Warsaw-based Lakeland Financial Corp. (Nasdaq: LKFN) is reporting first quarter net income of $12.3 million, up from $11.1 million during the same period last year. The 10 percent increase is a first quarter record for the parent company of Lake City Bank.
President and Chief Executive Officer David Findlay said he was pleased with the first quarter results. "Our record first quarter performance was very gratifying for the entire Lake City Bank team. We continue to produce high quality earnings and are very proud of these results."
The first quarter earnings were nearly flat with the fourth quarter 2015 results. The company also touted a 14 percent increase in its quarterly dividend.
Findlay added, "Our first quarter results also reflect our long time success in growing shareholder value. The combination of long-term shareholder value creation and strong balance sheet and income statement growth has us well positioned for the future."