Lakeland Financial increases quarterly dividend for shareholders

In Warsaw, Indiana, on January 14, 2025, Lakeland Financial Corporation, the parent company of Lake City Bank, disclosed that their Board of Directors has authorized a quarterly cash dividend of $0.50 per share. This payment is set to be distributed on February 5, 2025, to shareholders who are on record by January 25, 2025. This increase of 4% compared to the previous dividend rate of $0.48 per share indicates a steady return for investors and reflects the bank’s robust financial health. David M. Findlay, the Chairman and Chief Executive Officer of Lakeland Financial, expressed satisfaction with the dividend raise, noting that this follows a compounded annual growth rate of 11% experienced by the company over the last five years. This growth rate is particularly significant as it has materially contributed to the total return that shareholders have witnessed. The management is confident that the strong capital base of the bank allows for continued organic growth in loan provision and supports the ability to provide increased dividends to shareholders. The communication also noted that future predictions might have uncertainties, as seen during challenges like the COVID-19 pandemic, which could influence customer behavior, local economies, and overall operation practices. The potential impact of governmental responses and the company's ongoing evaluations and filings with the Securities and Exchange Commission emphasize the need for shareholders to remain aware of various factors that might affect future performance.