City Holding Company (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information 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
	2019		2018
Assets
Cash	$	26,171	$	20,621
Securities available-for-sale	6,286		5,908
Investment in subsidiaries	638,490		583,673
Loans	663		701
Fixed assets	23		5
Other assets	643		3,316
Total Assets	$	672,276	$	614,224
Liabilities
Junior subordinated debentures	$	4,056	$	4,053
Dividends payable	9,293		8,774
Deferred tax liability	534		366
Other liabilities	410		267
Total Liabilities	14,293		13,460
Total Shareholders’ Equity	657,983		600,764
Total Liabilities and Shareholders’ Equity	$	672,276	$	614,224

In 2018, the Parent Company repaid its junior subordinated debentures that were owed to City Holding Capital Trust III. In connection with the acquisition of Poage, the Parent Company assumed Poage's junior subordinated debentures that are owed to Town Square Statutory Trust I.

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
	2019			2018			2017
Income
Dividends from subsidiaries	$	58,000		$	50,000		$	30,000
Realized and unrealized investment securities gains	425			208			200
Other income	151			130			115
	58,576			50,338			30,315
Expenses
Interest expense	182			880			765
Merger related expenses	—			1,899			—
Other expenses	1,794			1,842			1,636
	1,976			4,621			2,401
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries	56,600			45,717			27,914
Income tax benefit	(455		)	(1,114		)	(1,197		)
Income Before Equity in Undistributed Net Income of Subsidiaries	57,055			46,831			29,111
Equity in undistributed net income of subsidiaries	32,297			23,171			25,199
Net Income	$	89,352		$	70,002		$	54,310
Total Comprehensive Income	$	109,674		$	63,821		$	56,677

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
	2019			2018			2017
Operating Activities
Net income	$	89,352		$	70,002		$	54,310
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized and realized investment securities gains	(425		)	(208		)	(200		)
Provision (benefit) for deferred income taxes	173			(88		)	1,347
Depreciation, amortization and accretion, net	3			1			1
Stock based compensation	2,516			2,151			2,097
Asset write down	—			193			—
Change in other assets	2,696			2,668			(405		)
Change in other liabilities	(2,060		)	(1,816		)	(1,660		)
Equity in undistributed net income	(32,297		)	(23,171		)	(25,199		)
Net Cash Provided by Operating Activities	59,958			49,732			30,291
Investing Activities
Proceeds from sales of available for sale securities	6			—			200
Net decrease in loans	38			—			—
Acquisition of Farmers Deposit Bancorp, Inc., net of cash acquired of $946	—			(23,954		)	—
Acquisition of Poage Bankshares, Inc., net of cash acquired of $518	—			502			—
Net Cash Provided by (Used in) Investing Activities	44			(23,452		)	200
Financing Activities
Repayment of long-term debt	—			(16,495		)	—
Proceeds from sale of capital securities	—			495			—
Dividends paid	(35,547		)	(29,583		)	(27,120		)
Issuance of common stock	—			—			28,408
Purchases of treasury stock	(19,431		)	(20,271		)	—
Exercise of stock options	526			1,164			732
Net Cash (Used in) Provided by Financing Activities	(54,452		)	(64,690		)	2,020
Increase (Decrease) in Cash and Cash Equivalents	5,550			(38,410		)	32,511
Cash and cash equivalents at beginning of year	20,621			59,031			26,520
Cash and Cash Equivalents at End of Year	$	26,171		$	20,621		$	59,031