Quarterly ResultApr 27, 2026, 07:02 AM
LKFN Q1 Net Income +32% to $26.5M; EPS $1.04; Loan Growth 5%
AI Summary
Lakeland Financial Corporation reported record first-quarter net income of $26.5 million, a 32% increase year-over-year, with diluted earnings per share rising 33% to $1.04. The company achieved 9% revenue growth and 5% loan growth, driven by strong net interest margin expansion and increased fee-based revenue. LKFN also increased its common dividend by 4% to $0.52 per share and repurchased 336,853 shares for $19.2 million.
Key Highlights
- Net income increased 32% to $26.5 million for Q1 2026.
- Diluted EPS rose 33% to $1.04 for Q1 2026.
- Revenue grew 9% year-over-year, driven by 7% net interest income and 18% noninterest income growth.
- Average loans increased 5% to $5.44 billion, and average deposits grew 3% to $6.06 billion.
- Net interest margin improved 9 basis points to 3.49% year-over-year.
- Common dividend per share increased 4% to $0.52.
- Repurchased 336,853 shares for $19.2 million at $56.99 per share.
- Nonaccrual loans declined to $20.9 million from $57.4 million year-over-year.