Lakeland Financial Corporation, parent company of Lake City Bank, reported net income of $93.5 million for the year ended Dec. 31, versus $93.8 million for the year ended Dec. 31, 2023. Diluted earnings per share were $3.63 for the 12 months ended Dec. 31, versus $3.65 for 2023.
Net income was $24.2 million for the three months ended Dec. 31, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended Dec. 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.
“[Last year] continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”
As announced on Jan. 14, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on Feb. 5 to shareholders of record as of Jan. 25. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.
“The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, president.