Lake City Bank Parent Announces 13% Increase in Quarterly Dividend

Rhea-AI Summary

On January 13, 2021, Lakeland Financial Corporation (LKFN) announced a quarterly cash dividend of $0.34 per share for Q4 2020, reflecting a 13% increase over previous quarters. The dividend will be paid on February 5, 2021, to shareholders on record as of January 25, 2021. President and CEO David M. Findlay emphasized the company's strong capital position as a foundation for this increase. Lakeland Financial operates Lake City Bank, the largest bank solely invested in Indiana, with 50 offices across the state.

Positive

• Quarterly cash dividend increased by 13% to $0.34 per share.
• Strong capital position supports dividend increase.
• Company operates 50 offices, enhancing market presence.

Negative

• None.

WARSAW, Ind., Jan. 13, 2021 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, announced that the Board of Directors approved a quarterly cash dividend for the fourth quarter of 2020 of $0.34 per share, payable on February 5, 2021 to shareholders of record as of January 25, 2021. The quarterly dividend represents a 13% increase over the quarterly dividend rate paid in the first three quarters of 2020.

“Our continued strong capital position provides the foundation for increasing our dividend. As we enter 2021, this strong capital position supports this healthy 13% dividend increase.” said David M. Findlay, President and Chief Executive Officer.

Lakeland Financial Corporation is a $5.8 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, is the sixth largest bank headquartered in the state and the largest bank 100% invested in Indiana. Lake City Bank operates 50 offices in Northern and Central Indiana, delivering technology-driven and client-centric financial services solutions to individuals and businesses.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.”

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including trade policies and those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125 office
lisa.oneill@lakecitybank.com 

FAQ

What is the dividend amount for Lakeland Financial Corporation for Q4 2020?

The dividend amount is $0.34 per share.

When will the dividend be paid for LKFN?

The dividend will be paid on February 5, 2021.

What is the record date for receiving the dividend for LKFN?

The record date is January 25, 2021.

How much did Lakeland Financial increase its dividend by?

The dividend was increased by 13% over the previous quarterly rate.