City Holding Company (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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
	2016		2015
Assets
Cash	$	26,520	$	46,672
Securities available-for-sale	4,231		3,273
Investment in subsidiaries	430,769		388,201
Deferred tax assets, net	1,459		1,569
Fixed assets	7		8
Other assets	2,584		3,290
Total Assets	$	465,570	$	443,013
Liabilities
Junior subordinated debentures	$	16,495	$	16,495
Dividends payable	6,459		6,376
Accrued interest payable	36		30
Other liabilities	142		840
Total Liabilities	23,132		23,741
Total Shareholders’ Equity	442,438		419,272
Total Liabilities and Shareholders’ Equity	$	465,570	$	443,013

Junior subordinated debentures represent the Parent Company’s amounts owed to City Holding Capital Trust III.

On December 19, 2016, the Company announced that it had filed a prospectus supplement to its existing shelf registration statement on Form S-3 for the sale of its common stock having an aggregate value of up to $55 million through an “at-the-market” equity offering program. During the year ended December 31, 2016, the Company sold 107,662 common shares at a weighted average price of $66.21, net of broker fees.

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
	2016			2015			2014
Income
Dividends from subsidiaries	$	8,600		$	48,950		$	46,050
Investment securities gains	—			—			1,130
Other income	320			22			65
	8,920			48,972			47,245
Expenses
Interest expense	683			618			605
Other expenses	1,957			1,170			849
	2,640			1,788			1,454
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries	6,280			47,184			45,791
Income tax benefit	(1,096		)	(795		)	(231		)
Income Before Equity in Undistributed Net Income of Subsidiaries	7,376			47,979			46,022
Equity in undistributed net income of subsidiaries	44,752			6,118			6,940
Net Income	$	52,128		$	54,097		$	52,962
Total Comprehensive Income	$	48,948		$	54,424		$	53,793

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
	2016			2015			2014
Operating Activities
Net income	$	52,128		$	54,097		$	52,962
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment securities gains	—			—			(1,130		)
Amortization and accretion	(5		)	—			—
Stock based compensation	2,018			3			199
Depreciation	1			1			1
Asset write down	444			—			—
Change in other assets	262			13,338			(16,110		)
Change in other liabilities	(2,531		)	314			2,146
Equity in undistributed net income	(44,752		)	(6,118		)	(6,940		)
Net Cash Provided by Operating Activities	7,565			61,635			31,128
Investing Activities
Proceeds from sales of available for sale securities	—			—			2,334
Return of capital	—			—			2,500
Net Cash Provided by Investing Activities	—			—			4,834
Financing Activities
Dividends paid	(25,718		)	(25,304		)	(24,487		)
Issuance of common stock	6,864			—			—
Purchases of treasury stock	(10,018		)	(7,055		)	(27,957		)
Exercise of stock options	1,155			2,979			580
Exercise of warrants	—			1,896			—
Net Cash Used in Financing Activities	(27,717		)	(27,484		)	(51,864		)
(Decrease) increase in Cash and Cash Equivalents	(20,152		)	34,151			(15,902		)
Cash and cash equivalents at beginning of year	46,672			12,521			28,423
Cash and Cash Equivalents at End of Year	$	26,520		$	46,672		$	12,521