City Holding Company (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2017

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
	2017		2016
Assets
Cash	$	59,031	$	26,520
Securities available-for-sale	5,699		4,231
Investment in subsidiaries	459,150		430,769
Deferred tax assets, net	—		1,459
Fixed assets	6		7
Other assets	2,989		2,584
Total Assets	$	526,875	$	465,570
Liabilities
Junior subordinated debentures	$	16,495	$	16,495
Dividends payable	7,184		6,459
Deferred tax liability	436		—
Accrued interest payable	45		36
Other liabilities	208		142
Total Liabilities	24,368		23,132
Total Shareholders’ Equity	502,507		442,438
Total Liabilities and Shareholders’ Equity	$	526,875	$	465,570

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. Through the year ended December 31, 2017, the Company has sold approximately 548,000 common shares at a weighted average price of $64.82, net of broker fees. The Company has sold no shares since the first quarter of 2017. To date the Company has received $36.4 million in gross proceeds. Under the program, the Company has the ability to receive an additional $18.6 million in gross proceeds from the sale of common shares.

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
	2017			2016			2015
Income
Dividends from subsidiaries	$	30,000		$	8,600		$	48,950
Investment securities gains	200			—			—
Other income	115			320			22
	30,315			8,920			48,972
Expenses
Interest expense	765			683			618
Other expenses	1,636			1,957			1,170
	2,401			2,640			1,788
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries	27,914			6,280			47,184
Income tax benefit	(1,197		)	(1,096		)	(795		)
Income Before Equity in Undistributed Net Income of Subsidiaries	29,111			7,376			47,979
Equity in undistributed net income of subsidiaries	25,199			44,752			6,118
Net Income	$	54,310		$	52,128		$	54,097
Total Comprehensive Income	$	56,677		$	48,948		$	54,424

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
	2017			2016			2015
Operating Activities
Net income	$	54,310		$	52,128		$	54,097
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment securities gains	(200		)	—			—
Provision for deferred income taxes	1,347			(241		)	(148		)
Amortization and accretion	—			(5		)	—
Stock based compensation	2,097			2,018			3
Depreciation	1			1			1
Asset write down	—			444			—
Change in other assets	(405		)	260			13,338
Change in other liabilities	(1,660		)	(2,288		)	462
Equity in undistributed net income	(25,199		)	(44,752		)	(6,118		)
Net Cash Provided by Operating Activities	30,291			7,565			61,635
Investing Activities
Proceeds from sales of available for sale securities	200			—			—
Net Cash Provided by Investing Activities	200			—			—
Financing Activities
Dividends paid	(27,120		)	(25,718		)	(25,304		)
Issuance of common stock	28,408			6,864			—
Purchases of treasury stock	—			(10,018		)	(7,055		)
Exercise of stock options	732			1,155			2,979
Exercise of warrants	—			—			1,896
Net Cash Provided by (Used in) Financing Activities	2,020			(27,717		)	(27,484		)
Increase (decrease) in Cash and Cash Equivalents	32,511			(20,152		)	34,151
Cash and cash equivalents at beginning of year	26,520			46,672			12,521
Cash and Cash Equivalents at End of Year	$	59,031		$	26,520		$	46,672