PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2019

PARENT COMPANY STATEMENTS

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)	2019		2018
ASSETS
Deposits with Lake City Bank	$	1,762	$	1,283
Deposits with other depository institutions		2,104		7,613
Cash		3,866		8,896
Investments in banking subsidiary		582,674		533,442
Investments in other subsidiaries		3,276		3,992
Other assets		8,457		6,468
Total assets	$	598,273	$	552,798
LIABILITIES
Dividends payable and other liabilities	$	262	$	255
Subordinated debt		0		30,928
STOCKHOLDERS’ EQUITY		598,011		521,615
Total liabilities and stockholders’ equity	$	598,273	$	552,798

NOTE 19 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(dollars in thousands)	2019		2018		2017
Dividends from Lake City Bank	$	57,842	$	27,933	$	21,822
Dividends from non-bank subsidiaries		1,302		1,010		1,030
Other income		155		171		57
Interest expense on subordinated debt		(1,720)		(1,643)		(1,349)
Miscellaneous expense		(5,321)		(6,422)		(6,491)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		52,258		21,049		15,069
Income tax benefit		2,256		2,795		2,688
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		54,514		23,844		17,757
Equity in undistributed income of subsidiaries		32,533		56,567		39,573
NET INCOME	$	87,047	$	80,411	$	57,330
COMPREHENSIVE INCOME	$	105,297	$	75,131	$	59,047

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2019		2018		2017
Cash flows from operating activities:
Net income	$	87,047	$	80,411	$	57,330
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries		(32,533)		(56,567)		(39,573)
Other changes		3,529		7,294		3,586
Net cash from operating activities		58,043		31,138		21,343
Cash flows from financing activities
Repayment of long-term debt		(30,928)		0		0
Payments related to equity incentive plans		(2,109)		(2,435)		(1,736)
Purchase of treasury stock		(515)		(463)		(495)
Sales of treasury stock		118		115		0
Dividends paid		(29,639)		(25,278)		(21,396)
Cash flows from financing activities		(63,073)		(28,061)		(23,627)
Net increase (decrease) in cash and cash equivalents		(5,030)		3,077		(2,284)
Cash and cash equivalents at beginning of the year		8,896		5,819		8,103
Cash and cash equivalents at end of the year	$	3,866	$	8,896	$	5,819