Continuously serving Kosciusko County since 1854
Lakeland Financial Corporation, parent company of Lake City Bank, reported record first quarter net income of $26.5 million for the three months ended March 31, 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, an increase of $3.5 million, or 11%, compared to $31 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.”
