Lakeland Financial Corporation (LKFN): Business Model Canvas [Apr-2026 Updated]

You're looking for the real mechanics behind Lakeland Financial Corporation's success, not just the stock ticker, so I've mapped out their late-2025 Business Model Canvas. Honestly, what stands out is how this Indiana-focused bank balances a community-first approach-think local decision-makers and 55 branches-with serious financial muscle, evidenced by their $5.19 billion average loan portfolio in Q1 and a rock-solid 15.86% Total Risk-Based Capital Ratio as of Q2. They are clearly driving value through that core commercial lending engine, which delivered $56.07 million in Net Interest Income by Q3 2025, all while managing costs like personnel and technology upkeep. Dive into the nine blocks below to see exactly how they structure their operations to keep those shareholder returns consistent.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Lakeland Financial Corporation (LKFN) relies on to execute its community banking model, especially given its scale-total deposits reached $6.18 billion as of June 30, 2025. These partnerships are critical for governance, market access, and operational execution.

Financial Market Makers (e.g., Raymond James, KBW)

Lakeland Financial Corporation maintains relationships with numerous financial market makers to ensure liquidity and analyst coverage for its common stock, traded on the Nasdaq Global Select Market under the symbol LKFN. The firm's governance structure is supported by these external financial entities, which facilitate trading and provide market perspective. For instance, Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. are listed among the firms supporting the stock's market presence. Analyst David Long of Raymond James recently maintained an Outperform rating on LKFN stock following management discussions.

The bank's commitment to shareholder returns is also visible through its capital management strategy, which includes a stock repurchase program authorized to buy back shares up to $30 million through April 30, 2027.

Equiniti Trust Company for Stock Transfer Services

The administrative backbone for shareholder records is managed by an external specialist. Equiniti Trust Company, LLC ("EQ") serves as the official Stock Transfer Agent and Registrar for Lakeland Financial Corporation. This partnership handles the mechanics of share ownership, dividend distribution, and shareholder communications. The company declared a quarterly cash dividend of $0.50 per share for Q2 2025, and the projected Annual Dividend for 2025 is $2.00 per share.

Local Indiana Business Leaders on the Board of Directors

The Board of Directors is explicitly designed to represent the foundational building blocks of stable corporate governance and engagement within Indiana communities. This local focus is a core tenet of the community banking philosophy. In May 2025, two proven local leaders joined the board: Dan Starr, CEO of Do it Best Corp., and Mindy Creighton Truex, President of Creighton Brothers Farms LLC. David M. Findlay continues to serve as Chairman and CEO, while Kristin L. Pruitt serves as President. The board composition ensures deep, in-market knowledge supports strategic decisions.

The board structure includes directors with diverse backgrounds, such as:

• Dan Starr: CEO of Do it Best Corp. and former partner at Barnes & Thornburg LLP.
• Mindy Creighton Truex: President of Creighton Brothers Farms LLC, with a background in agribusiness management from Purdue University.
• David M. Findlay: Chairman and CEO, with prior CFO roles at Quality Dining Inc.

Core Technology and Digital Service Providers

Lakeland Financial Corporation emphasizes delivering technology-forward solutions to remain competitive against larger regional and national banks. This requires reliance on external providers to maintain its robust digital banking platform, which serves its Central and Northern Indiana markets. While specific vendor names aren't detailed in public filings, the operational scale necessitates partnerships for core processing, cybersecurity, and digital customer experience enhancements. The bank is physically committing to this area by transforming a nearly 60-year-old, 36,000 square foot building in Downtown Warsaw into an Innovation and Technology Center.

Correspondent Banking Partners for Liquidity

To manage liquidity and offer a full suite of services across its balance sheet, which held $5.23 billion in average loans as of June 30, 2025, Lakeland Financial Corporation engages in correspondent banking relationships. These partnerships help manage deposit flows and provide access to broader funding markets beyond its core deposit base, which stood at $6.03 billion (98% of total deposits) at the end of Q2 2025. These relationships are essential for maintaining capital strength, evidenced by a Total Risk-Based capital ratio of 15.86% as of June 30, 2025.

Here are some key financial metrics that underscore the scale supported by these partnerships as of the second quarter of 2025:

Financial Metric (As of June 30, 2025)	Amount/Value
Net Income (Q2 2025)	$27.0 million
Diluted Earnings Per Share (Q2 2025)	$1.04
Total Deposits	$6.18 billion
Return on Average Equity (Q2 2025)	15.52%
Efficiency Ratio (Q2 2025)	45.9%

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Key Activities

You're looking at the core engine of Lakeland Financial Corporation-what they actually do day-to-day to make money and grow. It's all about the balance sheet and the client relationship, plain and simple.

Commercial lending and deposit relationship building

The primary activity is securing high-quality commercial loans and pairing them with sticky, low-cost deposits. This is the classic banking model, but the execution matters. You see the results of this relationship building in the deposit growth; core deposits hit $5.83 billion as of March 31, 2025, which was a 7% increase year-over-year. That growth in core deposits is what funds the lending engine, keeping funding costs down. The net interest margin (NIM) reflects this success, improving to 3.40% in Q1 2025 from 3.15% in Q1 2024. That's a 25 basis point improvement, which directly boosts profitability. Honestly, deposit growth funding loan growth is the whole game here.

The activity of commercial lending itself involves significant origination and management:

• Commercial loan originations for Q1 2025 totaled approximately $365.0 million.
• Commercial loan pay downs during Q1 2025 were approximately $268.0 million.
• Line of credit usage stood at 43% as of March 31, 2025.

Managing a $5.19 billion average loan portfolio (Q1 2025)

The sheer scale of the loan book is a key activity, requiring constant monitoring for credit quality. Lakeland Financial Corporation was managing an average total loan portfolio of $5.19 billion for the first quarter of 2025. That represented a 4% increase, or $214.9 million, compared to the first quarter of 2024. Managing this asset base means actively watching for risks; for instance, watch list loans as a percentage of total loans was reported at 4.13% as of March 31, 2025. The activity here is balancing growth with risk mitigation, especially given the $6.8 million provision for credit losses recorded in Q1 2025.

Here's a quick look at how the core balance sheet metrics supported this activity in Q1 2025:

Key Metric	Q1 2025 Value	Year-over-Year Change
Average Total Loans	$5.19 billion	+4%
Core Deposits	$5.83 billion	+7%
Net Interest Margin (NIM)	3.40%	+25 basis points
Net Interest Income	$52.9 million	+12%

Delivering technology-forward banking solutions

While the search results don't give a specific dollar amount for technology spend, the focus is implied through operational efficiency and deposit structure. The bank emphasizes its technology to support its relationship focus. The activity involves ensuring the digital tools help, not hinder, the commercial and deposit-building efforts. The fact that average checking account balances continue to maintain liquidity in excess of pre-pandemic levels suggests customer adoption of their platforms, whatever they may be.

Wealth Advisory and Trust services execution

This is a fee-based revenue stream that diversifies the core interest income. The execution of these services is showing positive traction. For the first quarter of 2025, wealth advisory fees specifically increased by $412,000, which translates to a 17% increase. That growth is attributed to adding more customers and increasing assets under management. It's a smaller, but growing, piece of the overall revenue pie, which was $63.8 million in Q1 2025 (a 6% revenue growth overall).

Active capital management, including a $30.0 million share repurchase program

Returning capital to shareholders is a defined, active management task. The Board reauthorized and extended the share repurchase program through April 30, 2027, with an aggregate purchase price authority of up to $30.0 million. The company anticipated activating this program during the second quarter of 2025. This activity is meant to signal confidence and potentially enhance earnings per share by reducing the share count. Furthermore, the board declared a quarterly cash dividend of $0.50 per share for Q1 2025, which was a 4% increase from the prior year's first quarter dividend of $0.48. Capital strength remains a focus, with the Common Equity Tier 1 capital ratio at 14.51% as of March 31, 2025. Finance: draft 13-week cash view by Friday.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Key Resources

You're looking at what really props up Lakeland Financial Corporation, the stuff they own or control that makes the whole business run. It starts with a rock-solid foundation of capital. Honestly, this is the first thing I check, and the numbers look good as of mid-2025.

The firm maintains a strong capital base, which is crucial for weathering any economic bumps. As of the second quarter of 2025, the Total Risk-Based Capital Ratio stood at a very healthy 15.86%. That's well above the regulatory minimums, giving Lakeland Financial Corporation plenty of room to lend and grow safely. They definitely keep a tight rein on their balance sheet strength.

Physically, the network of 55 branch offices across Central and Northern Indiana is a core asset, letting them build those in-market, long-term customer relationships they talk about. That physical presence is augmented by what they call a robust digital banking and treasury management platform, which is how they compete on the tech front for both retail and commercial clients.

Here's a quick snapshot of some of those key quantifiable resources as of the first half of 2025:

Resource Metric	Value	As Of
Total Risk-Based Capital Ratio	15.86%	Q2 2025
Core Deposit Base (Requested Figure)	$5.83 billion	Q1 2025
Core Deposit Base (Latest Figure)	$6.03 billion	Q2 2025
Branch Office Network Size	55 offices	Late 2025

The human element is just as important in community banking, so let's look at the team. Their experienced local bankers and relationship managers are key differentiators. For instance, the commercial bankers often bring deep expertise to the table; we see data showing an average of 25 years in banking experience overall, with an average tenure of 14 years right there at Lake City Bank. That kind of stability and experience helps you trust their advice.

These resources-capital, physical footprint, technology, and experienced people-are what Lakeland Financial Corporation uses to generate revenue and maintain its market position in Indiana. If onboarding takes 14+ days, churn risk rises, but their experienced team should help mitigate that.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Value Propositions

Community banking model with long-term, in-market relationships

Lakeland Financial Corporation, through Lake City Bank, emphasizes deep, in-market relationships, which is the life blood of their balance sheet growth. They have a long history, dating back to 1872, and focus on funding growth with core deposits in their Northern and Central Indiana communities. The company has had significant relationship growth across all areas of the business during 2025.

Full-service commercial lending and treasury management solutions

The value proposition includes full-service commercial lending. As of the third quarter of 2025, average loans stood at $5.21 billion, representing a 3% increase year-over-year. The commercial and industrial loan portfolio grew by 2% in 2024. Treasury Management services are a key focus area for relationship growth in 2025.

Here's a quick look at some key financial metrics supporting the lending and overall performance as of late 2025:

Metric	Value (Q3 2025)	Context/Comparison
Average Loans	$5.21 billion	Up 3% year-over-year as of Q3 2025.
Net Interest Margin (NIM)	3.50%	Improved by 34 basis points in Q3 2025.
Net Income	$26.4 million	A 13% increase for Q3 2025 versus Q3 2024.
Return on Average Equity (ROE)	14.60%	Up from 13.85% in Q3 2024.

Comprehensive Wealth Advisory and Trust services

Lakeland Financial Corporation offers comprehensive wealth advice through its Wealth Advisory Group, focusing on seven key financial initiatives. Management highlighted significant relationship growth in the wealth advisory business units during 2025. Fees from the Wealth Advisory Group and Treasury Management are positively impacting revenue growth. For the period ending May 2025, Wealth Advisory Group and Treasury Management Fees were reported at $56,844 (units not specified, but showing growth trend).

The Wealth Advisory service level includes:

• Investment & Portfolio Management
• Life Insurance Planning
• Retirement & Cash Flow/Distribution Planning
• Tax Strategy Planning
• Education/College Planning
• Long Term Care Planning
• Family Estate Planning

Technology-forward banking with local, easy access

The commitment to technology is physical; in 2025, Lake City Bank announced plans to invest US$12 million in its Innovation and Technology Center in Warsaw. Access is expanding locally, with the opening of their 54th branch in Carmel, Indiana, in July 2025. The company uses technology-driven treasury management solutions.

Consistent shareholder returns, with a $0.50 quarterly dividend

Lakeland Financial Corporation maintains a commitment to returning value to shareholders. The latest announced quarterly dividend was $0.50 per share, with an ex-dividend date of 10/24/2025. This results in an annual dividend of $2.00 per share. The forward dividend yield is approximately 3.43%. The company has a track record of 14 years of consecutive dividend increases, and the current payout ratio of 52.77% is considered sustainable based on trailing earnings per share.

Shareholder return metrics as of late 2025:

• Quarterly Dividend Amount: $0.50
• Annual Dividend Amount: $2.00
• Forward Dividend Yield: 3.43%
• Consecutive Dividend Increase Years: 14

Finance: draft 13-week cash view by Friday.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Customer Relationships

You're looking at how Lakeland Financial Corporation, through its subsidiary Lake City Bank, keeps its customers close while simultaneously pushing technology-a classic community bank balancing act. The core philosophy here is building in-market long-term customer relationships while delivering technology-forward solutions for both retail and commercial clients.

The relationship model is dedicated and deeply localized. Lake City Bank serves Central and Northern Indiana communities, operating out of 55 branch offices across 15 Indiana counties as of late 2025. This physical presence supports their primary focus: building expansive commercial lending and deposit relationships through high levels of relationship-based client services. Their commitment to the local market is evident; for instance, they maintain a 67% market share of all Kosciusko County deposits.

For commercial clients, this translates to direct access to decision-makers. The Commercial Banking team is built around relationship banking, featuring 42 credit "smart" commercial bankers. These bankers bring significant experience, averaging 25 years in banking and 14 years at Lake City Bank. This structure is designed so that when you need a decision, you aren't talking to a distant committee; you're talking to someone who lives and works in your market. One client noted that the bankers answered questions directly and helped streamline their internal banking infrastructure with new automation, making processes smoother.

The high-touch service extends to wealth management and private banking clients as well, though specific client-to-advisor ratios aren't public. The overall strategy emphasizes a full suite of services, including trust services and retail brokerage, all anchored by these strong local relationships. This human element is what Lake City Bank uses to compete against larger regional and national banks.

Still, the relationship model is heavily augmented by digital self-service. You can see the shift in how customers interact with the bank based on transaction data from the first half of 2025. Mobile adoption is clearly outpacing every other delivery channel. Here's the quick math on channel utilization for the twelve months ending June 30, 2025:

Channel	Total Transactions (2025 YTD)	% of Total Transactions (2025 YTD)	Change from 2019
Mobile Logins	8,364,993	55%	99% Increase
Online Logins	3,737,567	25%	(26)% Decrease
Branch Transactions	2,044,404	14%	(10)% Decrease

The data shows that 55% of total transactions were mobile logins as of mid-2025, a near doubling since 2019. This indicates that while the relationship bankers handle the complex commercial and wealth needs, routine service is definitely shifting to automated, self-service digital channels. The bank's total deposits grew to $6.18 billion by June 30, 2025, with core deposits making up 98% of that total, suggesting customers are keeping their primary banking relationship-the one that matters for lending-with Lake City Bank.

The investment in technology supports this blended approach. The bank is focused on delivering technology-forward solutions, which includes ongoing functionality additions to its Lake City Bank Digital platform, initially implemented in 2021. This commitment means you get the personal touch when you need to discuss a complex credit structure, but you can handle deposits and transfers instantly on your phone.

To keep this model working, Lakeland Financial Corporation is investing in its footprint and people. They announced a $12 Million Investment in an Innovation and Technology Center in late 2025, and they continue expanding their physical presence, opening a new branch in Westfield, Indiana, in September 2025.

• The bank serves 15 Indiana counties.
• Total Deposits reached $6.18 billion as of June 30, 2025.
• The efficiency ratio improved to 48.6% for the first six months of 2025.
• The bank's community banking model prioritizes long-term customer relationships.
• Commercial bankers average 14 years of tenure at Lake City Bank.

Finance: draft a comparison of 2025 mobile login growth versus 2024 branch transaction volume by end of month.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Channels

You're looking at how Lakeland Financial Corporation, through its subsidiary Lake City Bank, gets its value proposition to the market as of late 2025. It's a mix of physical presence and digital tools, which is key for a community bank expanding its footprint.

Physical network of 55 Lake City Bank branch locations

The physical network is the bedrock, serving Central and Northern Indiana communities. As of September 2, 2025, Lake City Bank officially opened its newest office, bringing the total physical network to 55 branch offices. This expansion includes a strategic presence in growing areas, like the ninth office in the Indianapolis Region, located in Westfield. This physical touchpoint supports the community banking model focused on long-term customer relationships.

Robust digital banking platform for retail and commercial

The bank supports its physical network with a robust digital banking platform for both retail and commercial clients. While specific user adoption rates for late 2025 aren't public, the platform is central to delivering technology-forward solutions. The bank is also investing in its infrastructure, with plans announced in September 2025 to invest US$12 million in its Innovation and Technology Center in Warsaw to bolster these digital capabilities.

Direct sales team for commercial and wealth management

For more complex needs, Lakeland Financial Corporation relies on specialized teams. The structure clearly supports dedicated relationship managers for high-value services. For instance, the wealth management segment, which managed $3.3 billion in trust, retirement, and investment brokerage assets as of the first quarter of 2025, is channeled through dedicated advisory officers. Similarly, commercial banking relies on direct engagement, evidenced by the commercial deposits growing annually by $106.5 million, or 5%, to reach $2.26 billion as of the second quarter of 2025.

Here's a quick look at the scale of the physical and service channels as of mid-to-late 2025:

Channel Component	Metric Type	Latest Reported Value	Date/Period End
Physical Branch Network	Total Locations	55	September 30, 2025
Commercial Deposits	Total Amount	$2.26 billion	June 30, 2025
Wealth/Advisory Assets	Assets Under Management (AUM)	$3.3 billion	March 31, 2025
Total Loans	Total Loan Portfolio	$5.23 billion	June 30, 2025

ATMs and mobile banking applications

The self-service layer includes essential transaction tools. The Lake City Bank Digital offering supports mobile banking applications and payment solutions. These solutions include integration with major mobile wallets. You can see the bank's commitment to these access points through its support for payment solutions such as:

• Apple Pay®
• Google Pay™
• Samsung Pay™
• Visa Click to Pay

These digital tools help customers manage their accounts outside of the 55 physical locations.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Customer Segments

Lakeland Financial Corporation (LKFN), through its subsidiary Lake City Bank, focuses its community banking model on building in-market, long-term customer relationships across Central and Northern Indiana communities. You'll find their 54 branch offices serving this geographic footprint, with headquarters located in Warsaw, Indiana. The bank holding company managed approximately $6.9 billion in banking assets as of Q1 2025.

The primary customer base is split across commercial, retail, and public entities. Commercial businesses represent the core focus, driving loan portfolio growth. Retail consumers and households form the second major pillar of the deposit base. To be fair, the composition shifts slightly quarter-to-quarter, but the focus remains on these local relationships.

Public funds customers are a significant component of the funding strategy. For the first quarter of 2025, deposits from this segment reached exactly $1.71 billion, representing 29% of total deposits at that time. This segment is important enough that about $1.7 billion of these funds were noted as being tied to the Effective Federal Funds Rate as of Q2 2025.

For Wealth Advisory services, Lakeland Financial Corporation targets high-net-worth individuals. This segment contributes to noninterest income, with wealth advisory fees showing a strong year-over-year increase of 17% in Q1 2025. As of Q1 2025, the bank managed $3.3 billion in trust, retirement, and investment brokerage assets through this group.

Here's a look at the deposit composition, drawing from the latest available segment data points near the end of 2025, noting the specific Q1 2025 public funds figure you mentioned:

Customer Segment (Deposit Type)	Approximate Deposit Amount (as of late 2025 data)	Approximate Percentage of Total Deposits
Commercial businesses	$2.257 billion (Q2 2025)	37% (Q2 2025)
Retail consumers and households	$1.79 billion (Q1 2025)	30% (Q1 2025)
Public funds customers	$1.71 billion (Q1 2025)	29% (Q1 2025)
Brokered Deposits	$0.150 billion (Q2 2025)	2% (Q2 2025)

You can see the retail segment was slightly smaller in Q1 2025 at $1.79 billion compared to the $1.756 billion reported in Q2 2025, illustrating the dynamic nature of these balances.

The bank also serves customers with its Wealth Advisory Group and Private Banking services, offering loan and deposit products alongside technology-driven treasury management solutions.

• Geographic concentration: Central and Northern Indiana.
• Branch network: 54 branch offices.
• Wealth Advisory fee growth (YoY): 17% in Q1 2025.
• Total Banking Assets (Q1 2025): $6.9 billion.

Finance: draft 13-week cash view by Friday.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lakeland Financial Corporation's business, which is heavily influenced by the cost of money and the expense of running a community-focused, yet technology-aware, bank. For a financial institution, the biggest levers are almost always interest paid versus interest earned, and then the operational costs to support the branch network and digital services.

Significant interest expense on deposits and borrowings is a primary cost driver. The efficiency in managing this cost directly impacts the Net Interest Margin (NIM). For the third quarter of 2025, Lakeland Financial Corporation demonstrated good management here, with interest expense as a percentage of average earning assets falling to 2.37%, down from 2.88% in the third quarter of 2024. This reduction in funding costs helped push the Q3 2025 NIM up to 3.50%.

The overall operational outlay remains high, reflecting the commitment to local presence. You noted a figure for high non-interest expense, at $34.965 million (Q3 2025). This category covers everything outside of the direct cost of funds. For context on the nine-month period ending September 30, 2025, the Adjusted core noninterest expense was reported at $98.2 million.

The cost structure breakdown includes several key components:

• Personnel costs for local branch and relationship staff: This is central to the community banking model. For the six months ended June 30, 2025, salaries and benefits expense increased by $2.0 million, or 6% year-over-year.
• Technology and digital platform maintenance costs: Lakeland Financial Corporation is investing to keep pace with larger competitors. A concrete commitment was the announcement of a $12 Million Investment in Innovation and Technology Center on September 8, 2025. Data processing fees and supplies expense for the six months ending June 30, 2025, was a component of the overall noninterest expense.

Credit quality management results in a direct expense through the Provision for Credit Losses (PCL). This number fluctuates based on portfolio health. For the first quarter of 2025, the provision was $6.8 million. However, reflecting improved asset quality in the latest quarter, the provision for credit losses was reduced to $2.0 million for the third quarter of 2025. This reduction coincided with a significant improvement in asset quality metrics:

Asset Quality Metric	Q3 2025 Value	Comparison
Nonaccrual Loans	$18.7 million	Down 68% from Q3 2024
Watch List Loans as % of Total Loans	3.00%	Improved from 3.67% in Q2 2025

To keep your eye on the operational efficiency, you want to track the efficiency ratio. For Q3 2025, Lakeland Financial Corporation's efficiency ratio was 50.7%, compared to 49.7% in Q3 2024.

Lakeland Financial Corporation (LKFN) - Canvas Business Model: Revenue Streams

The revenue streams for Lakeland Financial Corporation are fundamentally built upon the core banking model, heavily weighted toward interest earnings, supplemented by growing fee-based services.

Net Interest Income (NII) remains the primary engine, with the figure for the third quarter of 2025 reported at $56.07 million. This was supported by a Net Interest Margin that improved to 3.50% in Q3 2025.

Interest income is generated from the bank's lending activities. While the prompt references an average loan portfolio of $5.19 billion, the actual reported average total loans for the third quarter of 2025 stood at $5.21 billion, representing a 3% increase year-over-year.

Non-interest income, derived from fee-based services, is a significant secondary stream, totaling $13.0 million in Q3 2025, marking a 9% increase year-over-year. This segment is strategically important for diversification.

The growth in fee-based revenue is clearly visible across specific service lines, with the 2024 performance showing strong momentum in wealth management and treasury services:

• Wealth Advisory fees grew by 15% in 2024.
• Treasury management fees grew by 5% in 2024.

Looking specifically at the third quarter of 2025 performance for these fee streams, you can see the ongoing contribution:

• Wealth advisory fees increased by 5% year-over-year in Q3 2025.
• Loan and service fees increased by 16% year-over-year in Q3 2025.

Here's a breakdown of the key components contributing to the overall revenue picture for Lakeland Financial Corporation as of late 2025:

Revenue Component	Latest Reported Amount/Metric
Net Interest Income (Q3 2025)	$56.07 million
Total Revenue (Q3 2025)	$69.0 million
Non-interest Income (Q3 2025)	$13.0 million
Average Total Loans (Q3 2025)	$5.21 billion
Net Interest Margin (Q3 2025)	3.50%

The composition of the non-interest income in Q3 2025 included several fee categories, showing the breadth of services beyond pure lending:

• Loan and service fees income: Increased by $464,000, or 16%.
• Wealth advisory fees: Increased by $137,000, or 5%.
• Investment brokerage fees: Increased by $119,000, or 27%.
• Service charges on deposit accounts: Increased by $143,000, or 5% (based on Q3 2024 comparison for service charges on deposit accounts, as the data point is available).

The CEO noted special emphasis on relationship growth in commercial banking, treasury management services, and wealth advisory business units during 2025, directly tying operational focus to these revenue drivers.