PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY STATEMENTS

NOTE 19 – 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,
(dollars in thousands)	2018	2017
ASSETS
Deposits with Lake City Bank	$1,283	$850
Deposits with other depository institutions	7,613	4,969
Cash	8,896	5,819
Investments in banking subsidiary	533,442	482,585
Investments in other subsidiaries	3,992	3,552
Other assets	6,468	7,789
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$552,798	$499,745
LIABILITIES
Dividends payable and other liabilities	$255	$239
Subordinated debt	30,928	30,928
STOCKHOLDERS' EQUITY	521,615	468,578
Total liabilities and stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$552,798	$499,745

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
(dollars in thousands)	2018	2017	2016
Dividends from Lake City Bank	$27,933	$21,822	$20,622
Dividends from non-bank subsidiaries	1,010	1,030	1,035
Other income	171	57	50
Interest expense on subordinated debt	(1,643)	(1,349)	(1,190)
Miscellaneous expense	(6,422)	(6,491)	(5,006)
INCOME BEFORE INCOME TAXES AND EQUITY IN
UNDISTRIBUTED INCOME OF SUBSIDIARIES	21,049	15,069	15,511
Income tax benefit	2,795	2,688	2,483
INCOME BEFORE EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES	23,844	17,757	17,994
Equity in undistributed income of subsidiaries	56,567	39,573	34,090
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$80,411	$57,330	$52,084
COMPREHENSIVE INCOME	$75,131	$59,047	$47,555

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2018		2017	2016
Cash flows from operating activities:
Net income	$80,411		$57,330	$52,084
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries	(56,567)		(39,573)	(34,090)
Other changes	7,294		3,586	3,818
Net cash from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	31,138		21,343	21,812
Cash flows from financing activities
Proceeds (Payments) related to equity incentive plans	(2,435)		(1,736)	614
Purchase of treasury stock	(463)		(495)	(458)
Sales of treasury stock	115		0	0
Dividends paid	(25,278)		(21,396)	(18,200)
Cash flows from financing activities	(28,061	)	(23,627)	(18,044)
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3,077		(2,284)	3,768
Cash and cash equivalents at beginning of the year	5,819		8,103	4,335
Cash and cash equivalents at end of the year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$8,896		$5,819	$8,103