Lakeland Financial Corporation (LKFN) Income Statement

30Y historyFree accessUpdated daily

Net interest income rose 6.2% YoY to $58.3M in 2026Q2, but total revenue declined 1.9% YoY, with NIM flat at 0.8% and efficiency ratio improving to 31.8%.

Annual statement

LKFN Income Statement

Lakeland Financial Corporation (LKFN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Net Interest Income	228.34M	221.02M	196.68M	197.03M	202.89M	178.09M	163.01M	155.05M	151.27M	135.89M	118.48M	105.93M	102.3M	90.44M	87.67M	92.08M	92.65M	80.28M	63.27M	54.56M	52.33M	50.26M	43.35M	42.2M	41.78M	37.41M	35.05M	32.3M	27.6M	24.6M	22.2M
NII Growth %	38.05%	12.37%	-0.18%	-2.88%	13.93%	9.25%	5.13%	2.5%	11.32%	14.7%	11.85%	3.54%	13.12%	3.16%	-4.79%	-0.62%	15.41%	26.89%	15.97%	4.26%	4.11%	15.95%	2.73%	1.01%	11.66%	6.75%	8.5%	17.04%	12.2%	10.79%	8.65%
Net Interest Margin %	3.15%	3.16%	2.95%	3.02%	3.15%	2.72%	2.8%	3.13%	3.1%	2.9%	2.76%	2.81%	2.97%	2.85%	2.86%	3.19%	3.45%	3.12%	2.66%	2.74%	2.85%	3.07%	2.98%	3.32%	3.35%	3.29%	3.05%	3.11%	2.82%	3.09%	3.38%
Interest Income	376.03M	373.74M	373.16M	343.27M	239.57M	193.22M	193.1M	215.21M	198.97M	165.7M	138.95M	122.54M	117.29M	107.74M	114.37M	121.89M	123.53M	116.34M	118.48M	117.97M	105.55M	80.43M	60.01M	60.34M	64.33M	76.61M	80.05M	69.39M	63.7M	52.7M	45.94M
Interest Expense	147.69M	152.72M	176.48M	146.23M	36.68M	15.13M	30.09M	60.16M	47.7M	29.81M	20.47M	16.61M	14.98M	17.3M	26.7M	29.81M	30.87M	36.06M	55.22M	63.42M	53.22M	30.35M	16.83M	18.14M	22.53M	39.2M	45M	37.09M	36.1M	28.1M	23.74M
Loan Loss Provision	5.71M	11.8M	16.75M	5.85M	9.38M	1.08M	14.77M	3.23M	6.4M	3M	1.15M	0	0	0	2.55M	13.8M	23.95M	21.2M	10.21M	4.3M	2.64M	2.48M	1.22M	2.25M	3.08M	2.23M	1.21M	1.31M	500K	300K	120K
Non-Interest Income	51.06M	47.97M	56.84M	49.86M	41.86M	44.72M	34.98M	34.59M	30.62M	27.81M	24.72M	23.89M	23.88M	25.1M	20.82M	18.55M	17.58M	22.24M	23.33M	19.58M	18.26M	17.9M	16.56M	18.43M	14.86M	13.5M	10.92M	11.95M	11.21M	7.5M	-16.29M
Non-Interest Income %	18.28%	17.83%	22.42%	20.19%	17.1%	20.07%	17.67%	18.24%	16.83%	16.99%	17.26%	18.4%	18.93%	21.73%	19.19%	16.77%	15.95%	21.7%	26.94%	26.41%	25.87%	26.26%	27.64%	30.39%	26.24%	26.51%	23.75%	27.01%	28.88%	23.37%	-275.13%
Total Net Revenue	279.4M	268.99M	253.52M	246.89M	244.75M	222.81M	197.99M	189.64M	181.89M	163.7M	143.2M	129.81M	126.19M	115.54M	108.49M	110.63M	110.23M	102.53M	86.6M	74.14M	70.59M	68.16M	59.91M	60.63M	56.64M	50.91M	45.97M	44.26M	38.81M	32.1M	5.92M
Revenue Growth %	9.6%	6.1%	2.69%	0.88%	9.85%	12.54%	4.4%	4.26%	11.11%	14.32%	10.31%	2.88%	9.21%	6.5%	-1.94%	0.36%	7.52%	18.39%	16.81%	5.02%	3.57%	13.78%	-1.19%	7.04%	11.25%	10.76%	3.87%	14.03%	20.89%	442.39%	24.45%
Non-Interest Expense	137.85M	131.6M	125.08M	130.71M	110.21M	104.29M	79.34M	79.02M	76.54M	71.06M	64.83M	60.61M	59.99M	57.14M	53.36M	51.45M	49.5M	53.48M	47.48M	42.26M	39.71M	38.06M	36.66M	37.68M	34.7M	33.83M	31.32M	30.54M	26.51M	20.4M	-4.15M
Efficiency Ratio	49.34%	48.93%	49.34%	52.94%	45.03%	46.81%	40.07%	41.67%	42.08%	43.41%	45.27%	46.69%	47.55%	49.46%	49.19%	46.51%	44.91%	52.16%	54.83%	57%	56.26%	55.83%	61.19%	62.15%	61.26%	66.45%	68.14%	69.01%	68.31%	63.56%	-70.1%
Operating Income	135.85M	125.58M	111.69M	110.33M	125.16M	117.44M	103.88M	107.39M	98.94M	89.63M	77.22M	69.2M	66.19M	58.4M	52.58M	45.38M	36.78M	27.85M	28.91M	27.58M	28.23M	27.44M	21.85M	20.69M	18.89M	14.86M	13.44M	12.4M	11.8M	11.4M	9.95M
Operating Margin %	48.62%	46.69%	44.05%	44.69%	51.14%	52.71%	52.47%	56.63%	54.4%	54.76%	53.92%	53.31%	52.45%	50.54%	48.46%	41.02%	33.37%	27.16%	33.38%	37.2%	40%	40.25%	36.47%	34.13%	33.34%	29.18%	29.23%	28.03%	30.41%	35.51%	168.07%
Operating Income Growth %	-	12.44%	1.23%	-11.85%	6.57%	13.06%	-3.27%	8.53%	10.39%	16.08%	11.59%	4.55%	13.34%	11.07%	15.86%	23.38%	32.07%	-3.67%	4.83%	-2.33%	2.91%	25.59%	5.58%	9.57%	27.12%	10.56%	8.34%	5.12%	3.51%	14.6%	14.23%
Pretax Income	135.68M	125.58M	111.69M	110.33M	125.16M	117.44M	103.88M	107.39M	98.94M	89.63M	77.22M	69.2M	66.19M	58.4M	52.58M	45.38M	36.78M	27.85M	28.91M	27.58M	28.23M	27.44M	21.85M	20.69M	18.89M	14.86M	13.44M	12.4M	11.8M	11.4M	9.95M
Pretax Margin %	48.56%	46.69%	44.05%	44.69%	51.14%	52.71%	52.47%	56.63%	54.4%	54.76%	53.92%	53.31%	52.45%	50.54%	48.46%	41.02%	33.37%	27.16%	33.38%	37.2%	40%	40.25%	36.47%	34.13%	33.34%	29.18%	29.23%	28.03%	30.41%	35.51%	168.07%
Income Tax	24.45M	22.22M	18.21M	16.57M	21.35M	21.71M	19.54M	20.34M	18.53M	32.3M	25.13M	22.83M	22.39M	19.56M	17.18M	14.72M	12.24M	8.87M	9.21M	8.37M	9.51M	9.48M	7.3M	6.83M	6.52M	4.74M	4.12M	4.08M	3.9M	3.9M	3.5M
Effective Tax Rate %	18.02%	17.7%	16.31%	15.01%	17.06%	18.49%	18.81%	18.94%	18.73%	36.04%	32.55%	33%	33.82%	33.49%	32.68%	32.43%	33.27%	31.85%	31.85%	30.34%	33.7%	34.55%	33.42%	33%	34.52%	31.93%	30.63%	32.93%	33.05%	34.21%	35.22%
Net Income	111.23M	103.36M	93.48M	93.77M	103.82M	95.73M	84.34M	87.05M	80.41M	57.33M	52.08M	46.37M	43.8M	38.84M	35.39M	30.66M	24.54M	18.98M	19.7M	19.21M	18.72M	17.96M	14.54M	13.87M	12.37M	10.11M	9.32M	8.32M	7.9M	7.5M	6.44M
Net Margin %	39.81%	38.43%	36.87%	37.98%	42.42%	42.97%	42.6%	45.9%	44.21%	35.02%	36.37%	35.72%	34.71%	33.61%	32.62%	27.72%	22.27%	18.51%	22.75%	25.91%	26.52%	26.35%	24.28%	22.87%	21.83%	19.86%	20.28%	18.8%	20.36%	23.36%	108.87%
Net Income Growth %	17.6%	10.57%	-0.31%	-9.68%	8.44%	13.51%	-3.11%	8.25%	40.26%	10.07%	12.33%	5.85%	12.79%	9.73%	15.43%	24.93%	29.32%	-3.66%	2.55%	2.62%	4.25%	23.47%	4.9%	12.12%	22.28%	8.49%	12.06%	5.3%	5.33%	16.39%	14.15%
Net Income (Continuing)	111.23M	103.36M	93.48M	93.77M	103.82M	95.73M	84.34M	87.05M	80.41M	57.33M	52.08M	46.37M	43.8M	38.84M	35.39M	30.66M	24.54M	18.98M	19.7M	19.21M	18.72M	17.96M	14.54M	13.87M	12.37M	10.11M	9.32M	8.32M	7.9M	7.5M	6.44M
EPS (Diluted)	4.41	4.01	3.63	3.65	4.04	3.74	3.30	3.38	3.13	2.23	2.05	1.83	1.74	1.55	1.43	1.25	0.88	0.84	1.05	1.03	1.01	0.97	0.81	0.78	0.70	0.58	0.53	0.48	0.45	0.11	0.37
EPS Growth %	18.8%	10.47%	-0.55%	-9.65%	8.02%	13.33%	-2.37%	7.99%	40.36%	8.78%	12.02%	5.17%	12.26%	8.39%	14.4%	42.05%	4.76%	-20%	1.94%	1.98%	4.12%	19.75%	3.85%	11.43%	20.69%	9.43%	10.42%	6.67%	309.09%	-70.27%	12.12%
EPS (Basic)	-	4.02	3.64	3.66	4.07	3.76	3.31	3.40	3.18	2.28	2.08	1.86	1.77	1.57	1.45	1.26	0.88	0.85	1.07	1.05	1.03	1.00	0.82	0.79	0.71	0.58	0.53	0.48	0.45	0.11	0.37
Diluted Shares Outstanding	25.23M	25.77M	25.77M	25.72M	25.71M	25.62M	25.57M	25.76M	25.73M	25.66M	25.46M	25.25M	25.17M	24.95M	24.72M	24.49M	24.32M	19.43M	18.69M	18.64M	18.56M	18.47M	17.99M	17.84M	17.71M	17.52M	17.44M	17.44M	17.44M	17.41M	17.38M

Key Metrics

Growth RegimeDecelerating

ProfitabilityStable

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Concentration in CRE and agri-business

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

NII Growth Steadies After Rate Peak

Net interest income rose 6.2% YoY in 2026Q2, but revenue growth remains negative at -1.9%, suggesting deposit cost pressures are offsetting loan growth.

NII has climbed from $47.4M in 2024Q1 to $58.3M in 2026Q2, a 23% increase, yet the pace has slowed from double-digit growth in 2025 to mid-single digits. This deceleration likely reflects the lagged impact of deposit repricing, as funding costs catch up to asset yields. The bank's asset sensitivity appears to have peaked, and future NII expansion may depend on loan volume growth rather than rate tailwinds.

NIM Flat at 0.8%

Net interest margin has held steady at 0.8% for the past five quarters, indicating that asset yields and funding costs are moving in tandem, according to reported figures.

The stability in NIM suggests the bank has managed deposit costs effectively, but the low absolute level reflects a challenging rate environment. Peer comparison shows FFIN with a gross margin of 71.8%, implying LKFN's margin is not exceptional. However, LKFN's efficiency ratio of 31.8% in 2026Q2 is superior to most peers, indicating strong cost control.

Efficiency Ratio Remains Best-in-Class

LKFN's efficiency ratio improved to 31.8% in 2026Q2, down from 33.5% in 2026Q1, reflecting disciplined expense management despite revenue headwinds.

The efficiency ratio has consistently been below 34% over the past year, outperforming peers like TOWN (20.9% operating margin) and FULT (25.7%). This suggests the bank's organic model is highly cost-effective, but investors should monitor whether expense growth accelerates as the bank invests in technology or branches. The low ratio provides a buffer against revenue declines.

Provision Volatility Signals Caution

Provision expense swung from $6.8M in 2025Q1 to $0 in 2025Q4, then rose to $1.7M in 2026Q2, indicating credit quality is stable but warrants monitoring.

The elevated provision in 2025Q1 (6.7% of revenue) may have been a one-time adjustment, but the subsequent low provisions suggest improving credit conditions. However, the bank's concentration in CRE and agri-business exposes it to sector-specific risks. The low debt-to-equity ratio (0.24%) provides a capital cushion, but investors should watch for any uptick in non-performing loans.

Fee Income Stable but Concentrated

Non-interest income has remained around $12-13M per quarter, with fee income representing 11-12% of total revenue, according to recent financial statements.

Fee income is relatively stable, but the 2024Q2 spike to $20.4M (17.9% of revenue) appears anomalous and may have been driven by one-time items. The recurring wealth management and treasury services fees provide a steady stream, but the bank's reliance on interest income (88% of revenue) makes it sensitive to rate changes. Diversification into higher-margin fee businesses could reduce earnings volatility.

Earnings Quality Under Scrutiny

The absence of reported EPS for the latest quarter and lack of guidance introduces uncertainty, while the low NIM and negative revenue growth may indicate structural challenges.

The missing EPS figure for 2026Q2 (estimated at $1.09) is a red flag, as it prevents a full assessment of earnings momentum. Additionally, the bank's NIM of 0.8% is below the industry average, and revenue growth has been negative for the past year. While the efficiency ratio is strong, the bank's geographic concentration in Indiana and reliance on interest income could amplify any economic downturn. Investors should demand clarity on credit quality and forward guidance.

LKFN — Frequently Asked Questions

Quick answers to the most common questions about buying LKFN stock.

What was Lakeland Financial Corporation's (LKFN) revenue in 2025?

For fiscal year 2025, Lakeland Financial Corporation (LKFN) reported total revenue of $269.0M. This represents a 4444.5% increase compared to $5.9M in 1996.

Is Lakeland Financial Corporation (LKFN) profitable?

Lakeland Financial Corporation (LKFN) is profitable, generating $103.4M in net income for the fiscal year ending 2025 with a net profit margin of 24.5%.

What is Lakeland Financial Corporation's operating profit margin?

Lakeland Financial Corporation (LKFN) reported an operating income of $125.6M, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Lakeland Financial Corporation's gross profit and gross margin?

Lakeland Financial Corporation (LKFN) generated $257.2M in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.