City Holding Company (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2021

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
	2021		2020
Assets
Cash	$	26,884	$	22,335
Securities available-for-sale	2,644		5,267
Investment in subsidiaries	659,945		681,744
Loans	479		624
Fixed assets	9		15
Other assets	849		932
Total Assets	$	690,810	$	710,917
Liabilities
Dividends payable	$	9,249	$	9,145
Deferred tax liability	104		298
Other liabilities	352		368
Total Liabilities	9,705		9,811
Total Shareholders’ Equity	681,105		701,106
Total Liabilities and Shareholders’ Equity	$	690,810	$	710,917

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.

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
	2021		2020		2019
Income
Dividends from subsidiaries	$	96,000	$	74,300	$	58,000
Realized and unrealized investment securities gains (losses)	820		(1,018)		425
Other income	191		183		151
	97,011		73,465		58,576
Expenses
Interest expense	—		100		182
Other expenses	1,610		1,810		1,794
	1,610		1,910		1,976
Income Before Income Tax Benefit and (Excess Dividends) Equity in Undistributed Net Income of Subsidiaries	95,401		71,555		56,600
Income tax benefit	(264)		(760)		(455)
Income Before (Excess Dividends) Equity in Undistributed Net Income of Subsidiaries	95,665		72,315		57,055
(Excess dividends) Equity in undistributed net income of subsidiaries	(7,585)		17,280		32,297
Net Income	$	88,080	$	89,595	$	89,352
Total Comprehensive Income	$	71,107	$	114,988	$	109,674

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
	2021		2020		2019
Operating Activities
Net income	$	88,080	$	89,595	$	89,352
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized and realized investment securities (gains) losses	(820)		1,018		(425)
(Benefit) provision for deferred income taxes	(194)		(255)		173
Depreciation, amortization and accretion, net	—		1		3
Stock based compensation	3,121		3,253		2,516
Change in other assets	89		(284)		2,696
Change in other liabilities	(2,775)		(2,936)		(2,060)
Excess dividends of subsidiaries (equity in undistributed net income)	7,585		(17,280)		(32,297)
Net Cash Provided by Operating Activities	95,086		73,112		59,958
Investing Activities
Proceeds from sales of available for sale securities	3,443		—		6
Net decrease in loans	145		39		38
Net Cash Provided by Investing Activities	3,588		39		44
Financing Activities
Repayment of long-term debt	—		(4,056)		—
Dividends paid	(36,138)		(36,673)		(35,547)
Purchases of treasury stock	(58,678)		(36,481)		(19,431)
Exercise of stock options	691		223		526
Net Cash Used in Financing Activities	(94,125)		(76,987)		(54,452)
Increase (Decrease) in Cash and Cash Equivalents	4,549		(3,836)		5,550
Cash and cash equivalents at beginning of year	22,335		26,171		20,621
Cash and Cash Equivalents at End of Year	$	26,884	$	22,335	$	26,171