Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) says its third quarter net income rose to a record $20.6 million, compared to $15.8 million during the same period last year. Chief Executive Officer David Findlay says the record profit carries through the first nine months of 2018. "We are particularly pleased with the strong revenue growth in the quarter," he added. "With a 12 percent growth in revenue, it’s clear that our relationship driven business model is working. We benefited from a significant increase in fee-based services within our Commercial and Wealth Advisory business units, which complimented our healthy expansion in the net interest margin."
Findlay says agriculture and commercial real estate portfolios experienced loan payoffs at higher-than-normal levels. He says consolidations and business sales in the commercial and industrial portfolio also drove loan payoffs.
Lake City Bank, Lakeland Financial’s subsidiary, has 49 offices in northern and central Indiana. You can connect to more about the quarterly earnings report by clicking here.