Lakeland Financial sets record for quarter

Business

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Lakeland Financial Corp. today reported record second-quarter earnings of $8.8 million, or 54 cents per diluted common share, a 10 percent increase over the $8 million, or 49 cents a share, posted for the same three months of 2011.

The Warsaw-based parent of Lake City Bank set a record for the most profit earned for any quarter in its 140-year history. The per-share earnings and six-month earnings of $17.4 million were also records, the company reported.

Michael Kubacki, chairman and CEO, said Lake City has “strong earnings momentum and a robust balance sheet.”

“Our shareholders continue to be rewarded by these good results though a healthy dividend, as well as the performance of our stock, which has increased more than 30 percent in the last two years,” he said in a written statement.

The company’s board approved a second-quarter cash dividend of 17 cents, payable on Aug. 6 to shareholders of record as of today. Lake City has increased its dividend 10 percent over the amount it paid last year.

sslater@jg.net