Lakeland Financial Corp. (Nasdaq: LKFN), based in Warsaw, reports annual net profit of $ 84.3 million, up from $ 87 million the previous year.
The parent company of Lake City Bank reported quarterly net profit of $ 24.6 million, up from $ 22.2 million in the same period a year ago.
The bank says it has experienced unprecedented loan growth thanks to a combination of the paycheck protection program and traditional loans.
“While the success of the PPP has had a significant impact on our clients, we are also pleased with another solid quarter of organic loan growth,” said David Findlay, President and CEO of Lakeland. “Clearly, despite its challenges, 2020 has created an opportunity for many of our clients and we were very pleased to see healthy loan demand in the third and fourth quarters. “
Lake City indicates that as of December 31, 2020, it had taken out 2,409 PPP loans, representing $ 570.5 million in loan balances.
During the third quarter, the company began processing PPP loan cancellation requests for its customers. By the end of the year, the bank had submitted forgiveness requests for about half of the loans.
The company claims to have started accepting and submitting loan applications for the second round of PPP loans.
Click here to view the full report.