PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2020

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)	2020		2019
ASSETS
Deposits with Lake City Bank	$	568	$	1,762
Deposits with other depository institutions		2,433		2,104
Cash		3,001		3,866
Investments in banking subsidiary		652,407		582,674
Investments in other subsidiaries		3,043		3,276
Other assets		9,455		8,457
Total assets	$	667,906	$	598,273
LIABILITIES
Dividends payable and other liabilities	$	311	$	262
Borrowings		10,500		—
STOCKHOLDERS’ EQUITY		657,095		598,011
Total liabilities and stockholders’ equity	$	667,906	$	598,273

NOTE 19 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(dollars in thousands)	2020		2019		2018
Dividends from Lake City Bank	$	32,079	$	57,842	$	27,933
Dividends from non-bank subsidiaries		1,300		1,302		1,010
Other income		—		155		171
Interest expense on subordinated debt		—		(1,720)		(1,643)
Miscellaneous expense		(3,935)		(5,321)		(6,422)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		29,444		52,258		21,049
Income tax benefit		1,065		2,256		2,795
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		30,509		54,514		23,844
Equity in undistributed income of subsidiaries		53,828		32,533		56,567
NET INCOME	$	84,337	$	87,047	$	80,411
COMPREHENSIVE INCOME	$	100,022	$	105,297	$	75,131

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	84,337	$	87,047	$	80,411
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries		(53,828)		(32,533)		(56,567)
Other changes		1,257		3,529		7,294
Net cash from operating activities		31,766		58,043		31,138
Cash flows from financing activities
Repayment of long-term debt		—		(30,928)		—
Proceeds from short-term borrowings		10,500		—		—
Payments related to equity incentive plans		(2,137)		(2,109)		(2,435)
Purchase of treasury stock		(10,547)		(515)		(463)
Sales of treasury stock		119		118		115
Dividends paid		(30,566)		(29,639)		(25,278)
Cash flows from financing activities		(32,631)		(63,073)		(28,061)
Net increase (decrease) in cash and cash equivalents		(865)		(5,030)		3,077
Cash and cash equivalents at beginning of the year		3,866		8,896		5,819
Cash and cash equivalents at end of the year	$	3,001	$	3,866	$	8,896