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PARENT COMPANY STATEMENTS | 12 Months Ended
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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
​

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