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City Holding Company (Parent Company Only) Financial Information | 12 Months Ended
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Dec. 31, 2018
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
| 2018 | 2017
Assets |  |
Cash | $ | 20,621 |  | $ | 59,031 |
Securities available-for-sale | 5,908 |  | 5,699 |
Investment in subsidiaries | 583,673 |  | 459,150 |
Loans | 701 |  | — |
Fixed assets | 5 |  | 6 |
Other assets | 3,316 |  | 2,989 |
Total Assets | $ | 614,224 |  | $ | 526,875 |
Liabilities |  |
Junior subordinated debentures | $ | 4,053 |  | $ | 16,495 |
Dividends payable | 8,774 |  | 7,184 |
Deferred tax liability | 366 |  | 436 |
Other liabilities | 267 |  | 253 |
Total Liabilities | 13,460 |  | 24,368 |
Total Shareholders’ Equity | 600,764 |  | 502,507 |
Total Liabilities and Shareholders’ Equity | $ | 614,224 |  | $ | 526,875 |
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. 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, 2018, 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
| 2018 | 2017 | 2016
Income |  |  |
Dividends from subsidiaries | $ | 50,000 |  | $ | 30,000 |  | $ | 8,600 |
Realized investment securities gains | — |  | 200 |  | — |
Unrealized gains recognized on securities still held | 208 |  | — |  | — |
Other income | 130 |  | 115 |  | 320 |
| 50,338 |  | 30,315 |  | 8,920 |
Expenses |  |  |
Interest expense | 880 |  | 765 |  | 683 |
Merger related expenses | 1,899 |  | — |  | — |
Other expenses | 1,842 |  | 1,636 |  | 1,957 |
| 4,621 |  | 2,401 |  | 2,640 |
Income Before Income Tax Benefit and Equity in Undistributed Net Income of Subsidiaries | 45,717 |  | 27,914 |  | 6,280 |
Income tax benefit | (1,114 | ) | (1,197 | ) | (1,096 | )
Income Before Equity in Undistributed Net Income of Subsidiaries | 46,831 |  | 29,111 |  | 7,376 |
Equity in undistributed net income of subsidiaries | 23,171 |  | 25,199 |  | 44,752 |
Net Income | $ | 70,002 |  | $ | 54,310 |  | $ | 52,128 |
Total Comprehensive Income | $ | 63,821 |  | $ | 56,677 |  | $ | 48,948 |
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
| 2018 | 2017 | 2016
Operating Activities |  |  |
Net income | $ | 70,002 |  | $ | 54,310 |  | $ | 52,128 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Unrealized and realized investment securities losses (gains) | (208 | ) | (200 | ) | — |
(Benefit) provision for deferred income taxes | (88 | ) | 1,347 |  | (241 | )
Depreciation, amortization and accretion, net | 1 |  | 1 |  | (4 | )
Stock based compensation | 2,151 |  | 2,097 |  | 2,018 |
Asset write down | 193 |  | — |  | 444 |
Change in other assets | 2,668 |  | (405 | ) | 260 |
Change in other liabilities | (1,816 | ) | (1,660 | ) | (2,288 | )
Equity in undistributed net income | (23,171 | ) | (25,199 | ) | (44,752 | )
Net Cash Provided by Operating Activities | 49,732 |  | 30,291 |  | 7,565 |
Investing Activities |  |  |
Proceeds from sales of available for sale securities | — |  | 200 |  | — |
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 (Used in) Provided by Investing Activities | (23,452 | ) | 200 |  | — |
Financing Activities |  |  |
Repayment of long-term debt | (16,495 | ) | — |  | — |
Proceeds from sale of capital securities | 495 |  | — |  | — |
Dividends paid | (29,583 | ) | (27,120 | ) | (25,718 | )
Issuance of common stock | — |  | 28,408 |  | 6,864 |
Purchases of treasury stock | (20,271 | ) | — |  | (10,018 | )
Exercise of stock options | 1,164 |  | 732 |  | 1,155 |
Net Cash (Used in) Provided by Financing Activities | (64,690 | ) | 2,020 |  | (27,717 | )
(Decrease) Increase in Cash and Cash Equivalents | (38,410 | ) | 32,511 |  | (20,152 | )
Cash and cash equivalents at beginning of year | 59,031 |  | 26,520 |  | 46,672 |
Cash and Cash Equivalents at End of Year | $ | 20,621 |  | $ | 59,031 |  | $ | 26,520 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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