Another Record Year For Lake City Bank
Lake City Bank opened its fourth Indianapolis location in February 2016.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWarsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting net income of $52.1 million in 2016, up from $46.4 million the previous year. The parent of Lake City Bank says the 12 percent increase represents a record for net income.
Chief Executive Officer David Findlay says the results make 2016 the seventh consecutive year the bank has set a record for net income. The bank is also reporting record fourth quarter net income of $13.5 million, up, from 12.3 million during the same period in 2015.
"This strong performance is a direct result of the entire Lake City Bank team’s unwavering commitment to taking care of our clients and communities every day," said Findlay. "With total loan growth in 2016 of $390 million, or 13%, our focus remained on using our balance sheet to create economic impact in our Indiana markets. We believe that our reputation as a progressive lender focused on assisting our clients grow their businesses has been a key driver of our ability to grow our loan portfolio."
Findlay also touted the bank’s expansion in 2016 with two new offices in Indianapolis and downtown Fort Wayne. When the Indy office opened last February, the bank said it had plans to open the city’s fifth branch in early 2017.