Lake City Bank Parent Announces 18% Increase in Quarterly Dividend

Rhea-AI Summary

Lakeland Financial Corporation (Nasdaq Global Select/LKFN) has announced a quarterly cash dividend of $0.40 per share, marking an 18% increase from last year. This dividend is payable on February 7, 2022, to shareholders of record as of January 25, 2022. The company's President and CEO, David M. Findlay, highlighted that this increase reflects their strong operating results and robust balance sheet. Lake City Bank operates 51 branches in Indiana and is the largest bank wholly invested in the state.

Positive

• 18% increase in quarterly dividend to $0.40 per share.
• Strong operating results and robust balance sheet indicated by management.
• Consistent dividend payouts indicate company confidence and financial stability.

Negative

• None.

WARSAW, Ind., Jan. 11, 2022 (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 first quarter of 2022 of $0.40 per share, payable February 7, 2022, to shareholders of record as of January 25, 2022. The quarterly dividend represents an 18% increase over the quarterly dividend rate paid in 2021.

“We are pleased to announce an 18% increase in our dividend to our shareholders. Our strong dividend reflects excellent operating results and a fortress balance sheet,” commented David M. Findlay, President and Chief Executive Officer.

Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, is the sixth largest bank headquartered in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 51 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 Global Select/LKFN). For more information visit www.lakecitybank.com.

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 the effects of the COVID-19 pandemic, including its effects on our customers, local economic conditions, our operations and vendors, and the responses of federal, state and local governmental authorities, as well as 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 reports on Form 10-Q.

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

FAQ

What is the new dividend amount for LKFN?

The new quarterly dividend amount for LKFN is $0.40 per share.

When will the dividend for LKFN be paid?

The dividend will be paid on February 7, 2022.

What date is the record date for LKFN's dividend?

The record date for LKFN's dividend is January 25, 2022.

How much was the increase in the dividend for LKFN?

The dividend increased by 18% compared to the rate paid in 2021.

What does the dividend increase indicate about LKFN?

The dividend increase indicates strong operating results and financial stability.