PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY STATEMENTS

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)	2021		2020
ASSETS
Deposits with Lake City Bank	$	834	$	568
Deposits with other depository institutions	2,459		2,433
Cash	3,293		3,001
Investments in banking subsidiary	686,487		652,407
Investments in other subsidiaries	3,468		3,043
Other assets	11,830		9,455
Total assets	$	705,078	$	667,906
LIABILITIES
Dividends payable and other liabilities	$	261	$	311
Borrowings	0		10,500
STOCKHOLDERS’ EQUITY	704,817		657,095
Total liabilities and stockholders’ equity	$	705,078	$	667,906

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Dividends from Lake City Bank	$	47,355	$	32,079	$	57,842
Dividends from non-bank subsidiaries	1,035		1,300		1,302
Other income	3		0		155
Interest expense	(7)		0		(1,720)
Miscellaneous expense	(8,133)		(3,935)		(5,321)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	40,253		29,444		52,258
Income tax benefit	2,360		1,065		2,256
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	42,613		30,509		54,514
Equity in undistributed income of subsidiaries	53,120		53,828		32,533
NET INCOME	$	95,733	$	84,337	$	87,047
COMPREHENSIVE INCOME	$	84,082	$	100,022	$	105,297

NOTE 19 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Cash flows from operating activities:
Net income	$	95,733	$	84,337	$	87,047
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries	(53,120)		(53,828)		(32,533)
Other changes	5,177		1,257		3,529
Net cash from operating activities	47,790		31,766		58,043
Cash flows from financing activities
Repayment of long-term debt	0		0		(30,928)
Proceeds from (payments on) short-term borrowings	(10,500)		10,500		0
Payments related to equity incentive plans	(1,914)		(2,137)		(2,109)
Purchase of treasury stock	(559)		(10,547)		(515)
Sales of treasury stock	115		119		118
Dividends paid	(34,640)		(30,566)		(29,639)
Cash flows from financing activities	(47,498)		(32,631)		(63,073)
Net increase (decrease) in cash and cash equivalents	292		(865)		(5,030)
Cash and cash equivalents at beginning of the year	3,001		3,866		8,896
Cash and cash equivalents at end of the year	$	3,293	$	3,001	$	3,866