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Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Multiemployer Plans [Line Items] |
Summary Of Stock Option Activity | A summary of the Company’s stock option activity and related information is presented below:
| 2022 | 2021 | 2020
| Options | Weighted-Average Exercise Price | Options | Weighted-Average Exercise Price | Options | Weighted-Average Exercise Price
Outstanding at January 1 | 26,727 |  | $ | 57.04 |  | 41,330 |  | $ | 53.64 |  | 46,251 |  | $ | 52.74 |
Granted | — |  | — |  | — |  | — |  | — |  | — |
Exercised | (15,141) |  | 52.61 |  | (14,603) |  | 47.43 |  | (4,921) |  | 45.17 |
Forfeited | — |  | — |  | — |  | — |  | — |  | — |
Outstanding at December 31 | 11,586 |  | $ | 62.83 |  | 26,727 |  | $ | 57.04 |  | 41,330 |  | $ | 53.64 |
Exercisable at end of year | 11,586 |  | $ | 62.83 |  | 20,848 |  | $ | 54.42 |  | 21,459 |  | $ | 50.45 |
Nonvested at beginning of year | 5,879 |  | 66.32 |  | 19,871 |  | 56.97 |  | 38,188 |  | 54.42 |
Granted during the year | — |  | — |  | — |  | — |  | — |  | — |
Vested during the year | (5,879) |  | 66.32 |  | (13,992) |  | 53.22 |  | (18,317) |  | 51.66 |
Forfeited during the year | — |  | — |  | — |  | — |  | — |  | — |
Nonvested at end of year | — |  | $ | — |  | 5,879 |  | $ | 66.32 |  | 19,871 |  | $ | 56.97 |
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,
| 2022 | 2021 | 2020
Proceeds from stock option exercises | $ | 798 |  | $ | 691 |  | $ | 223 |
Intrinsic value of stock options exercised | 442 |  | 474 |  | 93 |
Stock-based compensation expense associated with stock options | $ | 2 |  | $ | 22 |  | $ | 60 |
Income tax benefit recognized related to stock-based compensation | — |  | 2 |  | 5 |
At period-end: | 2022 |  |
Unrecognized stock-based compensation expense | $ | — |  |  |
Weighted average period in which the above amount is expected to be recognized | N/A |  |
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below:
| 2022 | 2021 | 2020
| Restricted Awards | Average Market Price at Grant | Restricted Awards | Average Market Price at Grant | Restricted Awards | Average Market Price at Grant
Outstanding at January 1 | 146,755 |  | 158,554 |  | 148,083 |
Granted | 33,327 | $ | 77.21 |  | 34,762 | $ | 76.38 |  | 44,696 | $ | 69.28 |
Forfeited/Vested | (39,476) |  |  | (46,561) |  |  | (34,225) |  |
Outstanding at December 31 | 140,606 |  | 146,755 |  | 158,554 |
Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands):
| For the year ended December 31,
| 2022 | 2021 | 2020
Stock-based compensation expense associated with restricted shares, RSUs and PSUs | $ | 2,817 |  | $ | 2,949 |  | $ | 2,836 |
At period-end: | 2022 |  |
Unrecognized stock-based compensation expense | $ | 4,631 |  |  |
Weighted average period in which the above amount is expected to be recognized | 2.8 | years |
Summary of 401k Activity [Table Text Block] | 401(k) Plan The Company provides retirement benefits to its employees through matching contributions to 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,
| 2022 | 2021 | 2020
Expense associated with the Company's 401(k) Plan | $ | 1,138 |  | $ | 1,075 |  | $ | 1,061 |
At period-end: |  |  |
Number of shares of the Company's common stock held by the 401(k) Plan | 168,332 |  | 178,936 |  | 198,300 |
Summary Of Activity Within The Defined Benefit Plan | The following table summarizes activity within the Company's Defined Benefit Plan (dollars in thousands):
| Pension Benefits
| 2022 | 2021
Change in fair value of plan assets: |  |
Fair value at beginning of measurement period | $ | 14,704 |  | $ | 12,629 |
Actual (loss) gain on plan assets | (2,253) |  | 2,165 |
Contributions | — |  | 1,000 |
Benefits paid | (991) |  | (1,090) |
Fair value at end of measurement period | 11,460 |  | 14,704 |
Change in benefit obligation: |  |
Benefit obligation at beginning of measurement period | (14,295) |  | (15,499) |
Interest cost | (362) |  | (331) |
Actuarial (loss) gain | (260) |  | (174) |
Assumption changes | 2,697 |  | 619 |
Benefits paid | 991 |  | 1,090 |
Benefit obligation at end of measurement period | (11,229) |  | (14,295) |
Funded status | $ | 231 |  | $ | 409 |
Weighted-average assumptions for benefit obligation: |  |
Discount rate | 5.14 | % | 2.63 | %
Expected long-term rate of return | 6.75 | % | 6.75 | %
Weighted-average assumptions for net periodic pension cost: |  |
Discount rate | 2.63 | % | 2.21 | %
Expected long-term rate of return | 6.75 | % | 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 Plan, which is recognized in Other Expenses in the Consolidated Statements of Income (in thousands). Since the Company's Defined Benefit Plan is frozen, there is no service cost component.
| 2022 | 2021 | 2020
Interest cost | $ | 362 |  | $ | 331 |  | $ | 448 |
Expected return on plan assets | (886) |  | (884) |  | (814) |
Net amortization and deferral | 780 |  | 1,122 |  | 1,089 |
Net Periodic Pension Cost | $ | 256 |  | $ | 569 |  | $ | 723 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Amounts related to the Company's Defined Benefit Pension Plan recognized as a component of other comprehensive (loss) income were as follows (in thousands):
| 2022 | 2021 | 2020
Net actuarial gain | $ | 83 |  | $ | 2,848 |  | $ | 737 |
Deferred tax expense | (20) |  | (672) |  | (128) |
Other comprehensive income, net of tax | $ | 63 |  | $ | 2,176 |  | $ | 609 |
Amounts recognized as a component of accumulated other comprehensive (loss) income as of December 31, 2022 and 2021 were as follows (in thousands):
| 2022 | 2021
Net actuarial loss | $ | 4,519 |  | $ | 4,598 |
Deferred tax benefit | (1,097) |  | (1,113) |
Amounts included in accumulated other comprehensive (loss) income, net of tax | $ | 3,422 |  | $ | 3,485 |
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
2023 | $ | 1,013 |
2024 | 1,005 |
2025 | 1,008 |
2026 | 991 |
2027 | 970 |
2028 through 2032 | 4,473 |
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 Plan as of year-end are presented in the following table (in thousands). Assets ar e seg regated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Seventeen).
| Total | Level 1 | Level 2 | Level 3
2022 |  |  |  |
Cash and cash equivalents | $ | 15 |  | $ | 15 |  | $ | — |  | $ | — |
Common stocks | 8,751 |  | 8,751 |  | — |  | — |
Corporate bonds | 2,694 |  | — |  | 2,694 |  | — |
Total | $ | 11,460 |  | $ | 8,766 |  | $ | 2,694 |  | $ | — |
2021 |  |  |  |
Cash and cash equivalents | $ | 39 |  | $ | 39 |  | $ | — |  | $ | — |
Common stocks | 11,835 |  | 11,835 |  | — |  | — |
Corporate bonds | 2,830 |  | — |  | 2,830 |  | — |
Total | $ | 14,704 |  | $ | 11,874 |  | $ | 2,830 |  | $ | — |
Summary of Pentegra Plans | 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, 2022 (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, 2022, 2021 and 2020. 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 Number | 13-5645888
Plan Number | 333
Funded status for plan inherited with Classic acquisition | 88.26%
Funded status for plan inherited with Poage acquisition | 86.39%
Summary of Other Post-Retirement Benefits | 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
| 2022 | 2021 | 2020
Cost of other post-retirement benefits | $ | 251 |  | $ | 277 |  | $ | 278 |
At period-end: |  |  |
Other post-retirement benefit liability (included in Other Liabilities) | 5,527 |  | 5,995 |  | 6,093 |
Cash surrender value of insurance policies (included in Other Assets) | 4,787 |  | 5,071 |  | 5,916 |

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