Inside INdiana Business

Lake City Bank hits record quarterly profit

(photo courtesy of Lake City Bank)

WARSAW, Ind. (Inside INdiana Business) — Warsaw-based Lakeland Financial Corp. is reporting record third-quarter net income of $22.8 million, up from $21.5 million during the same period last year. Chief Executive Officer David Findlay says the parent of Lake City Bank saw nearly $100 million in loan growth during the quarter.

The bank says the growth can be contributed to loans issues through the federal Paycheck Protection Program.

“The Paycheck Protection Program has been beneficial for our clients on multiple levels,” said Findlay. “It has strengthened our borrowers’ balance sheets and improved their operating performance. Further, It has provided a valuable cash injection for all of our clients who participated in the program. Yet, in conjunction with the uncertain economic conditions, it has contributed to a reduction in usage of available credit facilities by clients.”

Findlay says the bank has now shifted its focus from new PPP loans to preparation for PPP loan forgiveness applications. 

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