PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

PARENT COMPANY STATEMENTS

NOTE 20 - PARENT COMPANY STATEMENTS

The Company operates primarily in the banking industry, which accounts for substantially all of its revenues, operating income and assets. Presented below are parent only financial statements:

CONDENSED BALANCE SHEETS

	December 31,
	2011		2010
	(in thousands)
ASSETS
Deposits with Lake City Bank	$	508	$	1,166
Deposits with other depository institutions		248		244
Cash		756		1,410
Investments in banking subsidiary		298,465		272,747
Investments in Lakeland Statutory Trust II		928		928
Other assets		4,199		2,972
Total assets	$	304,348	$	278,057
LIABILITIES
Dividends payable and other liabilities	$	220	$	132
Subordinated debt		30,928		30,928
STOCKHOLDERS' EQUITY		273,200		246,997
Total liabilities and stockholders' equity	$	304,348	$	278,057

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
	2011			2010			2009
				(in thousands)
Dividends from Lake City Bank, Lakeland Statutory Trust II	$	10,507		$	10,775		$	9,857
Other income		76			88			0
Equity in undistributed income of subsidiaries		21,943			15,104			10,448
Interest expense on subordinated debt		(1,070	)		(1,081	)		(1,250	)
Miscellaneous expense		(1,906	)		(1,146	)		(892	)
INCOME BEFORE INCOME TAXES		29,550			23,740			18,163
Income tax benefit		1,112			803			816
NET INCOME	$	30,662		$	24,543		$	18,979
COMPREHENSIVE INCOME	$	34,451		$	31,886		$	25,010

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2011			2010			2009
				(in thousands)
Cash flows from operating activities:
Net income	$	30,662		$	24,543		$	18,979
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries		(21,943	)		(15,104	)		(10,448	)
Other changes		447			(1,025	)		410
Net cash from operating activities		9,166			8,414			8,941
Cash flows from investing activities		0			0			(56,044	)
Proceeds from issuance of common stock		468			1,662			58,717
Repurchase of common stock		(244	)		(212	)		(231	)
Proceeds from issuance of preferred stock		0			0			56,044
Repurchase of preferred stock		0			(56,044	)		0
Dividends paid		(10,044	)		(11,227	)		(10,056	)
Cash flows from financing activities		(9,820	)		(65,821	)		104,474
Net increase in cash and cash equivalents		(654	)		(57,407	)		57,371
Cash and cash equivalents at beginning of the year		1,410			58,817			1,446
Cash and cash equivalents at end of the year	$	756		$	1,410		$	58,817