Lake City Reports Full Year, Quarterly Profits

Warsaw-based Lake City Bank operates more than 50 branches in Indiana. (image courtesy: Lake City Bank)

Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting full-year net income of $84.3 million, down from $87 million the previous year.

The parent of Lake City Bank reported quarterly net income of $24.6 million, compared to $22.2 million during the same period a year ago.

The bank says it experienced unprecedented loan growth through a combination of the Paycheck Protection Program and traditional loans.

“While the success of the PPP impacted our clients tremendously, we were also pleased with another strong quarter of organic loan growth,” said David Findlay, Lakeland president and chief executive officer. “Clearly, despite its challenges, 2020 created the opportunity for many of our clients and we were very pleased to see healthy loan demand as we moved through the third and fourth quarters.”

Lake City says as of December 31, 2020, it had written 2,409 PPP loans, representing $570.5 million in loan balances.

During the third quarter, the company began to process PPP loan forgiveness applications for its customers. By the end of the year, the bank had submitted forgiveness applications for about half of the loans.

The company says it has started accepting and submitting loan applications for the second round of PPP loans.

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