Lake City Bank Reports Record First Quarter
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Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting record first quarter net income of $23.6 million, compared to $23 million during the same period last year. LakelandChief Executive Officer David Findlay says average balances in commercial and retail demand deposit accounts are more than double the levels experienced in March 2020.
“For the second consecutive quarter, organic loan growth has been strong as loan originations have outpaced commercial loan paydowns,” said Findlay. “We’re also encouraged by the continued trend of commercial line utilization, which has increased in each of the last four quarters and now sits at 43% versus a low of 39% in the first quarter of 2021. Equally as important is the growth in commercial lines of credit, which have increased by nearly $500 million over the last twelve months, accompanied by outstanding line balance increases of nearly $340 million since March 2021. The loan pipeline is also promising, and we are optimistic about continued loan growth in our Lake City Bank footprint.”
Findlay says healthy growth and retention of deposits continue to contribute to the bank’s liquidity.
“Our balance sheet remains highly asset sensitive as we smartly manage the investment portfolio, and we look forward to our earning asset growth being driven by growth in loans,” said Findlay.
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