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Lake City parent reports record quarterly earnings

Lakeland Financial Corp. today reported record first-quarter earnings of $8.6 million, or 52 cents per diluted common share, a 45 percent increase from the $6.0 million, or 37 cents a share, posted for the same three months of 2011.

The Warsaw-based parent of Lake City Bank also approved a 10 percent increase in its quarterly dividend payment, to 17 cents a share, payable May 7 to stockholders of record as of April 25.

Michael Kubacki, chairman and CEO, said the increased dividend reflects the company’s strong balance sheet and optimistic outlook.

“We entered 2012 with strong earnings momentum and delivered an excellent first quarter for our shareholders,” he said in a statement. “We’re excited by the growth we’ve experienced in the Indianapolis market, and our northern Indiana markets continue to provide good potential for expanded market share opportunities as our regional economy continues to rebound.”

sslater@jg.net

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