Lake City Bank reports record Q2 profit
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Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting record second quarter net income of $25.7 million, compared to $24.3 million during the same period last year. Lakeland Chief Executive Officer David Findlay says the results reflect the bank’s disciplined and consistent track record of strong operating performance.
“Our long history of organic balance sheet growth continued in the quarter with healthy loan growth and our asset sensitive balance sheet benefitted from the Federal Reserve’s interest rate actions during the first six months of 2022,” said Findlay. “The strength of our balance sheet continues to support the significant increase in our dividend to shareholder and our record profitability further bolstered our fortress balance sheet.”
In April, the company reported record first quarter net income of $23.6 million, compared to $23 million during the same period a year earlier.
“The aggressive Federal Reserve Bank tightening during the second quarter and the resulting benefit to net interest margin highlighted our balance sheet sensitivity to market interest rates,” said Findlay. “Commercial loan yields improved by 28 basis points from 3.76% to 4.04% during the quarter.”
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