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4/26/2012 7:39:00 AM
Warsaw's Lakeland Financial posts record quarterly net income

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WARSAW — First-quarter net income at Warsaw-based Lakeland Financial Corp. rose to a record $8.6 million, or 52 cents per share, compared to net income of $6 million, or 37 cents per share, in the same period a year ago, the company said Wednesday.

Lakeland is the parent company of Lake City Bank, which operates branches in Noble, DeKalb and LaGrange counties.

“We entered 2012 with strong earnings momentum and delivered an excellent first quarter for our shareholders,” said Michael Kubacki, Lakeland chairman and CEO. “We’re excited by the growth we’ve experienced in the Indianapolis market, and our northern Indiana markets continue to provide good potential for expanded market-share opportunities as our regional economy continues to rebound.”

The company’s board of directors approved a first-quarter cash dividend of 17 cents per share, payable May 7 to shareholders of record as of Wednesday. The dividend is 10 percent higher than quarterly dividends paid in 2011.

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