PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2023

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)	2023		2022
ASSETS
Deposits with Lake City Bank	$	15,239	$	386
Deposits with other depository institutions	1,887		1,954
Cash	17,126		2,340
Investments in banking subsidiary	631,774		549,031
Investments in other subsidiaries	0		3,845
Other assets	3,578		13,819
Total assets	$	652,478	$	569,035
LIABILITIES
Dividends payable and other liabilities	$	2,774	$	237
STOCKHOLDERS’ EQUITY	649,704		568,798
Total liabilities and stockholders’ equity	$	652,478	$	569,035

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(dollars in thousands)	2023		2022		2021
Dividends from Lake City Bank	$	46,263	$	40,590	$	47,355
Dividends from non-bank subsidiaries	1,525		1,300		1,035
Other income	5		1		3
Interest expense	0		0		(7)
Miscellaneous expense	(4,768)		(8,795)		(8,133)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	43,025		33,096		40,253
Income tax benefit	1,957		2,770		2,360
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	44,982		35,866		42,613
Equity in undistributed income of subsidiaries	48,785		67,951		53,120
NET INCOME	$	93,767	$	103,817	$	95,733
COMPREHENSIVE INCOME (LOSS)	$	127,495	$	(101,199)	$	84,082

NOTE 18 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	93,767	$	103,817	$	95,733
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries	(48,785)		(67,951)		(53,120)
Other changes	16,601		6,157		5,177
Net cash from operating activities	61,583		42,023		47,790
Cash flows from investing activities:
Return of capital from subsidiary	3,602		0		0
Cash flows from investing activities	3,602		0		0
Cash flows from financing activities:
Proceeds from (payments on) short-term borrowings	0		0		(10,500)
Payments related to equity incentive plans	(3,135)		(1,780)		(1,914)
Purchase of treasury stock	(575)		(579)		(559)
Sales of treasury stock	405		221		115
Dividends paid	(47,094)		(40,838)		(34,640)
Cash flows from financing activities	(50,399)		(42,976)		(47,498)
Net increase (decrease) in cash and cash equivalents	14,786		(953)		292
Cash and cash equivalents at beginning of the year	2,340		3,293		3,001
Cash and cash equivalents at end of the year	$	17,126	$	2,340	$	3,293