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Lake City Bank reports quarterly earnings dip

(photo courtesy of Lake City Bank)

WARSAW, Ind. (Inside INdiana Business) — Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting first quarter net income of $17.3 million, down from $21.7 million during the same period last year. Chief Executive Officer David Findlay says despite the drop, he is proud of the bank’s efforts to withstand the challenges caused by the COVID-19 pandemic.

Findlay says the parent of Lake City Bank was seeing strong core operating performance heading into March, when the pandemic began affecting the bank’s borrowers and the regional economy.

“With respect to the impact of the COVID-19 crisis on our borrowers, it is simply too early to measure the impact of the COVID-19 crisis on our borrowers,” Findlay said in a news release. “We have always worked with our borrowers during challenging times and are pleased that the recent joint regulatory guidance was supportive of our historical practice in this regard.”

Findlay says he believes the bank will emerge from the crisis “stronger and with an intense focus on the future.”

Last week, the bank said it had received approval on more than 1,600 loans totaling $530 million in the first round of the federal Paycheck Protection Program. 

You can view the full first quarter earnings report by clicking here.