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PARENT COMPANY STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule of Condensed Balance Sheet
CONDENSED BALANCE SHEETS
 
 
 
December
31,
 
(dollars in thousands)
 
2013
 
 
2012
 
ASSETS
 
 
 
 
 
 
 
 
Deposits with Lake City Bank
 
$
950
 
 
$
1,285
 
Deposits with other depository institutions
 
 
0
 
 
 
248
 
Cash
 
 
950
 
 
 
1,533
 
Investments in banking subsidiary
 
 
342,690
 
 
 
320,465
 
Investments in other subsidiaries
 
 
2,313
 
 
 
1,191
 
Other assets
 
 
7,107
 
 
 
5,710
 
Total assets
 
$
353,060
 
 
$
328,899
 
LIABILITIES
 
 
 
 
 
 
 
 
Dividends payable and other liabilities
 
$
257
 
 
$
232
 
Subordinated debt
 
 
30,928
 
 
 
30,928
 
STOCKHOLDERS' EQUITY
 
 
321,875
 
 
 
297,739
 
Total liabilities and stockholders' equity
 
$
353,060
 
 
$
328,899
 
Schedule of Condensed Income Statement
CONDENSED STATEMENTS OF INCOME
 
 
 
Years
Ended
December
31,
 
(dollars in thousands)
 
2013
 
 
2012
 
 
2011
 
Dividends from Lake City Bank, Lakeland Statutory Trust II
 
$
9,524
 
 
$
15,745
 
 
$
10,507
 
Other income
 
 
98
 
 
 
85
 
 
 
76
 
Interest expense on subordinated debt
 
 
(1,061
)
 
 
(1,123
)
 
 
(1,070
)
Miscellaneous expense
 
 
(2,651
)
 
 
(1,976
)
 
 
(1,906
)
INCOME BEFORE INCOME TAXES AND EQUITY IN
 
 
 
 
 
 
 
 
 
 
 
 
UNDISTRIBUTED INCOME OF SUBSIDIARIES
 
 
5,910
 
 
 
12,731
 
 
 
7,607
 
Income tax benefit
 
 
1,387
 
 
 
1,187
 
 
 
1,112
 
INCOME BEFORE EQUITY IN UNDISTRIBUTED
 
 
 
 
 
 
 
 
 
 
 
 
INCOME OF SUBSIDIARIES
 
 
7,297
 
 
 
13,918
 
 
 
8,719
 
Equity in undistributed income of subsidiaries
 
 
31,542
 
 
 
21,476
 
 
 
21,943
 
NET INCOME
 
$
38,839
 
 
$
35,394
 
 
$
30,662
 
COMPREHENSIVE INCOME
 
$
30,656
 
 
$
35,944
 
 
$
34,451
 
Schedule of Condensed Cash Flow Statement
CONDENSED STATEMENTS OF CASH FLOWS
 
 
 
Years
Ended
December
31,
 
(dollars in thousands)
 
2013
 
 
2012
 
 
2011
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
38,839
 
 
$
35,394
 
 
$
30,662
 
Adjustments to net cash from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in undistributed income of subsidiaries
 
 
(31,543
)
 
 
(21,475
)
 
 
(21,943
)
Other changes
 
 
989
 
 
 
265
 
 
 
447
 
Net cash from operating activities
 
 
8,285
 
 
 
14,184
 
 
 
9,166
 
Cash flows from investing activities
 
 
0
 
 
 
(250
)
 
 
0
 
Proceeds from issuance of common stock
 
 
903
 
 
 
894
 
 
 
468
 
Repurchase of common stock
 
 
(399
)
 
 
(421
)
 
 
(244
)
Dividends paid
 
 
(9,372
)
 
 
(13,630
)
 
 
(10,044
)
Cash flows from financing activities
 
 
(8,868
)
 
 
(13,157
)
 
 
(9,820
)
Net increase in cash and cash equivalents
 
 
(583
)
 
 
777
 
 
 
(654
)
Cash and cash equivalents at beginning of the year
 
 
1,533
 
 
 
756
 
 
 
1,410
 
Cash and cash equivalents at end of the year
 
$
950
 
 
$
1,533
 
 
$
756