PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2022

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)	2022		2021
ASSETS
Deposits with Lake City Bank	$	386	$	834
Deposits with other depository institutions	1,954		2,459
Cash	2,340		3,293
Investments in banking subsidiary	549,031		686,487
Investments in other subsidiaries	3,845		3,468
Other assets	13,819		11,830
Total assets	$	569,035	$	705,078
LIABILITIES
Dividends payable and other liabilities	$	237	$	261
STOCKHOLDERS’ EQUITY	568,798		704,817
Total liabilities and stockholders’ equity	$	569,035	$	705,078

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(dollars in thousands)	2022		2021		2020
Dividends from Lake City Bank	$	40,590	$	47,355	$	32,079
Dividends from non-bank subsidiaries	1,300		1,035		1,300
Other income	1		3		0
Interest expense	0		(7)		0
Miscellaneous expense	(8,795)		(8,133)		(3,935)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	33,096		40,253		29,444
Income tax benefit	2,770		2,360		1,065
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	35,866		42,613		30,509
Equity in undistributed income of subsidiaries	67,951		53,120		53,828
NET INCOME	$	103,817	$	95,733	$	84,337
COMPREHENSIVE INCOME (LOSS)	$	(101,199)	$	84,082	$	100,022

NOTE 18 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2022		2021		2020
Cash flows from operating activities:
Net income	$	103,817	$	95,733	$	84,337
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries	(67,951)		(53,120)		(53,828)
Other changes	6,157		5,177		1,257
Net cash from operating activities	42,023		47,790		31,766
Cash flows from financing activities
Proceeds from (payments on) short-term borrowings	0		(10,500)		10,500
Payments related to equity incentive plans	(1,780)		(1,914)		(2,137)
Purchase of treasury stock	(579)		(559)		(10,547)
Sales of treasury stock	221		115		119
Dividends paid	(40,838)		(34,640)		(30,566)
Cash flows from financing activities	(42,976)		(47,498)		(32,631)
Net increase (decrease) in cash and cash equivalents	(953)		292		(865)
Cash and cash equivalents at beginning of the year	3,293		3,001		3,866
Cash and cash equivalents at end of the year	$	2,340	$	3,293	$	3,001