WARSAW, Ind., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN), announced today that the bank ranked fourth in its peer group in Bank Director Magazine's 2014 Bank Performance Scorecard.
The Bank Performance Scorecard is Bank Director Magazine's ranking of the "200 largest publicly traded bank holding companies in the United States based on their 2013 financial data." The scorecard uses five key metrics that measure profitability, capital strength and credit quality. The magazine further explains that banks that rank high on the scorecard typically do well in all of the metrics rather than dominate just one or two. According to the magazine, banks that rank strongly on the scorecard tend to be well balanced across the full spectrum of profitability, capitalization and asset quality. Lake City Bank ranked fourth among the 93 banks ranked in the $1 billion to $5 billion category.
"Achieving this ranking is gratifying," said David M. Findlay, President and Chief Executive Officer. "Our consistent, high quality performance and growth is a reflection of our focus on taking care of clients and disciplined execution year in and year out."
Lake City Bank, which was featured in Bank Director Magazine's coverage of the Bank Performance Scorecard, was cited for its loan portfolio, which grew 12 percent last year, and for the bank's emphasis on profitability. Sandler O'Neill + Partners, an investment banking firm, constructed the rankings using data provided by SNL Financial LLC.
"The key metrics of profitability, capital strength and credit quality—which are measured for the scorecard—have been a constant strength of Lake City Bank," Findlay said. "Everyone on the Lake City Bank team knows that our success stems from our focus on the basics."
Lake City Bank, a $3.4 billion bank headquartered in Warsaw, Indiana, is the fourth largest bank in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 46 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses.The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq:LKFN). For more information visit www.lakecitybank.com.