Lake City Bank sees record yearly profit

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Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting record full-year net income of nearly $104 million, an 8% increase compared to $95.7 million during 2021. The parent of Lake City Bank says the record income represents the first time the company has surpassed $100 million.

The company is also reporting fourth quarter net income of $26 million, up slightly from $24.3 million during the same period in 2021.

“Organic loan growth of 10% established a strong foundation for our record net income performance in 2022 as we celebrated the bank’s 150th anniversary,” said CEO David Findlay. “We’re proud of this strong performance and look forward to carrying the momentum of the business into 2023.”

You can connect to the full earnings report by clicking here.