Lakeland Financial hikes dividend by 4.2%
Lakeland Financial Corporation (LKFN), the parent company of Lake City Bank, has announced a 4.2% increase in its quarterly cash dividend for the first quarter of 2025. This marks 14 consecutive years of increased dividends by LKFN.
The Warsaw, Indiana-based financial institution will now pay a quarterly dividend of $0.50 per share, up from $0.48 per share in 2024. This payout is scheduled for February 5, 2025, and will be distributed to shareholders of record as of January 25, 2025.
At the new rate, Lakeland Financial’s annualized dividend amounts to $2.00 per share, which translates to an annual yield of approximately 2.9% based on the company’s closing stock price of $68.60 on Monday, January 13, 2025.
Lakeland Financial’s Board of Directors approved the dividend increase as part of its ongoing strategy to return capital to shareholders. Last year LKFN hiked the dividend by 4.3%.
“We are pleased to announce another increase to our common stock dividend. Our compounded annual growth rate has been 11% over the last five years contributing meaningfully to our total return to shareholders,” commented David M. Findlay, Chairman and Chief Executive Officer. “Our capital provides a solid foundation for continued organic loan growth as well as making it possible to increase our dividend for shareholders.” The increase reflects confidence in the company’s financial performance and outlook for the year ahead.Lakeland Financial Corporation operates through its primary subsidiary, Lake City Bank, which has been serving communities in Indiana for over 150 years. The company provides a wide range of financial services. Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank's community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.
