I'm trying to apply conditional formatting to a column of cells. The formula
for these cells is

=IF(L8<$B$4,"Late!","Ok")

and that is filled down the column.

In the conditional formatting section, I've tried to apply the following
conditions:

Condition 1
Formula Is = ISERROR(reference)
[if there's an error, puts #VALUE! in white font]

Condition 2
Cell Value Is equal to ="Ok"
[if the cell value is Ok, puts Ok in black font]

Condition 3
Cell Value Is equal to ="Late!"
[if cell value is Late!, puts Late! in red font]

I have the formatting setting correctly for each of the conditions,
according to the previews of the formats.

However, regardless of the value in the cell (the error message of #VALUE!,
Ok, or Late!), that value is in white font.

Any ideas? I'm not sure if the problem is the order of my conditions (I've
switched them but it doesn't seem to help) or my using Cell Value Is instead
of Formula Is.

Thank you!!