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Lakeland Financial Reports Record Third Quarter Performance with Loan Growth of 8%; Diluted Earnings per Share Increases by 11%

LKFN
  • Lakeland Financial Corporation reported record third quarter 2026 net income of $28.9 million, a 9% increase from $26.4 million in the same period in 2025.
  • Diluted earnings per share reached a record $1.14 for the third quarter of 2026, up 11% from $1.03 in the prior year.
  • Year-to-date net income for the nine months ended September 30, 2026, totaled $83.8 million, representing a 14% increase from $73.5 million in 2025.
  • Total revenue for the third quarter was $73.0 million, an increase of 6% compared to $69.0 million in the third quarter of 2025.
  • Loans grew by 8% year-over-year to $5.68 billion, driven by increases in commercial, industrial, commercial real estate, consumer mortgage, \& agricultural loan segments.
  • Net interest margin improved 8 basis points to 3.58% year-over-year, driven by a reduction in deposit pricing that outpaced the decline in earning asset yields.
  • Core deposits expanded by 3% to $6.05 billion, representing 96% of total deposits as of September 30, 2026.
  • Nonperforming loans to total loans improved to 0.32% from 0.36% in the prior year, with nonperforming assets declining to $18.0 million.
  • The company repurchased 41,550 shares for $2.4 million in the third quarter, bringing total repurchases under the current program to $45.4 million.
  • The board declared a quarterly cash dividend of $0.52 per share, a 4% increase from the $0.50 paid in the third quarter of 2025.
  • Noninterest expense increased 3% to $36.1 million, with growth attributed to salaries, technology implementation, \& branch expansion investments.
  • The efficiency ratio for the third quarter was 49.5%, compared to 50.7% in the third quarter of 2025.
  • Total capital as a percentage of risk-weighted assets was 15.56% at September 30, 2026, significantly exceeding the regulatory threshold for "well capitalized" status.
  • Unrealized losses on available-for-sale investment securities increased to $213.9 million due to an 85 basis point rise in the 10-year Treasury yield.
  • Commercial loan originations for the quarter were approximately $525.0 million, offset by $443.0 million in loan paydowns.