PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

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)	2016		2015
ASSETS
Deposits with Lake City Bank	$	3,467	$	712
Deposits with other depository institutions		4,636		3,623
Cash		8,103		4,335
Investments in banking subsidiary		441,389		411,883
Investments in other subsidiaries		3,471		3,429
Other assets		5,206		4,329
Total assets	$	458,169	$	423,976
LIABILITIES
Dividends payable and other liabilities	$	263	$	236
Subordinated debt		30,928		30,928
STOCKHOLDERS' EQUITY		426,978		392,812
Total liabilities and stockholders' equity	$	458,169	$	423,976

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
(dollars in thousands)	2016		2015		2014
Dividends from Lake City Bank	$	20,622	$	10,257	$	18,331
Dividends from non-bank subsidiaries		1,035		1,031		31
Other income		50		98		182
Interest expense on subordinated debt		(1,190)		(1,063)		(1,048)
Miscellaneous expense		(5,006)		(3,231)		(3,462)
INCOME BEFORE INCOME TAXES AND EQUITY IN
UNDISTRIBUTED INCOME OF SUBSIDIARIES		15,511		7,092		14,034
Income tax benefit		2,483		1,655		1,691
INCOME BEFORE EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES		17,994		8,747		15,725
Equity in undistributed income of subsidiaries		34,090		37,620		28,080
NET INCOME	$	52,084	$	46,367	$	43,805
COMPREHENSIVE INCOME	$	47,555	$	44,679	$	50,129

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2016		2015		2014
Cash flows from operating activities:
Net income	$	52,084	$	46,367	$	43,805
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries		(34,090)		(37,620)		(28,080)
Other changes		3,818		3,647		5,348
Net cash from operating activities		21,812		12,394		21,073
Cash flows from financing activities
Proceeds from issuance of common stock		614		12		57
Repurchase of common stock		(458)		(455)		(444)
Dividends paid		(18,200)		(15,697)		(13,555)
Cash flows from financing activities		(18,044)		(16,140)		(13,942)
Net increase in cash and cash equivalents		3,768		(3,746)		7,131
Cash and cash equivalents at beginning of the year		4,335		8,081		950
Cash and cash equivalents at end of the year	$	8,103	$	4,335	$	8,081