Lakeland Financial Corporation, the parent company of Lake City Bank, reported record financial results for the three months ended September 30, 2026. The company announced a net income of $28.9 million for the third quarter of 2026, an increase of $2.5 million, or 9%, compared to the same period in the prior year. Diluted earnings per share rose to $1.14, a record for the third quarter and an increase of $0.11, or 11%, from $1.03 in the third quarter of 2025.
On a linked quarter basis, net income increased by $417,000 to $28.4 million, and diluted earnings per share increased by $0.01 to $1.13. For the nine months ended September 30, 2026, net income reached $83.8 million, an increase of $10.3 million, or 14%, compared to $73.5 million for the same period in 2025. Diluted earnings per share for the nine months increased by $0.46, or 16%, to $3.31.
The company reported total revenue of $73.0 million for the third quarter of 2026, a 6% increase from $69.0 million in the prior year. Net interest income improved to $60.7 million, an 8% increase from $56.1 million in the third quarter of 2025. Net interest margin expanded by 8 basis points to 3.58%.
Lakeland Financial’s total loans increased by $431.4 million, or 8%, to $5.68 billion as of September 30, 2026. Average loans also grew by $381.9 million, or 7%, to $5.59 billion. The loan growth was driven by increases across all commercial and consumer segments, including commercial and industrial loans, which grew by $187.4 million, or 12%.
The company’s capital position remains robust, with total capital as a percentage of risk-weighted assets at 15.56%. The board of directors approved a cash dividend of $0.52 per share for the third quarter, an increase of 4% from the prior year. The company also repurchased 41,550 shares of its common stock during the third quarter at a weighted average price of $58.45 per share.
