The board of Winter Haven, Fla.-based CenterState Bank Corp. increased the company's quarterly cash dividend to 14 cents per share from 11 cents per share.

The dividend will be paid March 31 to stockholders of record as of March 16.

Additionally, the board approved a share repurchase program under which the company may buy back up to 6.5 million common shares, which represent about 5% of its outstanding common stock as of Dec. 31, 2019.

The new buyback program will be effective for a two-year period from Jan. 16, 2020, to Jan. 16, 2022. It replaces the stock repurchase plan authorized April 25, 2019.