Lakeland Financial Corporation (NASDAQ: LKFN) has announced a 4% increase in its quarterly cash dividend for the first quarter of 2024, taking it to $0.48 per share. The dividend is payable on February 5, 2024, to shareholders of record as of January 25, 2024. This represents a 4% increase over the quarterly dividend rate of $0.46 per share paid in 2023.
David M. Findlay, Chairman and Chief Executive Officer, commented on the dividend increase, stating, "Lake City Bank's consistently strong operating performance has contributed to an exceptionally strong capital base. Our dividend increase reflects both our confidence in the future and our success over a very long period of time."
Findlay also highlighted the bank's strong position, noting, "Lake City Bank, a $6.4 billion bank headquartered in Warsaw, Indiana, is the seventh largest bank headquartered in the state, and the largest bank 100% invested in Indiana."
The announcement comes as Lakeland Financial Corporation's stock experienced a -1.0% movement, closing at a price of $63.03 per share.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $198,970 | $215,210 | $193,103 | $193,219 | $239,567 | $327,678 |
| Revenue Growth | n/a | 8.16% | -10.27% | 0.06% | 23.99% | 36.78% |
| Interest Income (k) | $151,271 | $155,047 | $163,008 | $178,088 | $36,680 | $122,405 |
| Operating Margins | 50% | 50% | 54% | 61% | 52% | 32% |
| Net Margins | 40% | 40% | 44% | 50% | 43% | 28% |
| Net Income (k) | $80,411 | $87,047 | $84,337 | $95,733 | $103,817 | $90,118 |
| Depreciation & Amort. (k) | $5,654 | $5,930 | $6,042 | $6,105 | $6,020 | $6,105 |
| Earnings Per Share | $3.13 | $3.38 | $3.3 | $3.74 | $4.04 | $3.5 |
| EPS Growth | n/a | 7.99% | -2.37% | 13.33% | 8.02% | -13.37% |
| Diluted Shares (k) | 25,728 | 25,759 | 25,574 | 25,620 | 25,713 | 25,694 |
| Free Cash Flow (k) | $97,007 | $92,041 | $81,509 | $107,601 | $164,521 | $115,815 |
| Capital Expenditures | $7,968 | $7,998 | $5,719 | $6,167 | $4,821 | $6,153 |
| Current Ratio | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| Total Debt (k) | $276,483 | $170,000 | $4,783,738 | $75,000 | $297,000 | $90,000 |
| Net Debt / EBITDA | 0.57 | 0.62 | 41.25 | -4.92 | 1.27 | -0.51 |
Lakeland Financial has growing revenues and decreasing reinvestment in the business and decent net margins with a negative growth trend. Additionally, the company's financial statements display positive EPS growth and irregular cash flows. However, the firm has a highly leveraged balance sheet.
