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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS ​ On August 2, 2019 the Company entered into an unsecured revolving credit agreement with another financial institution allowing the Company to borrow up to $30 million. Funds provided under the agreement may be used to repurchase shares of the Company's common stock under the share repurchase program approved by the Company's board of directors on January 8, 2019, as well as for general corporate purposes. The credit agreement includes a negative pledge agreement whereby the Company agrees not to pledge or otherwise encumber the stock of Lake City Bank. The credit agreement has a one year term which may be amended, extended, modified or renewed. ​ The Company is authorized to repurchase, from time to time as the Company deems appropriate, shares of the Company's common stock with an aggregate purchase price of up to $30 million. Repurchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions. The repurchase program expires on December 31, 2019. The repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended or discontinued at any time.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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