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Lakeland Financial reports record Q2 profits

Lakeland Financial Corp is the parent of Lake City Bank (photo provided)

WARSAW, Ind. (Inside INdiana Business) — Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN), the parent of Lake City Bank, is announcing record second quarter net income of $24.3 million, compared to $19.7 million during the same period a year ago. The banking company is also reporting a record profit of $47 million for the first six months, compared to $37 million during the previous year.

President and Chief Executive Officer David Findlay said the company is pleased with the strong performance under challenging conditions.

“Our record net income for the quarter and first six months of the year reflects strong organic loan and deposit growth, exceptional management of the Paycheck Protection Program and prudent overall balance sheet management,” said Findlay. “As we transition to the second half of 2021, we look forward to expanding our business development efforts and focusing on growing relationships with clients and prospects.”

Findlay says approximately 95% of round one PPP loans have been forgiven by the SBA and 29% of round two PPP loans have been forgiven as of July 20. Click here to view the full report.