 million, or 2%, as compared to $1.13 billion at March 31, 2025. Investment securities represented 16% of total assets on March 31, 2026, down from 17% at March 31, 2025, and December 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $88.2 million during the remainder of 2026 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at March 31, 2026, compared to 5.9 years at March 31, 2025, and December 31, 2025.

Noninterest Income

The company’s noninterest income increased $2.0 million, or 18%, to $12.9 million for the first quarter of 2026, compared to $10.9 million for the first quarter of 2025. Loan and service fees income increased $323,000, or 11%, driven by increased commercial loan fees. Wealth advisory fees increased $196,000, or 7%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 16%, due to increased volume and commissions on product mix. Bank owned life insurance income increased $654,000, or 203%, from improved market performance of the bank's variable owned life insurance policies, which reflect returns in the equity markets, as well as incremental income from policies purchased in 2025. Interest rate swap fee income was $701,000 for the first quarter of 2026, which is borrower and market driven. Offsetting these increases was a decrease to other income of $128,000, or 15%, primarily driven by reduced limited partnership investment income.

Noninterest income for the first quarter of 2026 increased by $330,000, or 3%, on a linked quarter basis from $12.6 million during the fourth quarter of 2025. Loan and service fee income increased $222,000, or 7%, and wealth advisory fees increased $87,000, or 3%. Interest rate swap fee income increased $638,000. Offsetting these increases was a decrease in bank owned life insurance of $351,000, or 26%, from reduced general account income, due to the timing of when annual insurance costs are charged against certain policies.

"Noninterest income was 18% higher in the first quarter of 2026 as compared to 2025, and importantly, our fee-based revenue for the first quarter improved by 7% as compared to 2025," added Findlay. "We are pleased with the contribution of noninterest income to total revenue growth and it reflects the impact of our growing customer base in commercial, wealth advisory and retail areas of the bank."

Noninterest Expense

Noninterest expense increased $2.4 million, or 7%, to $35.2 million for the first quarter of 2026, compared to $32.8 million during the first quarter of 2025. Salaries and employee benefits expense increased by $2.4 million, or 13%, primarily the result of increased salaries and wages, performance-based incentive pay, and benefits expenses. Deferred variable compensation expense, which is offset by noninterest income recorded from the performance of the company's variable bank owned life insurance policies, contributed further to the increase. Net occupancy expense increased $124,000, or 6%, and equipment costs increased $82,000, or 6%, from the company's continued expansion and reinvestment into its physical branch network. Corporate and business development expense increased $87,000, or 6%, and FDIC insurance and other regulatory fees increased $73,000, or 9%. Offsetting these increases was a decrease in professional fees of $443,000, or 19%, driven by reduced technology implementation fees incurred during the quarter.

On a linked quarter basis, noninterest expense increased by $1.7 million, or 5%, from $33.4 million during the fourth quarter of 2025. Salaries and employee benefits expense increased by $414,000, or 2%. Net occupancy expense and equipment costs increased by $184,000 and $42,000, or 10% and 3%, respectively. Corporate and business development expense increased by $345,000, or 30%, from increased seasonal advertising and other annual corporate expenses. Other expense increased by $383,000, or 16%, primarily from semi-annual board of directors share grants that occur in the first and third quarters each year.

The company’s efficiency ratio was 50.4% for the first quarter of 2026, compared to 51.4% for the first quarter of 2025 and 47.9% for the linked fourth quarter of 2025.

"The growth in noninterest expense during the first quarter of 2026 reflects the continued investment in human capital and branch expansion to continue our organic growth plans," added Findlay. "The majority of our employee additions during the past year have been customer facing, revenue generating team members throughout our footprint with a focus on commercial lending, wealth advisory and private banking teams. We have two new branch locations under development in Indianapolis that will open in late 2026 or early 2027."

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under "LKFN." Lake City Bank, a $7.1 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 55 branch offices and a robust digital banking platform. Lake City Bank's community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "continue," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. The company’s ability to predict results or the actual effect of the company's operating environment or its plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; including any effects resulting from international government conflicts; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are incorporated herein by reference.

LAKELAND FINANCIAL CORPORATION

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

Three Months Ended

(unaudited – dollars in thousands, except per share data) March 31, December 31, March 31,

END OF PERIOD BALANCES 2026 2025 2025

Assets $ 7,083,680 $ 6,990,022 $ 6,851,178

Investments 1,160,608 1,185,270 1,132,854

Loans 5,473,358 5,375,349 5,223,221

Allowance for Credit Losses 68,914 68,995 92,433

Deposits 6,190,260 5,973,350 5,960,194

Brokered Deposits 375,581 50,572 125,409

Core Deposits (1) 5,814,679 5,922,778 5,834,785

Total Equity 748,993 762,492 694,509

Goodwill Net of Deferred Tax Assets 3,803 3,803 3,803

Tangible Common Equity (2) 745,190 758,689 690,706

Adjusted Tangible Common

Equity (2) 880,296 885,298 854,585

AVERAGE BALANCES

Total Assets $ 7,082,213 $ 6,993,954 $ 6,762,970

Earning Assets 6,729,394 6,641,584 6,430,804

Investments 1,190,278 1,175,389 1,136,404

Loans 5,440,876 5,271,687 5,185,918

Total Deposits 6,055,539 6,155,526 5,874,725

Interest Bearing Deposits 4,821,000 4,883,496 4,616,381

Interest Bearing Liabilities 5,004,623 4,893,050 4,716,465

Total Equity 772,946 760,954 696,053

INCOME STATEMENT DATA

Net Interest Income $ 56,773 $ 57,193 $ 52,875

Net Interest Income-Fully Tax Equivalent 57,878 58,307 53,983

Provision for Credit Losses 2,000 0 6,800

Noninterest Income 12,933 12,603 10,928

Noninterest Expense 35,151 33,445 32,763

Net Income 26,478 29,906 20,085

Pretax Pre-Provision Earnings (2) 34,555 36,351 31,040

PER SHARE DATA

Basic Net Income Per Common Share $ 1.04 $ 1.16 $ 0.78

Diluted Net Income Per Common Share 1.04 1.16 0.78

Cash Dividends Declared Per Common Share 0.52 0.50 0.50

Dividend Payout 50.00 % 43.10 % 64.10 %

Book Value Per Common Share (equity per share issued) $ 29.84 $ 30.02 $ 26.99

Tangible Book Value Per Common Share (2) 29.69 29.87 26.85

Market Value – High $ 63.80 $ 65.43 $ 71.77

Market Value – Low 54.36 56.04 58.24

Basic Weighted Average Common Shares Outstanding 25,344,757 25,623,703 25,714,818

Diluted Weighted Average Common Shares Outstanding 25,493,920 25,770,280 25,802,865

Three Months Ended

(unaudited – dollars in thousands, except per share data) March 31, December 31, March 31,

KEY RATIOS 2026 2025 2025

Return on Average Assets 1.52 % 1.70 % 1.20 %

Return on Average Total Equity 13.89 15.59 11.70

Average Equity to Average Assets 10.91 10.88 10.29

Net Interest Margin 3.49 3.48 3.40

Efficiency (Noninterest Expense/Net Interest Income

plus Noninterest Income)

50.43 47.92 51.35

Loans to Deposits 88.42 89.99 87.64

Investment Securities to Total Assets 16.38 16.96 16.54

Tier 1 Leverage (3) 12.20 12.39 12.30

Tier 1 Risk-Based Capital (3) 14.45 14.77 14.51

Common Equity Tier 1 (CET1) (3) 14.45 14.77 14.51

Total Capital (3) 15.58 15.92 15.77

Tangible Capital (2) 10.53 10.86 10.09

Adjusted Tangible Capital (2) 12.20 12.45 12.19

ASSET QUALITY

Loans Past Due 30 - 89 Days $ 7,416 $ 2,320 $ 4,288

Loans Past Due 90 Days or More 7 7 7

Nonaccrual Loans 20,909 20,872 57,392

Nonperforming Loans 20,916 20,879 57,399

Other Real Estate Owned 0 0 284

Other Nonperforming Assets 22 47 193

Total Nonperforming Assets 20,938 20,926 57,876

Individually Analyzed Loans 43,160 43,024 81,346

Non-Individually Analyzed Watch List Loans 139,117 140,997 134,218

Total Individually Analyzed and Watch List Loans 182,277 184,021 215,564

Gross Charge Offs 2,196 221 508

Recoveries 115 1,048 181

Net Charge Offs/(Recoveries) 2,081 (827) 327

Net Charge Offs/(Recoveries) to Average Loans 0.16 % (0.06) % 0.03 %

Credit Loss Reserve to Loans 1.26 1.28 1.77

Credit Loss Reserve to Nonperforming Loans 329.48 330.45 161.04

Nonperforming Loans to Loans 0.38 0.39 1.10

Nonperforming Assets to Assets 0.30 0.30 0.84

Total Individually Analyzed and Watch List Loans to Total Loans 3.33 3.42 4.13

OTHER DATA

Full Time Equivalent Employees 674 669 647

Offices 55 55 54

(1)Core deposits equals deposits less brokered deposits.

(2)Non-GAAP financial measure - see "Reconciliation of Non-GAAP Financial Measures".

(3)Capital ratios for March 31, 2026 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)

March 31,

2026 December 31,

2025

(unaudited)

ASSETS

Cash and due from banks $ 65,698 $ 57,139

Short-term investments 85,626 84,179

Total cash and cash equivalents 151,324 141,318

Securities available-for-sale, at fair value 1,026,991 1,052,062

Securities held-to-maturity, at amortized cost (fair value of $114,241 and $117,510, respectively)

133,617 133,208

Real estate mortgage loans held-for-sale 1,086 2,707

Loans, net of allowance for credit losses of $68,914 and $68,995

5,404,444 5,306,354

Land, premises and equipment, net 68,761 65,542

Bank owned life insurance 130,710 129,978

Federal Reserve and Federal Home Loan Bank stock 21,420 21,420

Accrued interest receivable 29,703 28,997

Goodwill 4,970 4,970

Other assets 110,654 103,466

Total assets $ 7,083,680 $ 6,990,022

LIABILITIES

Noninterest bearing deposits $ 1,301,547 $ 1,221,327

Interest bearing deposits 4,888,713 4,752,023

Total deposits 6,190,260 5,973,350

Borrowings - Federal Home Loan Bank advances:

Short-term advance 50,000 170,000

Long-term advance 1,200 1,200

Other borrowings 17,000 13,000

Total borrowings 68,200 184,200

Accrued interest payable 8,591 8,868

Other liabilities 67,636 61,112

Total liabilities 6,334,687 6,227,530

STOCKHOLDERS’ EQUITY

Common stock: 90,000,000 shares authorized, no par value

26,062,063 shares issued and 24,929,650 outstanding as of March 31, 2026

26,023,644 shares issued and 25,219,634 outstanding as of December 31, 2025

137,929 136,965

Retained earnings 801,617 788,345

Accumulated other comprehensive income (loss) (135,622) (127,137)

Treasury stock at cost (1,132,413 shares as of March 31, 2026, 804,010 shares as of December 31, 2025)

(55,020) (35,770)

Total stockholders’ equity 748,904 762,403

Noncontrolling interest 89 89

Total equity 748,993 762,492

Total liabilities and equity $ 7,083,680 $ 6,990,022

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

Three Months Ended

March 31,

2026 2025

NET INTEREST INCOME

Interest and fees on loans

Taxable $ 83,111 $ 81,740

Tax exempt 279 292

Interest and dividends on securities

Taxable 3,841 3,389

Tax exempt 3,907 3,910

Other interest income 849 1,124

Total interest income 91,987 90,455

Interest on deposits 33,431 36,458

Interest on short-term borrowings 1,783 1,122

Total interest expense 35,214 37,580

NET INTEREST INCOME 56,773 52,875

Provision for credit losses

2,000 6,800

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 54,773 46,075

NONINTEREST INCOME

Wealth advisory fees 3,063 2,867

Investment brokerage fees 524 452

Service charges on deposit accounts 2,874 2,774

Loan and service fees 3,207 2,884

Merchant and interchange fee income

777 822

Bank owned life insurance income 976 322

Interest rate swap fee income 701 0

Mortgage banking income (loss) 81 (51)

Other income 730 858

Total noninterest income 12,933 10,928

NONINTEREST EXPENSE

Salaries and employee benefits 20,295 17,902

Net occupancy expense 2,104 1,980

Equipment costs 1,464 1,382

Data processing fees and supplies 4,259 4,265

Corporate and business development 1,493 1,406

FDIC insurance and other regulatory fees 873 800

Professional fees 1,937 2,380

Other expense 2,726 2,648

Total noninterest expense 35,151 32,763

INCOME BEFORE INCOME TAX EXPENSE 32,555 24,240

Income tax expense 6,077 4,155

NET INCOME $ 26,478 $ 20,085

BASIC WEIGHTED AVERAGE COMMON SHARES 25,344,757 25,714,818

BASIC EARNINGS PER COMMON SHARE $ 1.04 $ 0.78

DILUTED WEIGHTED AVERAGE COMMON SHARES 25,493,920 25,802,865

DILUTED EARNINGS PER COMMON SHARE $ 1.04 $ 0.78

LAKELAND FINANCIAL CORPORATION

LOAN DETAIL

(unaudited, in thousands)

March 31,

2026 December 31,

2025 March 31,

2025

Commercial and industrial loans:

Working capital lines of credit loans $ 742,655 13.6 % $ 711,742 13.2 % $ 716,522 13.7 %

Non-working capital loans 836,121 15.3 841,947 15.7 807,048 15.5

Total commercial and industrial loans 1,578,776 28.9 1,553,689 28.9 1,523,570 29.2

Commercial real estate and multi-family residential loans:

Construction and land development loans 509,143 9.3 497,239 9.2 623,905 12.0

Owner occupied loans 807,813 14.8 807,335 15.0 804,933 15.4

Nonowner occupied loans 960,395 17.5 923,708 17.2 852,033 16.3

Multifamily loans 462,984 8.5 438,233 8.1 339,946 6.5

Total commercial real estate and multi-family residential loans 2,740,335 50.1 2,666,515 49.5 2,620,817 50.2

Agri-business and agricultural loans:

Loans secured by farmland 177,823 3.2 155,073 2.9 156,112 3.0

Loans for agricultural production 196,258 3.6 251,783 4.7 227,659 4.3

Total agri-business and agricultural loans 374,081 6.8 406,856 7.6 383,771 7.3

Other commercial loans 95,764 1.7 97,381 1.8 94,927 1.8

Total commercial loans 4,788,956 87.5 4,724,441 87.8 4,623,085 88.5

Consumer 1-4 family mortgage loans:

Closed end first mortgage loans 292,724 5.3 267,134 5.0 265,855 5.1

Open end and junior lien loans 263,600 4.8 251,185 4.7 217,981 4.2

Residential construction and land development loans 14,429 0.3 18,873 0.3 16,359 0.3

Total consumer 1-4 family mortgage loans 570,753 10.4 537,192 10.0 500,195 9.6

Other consumer loans 116,158 2.1 116,224 2.2 102,254 1.9

Total consumer loans 686,911 12.5 653,416 12.2 602,449 11.5

Subtotal 5,475,867 100.0 % 5,377,857 100.0 % 5,225,534 100.0 %

Less: Allowance for credit losses (68,914) (68,995) (92,433)

Net deferred loan fees (2,509) (2,508) (2,313)

Loans, net $ 5,404,444 $ 5,306,354 $ 5,130,788

LAKELAND FINANCIAL CORPORATION

DEPOSITS AND BORROWINGS

(unaudited, in thousands)

March 31,

2026 December 31,

2025 March 31,

2025

Noninterest bearing demand deposits $ 1,301,547 $ 1,221,327 $ 1,296,907

Savings and transaction accounts:

Savings deposits 291,355 285,834 293,768

Interest bearing demand deposits 3,649,409 3,715,463 3,554,310

Time deposits:

Deposits of $100,000 or more 746,168 549,381 602,577

Other time deposits 201,781 201,345 212,632

Total deposits $ 6,190,260 $ 5,973,350 $ 5,960,194

FHLB advances and other borrowings 68,200 184,200 108,200

Total funding sources $ 6,258,460 $ 6,157,550 $ 6,068,394

LAKELAND FINANCIAL CORPORATION

AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS

(UNAUDITED)

Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Three Months Ended March 31, 2025

(fully tax equivalent basis, dollars in thousands) Average Balance Interest Income Yield (1)/

Rate Average Balance Interest Income Yield (1)/

Rate

Earning Assets

Loans:

Taxable (2)(3) $ 5,417,380 $ 83,111 6.22 % $ 5,245,483 $ 84,208 6.37 % $ 5,160,031 $ 81,740 6.42 %

Tax exempt (1) 23,496 346 5.98 26,204 392 5.93 25,887 361 5.66

Investments: (1)

Securities 1,190,278 8,786 2.99 1,175,389 8,666 2.93 1,136,404 8,338 2.98

Short-term investments 2,701 21 3.15 2,752 24 3.46 2,964 28 3.83

Interest bearing deposits 95,539 828 3.51 191,756 1,832 3.79 105,518 1,096 4.21

Total earning assets $ 6,729,394 $ 93,092 5.61 % $ 6,641,584 $ 95,122 5.68 % $ 6,430,804 $ 91,563 5.77 %

Less: Allowance for credit losses (68,944) (68,391) (87,477)

Nonearning Assets

Cash and due from banks 67,282 68,620 71,004

Premises and equipment 65,997 64,928 60,523

Other nonearning assets 288,484 287,213 288,116

Total assets $ 7,082,213 $ 6,993,954 $ 6,762,970

Interest Bearing Liabilities

Savings deposits $ 287,643 $ 41 0.06 % $ 280,620 $ 40 0.06 % $ 283,888 $ 42 0.06 %

Interest bearing checking accounts 3,686,666 26,110 2.87 3,850,205 29,906 3.08 3,486,447 28,075 3.27

Time deposits:

In denominations under $100,000 201,974 1,548 3.11 203,083 1,635 3.19 212,934 1,832 3.49

In denominations over $100,000 644,717 5,732 3.61 549,588 5,136 3.71 633,112 6,509 4.17

Short-term borrowings 182,423 1,783 3.96 8,354 98 4.65 99,830 1,122 4.56

Long-term borrowings 1,200 0 0.00 1,200 0 0.00 254 0 0.00

Total interest bearing liabilities $ 5,004,623 $ 35,214 2.85 % $ 4,893,050 $ 36,815 2.99 % $ 4,716,465 $ 37,580 3.23 %

Noninterest Bearing Liabilities

Demand deposits 1,234,539 1,272,030 1,258,344

Other liabilities 70,105 67,920 92,108

Stockholders' Equity 772,946 760,954 696,053

Total liabilities and stockholders' equity $ 7,082,213 $ 6,993,954 $ 6,762,970

Interest Margin Recap

Interest income/average earning assets 93,092 5.61 % 95,122 5.68 % 91,563 5.77 %

Interest expense/average earning assets 35,214 2.12 36,815 2.20 37,580 2.37

Net interest income and margin $ 57,878 3.49 % $ 58,307 3.48 % $ 53,983 3.40 %

(1)Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, in the three-month periods ended March 31, 2026, December 31, 2025, and March 31, 2025.

(2)Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended March 31, 2026, December 31, 2025, and March 31, 2025, are included as taxable loan interest income.

(3)Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) ("AOCI"). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Total Equity $ 748,993 $ 762,492 $ 694,509

Less: Goodwill (4,970) (4,970) (4,970)

Plus: DTA Related to Goodwill 1,167 1,167 1,167

Tangible Common Equity 745,190 758,689 690,706

Market Value Adjustment in AOCI 135,106 126,609 163,879

Adjusted Tangible Common Equity 880,296 885,298 854,585

Assets $ 7,083,680 $ 6,990,022 $ 6,851,178

Less: Goodwill (4,970) (4,970) (4,970)

Plus: DTA Related to Goodwill 1,167 1,167 1,167

Tangible Assets 7,079,877 6,986,219 6,847,375

Market Value Adjustment in AOCI 135,106 126,609 163,879

Adjusted Tangible Assets 7,214,983 7,112,828 7,011,254

Ending Common Shares Issued 25,098,219 25,396,653 25,727,393

Tangible Book Value Per Common Share $ 29.69 $ 29.87 $ 26.85

Tangible Common Equity/Tangible Assets 10.53 % 10.86 % 10.09 %

Adjusted Tangible Common Equity/Adjusted Tangible Assets 12.20 % 12.45 % 12.19 %

Net Interest Income $ 56,773 $ 57,193 $ 52,875

Plus: Noninterest Income 12,933 12,603 10,928

Minus: Noninterest Expense (35,151) (33,445) (32,763)

Pretax Pre-Provision Earnings $ 34,555 $ 36,351 $ 31,040

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Apr. 27, 2026

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