Lake City Bank Hits Record Profit

Lakeland Financial Corp. is the parent of Lake City Bank.

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Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting record second quarter net income of $20.1 million, up from $15.4 million during the same period last year. The parent of Lake City Bank says year-to-date net income is also at a record $38.5 million.

Chief Executive Officer David Findlay says the bank experienced continued health organic loan growth during the second quarter, which was in line with its expectations. He says the bank’s outlook for the third quarter and the rest of 2018 remains encouraging.

"The record first half results of 2018 reflect strong core profitability with revenue growth of 13% year over year," said Findlay. "This revenue growth was driven by our continued organic loan growth, a healthy increase in client driven noninterest income and an overall expansion of net interest margin."

You can connect to the full earnings report by clicking here.