Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting first quarter net income of $14.5 million, up from $12.3 million during the same period the previous year. The 18 percent increase sets another first quarter record for the parent of Lake City Bank.

The bank has reported record earnings for the past five quarters as well as record full-year earnings in 2015 and 2016. Chief Executive Officer David Findlay says double-digit loan and deposit growth continues to drive the bank's continued record performances.

"Our record first quarter performance reflects our continued focus on growing relationships," said David Findlay, chief executive officer of Lakeland Financial. "The Lake City Bank team’s efforts to expand market share across all business units contributed to a very good first quarter."

Findlay says the bank will continue to expand its footprint by opening its fifth branch in Indianapolis in 2017. The bank opened its fourth Indy location in February 2016.