Lakeland Financial : 2026 First Quarter Investor Presentation
LKFN
Published on 04/27/2026 at 07:28 am EDT
Lakeland Financial Corporation
A Proven History of Shareholder Value Creation
And Commitment to Our Communities 1st Quarter 2026
LKFN
L I S T E D
David M. Findlay
Chairman & Chief Executive Officer
(574) 267-9197
Kristin L. Pruitt
President
(574) 371-9220
Lisa M. O'Neill
Executive Vice President & Chief Financial Officer
(574) 267-9125
2
Forward-Looking Information
This presentation 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, future 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 future 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 presentation, 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; 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.
3
Long Term Success for Shareholders
3 Institutions
(including LKFN)
LTM ROE >14%
20-Year TBVPS CAGR >8%(3)
Profitable for the Last 10 Years(2)
Exchange Traded Depositories with Assets Between $1B and $10B(1)
16 Institutions
139 Institutions
180 Institutions
Source: S&P Capital IQ Pro. Financial data is as of December 31, 2025.
Includes banks and thrifts traded on the NYSE, NYSEAM or NASDAQ as of 4/7/26; excludes merger targets.
Defined as having positive net income before extraordinary items and preferred dividends for each of the last 10 years (calendar years ended December 31, 2016 through December 31, 2025). Net income before extraordinary items is defined by S&P Capital IQ Pro as GAAP net income, after taxes, minority interest, and other after tax items, but before any extraordinary items. Excludes any revaluation of net deferred tax assets due to tax reform per S&P Capital IQ Pro.
Defined as having compounded annual growth in tangible book value per share from 12/31/05 through 12/31/25 greater than 8%.
4
Strong Capital Structure
$40.00
Tangible Book Value(1) Per Share
Allowance for Credit
Losses 7.3%
$35.00
$30.00
$25.00
$35.07 *
Tangible Common Equity 92.7%
$20.00
$15.00
$10.00
$5.00
$0.00
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
(1)compounded annual growth rate computed from 1991-2025 for tangible book value
*TBV adjusted to exclude the market value impact of AFS investment securities for TCE and Tangible Assets from 2021 to 2026
TCE/Tangible Assets 10.53% Adj. TCE/Adj. Tangible Assets 12.20% Total Risk-Based 15.58%
Leverage 12.20%
Book Value $29.84
Tangible Book Value $29.69 Adj. Tangible Book Value $35.07
Note: Tangible Common Equity to Tangible Assets and Tangible Book Value per Common Share are Non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial
Measures" in the First Quarter 2026 Earnings Press Release and Form 8-K. 5
Lake City Bank Today
An entrepreneurial 153-year-old de novo bank
A long-term and consistent organic growth story
Headquartered in Warsaw, Indiana
55 branch offices - $7.1 billion banking assets
$3.7 billion in Wealth Advisory assets
A forward-thinking technology adopter
Focused on execution - "blocking and tackling"
A demonstrated history of identifying growth opportunities
Located in a pro-business state with economic expansion occurring statewide
6
34 Years of Organic Growth
A History of Balance Sheet and Income Statement Expansion
$103,361
(000's)
$120,000
$100,000
$80,000
$60,000
Compound Annual Growth 1991 - 2025
Loans = 10%
Deposits = 10%
Net Income = 11%
Earnings Per Share = 11%
$40,000
$2,707
$20,000
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
$0
Net Income
7
Established Market Presence
Organic Growth Potential in Mature and Expanding Markets
8
Projected Population Growth Reflects Strength of Economy
67% of Lake City Bank counties are growth and high growth counties
40% of Lake City Bank counties are high growth counties
Indiana is poised to experience continued economic strength and vitality
9
Indiana Is Poised For Continued Economic Growth
Indiana #1 manufacturing state in the country(1)
In 2026, Herb Simon, the owner of the Pacers Sports & Entertainment, broke ground on a mixed-use development downtown featuring the first Ritz-Carlton in Indianapolis and a 4,000 person capacity live music venue operated by Live Nation for the entertainment district in the area surrounding the Gainbridge Fieldhouse(2)
In 2025, Eli Lilly broke ground on a $13 billion investment in Indiana's LEAP Research and Innovation District in Boone County where Lake City Bank will open an office in 2026; In March 2026, Eli Lilly signed a LOI with the Indiana Office of Energy Development to focus on nuclear technologies in IN(3)
Indiana has emerged as a Midwestern data-center hub driven by AI compute demand, favorable land and energy economics and aggressive state-local incentives. Amazon operates a data center in St. Joseph County, Google is developing sites in Allen and La Porte IN counties, META has announced plans in Boone County and Microsoft has announced plans in La Porte. (4)
Bezos funded Slate Auto announced in 2025 it will build its low cost, direct to consumer
electric vehicle in Warsaw, Indiana, Lake City Bank's hometown and employ 2,000 workers.(5)
https://www.statsamerica.org/sip/rank_list.aspx?rank_label=gsp2_bCitem_in=12Cct=S18
https://newsroom.livenation.com/news/partners-formally-break-ground-on-mixed-use-development-downtown-featuring-ritz-carlton-indianapolis-and-new-live-nation-venue/
https://www.ans.org/news/article-7947/eli-lilly-signs-loi-with-indiana-on-nuclear-power-projects/
https://cleanview.co/public/data-centers/indiana
https://rvbusiness.com/indiana-ev-truck-startup-slate-promises-deliveries-in-26/
10
Strong Regional and Statewide Economy
Indiana Unemployment Rate is Lower than the National Average
14.0%
13.0%
12.0%
Unemployment
10.0%
8.1%
8.0%
9.0%
7.0%
5.8%
11.9%
6.6%
6.0%
8.8%
6.5%
6.9%
5.2%
5.6%
4.6%
5.1%
5.2%
3.8%
4.3%
4.9%
3.3%
3.8%
4.4%
3.7%
4.1%
4.1%
3.0%
3.4%
3.8%
11.3%
4.5%
4.7%
2.4%
3.4%
4.1%
3.3%
3.8%
3.9%
4.2%
4.2%
4.5%
4.2%
4.5%
4.5%
3.1%
3.3%
4.7%
4.0%
2.0%
2013
Feb
2014
Feb
2015
Feb
2016
Feb
2017
Feb
2018
Feb
2019
Feb
2020
Feb
2020
May
2021
Feb
2022
Feb
2023
Feb
2024
Feb
2025
Feb
2026
Jan
Consolidated LCB Footprint Indiana United States
Source: United States Bureau of Labor Statistics. Lake City Bank footprint is defined as Kosciusko, Marshall, Fulton, Pulaski, Noble, Whitley, St. Joseph, Elkhart, LaGrange,
Allen, DeKalb, Huntington, Marion, Hamilton and Johnson Counties in Indiana 11
Fortress Balance Sheet
Proxy Peer Average
RBC
Q4'25 14.9%
LKFN Above Peer Long-Term Profitability has Contributed to a Strong Capital Foundation
18.0%
17.0%
16.0%
15.0%
14.0%
13.0%
12.0%
11.0%
10.0%
9.0%
8.0%
Well Capitalized Threshold 10.0% for Consolidated Risk-Based Capital
Q4'10 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25
Source: S&P Capital IQ Pro. Financial data
12
Net Interest Margin by Quarter
NIM Expansion of 9 Basis Points Over the First Quarter 2025
3.50%
3.40% 3.42%
3.50% 3.48% 3.49%
3.25%
3.16%
3.00%
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
LKFN Quarterly NIM
13
Net Interest Margin
Deposit Costs Coming Down Rapidly
Quarterly net interest margin expanded by 9 basis points in 2026 compared to 2025
Cumulative Loan Beta 33% for recent easing cycle
Cumulative Deposit Beta 47% for recent easing cycle
Deposit repricing in current easing cycle continues to be a heightened focus
Average noninterest bearing deposits to total average deposits were 20% in the 1Q26 from 21% in the 4Q25
14
Interest Rate Sensitivity
Deposits Have Repriced Quicker Than Loans During Current Easing Cycle
88% of loan portfolio consists of
commercial loans and 68% of
commercial loans are tied to variable interest rates
Approximately $774.6 million of fixed rate commercial loans are estimated
to reprice in the next twelve months
Fixed rate loans have shorter, average original terms of approximately 5 years
Public Funds contribute to deposit repricing, $1.7 billion are tied to the Effective Federal Funds Rate
Commercial Loans
$4.8 billion as of March 31, 2026
(000's)
Cost of Funds peaked in 2Q24 at 2.90% compared to 2.12% in 1Q26
15
Projected Impact of Rising/Falling Rates
Historically Asset Sensitive Balance Sheet Maintains Neutral Shift
1.00%
0.46%
0.14% 0.26%
0.72% 0.95%
-1.00%
-0.81%
-0.06%
-0.26%
-2.31%
-3.00%
-4.18%
-5.00%
Dn 300 Dn 200 Dn 100 Dn 50 Dn 25 Up 25 Up 50 Up 100 Up 200 Up 300
Graph presents 12 month projected net interest income simulation results as of March 31, 2026 using parallel shocks
16
Diversified Deposit Base
Deposit Franchise Consists of Broad-based, Tenured and Deep Relationships
Deposit composition is stable and commercial
deposits account for 35% of total deposits
Since 2019 the number of checking accounts have grown by: Commercial +24%, Retail +13% and Public Funds +35%
98% of deposit accounts are less than
$250,000 at March 31, 2026
17
Deposit Mix Reflects Strength of Franchise
Core Deposit Growth Consistently Funds Loan Growth
Brokered Deposits
$375,581 6%
Total Commercial
$2,136,404 35%
Total Retail
$1,800,420
29%
Total Public
Fund
$1,877,855 30%
Total Deposits - $6.2 billion DDA $1.3 billion
(000's)
18
Checking Accounting Trends by Deposit Sector
Number of Commercial Accounts Grow by 24% since December 2019
Checking Account Average Balances by Deposit Type
(000) Public
Commercial Retail Funds
3/31/26 $123 $15 $6,507
12/31/25 $127 $15 $6,952
12/31/24 $136 $16 $6,209
12/31/23 $137 $15 $5,369
12/31/22 $132 $18 $6,615
12/31/19 $86 $12 $4,073
Number of Checking Accounts by Deposit Type
Public
Commercial
Retail
Funds
3/31/26
16,026
63,508
276
12/31/25
15,968
63,397
270
12/31/24
15,663
62,626
261
12/31/23
15,402
61,725
244
12/31/22
14,824
60,528
209
12/31/19
12,921
56,177
205
(000)
$2,500,000
$2,105,411
$937,458
$1,309,965
$2,129,952
$971,852
$1,620,460
$2,027,196
$975,156
$1,877,032
$1,963,962
$980,828
$1,796,067
$2,000,000
Checking Account Balances
$1,500,000
$1,000,000
$500,000
$0
Pre- Pandemic
$1,105,267
$658,451
$834,953
Dec 2019 Dec 2023 Dec 2024 Dec 2025 Mar 2026
Commercial Retail Public Funds
Note: Checking account balances include demand deposits and interest-bearing checking products including money market accounts but exclude goal accounts
19
Shareholder Value Strategy
Commercial Banking Focus
High Quality Team Members
Proven Organic Growth Experience
Focus on Core Deposit Funding
Commitment to Technology
20
Disclaimer
Lakeland Financial Corporation published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 11:27 UTC.