On this page of StockholderLetter.com we present the latest annual shareholder letter from LAKELAND FINANCIAL CORP — ticker symbol LKFN. Reading current and past LKFN letters to shareholders can bring important insights into the investment thesis.

 •  3/5/2026 Letter Continued (Full PDF)
 •  3/2/2023 LKFN Stockholder Letter
 •  2/29/2024 LKFN Stockholder Letter
 •  2/27/2025 LKFN Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  LKFN Benford's Law Stock Score = 97

LKFN Shareholder/Stockholder Letter Transcript:

LAKELAND FINANCIAL CORPORATION
Annual Report
Annual Report

Letter to Shareholders
entered the conversation concerned that we were behind
in embracing AI and its value to the bank. We left the
conversation confident that we are on the right path on the
AI journey.
As we look forward, there are many factors that will
influence our strategic decisions, including further industry
consolidation, cryptocurrency and stablecoin, regulatory
and political developments, non-bank competition, rapidly
evolving technologies and, of course, artificial intelligence.
As we always do, we   ll identify the opportunities
embedded in these challenges and ensure that the bank is
well prepared to tackle them head-on to ensure that Lake
City Bank remains competitive and relevant in the evolving
landscape of financial services.
Lake City Bank Shareholders, Clients and
Community Partners:
It   s been a busy start to 2026 for the Lake City Bank team,
and we   re excited to continue the strong momentum we
had coming out of record quarterly earnings performance in
the final quarter of 2025! As we prepared the 2026 Strategic
Plan and Strategic Initiatives, it became very clear that
the financial services industry was undergoing significant
change. This was reinforced at two industry conferences
we attended early in the first quarter where there was a
significant emphasis on artificial intelligence, or AI. While
we   ve had an Artificial Intelligence Task Force actively
engaged since late 2024, the topic has forcefully emerged
over the last several months. At a recent Lake City Bank
weekly Management Committee meeting, we had a long
discussion about the status of our efforts to develop the most
effective path to leveraging AI as we move through 2026. We
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We thoroughly enjoy creating this annual report every
year. It   s an opportunity to celebrate the strength of
our commitment to our clients, our team members, our
communities, and our shareholders. As we consider
the market forces discussed above, it would be easy to
get lost in the details of our quickly evolving financial
services landscape. Rather than do that, we embrace
the opportunity to make decisions and take actions that
strengthen the relationships we have with our clients.
Truly meaningful relationships are not created by artificial
intelligence or technology. They are created by the people
that come to work every day at Lake City Bank. When
a manufacturing company decides to work with Lake
City Bank, that decision is almost always preceded by
a multi-year development of a relationship built on trust
and commitment between human beings, not machines
or technology. When a Wealth Advisory Group prospect
decides to entrust Lake City Bank with managing their
life savings, the decision is certainly impacted by our
strong investment performance, but it   s also built upon the
foundational strength of long-term relationship building.
Those relationships are at the core of everything we do.
Lending money is our primary business and commercial
banking is our primary lending focus. When a commercial
banker first learns how to make a loan, the banker is
Truly meaningful
relationships
are not created
by artificial
intelligence or
technology.
taught the    Five C   s of Credit.    The first, and most important,
is Character. Character cannot be assessed by a bot, a
software application or AI. Character is a human judgment
of a person and a critical component of relationship building.
It   s a two-way street and our clients must assess our
character in their decision to bank with us. And how does
that happen? In face-to-face interactions over an extended
period of time. Some might argue that an AI agent will
eventually have the capacity to judge a person   s character,
but you can   t build a relationship, share a laugh or shake
hands with an AI agent.
This annual report features seven client relationships and
decades of relationship development and growth. Phrases
such as,    invested in the success of our business,    and,
   their team feels like an extension of ours,    reflect strong
partnerships created with our clients. Simply put, we know
our customers and they know us.
At the same time, we recognize that our clients expect
the bank to provide leading edge technologies to support
our relationships with them. One of the featured client
relationship stories emerged from the design and renovation
of our Innovation and Technology Center that will open in the
summer of 2026. In one sense, it   s just another one of seven
buildings that comprise our Downtown Warsaw campus.
But importantly, it   s also a statement of the importance of
constant innovation and technology adaptation in our
business. Through our AI Task Force, our Technology
Committee and our Strategy and Innovation Committee,
we are ensuring that we can deliver technology-centric
solutions to our clients. These teams are laser focused
on maintaining our competitive edge as a sophisticated
financial services company.
We care about our communities. We are invested in our
communities. We live, work and play in our communities.
The last feature in this annual report focuses on
housing affordability, an issue impacting every one of
our communities. Through our efforts and strategic
partnerships, we are making a difference on this front.
Our branch development plans include branch and
service expansion in low to moderate income areas
in Indianapolis, South Bend, Elkhart and Fort Wayne.
These facilities are intended to bring banking services
to banking    deserts    where competitors have closed
branches. It   s another sign of our passion for community
banking and our desire to have a meaningful impact in
our communities.
The financial foundation of a community bank is critical.
Over the last 153 years, we have built a fortress balance
sheet that provides us with the ability to deliver strong
financial and operational results. We did that again in
2025 with core performance metrics that significantly
exceeded our industry peers. We are grateful for the
support of our shareholders, clients, team members and
communities. It   s truly fun to be community bankers.
David M. Findlay
Chairman and Chief Executive Officer
Kristin L. Pruitt
President
2025 ANNUAL REPORT
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Management Committee
Board of Directors
Pictured in front of ongoing renovations to Lake City Bank   s Innovation and Technology Center, set to open in summer 2026.
Left to right, front:
Lisa M. O   Neill
Executive Vice President
Chief Financial Officer
Left to right, back:
Carrie A. Gutman
Senior Vice President
Chief Wealth Advisory
Officer
Left to right:
Kristin L. Pruitt
David M. Findlay
Eric H. Ottinger
J. Rickard Donovan
Kyra E. Clark
Donald J. Robinson-Gay
President
Senior Vice President
General Counsel
Chairman and Chief
Executive Officer
Senior Vice President
Chief Human Resources
Officer
During our Management Committee Strategic Planning
Retreat in late 2025, we spent the most time on our
people and succession planning. We poured over page
after page of organizational charts with names and faces
of the current and future leaders of Lake City Bank. It
was an affirming exercise as we asked each other, over
and over,    if this person wins the lottery and doesn   t
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Executive Vice President
Chief Commercial
Banking Officer
Stephanie R. Leniski
Executive Vice President
Chief Retail Banking Officer
Executive Vice President
Chief Credit Officer
come into work the next day, who takes over their
job?    We are a people business, and human capital is
the greatest driver of developing financial capital. The
Lake City Bank team represents our future and we are
confident that we are developing the next generation
of leadership to continue the bank   s 153-year history of
strong performance.
Brian J. Smith
M. Scott Welch
Emily E. Pichon
A. Faraz Abassi
Robert E. Bartels, Jr.
Dan Starr
Blake W. Augsburger
Kristin L. Pruitt
Steven D. Ross
Mindy Creighton Truex
Bradley J. Toothaker
Darrianne P. Christian
Co-Chief Executive Officer
Heritage Group, Inc.
Founder and Chief Executive
Officer
LEA Professional
Chief Executive Officer
Welch Packaging Group
President
Lakeland Financial Corporation
and Lake City Bank
President
Olive B. Cole Foundation
Former Owner
Ross and Associates
Managing Partner
Centerfield Capital
President
CB Farms LLC
Partner, Incedo LLC
Chief Executive Officer
True Value and Do It
Best Corp.
David M. Findlay
Chairman and Chief
Executive Officer
Lakeland Financial
Corporation and
Lake City Bank
Executive Chairman
Civic Leader
Bradley Company
Managing Partner
Great Lakes Capital Development
When the board of directors held their annual Strategic Planning Offsite, they were joined by Stephanie
Ferris, the Chief Executive Officer and President of FIS, the bank   s core service partner, and Matt Flake, the
Chairman and Chief Executive Officer of Q2, the bank   s digital banking service partner. It was a technologycentric discussion focused on the critical deliverables of today   s technology platform for our clients and,
more importantly, the development of future platforms to ensure that we remain a leading-edge technology
services partner for our clients. The board is aligned with the Lake City Bank team.
2025 ANNUAL REPORT
5

Brinkley RV
G OSH E N | C L I EN T SI N CE 2021
In an industry known for tradition, Brinkley RV is rewriting
the rules. Founded by five equal partners with decades
of combined experience, the company brings a legacy of
innovation and leadership that has shaped some of the most
successful RV brands on the market. But Brinkley RV isn   t
just about history   it   s about raising the bar for the future.
The future looks bright for Brinkley RV. In November 2025,
the company opened a 250,000-square-foot Customer Care
facility   a bold investment designed to set a new standard
for service. And the innovation doesn   t stop there. In 2026,
they plan to introduce a new Model R fifth wheel and continue
expanding their existing model lineups.
   We noticed a distinct shift in the RV industry,    says John
Schmidlin, Chief Financial Officer.    Quality was declining,
and the perception of customer care was changing. We felt a
responsibility to re-ignite innovation and bring back customerdriven designs that truly elevate the experience.   
Strong partnerships support the rapid growth and innovation
at Brinkley, such as their relationship with Lake City Bank.
   Lake City Bank has been instrumental in supporting
Brinkley RV   s success,    says Schmidlin.    They   re not just
a lender   they   re a true partner. Their team feels like an
extension of ours, always accessible and ready to help. From
facility investments to working capital, they   ve given us the
confidence to move quickly and strategically. In a shifting
economic landscape, that kind of support is invaluable.   
That commitment is evident in every detail of Brinkley RV   s
approach. From cutting-edge product development to a
relentless focus on service, the company is passionate about
building high-quality RVs and delivering an unmatched level
of care.    We are relentless in our pursuit of the ultimate
customer experience,    Schmidlin emphasizes.    We will never
stop in our quest to be the best and most reputable RV
manufacturer in the industry.   
The Lake City
Bank team
feels like an
extension of
ours, always
accessible
and ready to
help.
6
From left to right: Brinkley RV Founders and Co-owners Nate Goldenberg, Bill
Fenech, Ryan Thwaits, Ron Fenech, and Micah Staley.
Brinkley RV isn   t just building RVs   they   re building trust,
innovation, and a new era of excellence. And with partners like
Lake City Bank by their side, the road ahead is wide open.
From left to right: Brinkley RV Founders and Co-owners Nate Goldenberg, Micah Staley, Ryan Thwaits, Bill Fenech,
and Ron Fenech; Tiffany Mudd, Assistant Vice President, Corporate & Institutional Services Sales Officer; Chris Wiggins,
Senior Vice President, Commercial Warsaw Regional Manager; Trenton Cooper, Assistant Vice President, Commercial
Portfolio Management Officer.
2025 ANNUAL REPORT
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Alliance
Architects
SO UT H B E N D | CL I E N T SI N CE 2012
Weigand
Construction
FO RT WAY NE | CLIENT SINCE 2000
When Lake City Bank purchased the building for its Innovation
and Technology Center in downtown Warsaw, choosing who
to design and renovate was simple   Alliance Architects and
Weigand Construction. Both companies have long-term
relationships with the bank, roots in Northern Indiana and share a
commitment to collaboration.
Founded in 2012, Alliance Architects is rooted in collaboration
and a hands-on approach to design and project delivery. The
extensive experience of the Alliance team   its architects average
more than 20 years of professional experience   has resulted in
projects that vary in size and scope.
   We   re fortunate that we   re able to work on projects that
resonate with us personally,    said Anthony Paiano, Principal
and President.    A standout for me is the reconstructed City
Hall for Mishawaka   my hometown and a civic centerpiece.
We partnered with Weigand Construction as the construction
manager on that project as well and they were pivotal to its
successful completion.   
Weigand Construction was founded in 1906 by Henry Weigand,
who installed and repaired brick sidewalks in Fort Wayne. Fast
forward to today, Weigand provides building solutions across
a footprint that extends into Michigan and Ohio. Weigand   s
workforce includes 400 trade professionals building across
sectors, including healthcare, government, municipal, commercial
and more.
   Plenty of companies perform the services that we provide,    said
Larry Weigand, CEO.    But not all of them go above and beyond
to care for our clients, anticipate their needs, communicate with
transparency and deliver on commitments.   
Alliance Architects and Weigand Construction both value their
relationship with Lake City Bank. Each company has an
extensive banking relationship with the bank, including
commercial deposits, loans and lines of credit.
   Lake City Bank is invested in the success of our business,   
Paiano said.    I think back to the COVID-19 pandemic and
the Paycheck Protection Program loan through the bank, which
Todd (Bruce) helped us with every step of the way. This was
instrumental in helping us retain our entire team during the
nationwide shutdown   a testament to the strength of
our partnership.   
Work on Lake City Bank   s 35,000 square foot Innovation and
Technology Center has begun, with completion anticipated in
summer 2026. The facility, built in 1968, will undergo a complete
interior and exterior modernization, designed by Alliance
Architects and built by Weigand Construction.
   It   s fulfilling to collaborate with Lake City Bank and partners like
Alliance to bring the Innovation and Technology Center to life.
Just like the bank has been a partner in our growth as a company,
we   re proud to be a part of its growth in Downtown Warsaw,   
said Weigand.
Lake City
Bank is
invested in
the success
of our
business.
From left to right: Anthony Paiano, Principal and President of Alliance
Architects; Larry Weigand, CEO of Weigand Construction.
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From left to right: Rich Hoover, Vice President, Director of Properties & Security; Missy Rupe, Vice President, Facilities
Development Officer; Anthony Paiano, Principal and President of Alliance Architects; Larry Weigand, CEO of Weigand
Construction; Cammy Treadway, Senior Vice President, Commercial Fort Wayne Regional Manager; Todd Bruce, Senior
Vice President, Commercial South Bend Regional Manager.
2025 ANNUAL REPORT
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 3/5/2026 Letter Continued (Full PDF)