PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2024

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)	2024		2023
ASSETS
Deposits with Lake City Bank	$	5,901	$	15,239
Deposits with other depository institutions	435		1,887
Cash	6,336		17,126
Investments in banking subsidiary	675,315		631,774
Other assets	2,824		3,578
Total assets	$	684,475	$	652,478
LIABILITIES
Dividends payable and other liabilities	$	653	$	2,774
STOCKHOLDERS’ EQUITY	683,822		649,704
Total liabilities and stockholders’ equity	$	684,475	$	652,478

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Dividends from Lake City Bank	$	42,118	$	46,263	$	40,590
Dividends from non-bank subsidiaries	0		1,525		1,300
Other income	2		5		1
Miscellaneous expense	(5,642)		(4,768)		(8,795)
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	36,478		43,025		33,096
Income tax benefit	1,608		1,957		2,770
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	38,086		44,982		35,866
Equity in undistributed income of subsidiaries	55,392		48,785		67,951
NET INCOME	$	93,478	$	93,767	$	103,817
COMPREHENSIVE INCOME (LOSS)	$	82,173	$	127,495	$	(101,199)

NOTE 18 – PARENT COMPANY STATEMENTS (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(dollars in thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	93,478	$	93,767	$	103,817
Adjustments to net cash from operating activities:
Equity in undistributed income of subsidiaries	(55,392)		(48,785)		(67,951)
Other changes	3,421		16,601		6,157
Net cash from operating activities	41,507		61,583		42,023
Cash flows from investing activities:
Return of capital from subsidiary	0		3,602		0
Cash flows from investing activities	0		3,602		0
Cash flows from financing activities:
Payments related to equity incentive plans	(2,815)		(3,135)		(1,780)
Purchase of treasury stock	(592)		(575)		(579)
Sales of treasury stock	391		405		221
Dividends paid	(49,281)		(47,094)		(40,838)
Cash flows from financing activities	(52,297)		(50,399)		(42,976)
Net increase (decrease) in cash and cash equivalents	(10,790)		14,786		(953)
Cash and cash equivalents at beginning of the year	17,126		2,340		3,293
Cash and cash equivalents at end of the year	$	6,336	$	17,126	$	2,340