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PARENT COMPANY STATEMENTS | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY STATEMENTS | 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) | 2023 |  | 2022
ASSETS |  |  |
Deposits with Lake City Bank | $ | 15,239 |  |  | $ | 386 |
Deposits with other depository institutions | 1,887 |  |  | 1,954 |
Cash | 17,126 |  |  | 2,340 |
Investments in banking subsidiary | 631,774 |  |  | 549,031 |
Investments in other subsidiaries | 0 |  |  | 3,845 |
Other assets | 3,578 |  |  | 13,819 |
Total assets | $ | 652,478 |  |  | $ | 569,035 |
LIABILITIES |  |  |
Dividends payable and other liabilities | $ | 2,774 |  |  | $ | 237 |
STOCKHOLDERS’ EQUITY | 649,704 |  |  | 568,798 |
Total liabilities and stockholders’ equity | $ | 652,478 |  |  | $ | 569,035 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Dividends from Lake City Bank | $ | 46,263 |  |  | $ | 40,590 |  |  | $ | 47,355 |
Dividends from non-bank subsidiaries | 1,525 |  |  | 1,300 |  |  | 1,035 |
Other income | 5 |  |  | 1 |  |  | 3 |
Interest expense | 0 |  |  | 0 |  |  | (7) |
Miscellaneous expense | (4,768) |  |  | (8,795) |  |  | (8,133) |
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 43,025 |  |  | 33,096 |  |  | 40,253 |
Income tax benefit | 1,957 |  |  | 2,770 |  |  | 2,360 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES | 44,982 |  |  | 35,866 |  |  | 42,613 |
Equity in undistributed income of subsidiaries | 48,785 |  |  | 67,951 |  |  | 53,120 |
NET INCOME | $ | 93,767 |  |  | $ | 103,817 |  |  | $ | 95,733 |
COMPREHENSIVE INCOME (LOSS) | $ | 127,495 |  |  | $ | (101,199) |  |  | $ | 84,082 |
NOTE 18 – PARENT COMPANY STATEMENTS (continued) CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 93,767 |  |  | $ | 103,817 |  |  | $ | 95,733 |
Adjustments to net cash from operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (48,785) |  |  | (67,951) |  |  | (53,120) |
Other changes | 16,601 |  |  | 6,157 |  |  | 5,177 |
Net cash from operating activities | 61,583 |  |  | 42,023 |  |  | 47,790 |
Cash flows from investing activities: |  |  |  |  |
Return of capital from subsidiary | 3,602 |  |  | 0 |  |  | 0 |
Cash flows from investing activities | 3,602 |  |  | 0 |  |  | 0 |
Cash flows from financing activities: |  |  |  |  |
Proceeds from (payments on) short-term borrowings | 0 |  |  | 0 |  |  | (10,500) |
Payments related to equity incentive plans | (3,135) |  |  | (1,780) |  |  | (1,914) |
Purchase of treasury stock | (575) |  |  | (579) |  |  | (559) |
Sales of treasury stock | 405 |  |  | 221 |  |  | 115 |
Dividends paid | (47,094) |  |  | (40,838) |  |  | (34,640) |
Cash flows from financing activities | (50,399) |  |  | (42,976) |  |  | (47,498) |
Net increase (decrease) in cash and cash equivalents | 14,786 |  |  | (953) |  |  | 292 |
Cash and cash equivalents at beginning of the year | 2,340 |  |  | 3,293 |  |  | 3,001 |
Cash and cash equivalents at end of the year | $ | 17,126 |  |  | $ | 2,340 |  |  | $ | 3,293 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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