City Holding Company (Parent Company Only) Financial Information |
CITY HOLDING COMPANY (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets
The following table presents the condensed balance sheets of City Holding Company, parent company only (in thousands): | | | | | | | | | December 31 | | 2015 | 2014 | | | | Assets | | | Cash | $ | 46,672 |
| $ | 12,521 |
| Securities available-for-sale | 3,273 |
| 3,212 |
| Investment in subsidiaries | 388,201 |
| 380,348 |
| Deferred tax assets, net | 1,569 |
| 1,436 |
| Fixed assets | 8 |
| 9 |
| Other assets | 3,290 |
| 16,629 |
| Total Assets | $ | 443,013 |
| $ | 414,155 |
| | | | Liabilities | | | Junior subordinated debentures | $ | 16,495 |
| $ | 16,495 |
| Dividends payable | 6,376 |
| 6,062 |
| Accrued interest payable | 30 |
| 26 |
| Other liabilities | 840 |
| 719 |
| Total Liabilities | 23,741 |
| 23,302 |
| | | | Total Shareholders’ Equity | 419,272 |
| 390,853 |
| Total Liabilities and Shareholders’ Equity | $ | 443,013 |
| $ | 414,155 |
|
Junior subordinated debentures represent the Parent Company’s amounts owed to City Holding Capital Trust III. Condensed Statements of Comprehensive Income
The following table presents the condensed statements of comprehensive income of City Holding Company, parent company only (in thousands):
| | | | | | | | | | | | Year Ended December 31 | | 2015 | 2014 | 2013 | | | | | Income | | | | Dividends from subsidiaries | $ | 48,950 |
| $ | 46,050 |
| $ | 46,317 |
| Investment securities gains | — |
| 1,130 |
| 89 |
| Other income | 22 |
| 65 |
| 66 |
| | 48,972 |
| 47,245 |
| 46,472 |
| Expenses | | | | Interest expense | 618 |
| 605 |
| 617 |
| Other expenses | 1,170 |
| 849 |
| 2,352 |
| | 1,788 |
| 1,454 |
| 2,969 |
| Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries | 47,184 |
| 45,791 |
| 43,503 |
| Income tax benefit | (795 | ) | (231 | ) | (1,050 | ) | Income Before Equity in Undistributed Net Income of Subsidiaries | 47,979 |
| 46,022 |
| 44,553 |
| Equity in undistributed net income of subsidiaries | 6,118 |
| 6,940 |
| 3,662 |
| Net Income | $ | 54,097 |
| $ | 52,962 |
| $ | 48,215 |
| | | | | Total Comprehensive Income | $ | 54,424 |
| $ | 53,793 |
| $ | 44,647 |
|
Condensed Statements of Cash Flows
The following table presents the condensed statements of cash flows of City Holding Company, parent company only (in thousands):
| | | | | | | | | | | | Year Ended December 31 | | 2015 | 2014 | 2013 | Operating Activities | | | | Net income | $ | 54,097 |
| $ | 52,962 |
| $ | 48,215 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | Realized investment securities gains | — |
| (1,130 | ) | (89 | ) | Amortization and accretion | — |
| — |
| 5 |
| Stock based compensation | 3 |
| 199 |
| 205 |
| Depreciation | 1 |
| 1 |
| 1 |
| Change in other assets | 13,338 |
| (16,110 | ) | 1,656 |
| Change in other liabilities | 314 |
| 2,146 |
| (236 | ) | Equity in undistributed net income | (6,118 | ) | (6,940 | ) | (3,662 | ) | Net Cash Provided by Operating Activities | 61,635 |
| 31,128 |
| 46,095 |
| | | | | Investing Activities | | | | Proceeds from sales of available for sale securities | — |
| 2,334 |
| 137 |
| Return of capital | — |
| 2,500 |
| — |
| Acquisition of Community Financial Corporation | — |
| — |
| (12,708 | ) | Net Cash Used in Investing Activities | — |
| 4,834 |
| (12,571 | ) | | | | | Financing Activities | | | | Dividends paid | (25,304 | ) | (24,487 | ) | (22,878 | ) | Purchases of treasury stock | (7,055 | ) | (27,957 | ) | — |
| Exercise of stock options | 2,979 |
| 580 |
| 3,428 |
| Exercise of warrants | 1,896 |
| — |
| — |
| Net Cash Used in Financing Activities | (27,484 | ) | (51,864 | ) | (19,450 | ) | Increase (decrease) in Cash and Cash Equivalents | 34,151 |
| (15,902 | ) | 14,074 |
| Cash and cash equivalents at beginning of year | 12,521 |
| 28,423 |
| 14,349 |
| Cash and Cash Equivalents at End of Year | $ | 46,672 |
| $ | 12,521 |
| $ | 28,423 |
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