Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record high net income of $38.8 million for 2013. Net income increased 10 percent from $35.4 million for 2012. Diluted net income per common share increased 8 percent to $2.33 for 2013 versus $2.15 for 2012. This per share performance also represents a record level for the company and its shareholders.

The company further reported record quarterly net income of $10.6 million for the fourth quarter of 2013, an increase of 23 percent, versus $8.6 million in the fourth quarter of 2012. Diluted net income per share was $0.63 for the fourth quarter of 2013, an increase of 21 percent, versus $0.52 for the comparable period of 2012. This performance represents the highest quarterly and annual net income and earnings per share in the company’s 141 year history.

Michael L. Kubacki, chairman and chief executive officer, commented, “We’ve always believed that by adhering to our long term strategy of consistently taking care of clients each and every day, we would create value for our shareholders. The entire Lake City Bank team is proud of the strong earnings performance in the fourth quarter and for the full year. And our shareholders have benefitted as well, as they were rewarded with a healthy dividend and a 50 percent increase in our stock price in 2013.”

The company also announced that the board of directors approved a cash dividend for the fourth quarter of $0.19 per share, payable on Feb. 5, to shareholders of record as of Jan. 25, 2014. The quarterly dividend represents a 12 percent increase over the quarterly dividends paid for each quarter of 2012.

Kubacki further observed, “With the January 2014 opening of our second office in the Indianapolis market, we are continuing to expand the business organically. While Indianapolis represents our newest market, we’re getting great traction in that market and are pleased with the growth we’ve experienced there. Overall, it was a positive year as we experienced good loan growth in every market we serve.”

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