Lake City Bank Touts Record Earnings

January 29th, 2016

News Coverage:

Posted: Jan 25, 2016 11:03 AM EST
Updated: Jan 25, 2016 1:36 PM EST

Lake City Bank Touts Record Earnings

By Alex Brown, Multimedia Journalist

Warsaw-based Lakeland Financial Corporation (Nasdaq: LKFN) is reporting record net income of $46.4 million in 2015, up from $43.8 million in 2014. Chief Executive Officer David Findlay says the record performance is the result of "long-term, consistent, organic loan and deposit growth."

The parent company of Lake City Bank is also reporting quarterly net income of $12.3 million for fourth quarter 2015, up from $11.1 million during the same period in 2014, which is an 11 percent increase.

"We are particularly pleased to have crossed the $3 billion threshold in total loans in 2015," said Findlay. "Our successful execution reflects the dedication and focus of the Lake City Bank team. We continue to focus on growing client relationships one at a time, with an emphasis on our Indiana communities. We continue to experience strong loan and deposit increases throughout our Indiana footprint both in mature and new markets. Our organic growth strategy has translated into revenue growth and record profitability while we continue to invest in technology and infrastructure.”

Findlay added the company produced record net income for the seventh consecutive year and has done so for 27 of the last 28 years. He says the work done to date has provided an excellent foundation for continued growth in 2016.