Lakeland Financial Corporation (LKFN) will raise its quarterly dividend by 13.3 percent to 34 cents per share in 2021. This follows a 15.4 percent hike to $0.30 per share in the second quarter of 2019. If we look at annual dividends paid to shareholders 2021 will mark the 10th consecutive year of increases for the bank.

The next dividend is payable on February 5, 2021 to shareholders of record as of January 25, 2021. A new annualized rate of $1.36 per share yields 2.3% at a stock price of $60.33.

“Our continued strong capital position provides the foundation for increasing our dividend. As we enter 2021, this strong capital position supports this healthy 13% dividend increase.” said David M. Findlay, President and Chief Executive Officer in the company's press release dated January 13, 2021.

If we include this new dividend hike the annual dividend payment to shareholders by Lakeland Financial will jump to $35 million. The company has announced no less than 9 double digit dividend hikes in the last ten years. In 2020 the company did not announce a dividend hike for the first time since 2011.

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, is the sixth largest bank headquartered in the state and the largest bank 100% invested in Indiana. The Bank's activities cover all phases of commercial banking, including deposit products, commercial and consumer lending, retail and merchant credit card services, corporate treasury management services, and wealth advisory, trust and brokerage services. Lake City Bank operates 50 offices in Northern and Central Indiana, delivering technology-driven and client-centric financial services solutions to individuals and businesses.