WARSAW — Lakeland Financial Corporation, parent company of Lake City Bank, reported Monday, July 25, record quarterly net income of $12.8 million for the second quarter of 2016, an increase of 13 percent, versus $11.4 million for the second quarter of 2015.
Diluted net income per common share of $0.76 for the second quarter of 2016 also represents a quarterly record and an increase of 12 percent, versus $0.68 for the comparable period of 2015. On a linked-quarter basis net income increased by 4percent or $524,000 from $12.3 million for the first quarter ended March 31, 2016.
The company further reported record net income of $25.1 million for the six months ended June 30, versus $22.5 million for the comparable period of 2015, an increase of 11 percent. Diluted net income per common share was also a record for the period and increased 10 percent to $1.48 for the six months ended June 30, versus $1.34 for the comparable period of 2015.
David M. Findlay, President and CEO, commented, “The Lake City Bank team is very proud of this record quarterly and year-to-date performance. We continue to be focused on the healthy growth of our balance sheet and taking care of clients in our communities each and every day. It’s a combination that has produced disciplined and strategic growth in our Indiana markets over a long period of time.”
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