Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN), the parent company of Lake City Bank, is reporting quarterly net income of $17.3 million, a 20% decrease from the same period last year. Chief Executive Officer David Findlay says the drop was largely a result of the COVID-19 pandemic.
Findlay says the bank entered 2020 with an optimistic outlook for the future and strong momentum in all of its business units. He says despite the challenges of the pandemic, he expects the bank to emerge “stronger and with an intense focus on the future.”
“Our core operating performance was strong as we moved into March. Our net interest margin was improving versus the linked fourth quarter and we were experiencing healthy growth in core commercial and retail deposits as well as strong loan growth to kick off the year. As March evolved, the challenging environment created by the COVID-19 pandemic affected our borrowers and our regional economy. In addition, the resulting interest rate actions by the Federal Reserve Bank quickly influenced our net interest margin. As a result of the Federal Reserve Bank’s rate actions, we took very aggressive steps to manage net interest margin going forward.”
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