Lake City Bank sees Q2 profit growth
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Warsaw-based Lakeland Financial Corp. is reporting second-quarter net income of $22.5 million, up from $14.6 million during the same period last year. CEO David Findlay said Thursday that the parent of Lake City Bank has seen healthy loan and core deposit growth in the first half of the year.
Findlay said in a news release that he is pleased the bank’s overall operating performance despite the continued battle with high interest rates.
The bank noted that average loans and core deposits each increased 5% for the quarter, with total loans reaching just over $5 billion.
“We have experienced healthy increases in core noninterest income categories, which have contributed to annual revenue growth of 6%, or $6.9 million, for the first six months of 2024,” he said. “We are encouraged by the significant investments taking place throughout our footprint and are excited to play a role in the great expansion and innovation occurring throughout the state.”
Lake City bank opened its eighth branch in the Indianapolis region this week, the bank’s 54th branch overall. Findlay noted the bank has three additional branches in the Indianapolis market in various stages of planning.
Lakeland Financial’s stock ended Thursday trading up 2.17% to $70.75 per share.
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