Net Income Increases 26% and Dividend Increases 18%

Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record first quarter net income of $18.3 million for the three months ended March 31, an increase of 26% versus $14.5 million for the first quarter of 2017. Diluted earnings per share increased 25% to $0.71 for the first quarter of 2018, versus $0.57 for the first quarter of 2017, representing a record quarter for the company and its shareholders. On a linked quarter basis, net income increased 58% or $6.7 million from the fourth quarter ended December 31, 2017, which had net income of $11.6 million and $0.45 diluted earnings per share. Results for the fourth quarter of 2017 included a $4.1 million income tax provision related to revaluing the company’s net deferred tax asset position as a result of the tax bill enacted at the end of the year. Read more.