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City Holding Company (Parent Company Only) Financial Information
 12 Months Ended
Dec. 31, 2020
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
20202019
Assets
Cash$22,335 $26,171 
Securities available-for-sale5,267 6,286 
Investment in subsidiaries681,744 638,490 
Loans624 663 
Fixed assets15 23 
Other assets
932 643 
Total Assets
$710,917 $672,276 
Liabilities
Junior subordinated debentures$— $4,056 
Dividends payable9,145 9,293 
Deferred tax liability298 534 
Other liabilities
368 410 
Total Liabilities9,811 14,293 
Total Shareholders’ Equity
701,106 657,983 
Total Liabilities and Shareholders’ Equity
$710,917 $672,276 
 
On January 29, 2020, the Board of Directors of the Company authorized repayment of its Subordinated Debentures assumed by the Company as part of its acquisition of Poage at a price of 100% of the principal amount. Town Square Statutory Trust I repaid its Capital Securities on March 16, 2020 at a price of 100%.
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
202020192018
Income
Dividends from subsidiaries$74,300 $58,000 $50,000 
Realized and unrealized investment securities (losses) gains(1,018)425 208 
Other income
183 151 130 
73,465 58,576 50,338 
Expenses
Interest expense100 182 880 
Merger related expenses
— — 1,899 
Other expenses
1,810 1,794 1,842 
1,910 1,976 4,621 
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries71,555 56,600 45,717 
Income tax benefit
(760)(455)(1,114)
Income Before Equity in Undistributed Net Income of Subsidiaries72,315 57,055 46,831 
Equity in undistributed net income of subsidiaries
17,280 32,297 23,171 
Net Income
$89,595 $89,352 $70,002 
Total Comprehensive Income
$114,988 $109,674 $63,821 
 
 
 
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
202020192018
Operating Activities
Net income$89,595 $89,352 $70,002 
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized and realized investment securities losses (gains)1,018 (425)(208)
(Benefit) provision for deferred income taxes(255)173 (88)
Depreciation, amortization and accretion, net1 3 1 
Stock based compensation3,253 2,516 2,151 
Asset write down— — 193 
Change in other assets(284)2,696 2,668 
Change in other liabilities(2,936)(2,060)(1,816)
Equity in undistributed net income
(17,280)(32,297)(23,171)
Net Cash Provided by Operating Activities73,112 59,958 49,732 
Investing Activities
Proceeds from sales of available for sale securities— 6 — 
Net decrease in loans39 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 Activities39 44 (23,452)
Financing Activities
Repayment of long-term debt(4,056)— (16,495)
Proceeds from sale of capital securities— — 495 
Dividends paid(36,673)(35,547)(29,583)
Purchases of treasury stock(36,481)(19,431)(20,271)
Exercise of stock options
223 526 1,164 
Net Cash Used in Financing Activities(76,987)(54,452)(64,690)
(Decrease) Increase in Cash and Cash Equivalents(3,836)5,550 (38,410)
Cash and cash equivalents at beginning of year
26,171 20,621 59,031 
Cash and Cash Equivalents at End of Year
$22,335 $26,171 $20,621