PARENT COMPANY STATEMENTS (Tables)
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12 Months Ended |
Dec. 31, 2019 |
PARENT COMPANY STATEMENTS |
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Schedule of Condensed Balance Sheet |
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 |
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Schedule of Condensed Income Statement |
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 |
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Schedule of Condensed Cash Flow Statement |
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 |
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