Slide 1: A Proven History of Shareholder Value Creation – 1st Quarter 2026
Lakeland Financial Corporation A Proven History of Shareholder Value Creation And Commitment to Our Communities 1st Quarter 2026 LKFN L I S T E D
Slide 2: Executive Contacts
2 David M. Findlay Chairman & Chief Executive Officer david.findlay@lakecitybank.com (574) 267-9197 Kristin L. Pruitt President kristin.pruitt@lakecitybank.com (574) 371-9220 Lisa M. O’Neill Executive Vice President & Chief Financial Officer lisa.oneill@lakecitybank.com (574) 267-9125
Slide 3: Forward-Looking Information
3 Forward-Looking Information This presentation contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of op
Slide 4: Long Term Success for Shareholders
4 Long Term Success for Shareholders LTM ROE >13% Source: S&P Capital IQ Pro. Financial data is as of December 31, 2025. (1) Includes banks and thrifts traded on the NYSE, NYSEAM or NASDAQ as of 4/7/26; excludes merger targets. (2) Defined as having positive net income before extraordinary items and
Slide 5: Strong Capital Structure
Tangible Common Equity 92.7% Allowance for Credit Losses 7.3% $3 5. 07 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 19 91 19 93 19 95 19 97 19 99 20 01 20 03 20 05 20 07 20 09 20 11 20 13 20 15 20 17 20 19 20 21 20 23 20 25 Tangible Book Value(1) Per Share 5 Strong Capital Structure
Slide 6: Lake City Bank Today
6 Lake City Bank Today • An entrepreneurial 153-year-old de novo bank • A long-term and consistent organic growth story • Headquartered in Warsaw, Indiana • 55 branch offices - $7.1 billion banking assets • $3.7 billion in Wealth Advisory assets • A forward-thinking technology adopter • Focused on e
Slide 7: Years of Organic Growth
7 34 Years of Organic Growth A History of Balance Sheet and Income Statement Expansion $2 ,7 07 $1 03 ,3 61 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 19 91 19 93 19 95 19 97 19 99 20 01 20 03 20 05 20 07 20 09 20 11 20 13 20 15 20 17 20 19 20 21 20 23 20 25 Net Income (000’s) Compound Ann
Slide 8: Established Market Presence
8 Established Market Presence Organic Growth Potential in Mature and Expanding Markets
Slide 9: Projected Population Growth Reflects Strength of Economy
9 Projected Population Growth Reflects Strength of Economy • 67% of Lake City Bank counties are growth and high growth counties • 40% of Lake City Bank counties are high growth counties • Indiana is poised to experience continued economic strength and vitality
Slide 10: Indiana Is Poised For Continued Economic Growth
10 Indiana Is Poised For Continued Economic Growth • Indiana #1 manufacturing state in the country(1) • In 2026, Herb Simon, the owner of the Pacers Sports & Entertainment, broke ground on a mixed-use development downtown featuring the first Ritz-Carlton in Indianapolis and a 4,000 person capacity l
Slide 11: Strong Regional and Statewide Economy
11 Strong Regional and Statewide Economy Indiana Unemployment Rate is Lower than the National Average 8. 8% 6. 5% 5. 2% 4. 6% 3. 8% 3. 3% 3. 7% 3. 0% 11 .3 % 4. 5% 2. 4% 3. 3% 4. 2% 4. 2% 3. 1% 9. 0% 6. 9% 5. 6% 5. 1% 4. 3% 3. 8% 4. 1% 3. 4% 11 .9 % 4. 7% 3. 4% 3. 8% 4. 2% 4. 5% 3. 3% 8. 1% 7. 0% 5.
Slide 12: Fortress Balance Sheet
12 Fortress Balance Sheet LKFN Above Peer Long-Term Profitability has Contributed to a Strong Capital Foundation 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% Q4'10 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Risk-Based Capital Ratio Pr
Slide 13: Net Interest Margin by Quarter
13 Net Interest Margin by Quarter NIM Expansion of 9 Basis Points Over the First Quarter 2025 3.16% 3.25% 3.40% 3.42% 3.50% 3.48% 3.49% 3.00% 3.50% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 LKFN Quarterly NIM
Slide 14: Net Interest Margin: Deposit Costs Coming Down Rapidly
14 Net Interest Margin Deposit Costs Coming Down Rapidly • Quarterly net interest margin expanded by 9 basis points in 2026 compared to 2025 • Cumulative Loan Beta 33% for recent easing cycle • Cumulative Deposit Beta 47% for recent easing cycle • Deposit repricing in current easing cycle continues
Slide 15: Interest Rate Sensitivity
15 Interest Rate Sensitivity Deposits Have Repriced Quicker Than Loans During Current Easing Cycle Fixed Rate $1,537,732 32% Prime $1,088,940 23% SOFR $1,521,368 32% FHLB/Other $640,916 13% Commercial Loans $4.8 billion as of March 31, 2026 (000’s) • 88% of loan portfolio consists of commercial loan
Slide 16: Projected Impact of Rising/Falling Rates
16 Projected Impact of Rising/Falling Rates Historically Asset Sensitive Balance Sheet Maintains Neutral Shift Graph presents 12 month projected net interest income simulation results as of March 31, 2026 using parallel shocks -4.18% -2.31% -0.81% -0.26% -0.06% 0.14% 0.26% 0.46% 0.72% 0.95% -5.00% -
Slide 17: Diversified Deposit Base
17 Diversified Deposit Base Deposit Franchise Consists of Broad-based, Tenured and Deep Relationships • Deposit composition is stable and commercial deposits account for 35% of total deposits • Since 2019 the number of checking accounts have grown by: Commercial +24%, Retail +13% and Public Funds +3
Slide 18: Deposit Mix Reflects Strength of Franchise
18 Deposit Mix Reflects Strength of Franchise Core Deposit Growth Consistently Funds Loan Growth Total Retail $1,800,420 29% Total Public Fund $1,877,855 30% Total Commercial $2,136,404 35% Brokered Deposits $375,581 6% March 31, 2026 Total Deposits - $6.2 billion DDA $1.3 billion DDA % of Total Dep
Slide 19: Checking Account Trends by Deposit Sector
19 Checking Accounting Trends by Deposit Sector Number of Commercial Accounts Grow by 24% since December 2019 $1 ,1 05 ,2 67 $2 ,1 05 ,4 11 $2 ,1 29 ,9 52 $2 ,0 27 ,1 96 $1 ,9 63 ,9 62 $6 58 ,4 51 $9 37 ,4 58 $9 71 ,8 52 $9 75 ,1 56 $9 80 ,8 28 $8 34 ,9 53 $1 ,3 09 ,9 65 $1 ,6 20 ,4 60 $1 ,8 77 ,0 3
Slide 20: Shareholder Value Strategy
20 Shareholder Value Strategy 1. Commercial Banking Focus 2. High Quality Team Members 3. Proven Organic Growth Experience 4. Focus on Core Deposit Funding 5. Commitment to Technology
Slide 21: Commercial Banking Focus
21 Commercial Banking Focus Experienced Relationship Driven Team • 51 credit “smart” commercial bankers • Average 23 years in banking & 13 years at Lake City Bank • We live where we lend • Face to face calling matters and is a team effort • Deep organizational structure provides credit and administr
Slide 22: Credit Process
22 Credit Process Commercial Banking Focus • Our credit discipline has never changed • We have a centralized committee structure • We are in-market lender to in-market clients • Character matters – we lend to people first • We focus on management/cash flow • Structure is important and is disciplined
Slide 23: Lake City Bank Culture
23 Lake City Bank Culture High Quality Team Members • Our culture is our greatest asset and we will preserve it • Lake City University drives our culture • Every employee attends on average, 20 hours of in person training annually • Our community involvement is real and critical to our strategy • In
Slide 24: Mature Market Deposit Performance
24 Mature1 Market Deposit Performance Organic Growth 2015 – 2025 $2,821 $2,689 $1,324 $494 $457 $428 $287 $283 $201 -$1,186-$1,500 -$1,000 -$500 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Lake City Bank 1st Source JPM Chase Fifth Third Star Farm ers State First M erchants PN C O ld N ational
Slide 25: Commitment to Technology
25 Commitment to Technology Innovation and Competitive Technology is a Focus • Progressive AI strategy underway with a focus on revenue enhancement and expense management opportunities • Fintech partnerships play a significant role in our technology stack and enable delivery of innovative solutions
Slide 26: Channel Utilization Today versus Pre-Pandemic
26 Channel Utilization Today versus Pre-Pandemic Mobile Adoption Outpacing All Other Delivery Channels Channel Type Total Transactions 2019(1) % of Total Total Transactions 2026(1) % of Total Period Change Branch Transactions 2,279,975 18% 2,016,628 13% (12)% ATM/ITM 944,785 7% 701,085 5% (26)% Onli
Slide 27: Customer Composition and Digital Adoption
27 Customer Composition and Digital Adoption Digital Adoption Across All Generations Is Strong and Increasing Customer Composition and Digital Adoption Over Three Years Generation(1) Customer Breakdown 3/31/26 3/31/25 3/31/24 Gen Alpha (2010 - Current) 4% 7% 3% 1% Gen Z (1996 - 2009) 16% 74% 71% 67%
Slide 28: Financial Performance
Financial Performance
Slide 29: Income Performance Metrics
29 Income Performance Metrics LKFN Performance Exceeds National Peers and Contributes to Strong Capital Levels 1.56% 1.62% 1.45% 1.40% 1.50% 1.52% 14.19% 17.40% 15.93% 14.12% 14.40% 13.89% 14.27% 17.52% 16.03% 14.20% 14.47% 13.96% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 22.00% 0.
Slide 30: Net Income and EPS
30 Net Income and EPS Net Income Improves by 32% in First Quarter of 2026 $95,733 $103,817 $93,767 $93,478 $103,361 $20,085 $26,478 $3.74 $4.04 $3.65 $3.63 $4.01 $0.78 $1.04 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2021 2022 202
Slide 31: Pretax Pre-Provision Earnings
31 Pretax Pre-Provision Earnings Pretax Pre-Provision Earnings Improves by 11% in 2026 $118,521 $134,539 $116,183 $128,439 $137,383 $31,040 $34,5551.93% 2.09% 1.80% 1.93% 2.00% 1.86% 1.98% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,00
Slide 32: Average Loans
32 Average Loans Average YTD Loan Growth of $255 million or 5% Compared to Prior Year 83% 77% 86% 86% 86% 90% 50% 60% 70% 80% 90% 100% 110% 120% $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2021 (1) 2022 (1) 2023 2024 2025 YTD 2026 Retail Commercial Average Loans to Average D
Slide 33: Line of Credit Utilization
$1 ,4 10 $1 ,4 94 $1 ,5 53 $1 ,6 90 $1 ,7 46 $1 ,8 05 $1 ,8 24 $1 ,9 66 $1 ,8 85 $1 ,8 88 $1 ,8 07 $1 ,8 68 $1 ,8 37 $1 ,8 93 $1 ,9 03 $1 ,8 66 $1 ,9 59 $1 ,9 93 $2 ,0 16 $2 ,1 23 $2 ,1 39 $2 ,1 90 $2 ,2 06 $2 ,2 43 $2 ,3 21 $2 ,3 53 $2 ,3 98 $2 ,5 17 $2 ,6 96 $2 ,7 96 $2 ,8 17 $2 ,8 80 $2 ,9 18 $2
Slide 34: Line of Credit Utilization
$8 12 $7 89 $8 45 $6 64 $6 99 $7 20 $7 07 $7 61 $7 92 $8 11 $8 66 $8 63 $8 43 $7 99 $7 70 $7 63 $7 25 $7 60 $8 18 $8 48 $7 96 $7 27 $8 06 $8 45 $8 61 $8 54 $9 00 $8 15 $8 77 $8 68 $1 ,1 16 $1 ,1 03 $1 ,0 54 $1 ,1 12 $1 ,0 83 $1 ,0 49 $1 ,0 90 $1 ,0 76 $1 ,0 52 $1 ,1 37 $1 ,2 11 $1 ,2 40 $1 ,2 70 $1
Slide 35: Loan Portfolio Breakdown
35 Loan Portfolio Breakdown C&I Drives Lending Business Commercial & Industrial $1,578,776 29% Commercial RE - Owner Occupied $807,813 15% Commercial RE - Nonowner Occupied $960,395 18% Commercial RE - Multifamily $462,984 8% Commercial RE - Construction $509,143 9% Agri-business - Agriculture $374,
Slide 36: Top 10 Industry Concentrations
Multifamily Housing $759,860 14% Agriculture $444,102 8% Industrial CRE $218,063 4% RV & Marine Industry $243,413 4% Hotels $161,103 3% Automobile Dealers $135,865 2% Commercial Office Real Estate $103,551 2% Restaurants $99,894 2% Self-Storage $91,374 2% Senior Living $89,263 2% 36 Top 10 Industry
Slide 37: Average Deposits
$5,357,284 $5,717,358 $5,604,228 $5,836,025 $6,039,821 $6,055,539 99% 100% 97% 99% 99% 99% 50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 150% $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2021 2022 2023 2024 2025 YTD 2026 Average Deposits % of Funding 37 Average Deposits Averag
Slide 38: Deposit Breakdown
38 Deposit Breakdown Deposit Costs Are Repricing Downward with Federal Funds Rate Cuts Total Retail $1,800,420 29% Total Public Fund $1,877,855 30% Total Commercial $2,136,404 35% Brokered Deposits $375,581 6% March 31, 2026 Total Deposits - $6.2 billion (000’s) 0.00% 1.00% 2.00% 3.00% 20 12 20 13 2
Slide 39: Net Interest Income
39 Net Interest Income Year over Year Improvement in Net Interest Income $178,088 $202,887 $197,035 $196,679 $221,017 $52,875 $56,773 3.07% 3.40% 3.31% 3.18% 3.45% 3.40% 3.49% 2.50% 3.00% 3.50% 4.00% 4.50% $0 $50,000 $100,000 $150,000 $200,000 $250,000 2021 2022 2023 2024 2025 YTD 2025 YTD 2026 Net
Slide 40: Asset Quality
40 Asset Quality Total Individually Analyzed and Watchlist Loans Return to Historic Lows 1. 52 % 2. 15 % 2. 75 % 1. 37 % 0. 94 % 0. 50 % 0. 42 % 0. 19 % 0. 25 % 0. 19 % 0. 46 % 0. 26 % 0. 35 % 0. 36 % 0. 32 % 1. 10 % 0. 39 % 0. 38 % 1. 22 % 1. 82 % 2. 20 % 1. 75 % 1. 31 % 0. 41 % 0. 35 % 0. 16 % 0.
Slide 41: Asset Quality: Allowance for Credit Losses
41 Asset Quality Allowance for Credit Losses is Stable 0. 42 % 0. 54 % 0. 25 % 0. 20 % 0. 11 % 0. 10 % 0. 09 % 0. 03 % -0 .0 1% 0. 13 % 0. 03 % 0. 09 % 0. 09 % 0. 10 % 0. 13 % 0. 05 % 0. 55 % 0. 16 % 1.59% 2.15% 2.39% 2.28% 1.92% 1.67% 1.42% 1.26%1.23%1.24%1.25% 1.45% 1.59%1.54% 1.46% 1.68% 1.28%1.2
Slide 42: Noninterest Income
42 Noninterest Income Fee-Based Revenue Produces High Single Digit Growth $44,720 $41,862 $49,858 $56,844 $47,971 $10,928 $12,93320% 17% 20% 22% 18% 17% 19% 0% 10% 20% 30% 40% 50% 60% $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2021 2022 2023 2024(1) 2025 YTD 2025 YTD 2026 N on -In te re st I
Slide 43: Total Revenue
43 2026 YOY Increase 9% Total Revenue Revenue Growth Benefits from High Single Digit Growth in Net Interest Income $222,808 $244,749 $246,893 $253,523 $268,988 $63,803 $69,706 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2021 2022 2023 2024 2025 YTD 2025 YTD 2026 (000’s) Compound annual g
Slide 44: Noninterest Expense
44 Noninterest Expense $104,287 $110,210 $130,710 $125,084 $131,605 $32,763 $35,151 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2021 2022 2023 2024(1) 2025 YTD 2025 YTD 2026 (000’s) 2026 YOY Increase 7% Disciplined Investment in People, Branch Expansion and Technology Continues Com
Slide 45: Efficiency Ratio
45 Efficiency Ratio Efficiency Ratio is Stable 51% 52% 50% 50% 48% 46% 45% 45% 43% 47% 45% 53% 49% 49% 50% 0% 10% 20% 30% 40% 50% 60% 70% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Efficiency Ratio Constant investment in human capital, technology and facilities 12
Slide 46: Stable Healthy Dividend
46 Stable Healthy Dividend Growth in Dividend Reflects Strength of Capital $1.36 $1.60 $1.84 $1.92 $2.00 $0.50 $0.52 1.70% 2.19% 2.82% 2.79% 3.51% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% $0.10 $0.60 $1.10 $1.60 $2.10 2021 2022 2023 2024 2025 YTD 2025 YTD 2026 Dividend Per Share Dividen
Slide 47: LKFN Shareholder Value Total Return Performance
47 LKFN Shareholder Value Total Return Performance from 12/31/00 to 3/31/26 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 LKFN S&P 500 S&P 500 US BMI Banks Index S&P Financials 2,572.63% 692
Slide 48: Investment Highlights
48 Investment Highlights • Proven History of Organic Growth • Disciplined and Focused Strategy • Strong Internal Culture • Consistent Execution and Financial Results • Service Excellence Drives Shareholder Value • Unwavering Focus on Core Business Strategy • Dedication to Long-term Shareholder Value
Slide 49: Supplemental Information
Supplemental Information
Slide 50: Lake City Bank Capital Adequacy
50 Lake City Bank Capital Adequacy Capital Strength Contributes to Fortress Balance Sheet Regulatory Ratio Description * March 31, 2026 Actual Well- Capitalized Threshold Capital Cushion (in 000’s) Non-GAAP AOCI and HTM Losses- after tax Non-GAAP Excess Capital after AOCI and HTM Non-GAAP Adjusted C
Slide 51: Robust Liquidity Sources
51 Robust Liquidity Sources • Available liquidity is stable at $3.3 billion, a decrease from $3.5 billion at December 31, 2025 • Sources of liquidity are varied and represent wholesale funding and brokered deposits • Brokered deposits represent 6% of total deposits up from 1% at December 31, 2025 •
Slide 52: Liquidity Availability
(000) Liquidity Availability Used Unused/ Available Additional Loan Collateral Available for Pledge Secured/Committed Borrowings: Federal Home Loan Bank-Indianapolis(1) $ 649,679 $ 51,200 $ 598,479 $ -- Federal Reserve Bank Discount Window 1,179,813 -- 1,179,813 556,294 Total Secured/Committed $ 1,8
Slide 53: Public Fund Deposit Trends
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Checking and MMA CDs (000) $1,877,855 53 Public Fund Deposit Trends 87% of Large Depositors include Operating Relationships $1,127,111 $1,162,457 $1,284,641 $1,429,873 $1,563,015 $1,809,631 $1,979,32
Slide 54: Commercial Loans by County
54 Commercial Loans by County Commercial Customers in 53 Indiana Counties and 21 Other States (1) All other counties individually represent less than 2% of total March 31, 2026 (000’s) Allen 15% Elkhart 14% St. Joseph 8% Kosciusko 10% Hamilton 11% Marion 15% Marshall 3% Other IN Counties (1) 16% Out
Slide 55: Investment Portfolio
55 Investment Portfolio Recurring Cash Flows Used to Fund Organic Loan Growth M V In ve st m en ts a s a % o f A ss et s Note: Ratio of total securities to total assets excludes PPP loans of $412 million in 2020, $26 million in 2021 and $2 million in 2022 from total assets 12% 12% 12% 14% 21% 20% 18
Slide 56: Investment Security Portfolio Cashflows
56 Investment Security Portfolio Cashflows Cash Flows of $427 million Expected Through March 2030 21 ,9 60 24 ,5 20 17 ,2 71 15 ,8 37 16 ,8 77 22 ,2 90 16 ,0 55 15 ,2 32 20 ,8 78 23 ,1 28 19 ,1 98 19 ,0 85 20 ,2 44 18 ,5 97 14 ,0 49 18 ,7 23 7, 79 0 9, 16 1 7, 53 7 8, 90 0 7, 34 9 8, 71 6 7, 15 1 8,
Slide 57: Investment Portfolio Analysis
Investment Portfolio Analysis Portfolio Shrinking as a Percentage of Total Assets 57 3/31/2026 12/31/2025 Weighted Maturity Market Value % of Total Weighted Maturity Market Value % of Total US Govt REMICS 5.30 85,310 7% 5.21 90,111 8% US Govt Pools 6.24 354,901 31% 6.17 364,052 31% US Agencies 7.22
Slide 58: Larger Market Organic Expansion
58 Larger Market Organic Expansion Organic Growth State Rank County Primary City Population* LCB Entry LCB Deposit Market Share** # of Branches 22. Kosciusko Warsaw 80,669 1872 67% 12 6. Elkhart Elkhart 207,436 1990 24% 11 5. St. Joseph South Bend 273,744 1997 8% 4 3. Allen Fort Wayne 399,295 1999 1
Slide 59: Branch Expansion Strategy for Growth
59 Branch Expansion Strategy for Growth Lake City Bank Deposits in Indianapolis Total $606 Million at June 30, 2025 Indiana County 2025 Population 2050 Projected Population 25- year projected % growth 2025 Deposits in Market (000’s) Lake City Bank 2025 Deposits (000’s) Lake City Bank 2025 Deposit Ma
Slide 60: Mature Market Strength and Growth
60 Mature Market Strength and Growth Organic Growth (millions)1 2025 2015 2025 # of OfficesDeposits Share Deposits Share Increase 1. Lake City Bank $5,573 19.68% $2,752 15.53% 102.51% 55 2. 1st Source $5,539 19.56% $2,850 16.09% 94.35% 51 3. JPM Chase $3,242 11.45% $1,918 10.83% 69.03% 20 4. PNC $1,
Slide 61: Lake City Bank
Quake City Bank LAKECITYBANK.COM