Lakeland Financial (LKFN) will raise its quarterly dividend by 15.8 percent to $0.22 per share.

The dividend is payable on May 5, 2017 to shareholders of record as of April 25, 2017.

“Our strong capital position and continued profitability has provided the opportunity for another double digit dividend increase,” said David M. Findlay, Lake City Bank President and Chief Executive Officer. “For the 27th time in the last 28 years, and for the seventh consecutive year, we produced record net income in 2016 as a result of continued growth at Lake City Bank. We are pleased with our ability to announce this 16% increase in our dividend for our shareholders.”

Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank, provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.