Slide 1: A Proven History of Shareholder Value Creation
Lakeland Financial Corporation A Proven History of Shareholder Value Creation And Commitment to Our Communities 1st Quarter 2026 LKFN LISTED
Slide 2: Executive contacts
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 2
Slide 3: Forward-Looking Information
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 oper
Slide 4: Long Term Success for Shareholders
Long Term Success for Shareholders 3 Institutions (including LKFN) LTM ROE >14% LTM ROE >13% 20-Year TBVPS 16 Institutions CAGR >8%(3) 139 Institutions Profitable for the Last 10 Years(2) 180 Institutions Exchange Traded Depositories with Assets Between $1B and $10B(1) Source: S&P Capital IQ Pro. Fi
Slide 5: Strong Capital Structure
Strong Capital Structure Tangible Book Value(1) Per Share Allowance for Credit Losses $35.07 * $40.00 7.3% $35.00 Tangible Common $30.00 Equity 92.7% $25.00 $20.00 Key Ratios and Per Share Data as of March 31, 2026 $15.00 TCE/Tangible Assets 10.53% $10.00 Adj. TCE/Adj. Tangible Assets 12.20% Total R
Slide 6: Lake City Bank Today
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 exe
Slide 7: 34 Years of Organic Growth
34 Years of Organic Growth A History of Balance Sheet and Income Statement Expansion $103,361 (000’s) $120,000 Compound Annual Growth 1991 – 2025 $100,000 • Loans = 10% • Deposits = 10% $80,000 • Net Income = 11% • Earnings Per Share = 11% $60,000 $40,000 $2,707 $20,000 $0 2023 1991 1993 1995 1997 1
Slide 8: Established Market Presence
Established Market Presence Organic Growth Potential in Mature and Expanding Markets 8
Slide 9: Projected Population Growth Reflects Strength of Economy
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 9
Slide 10: Indiana Is Poised For Continued Economic Growth
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 live
Slide 11: Strong Regional and Statewide Economy
Strong Regional and Statewide Economy Indiana Unemployment Rate is Lower than the National Average 14.0% 13.0% 12.0% Unemployment 10.0% 8.0% 8.1% 11.9% 7.0% 6.0% 6.6% 9.0% 5.8% 6.9% 5.2% 4.9% 4.7% 4.0% 5.6% 4.5% 4.5% 4.4% 5.1% 4.7% 4.1% 4.1% 4.5% 4.3% 4.2% 11.3% 3.9% 4.1% 3.8% 3.8% 3.8% 3.1% 8.8% 6.
Slide 12: Fortress Balance Sheet
Fortress Balance Sheet LKFN Above Peer Long-Term Profitability has Contributed to a Strong Capital Foundation Proxy Peer Average RBC 18.0% Q4’25 14.9% 17.0% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% Well Capitalized Threshold 10.0% for Consolidated Risk-Based Capital 10.0% 9.0% 8.0% Q4'10 Q4'11 Q4'12 Q4'1
Slide 13: Net Interest Margin by Quarter
Net Interest Margin by Quarter NIM Expansion of 9 Basis Points Over the First Quarter 2025 3.50% 3.50% 3.48% 3.49% 3.40% 3.42% 3.25% 3.16% 3.00% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 LKFN Quarterly NIM 13
Slide 14: Net Interest Margin
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 to
Slide 15: Interest Rate Sensitivity
Interest Rate Sensitivity Deposits Have Repriced Quicker Than Loans During Current Easing Cycle • 88% of loan portfolio consists of commercial loans and 68% of FHLB/Other $640,916 commercial loans are tied to variable 13% interest rates Fixed Rate • Approximately $774.6 million of fixed $1,537,732 r
Slide 16: Projected Impact of Rising/Falling Rates
Projected Impact of Rising/Falling Rates Historically Asset Sensitive Balance Sheet Maintains Neutral Shift 1.00% 0.95% 0.72% 0.46% 0.14% 0.26% -0.06% -0.26% -1.00% -0.81% -2.31% -3.00% -4.18% -5.00% Dn 300 Dn 200 Dn 100 Dn 50 Dn 25 Up 25 Up 50 Up 100 Up 200 Up 300 Graph presents 12 month projected
Slide 17: Diversified Deposit Base
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 +35%
Slide 18: Deposit Mix Reflects Strength of Franchise
Deposit Mix Reflects Strength of Franchise Core Deposit Growth Consistently Funds Loan Growth Brokered Deposits $375,581 6% Total Commercial $2,136,404 35% Total Retail $1,800,420 29% Total Public Fund $1,877,855 30% March 31, 2026 Total Deposits - $6.2 billion DDA $1.3 billion DDA % of Total Deposi
Slide 19: Checking Account Trends by Deposit Sector
Checking Accounting Trends by Deposit Sector Number of Commercial Accounts Grow by 24% since December 2019 (000) Checking Account Average Balances $2,500,000 by Deposit Type (000) Public Commercial Retail Funds 3/31/26 $123 $15 $6,507 $2,129,952 $2,000,000 $2,105,411 $2,027,196 $1,963,962 12/31/25 $
Slide 20: Shareholder Value Strategy
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 20
Slide 21: Commercial Banking Focus
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 administrati
Slide 22: Credit Process
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
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 • Inclu
Slide 24: Mature Market Deposit Performance
Mature1 Market Deposit Performance Organic Growth 2015 – 2025 $3,500 $3,000 $2,821 $2,689 Lake City Bank has grown $2,500 deposits by 103% over the $2,000 last ten-year period. $1,500 $1,324 $1,000 $494 $457 $428 $500 $287 $283 $201 $0 -$500 -$1,000 -$1,500 -$1,186 Lake City Bank 1st Source JPM Chas
Slide 25: Commitment to Technology
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 to
Slide 26: Channel Utilization Today versus Pre-Pandemic
Channel Utilization Today versus Pre-Pandemic Mobile Adoption Outpacing All Other Delivery Channels Total Total Channel Transactions % of Transactions % of Period Type 2019(1) Total 2026(1) Total Change Branch Transactions 2,279,975 18% 2,016,628 13% (12)% ATM/ITM 944,785 7% 701,085 5% (26)% Online
Slide 27: Customer Composition and Digital Adoption
Customer Composition and Digital Adoption Digital Adoption Across All Generations Is Strong and Increasing Customer Composition and Digital Adoption Over Three Years Customer Generation(1) 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% Mi
Slide 28: Financial Performance
Qoake City Bank Financial Performance
Slide 29: Income Performance Metrics
Income Performance Metrics LKFN Performance Exceeds National Peers and Contributes to Strong Capital Levels ROAE and ROATE LTM Peer Average Data1 22.00% National Indiana ROAE 10.3% 11.6% 2.70% ROATE 11.4% 13.1% 20.00% 17.52% 18.00% 16.03% 2.20% 17.40% 16.00% 14.27% 14.20% 14.47% 13.96% ROAE and ROAT
Slide 30: Net Income and EPS
Net Income and EPS Net Income Improves by 32% in First Quarter of 2026 $5.00 $120,000 $103,817 $103,361 $4.50 $100,000 $95,733 $93,767 $93,478 $4.00 $4.04 $4.01 Net Income $3.74 $3.50 $80,000 $3.65 $3.63 EPS $3.00 $60,000 $2.50 $40,000 $2.00 $26,478 $20,085 $1.50 $20,000 $1.04 $0.78 $1.00 $0 $0.50 2
Slide 31: Pretax Pre-Provision Earnings
Pretax Pre-Provision Earnings Pretax Pre-Provision Earnings Improves by 11% in 2026 $160,000 6.00% $134,539 $137,383 $140,000 $128,439 Pretax Pre-Provision Earnings/Average Assets 5.00% $118,521 $116,183 $120,000 Pretax Pre-Provision Earnings 4.00% $100,000 $80,000 3.00% $60,000 1.86% 1.98% 2.00% 2.
Slide 32: Average Loans
Average Loans Average YTD Loan Growth of $255 million or 5% Compared to Prior Year $6,000,000 $5,440,876 120% $5,223,458 $5,039,406 $5,000,000 $4,813,678 $4,421,094 $4,427,166 110% $4,000,000 100% Loans to Deposit Ratio 90% $3,000,000 Loans 90% 86% 86% 86% 80% 83% $2,000,000 77% 70% $1,000,000 60% $
Slide 33: Line of Credit Utilization
Line of Credit Utilization Line Utilization Rises in First Quarter 2026 $4,789 $4,786 $4,718 $4,705 $4,687 $4,685 $4,681 $4,662 $4,642 $4,618 $4,598 $4,550 $4,548 $4,532 65% $5,000 $4,342 $4,203 $4,098 $4,011 $4,500 60% $3,795 $3,700 $3,600 $4,000 55% $2,665 $2,578 $2,626 $2,918 $3,500 $2,696 $2,817
Slide 34: C&I Line Utilization Rises in First Quarter 2026
25% 35% 45% 55% 65% 75% Dec-18 $812 $815 $1,627 50% Dec-19 $789 $877 $1,666 47% PPP Mar-20 $845 $868 $1,713 Round 1 49% Jun-20 $664 $1,116 $1,780 37% Sep-20 $699 $1,103 $1,802 39% Dec-20 $720 $1,054 $1,774 41% PPP Round 2 Mar-21 $707 $1,112 $1,819 39% Jun-21 $761 $1,083 $1,844 41% Sep-21 $792 $1,049
Slide 35: Loan Portfolio Breakdown
Loan Portfolio Breakdown C&I Drives Lending Business Agri-business - Other Residential Commercial RE - Agriculture Commercial Mortgage Construction $374,081 $95,764 $292,724 $509,143 7% 2% 5% 9% Home Equity $263,600 5% Commercial RE - Multifamily $462,984 Installment - Other 8% Consumer $130,587 2%
Slide 36: Top Industry Concentrations
Top 10 Industry Concentrations Loan Portfolio is Diversified Commercial Office Real Estate Restaurants Automobile Dealers $103,551 $99,894 $135,865 2% 2% 2% Self-Storage Hotels $91,374 $161,103 2% 3% RV & Marine Industry Senior Living $243,413 $89,263 4% 2% Industrial CRE $218,063 4% Multifamily Hou
Slide 37: Average Deposits
Average Deposits Average YTD Deposit Growth of $181 million or 3% Compared to Prior Year (000’s) $6,055,539 150% $6,039,821 $6,000,000 $5,717,358 $5,836,025 $5,357,284 $5,604,228 140% 130% Deposits as a Percent of Total Funding $5,000,000 120% $4,000,000 110% Deposits 100% $3,000,000 99% 100% 99% 99
Slide 38: Deposit Breakdown
Deposit Breakdown Deposit Costs Are Repricing Downward with Federal Funds Rate Cuts Brokered Deposits Annual Cost of Deposits $375,581 3.00% 6% 2.00% 1.00% 0.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Total Retail $1,800,420 Total 29% Commercial Deposit Compos
Slide 39: Net Interest Income
Net Interest Income Year over Year Improvement in Net Interest Income (000’s) $250,000 $221,017 4.50% $202,887 Net Interest Margin, fully tax equivalent $197,035 $196,679 $200,000 $178,088 Net Interest Income 4.00% $150,000 3.45% 3.49% 3.40% 3.40% 3.50% 3.31% $100,000 3.18% 3.07% $52,875 $56,773 $50
Slide 40: Asset Quality
Asset Quality Total Individually Analyzed and Watchlist Loans Return to Historic Lows 6.00% 14.00% 5.00% Watch List Loans to Total Loans excluding PPP 12.00% Nonperforming Assets to Total Assets 4.00% 10.00% 8.86% 8.17% 8.06% 3.00% 7.46% 8.00% 6.64% 6.75% 2.00% 5.75% 5.50% 6.00% 4.64% 4.77% 4.28%4.5
Slide 41: Asset Quality: Allowance for Credit Losses
Asset Quality Allowance for Credit Losses is Stable 2.70% 1.40% 2.39% 2.28% 2.40% ACL to Total Loans, excluding PPP 2.15% 1.20% 2.10% Net Chargeoffs to Average Loans 1.92% 1.00% 1.67% 1.68% 1.80% 1.59% 1.59% 1.54% 0.80% 1.42% 1.45% 1.46% 1.50% 1.26% 1.23% 1.24% 1.25% 1.28% 1.26% 0.60% 1.20% 0.40% 0.
Slide 42: Noninterest Income
Noninterest Income Fee-Based Revenue Produces High Single Digit Growth (000’s) $60,000 $56,844 60% Non-Interest Income as % of Total Revenue $49,858 $50,000 $47,971 50% $44,720 $41,862 Non-Interest Income $40,000 40% $30,000 30% 19% $20,000 17% 20% 22% $12,933 20% 20% 17% 18% $10,928 $10,000 10% $0
Slide 43: Total Revenue
Total Revenue Revenue Growth Benefits from High Single Digit Growth in Net Interest Income (000’s) $300,000 $268,988 $246,893 $253,523 $250,000 $244,749 $222,808 $200,000 $150,000 $100,000 $63,803 $69,706 $50,000 $0 2021 2022 2023 2024 2025 YTD 2025 YTD 2026 Compound annual growth rate “CAGR” is bas
Slide 44: Noninterest Expense
Noninterest Expense Disciplined Investment in People, Branch Expansion and Technology Continues (000’s) $140,000 $130,710 $131,605 $125,084 $120,000 $110,210 $104,287 $100,000 $80,000 $60,000 $40,000 $32,763 $35,151 $20,000 $0 2021 2022 2023 2024(1) 2025 YTD 2025 YTD 2026 (1) Noninterest Expense inc
Slide 45: Efficiency Ratio
Efficiency Ratio Efficiency Ratio is Stable 70% Constant investment in human capital, technology and facilities 60% 53% 51% 52% 50% 50% 48% 49% 49% 50% 50% 46% 45% 45% 47% 45% 43% 40% 30% 20% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 12023 Year-to-date adjusted
Slide 46: Stable Healthy Dividend
Stable Healthy Dividend Growth in Dividend Reflects Strength of Capital 8.00% $2.10 $2.00 $1.92 7.00% $1.84 $1.60 6.00% $1.60 Dividend per Share $1.36 5.00% Dividend Yield 3.51% 4.00% $1.10 2.82% 2.79% 3.00% 2.19% 1.70% $0.60 $0.50 $0.52 2.00% 1.00% $0.10 0.00% 2021 2022 2023 2024 2025 YTD 2025 YTD
Slide 47: LKFN Shareholder Value
LKFN Shareholder Value Total Return Performance from 12/31/00 to 3/31/26 3,000.00 2,500.00 2,572.63% 2,000.00 1,500.00 1,000.00 692.48% 500.00 306.45% 251.99% 0.00 (500.00) 2026 2001 2006 2000 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 48: Investment Highlights
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 Cr
Slide 49: Supplemental Information
Supplemental Information Qoake City Bank
Slide 50: Lake City Bank Capital Adequacy
Lake City Bank Capital Adequacy Capital Strength Contributes to Fortress Balance Sheet Non-GAAP Non-GAAP Non-GAAP Adjusted March 31, Well- Capital AOCI and Excess Capital Regulatory Ratio 2026 Capitalized Cushion HTM Capital Ratios with Description * Actual Threshold (in 000’s) Losses- after AOCI AO
Slide 51: Robust Liquidity Sources
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 • Non
Slide 52: Liquidity Preparedness
Liquidity Preparedness March 31, 2026 Additional Loan Collateral Liquidity Available for (000) Availability Used Unused/ Available 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
Slide 53: Public Fund Deposit Trends
Public Fund Deposit Trends 87% of Large Depositors include Operating Relationships (000) $1,979,327 $2,000,000 $1,877,855 $1,809,631 $1,563,015 $1,429,873 $1,500,000 $1,284,641 $1,127,111 $1,162,457 $1,000,000 $500,000 $0 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Mar-26 Checking and MMA CDs N
Slide 54: Commercial Loans by County
Commercial Loans by County Commercial Customers in 53 Indiana Counties and 21 Other States Other IN Marshall Counties (1) 3% 16% Outside IN 8% Marion 15% Allen 15% Hamilton 11% Commercial Loans Elkhart Outstanding as of Kosciusko 14% 3/31/2026 10% St. Joseph $4.8 billion 8% March 31, 2026 (000’s) (1
Slide 55: Investment Portfolio
Investment Portfolio Recurring Cash Flows Used to Fund Organic Loan Growth 25% 20% MV Investments as a % of Assets 21% 20% US Govt Remics US Govt 15% 18% 17% 17% 16% 8% Pools US Govt 14% 31% 12% 12% Agencies 10% 12% 10% 5% HTM Municipals 10% AFS 0% Municipals 2017 2018 2019 2020 2021 2022 2023 2024
Slide 56: Investment Security Portfolio Cashflows
Investment Security Portfolio Cashflows Cash Flows of $427 million Expected Through March 2030 (000,000) Investment Portfolio Expected to 40,000 Generate $113 million in Cash Flows over the next Twelve Months 35,000 9,161 30,000 8,237 8,716 7,790 6,978 25,000 6,559 7,885 6,730 7,392 7,581 7,537 7,34
Slide 57: Investment Portfolio Analysis
Investment Portfolio Analysis Portfolio Shrinking as a Percentage of Total Assets 3/31/2026 12/31/2025 Weighted Market % of Weighted Market % of Maturity Value Total Maturity Value 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 7.22 113
Slide 58: Larger Market Organic Expansion
Larger Market Organic Expansion Organic Growth State LCB LCB Deposit Rank County Primary City Population* Entry 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 16%
Slide 59: Branch Expansion Strategy for Growth
Branch Expansion Strategy for Growth Lake City Bank Deposits in Indianapolis Total $606 Million at June 30, 2025 Lake City Bank Lake City 2025 2050 25- year 2025 Deposits Bank 2025 Deposit Lake City Indiana 2025 Projected projected in Market Deposits Market Bank County Population Population % growth
Slide 60: Mature Market Strength and Growth
Mature Market Strength and Growth Organic Growth (millions)1 2025 2015 2025 # of Deposits Share Deposits Share Increase Offices 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 $1,56
Slide 61: Lake City Bank
Qiake City Bank LAKECITYBANK.COM