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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Multiemployer Plans [Line Items]  
Summary Of Stock Option Activity
A summary of the Company’s stock option activity and related information is presented below: 
202020192018
OptionsWeighted-Average Exercise PriceOptionsWeighted-Average Exercise PriceOptionsWeighted-Average Exercise Price
Outstanding at January 146,251 $52.74 57,972 $51.15 87,605 $47.15 
     Granted— — — — — — 
     Exercised(4,921)45.17 (11,721)44.87 (29,633)39.31 
     Forfeited
— — — — — — 
Outstanding at December 31
41,330 $53.64 46,251 $52.74 57,972 $51.15 
Exercisable at end of year21,459 $50.45 8,063 $44.48 2,697 $45.13 
Nonvested at beginning of year38,188 54.42 55,275 51.40 79,718 48.08 
Granted during the year— — — — — — 
Vested during the year(18,317)51.66 (17,087)44.65 (24,443)40.58 
Forfeited during the year
— — — — — — 
Nonvested at end of year
19,871 $56.97 38,188 $54.42 55,275 $51.40 

Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands):
For the year ended December 31,
202020192018
Proceeds from stock option exercises$223 $526 $1,164 
Intrinsic value of stock options exercised93 368 944 
Stock-based compensation expense associated with stock options$60 $119 $178 
Income tax benefit recognized related to stock-based compensation5 12 19 
At period-end:2020
Unrecognized stock-based compensation expense$24 
Weighted average period in which the above amount is expected to be recognized0.9years
Restricted Shares Activity And Related Information
A summary of the Company’s restricted shares activity and related information is presented below:
 
202020192018
Restricted AwardsAverage Market Price at GrantRestricted AwardsAverage Market Price at GrantRestricted AwardsAverage Market Price at Grant
Outstanding at January 1148,083149,692170,033
     Granted44,696$69.28 44,598$77.78 28,363$69.94 
     Forfeited/Vested
(34,225)(46,207)(48,704)
Outstanding at December 31
158,554148,083149,692

    
Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands):
For the year ended December 31,
202020192018
Stock-based compensation expense associated with restricted shares$2,836 $2,022 $1,609 
At period-end:2020
Unrecognized stock-based compensation expense$5,278 
Weighted average period in which the above amount is expected to be recognized2.9years
Summary of 401k Activity [Table Text Block]
401(k) Plan
 
The Company provides retirement benefits to its employees through the City Holding Company 401(k) Plan and Trust (the "401(k) Plan"), which is intended to be compliant with Employee Retirement Income Security Act (ERISA) section 404(c). Information regarding the Company’s 401(k) plan is provided in the following table (dollars in thousands):
For the year ended December 31,
202020192018
Expense associated with the Company's 401(k) Plan$1,061 $1,023 $905 
At period-end:
Number of shares of the Company's common stock held by the 401(k) Plan198,300 203,989 229,276 
Summary Of Activity Within The Defined Benefit Plan The following table summarizes activity within the Company's Defined Benefit Plans (dollars in thousands):
Pension Benefits
20202019
Change in fair value of plan assets:
Fair value at beginning of measurement period$11,884 $12,041 
Actual gain on plan assets1,324 880 
Contributions450 — 
Benefits paid
(1,029)(1,037)
Fair value at end of measurement period12,629 11,884 
Change in benefit obligation:
Benefit obligation at beginning of measurement period(15,219)(14,222)
Interest cost(448)(561)
Actuarial gain (loss) 83 (21)
Assumption changes
(944)(1,452)
Benefits paid
1,029 1,037 
Settlement loss— — 
Benefit obligation at end of measurement period(15,499)(15,219)
Funded status$(2,870)$(3,335)
Weighted-average assumptions for benefit obligation:
Discount rate2.21 %3.05 %
Expected long-term rate of return6.75 %6.75 %
Weighted-average assumptions for net periodic pension cost:
Discount rate3.05 %4.10 %
Expected long-term rate of return6.75 %6.75 %
Net Periodic Pension Cost Of The Defined Benefit Plan
The following table presents the components of the net periodic pension cost of the Company's Defined Benefit Plans, which is recognized in Other Expenses in the Consolidated Statements of Income (in thousands):
202020192018
Components of net periodic benefit:
Interest cost$448 $561 $590 
Expected return on plan assets(814)(856)(1,080)
Settlement— — 71 
Net amortization and deferral
1,089 917 890 
Net Periodic Pension Cost
$723 $622 $471 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) Amounts related to the Company's Defined Benefit Pension Plans recognized as a component of other comprehensive income were as follows (in thousands):
202020192018
Net actuarial gain (loss)$737 $(530)$(1,092)
Deferred tax (expense) benefit(128)131 254 
   Other comprehensive income (loss), net of tax$609 $(399)$(838)

    Amounts recognized as a component of accumulated other comprehensive loss as of December 31, 2020 and 2019 were as follows (in thousands):
20202019
Net actuarial loss$7,445 $8,182 
Deferred tax benefit(1,784)(1,912)
   Amounts included in accumulated other comprehensive income (loss), net of tax$5,661 $6,270 
Summary Of Expected Benefit Payments
The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands):
Plan Year Ending December 31,Expected Benefits to be Paid
2021$986 
2022984 
2023989 
2024978 
2025993 
2026 through 20294,680 
Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy
The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands).  Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Eighteen).

TotalLevel 1Level 2Level 3
2020
Cash and cash equivalents$146 $146 $— $— 
U.S. government agencies100 — 100 
Common stocks
10,101 10,101 — — 
Corporate bonds
2,282 — 2,282 — 
Total
$12,629 $10,247 $2,382 $— 
2019
Cash and cash equivalents$79 $79 $— $— 
Common stocks6,787 6,787 — — 
Corporate bonds5,018 — 5,018 — 
Total
$11,884 $6,866 $5,018 $— 
Summary of Pentegra Plans [Table Text Block]
Pentegra Defined Benefit Plan

The Company and its subsidiary participate in the Pentegra Defined Benefit Plan for Financial Institutions ("The Pentegra DB Plan"), a tax-qualified defined benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The funded statuses below are as of July 1, 2020 (the latest available valuation report). It is the policy of the Company to fund the normal cost of the Pentegra DB Plan on an annual basis.  Other than for normal plan expenses, no contributions were required for the years ended December 31, 2020, 2019 and 2018.  The benefits of the original Pentegra Defined Benefit Plan were frozen prior to the acquisition of Classic Bancshares ("Classic") in 2005, and the benefits of the Poage Pentegra Defined Benefit Plan were frozen prior to the acquisition of Poage in 2018. It is the intention of the Company to fund benefit amounts when assets of the plan are not sufficient.
Pentegra DB Plan's Employer Identification Number13-5645888
Plan Number333
Funded status for plan inherited with Classic acquisition89.16%
Funded status for plan inherited with Poage acquisition91.56%
Summary of Other Post-Retirement Benefits [Table Text Block]
Other Post-Retirement Benefit Plans

Certain entities previously acquired by the Company had entered into individual deferred compensation and supplemental retirement agreements with certain current and former directors and officers. The Company has assumed the liabilities associated with these agreements, the cost of which is being accrued over the period of active service from the date of the respective agreement. To assist in funding these liabilities, the acquired entities had insured the lives of certain current and former directors and officers. The Company is the current owner and beneficiary of those insurance policies. The following table presents a summary of the Company's other post-retirement benefit plans (in thousands).
For the year ended December 31
202020192018
Cost of other post-retirement benefits$278 $304 $280 
At period-end:
Other post-retirement benefit liability (included in Other Liabilities)6,093 6,570 6,923 
Cash surrender value of insurance policies (included in Other Assets)5,916 6,544 6,807