Lake City’s parent company sees record first half of 2013

The parent company of Lake City Bank reported record net income for the first six months of 2013.

Posted on Aug. 1, 2013 at 1:00 a.m. | Updated on Aug. 1, 2013 at 3:55 p.m.

WARSAW — Lake City Bank’s parent company had a record six months for the first half of 2013.

Lakeland Financial Corp. saw net income of $9.2 million for the second quarter, up from $8.8 million in the same quarter of 2012, and for the first half of the year Lakeland had net income of $18.5 million, up 6 percent over last year.

For the quarter, diluted net income per share was up 4 percent to 56 cents, compared to 54 cents for the second quarter of 2012.

The record earnings came in spite of a state income tax expense of $465,000.

“We are extremely pleased with this record performance and continue to be encouraged by the quality and consistency of our earnings. As the largest bank in the state dedicated to serving Indiana, these results are a further affirmation of our Indiana-focused strategy and reflect the commitment we have to our communities,” said Michael Kubacki, chairman and chief executive.


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