| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 69.71 | 9.3% |
| Total Income | 69.71 | 9.3% |
| Expenditure | 37.15 | 6.1% |
| PBT | 32.56 | 34.3% |
| Net Profit | 26.48 | 31.8% |
| OPM | — | |
| NPM | 37.98% | 6.50pp |
| EPS | 1.04 | 33.3% |
Lakeland Financial Reports Record Q1 2026 Net Income of $26.5 Million
27 Apr 2026 · 27 Apr, 4:29 pm
Summary
Lakeland Financial Corporation reported a record first quarter net income of $26.5 million, representing a 32% increase compared to the prior year. Diluted earnings per share also reached a record $1.04, up 33% year-over-year. The company's performance was driven by healthy loan growth and strong net interest margin expansion. The company repurchased 336,853 shares at a weighted average per share price of $56.99 during the first quarter of 2026.
Key Highlights
- 1
Lakeland Financial Corporation reported a record first quarter net income of $26.5 million, a 32% increase compared to the same period last year.
- 2
Diluted earnings per share for the first quarter of 2026 reached a record $1.04, up 33% from $0.78 in the first quarter of 2025.
- 3
Pretax pre-provision earnings increased by 11% to $34.6 million for the three months ended March 31, 2026.
- 4
Average loans grew by 5% to $5.44 billion in the first quarter of 2026 compared to the first quarter of 2025.
- 5
Net interest margin improved by 9 basis points to 3.49% compared to 3.40% in the first quarter of 2025.
- 6
Nonaccrual loans declined to $20.9 million, compared to $57.4 million.
- 7
The company repurchased 336,853 shares at a weighted average per share price of $56.99 during the first quarter of 2026.
Management Comments
David M. Findlay
"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."
Lisa M. O'Neill
"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."
Kristin L. Pruitt
"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."
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