West Virginia
|
55-0619957
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
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99.1
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News Release issued October 20, 2011
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Dated: October 21, 2011
|
City Holding Company
|
By:
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/s/ David L. Bumgarner
|
David L. Bumgarner
|
|
Chief Financial Officer
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CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||
Financial Highlights
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended September 30,
|
Percent
|
|||||||||||
2011
|
2010
|
Change
|
||||||||||
Earnings ($000s, except per share data):
|
||||||||||||
Net Interest Income (FTE)
|
$ | 23,783 | $ | 23,404 | 1.62 | % | ||||||
Net Income available to common shareholders
|
11,577 | 9,023 | 28.31 | % | ||||||||
Earnings per Basic Share
|
0.77 | 0.58 | 32.35 | % | ||||||||
Earnings per Diluted Share
|
0.76 | 0.58 | 32.23 | % | ||||||||
Key Ratios (percent):
|
||||||||||||
Return on Average Assets
|
1.71 | % | 1.36 | % | 25.81 | % | ||||||
Return on Average Tangible Equity
|
17.81 | % | 13.90 | % | 28.08 | % | ||||||
Net Interest Margin
|
3.93 | % | 3.94 | % | (0.27 | )% | ||||||
Efficiency Ratio
|
53.18 | % | 54.15 | % | (1.80 | )% | ||||||
Average Shareholders' Equity to Average Assets
|
11.67 | % | 11.90 | % | (1.94 | )% | ||||||
Consolidated Risk Based Capital Ratios (a):
|
||||||||||||
Tier I
|
13.21 | % | 13.73 | % | (3.79 | )% | ||||||
Total
|
14.20 | % | 14.68 | % | (3.27 | )% | ||||||
Tangible Equity to Tangible Assets
|
9.65 | % | 10.04 | % | (3.94 | )% | ||||||
Common Stock Data:
|
||||||||||||
Cash Dividends Declared per Share
|
$ | 0.34 | $ | 0.34 | - | |||||||
Book Value per Share
|
20.86 | 20.31 | 2.67 | % | ||||||||
Tangible Book Value per Share
|
17.07 | 16.66 | 2.48 | % | ||||||||
Market Value per Share:
|
||||||||||||
High
|
33.96 | 31.15 | 9.02 | % | ||||||||
Low
|
26.82 | 26.87 | (0.19 | )% | ||||||||
End of Period
|
26.99 | 30.67 | (12.00 | )% | ||||||||
Price/Earnings Ratio (b)
|
8.81 | 13.25 | (33.51 | )% | ||||||||
Nine Months Ended September 30,
|
Percent
|
|||||||||||
2011 | 2010 |
Change
|
||||||||||
Earnings ($000s, except per share data):
|
||||||||||||
Net Interest Income (FTE)
|
$ | 69,606 | $ | 72,074 | (3.42 | )% | ||||||
Net Income available to common shareholders
|
31,024 | 29,051 | 6.79 | % | ||||||||
Earnings per Basic Share
|
2.03 | 1.85 | 10.05 | % | ||||||||
Earnings per Diluted Share
|
2.02 | 1.84 | 9.94 | % | ||||||||
Key Ratios (percent):
|
||||||||||||
Return on Average Assets
|
1.53 | % | 1.46 | % | 4.93 | % | ||||||
Return on Average Tangible Equity
|
15.89 | % | 15.04 | % | 5.70 | % | ||||||
Net Interest Margin
|
3.89 | % | 4.10 | % | (5.27 | )% | ||||||
Efficiency Ratio
|
57.42 | % | 53.66 | % | 7.02 | % | ||||||
Average Shareholders' Equity to Average Assets
|
11.72 | % | 11.84 | % | (1.04 | )% | ||||||
Common Stock Data:
|
||||||||||||
Cash Dividends Declared per Share
|
$ | 1.02 | $ | 1.02 | - | |||||||
Market Value per Share:
|
||||||||||||
High
|
37.22 | 37.28 | (0.16 | )% | ||||||||
Low
|
26.82 | 26.87 | (0.19 | )% | ||||||||
Price/Earnings Ratio (b)
|
9.97 | 12.46 | (20.04 | )% | ||||||||
(a) September 30, 2011 risk-based capital ratios are estimated
|
||||||||||||
(b) September 30, 2011 price/earnings ratio computed based on annualized third quarter 2011 earnings
|
||||||||||||
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||||||
Financial Highlights
|
||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Book Value and Market Price Range per Share
|
||||||||||||||||||||||||
Market Price
|
||||||||||||||||||||||||
Book Value per Share
|
Range per Share
|
|||||||||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
Low
|
High
|
|||||||||||||||||||
2007
|
$ | 17.62 | $ | 17.40 | $ | 17.68 | $ | 18.14 | $ | 31.16 | $ | 41.54 | ||||||||||||
2008
|
18.92 | 18.72 | 17.61 | 17.58 | 29.08 | 42.88 | ||||||||||||||||||
2009
|
17.69 | 18.24 | 18.95 | 19.37 | 20.88 | 34.34 | ||||||||||||||||||
2010
|
19.71 | 20.02 | 20.31 | 20.31 | 26.87 | 38.03 | ||||||||||||||||||
2011
|
20.39 | 20.58 | 20.86 | 26.82 | 37.22 | |||||||||||||||||||
Earnings per Basic Share
|
||||||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
Year-to-Date
|
||||||||||||||||||||
2007
|
$ | 0.76 | $ | 0.72 | $ | 0.76 | $ | 0.78 | $ | 3.02 | ||||||||||||||
2008
|
0.81 | 0.83 | (0.16 | ) | 0.26 | 1.74 | ||||||||||||||||||
2009
|
0.69 | 0.64 | 0.66 | 0.70 | 2.69 | |||||||||||||||||||
2010
|
0.59 | 0.68 | 0.58 | 0.64 | 2.48 | |||||||||||||||||||
2011
|
0.62 | 0.65 | 0.77 | 2.03 | ||||||||||||||||||||
Earnings per Diluted Share
|
||||||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
Year-to-Date
|
||||||||||||||||||||
2007
|
$ | 0.76 | $ | 0.72 | $ | 0.76 | $ | 0.78 | $ | 3.01 | ||||||||||||||
2008
|
0.80 | 0.83 | (0.16 | ) | 0.26 | 1.74 | ||||||||||||||||||
2009
|
0.69 | 0.64 | 0.66 | 0.70 | 2.68 | |||||||||||||||||||
2010
|
0.58 | 0.68 | 0.58 | 0.64 | 2.47 | |||||||||||||||||||
2011
|
0.62 | 0.64 | 0.76 | 2.02 |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Income
|
||||||||
(Unaudited) ($ in 000s, except per share data)
|
||||||||
Three Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$ | 23,326 | $ | 24,487 | ||||
Interest on investment securities:
|
||||||||
Taxable
|
4,639 | 5,019 | ||||||
Tax-exempt
|
392 | 452 | ||||||
Interest on federal funds sold
|
13 | 12 | ||||||
Total Interest Income
|
28,370 | 29,970 | ||||||
Interest Expense
|
||||||||
Interest on deposits
|
4,550 | 6,551 | ||||||
Interest on short-term borrowings
|
90 | 86 | ||||||
Interest on long-term debt
|
159 | 173 | ||||||
Total Interest Expense
|
4,799 | 6,810 | ||||||
Net Interest Income
|
23,571 | 23,160 | ||||||
Provision for loan losses
|
- | 1,847 | ||||||
Net Interest Income After Provision for Loan Losses
|
23,571 | 21,313 | ||||||
Non-Interest Income
|
||||||||
Total investment securities impairment losses
|
(1,849 | ) | (3,028 | ) | ||||
Noncredit impairment losses recognized in other comprehensive income
|
1,494 | 127 | ||||||
Net investment securities impairment losses
|
(355 | ) | (2,901 | ) | ||||
Gains on sale of investment securities
|
627 | 1,335 | ||||||
Net investment securities gains (losses)
|
272 | (1,566 | ) | |||||
Service charges
|
9,840 | 9,702 | ||||||
Insurance commissions
|
1,388 | 1,346 | ||||||
Trust and investment management fee income
|
699 | 618 | ||||||
Bank owned life insurance
|
952 | 1,104 | ||||||
Other income
|
380 | 439 | ||||||
Total Non-Interest Income
|
13,531 | 11,643 | ||||||
Non-Interest Expense
|
||||||||
Salaries and employee benefits
|
10,302 | 9,817 | ||||||
Occupancy and equipment
|
2,057 | 1,917 | ||||||
Depreciation
|
1,131 | 1,145 | ||||||
FDIC insurance expense
|
392 | 963 | ||||||
Advertising
|
546 | 891 | ||||||
Bankcard expenses
|
559 | 481 | ||||||
Postage, delivery, and statement mailings
|
551 | 599 | ||||||
Office supplies
|
492 | 497 | ||||||
Legal and professional fees
|
567 | 414 | ||||||
Telecommunications
|
371 | 413 | ||||||
Repossessed asset (gains)/losses, net of expenses
|
109 | 234 | ||||||
Other expenses
|
2,611 | 2,433 | ||||||
Total Non-Interest Expense
|
19,688 | 19,804 | ||||||
Income Before Income Taxes
|
17,414 | 13,152 | ||||||
Income tax expense
|
5,837 | 4,129 | ||||||
Net Income Available to Common Shareholders
|
$ | 11,577 | $ | 9,023 | ||||
Distributed earnings allocated to common shareholders
|
$ | 5,015 | $ | 5,237 | ||||
Undistributed earnings allocated to common shareholders
|
6,479 | 3,733 | ||||||
Net earnings allocated to common shareholders
|
$ | 11,494 | $ | 8,970 | ||||
Average common shares outstanding
|
15,003 | 15,496 | ||||||
Effect of dilutive securities:
|
||||||||
Employee stock options
|
68 | 56 | ||||||
Shares for diluted earnings per share
|
15,071 | 15,552 | ||||||
Basic earnings per common share
|
$ | 0.77 | $ | 0.58 | ||||
Diluted earnings per common share
|
$ | 0.76 | $ | 0.58 |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Income
|
||||||||
(Unaudited) ($ in 000s, except per share data)
|
||||||||
Nine months ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$ | 70,416 | $ | 75,332 | ||||
Interest on investment securities:
|
||||||||
Taxable
|
13,694 | 15,947 | ||||||
Tax-exempt
|
1,299 | 1,383 | ||||||
Interest on federal funds sold
|
39 | 13 | ||||||
Total Interest Income
|
85,448 | 92,675 | ||||||
Interest Expense
|
||||||||
Interest on deposits
|
15,829 | 20,566 | ||||||
Interest on short-term borrowings
|
239 | 284 | ||||||
Interest on long-term debt
|
474 | 496 | ||||||
Total Interest Expense
|
16,542 | 21,346 | ||||||
Net Interest Income
|
68,906 | 71,329 | ||||||
Provision for loan losses
|
2,372 | 4,750 | ||||||
Net Interest Income After Provision for Loan Losses
|
66,534 | 66,579 | ||||||
Non-Interest Income
|
||||||||
Total investment securities impairment losses
|
(1,849 | ) | (7,468 | ) | ||||
Noncredit impairment losses recognized in other comprehensive income
|
1,494 | 2,623 | ||||||
Net investment securities impairment losses
|
(355 | ) | (4,845 | ) | ||||
Gains on sale of investment securities
|
3,756 | 1,397 | ||||||
Net investment securities gains (losses)
|
3,401 | (3,448 | ) | |||||
Service charges
|
28,749 | 30,378 | ||||||
Insurance commissions
|
4,513 | 3,987 | ||||||
Trust and investment management fee income
|
2,181 | 2,047 | ||||||
Bank owned life insurance
|
2,455 | 2,645 | ||||||
Other income
|
1,434 | 1,424 | ||||||
Total Non-Interest Income
|
42,733 | 37,033 | ||||||
Non-Interest Expense
|
||||||||
Salaries and employee benefits
|
30,397 | 29,311 | ||||||
Occupancy and equipment
|
6,084 | 5,836 | ||||||
Depreciation
|
3,408 | 3,537 | ||||||
FDIC insurance expense
|
2,276 | 2,775 | ||||||
Advertising
|
1,854 | 3,045 | ||||||
Bankcard expenses
|
1,693 | 1,405 | ||||||
Postage, delivery, and statement mailings
|
1,615 | 1,823 | ||||||
Office supplies
|
1,483 | 1,474 | ||||||
Legal and professional fees
|
4,547 | 1,175 | ||||||
Telecommunications
|
1,217 | 1,304 | ||||||
Repossessed asset losses, net of expenses
|
300 | 1,258 | ||||||
Other expenses
|
7,585 | 7,377 | ||||||
Total Non-Interest Expense
|
62,459 | 60,320 | ||||||
Income Before Income Taxes
|
46,808 | 43,292 | ||||||
Income tax expense
|
15,784 | 14,241 | ||||||
Net Income Available to Common Shareholders
|
$ | 31,024 | $ | 29,051 | ||||
Distributed earnings allocated to common shareholders
|
$ | 15,045 | $ | 15,711 | ||||
Undistributed earnings allocated to common shareholders
|
15,756 | 13,164 | ||||||
Net earnings allocated to common shareholders
|
$ | 30,801 | $ | 28,875 | ||||
Average common shares outstanding
|
15,165 | 15,646 | ||||||
Effect of dilutive securities:
|
||||||||
Employee stock options
|
77 | 64 | ||||||
Shares for diluted earnings per share
|
15,242 | 15,710 | ||||||
Basic earnings per common share
|
$ | 2.03 | $ | 1.85 | ||||
Diluted earnings per common share
|
$ | 2.02 | $ | 1.84 |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Changes in Stockholders' Equity
|
||||||||
(Unaudited) ($ in 000s)
|
||||||||
Three Months Ended
|
||||||||
September 30, 2011
|
September 30, 2010
|
|||||||
Balance at July 1
|
$ | 310,379 | $ | 312,575 | ||||
Net income
|
11,577 | 9,023 | ||||||
Other comprehensive income:
|
||||||||
Change in unrealized gain on securities available-for-sale
|
(863 | ) | 2,087 | |||||
Change in unrealized (loss) on interest rate floors
|
- | (539 | ) | |||||
Cash dividends declared ($0.34/share)
|
(5,073 | ) | (5,267 | ) | ||||
Issuance of stock award shares, net
|
201 | 154 | ||||||
Exercise of 1,100 stock options
|
15 | - | ||||||
Purchase of 227,977 common shares of treasury
|
(6,344 | ) | - | |||||
Purchase of 111,136 common shares of treasury
|
- | (3,192 | ) | |||||
Balance at September 30
|
$ | 309,892 | $ | 314,841 | ||||
Nine Months Ended
|
||||||||
September 30, 2011
|
September 30, 2010
|
|||||||
Balance at January 1
|
$ | 314,861 | $ | 308,902 | ||||
Net income
|
31,024 | 29,051 | ||||||
Other comprehensive income:
|
||||||||
Change in unrealized gain on securities available-for-sale
|
92 | 7,329 | ||||||
Change in unrealized (loss) on interest rate floors
|
(295 | ) | (2,277 | ) | ||||
Cash dividends declared ($1.02/share)
|
(15,396 | ) | (15,952 | ) | ||||
Issuance of stock award shares, net
|
867 | 644 | ||||||
Exercise of 6,576 stock options
|
168 | - | ||||||
Exercise of 1,700 stock options
|
- | 46 | ||||||
Purchase of 675,501 common shares of treasury
|
(21,429 | ) | - | |||||
Purchase of 408,151 common shares of treasury
|
- | (12,902 | ) | |||||
Balance at September 30
|
$ | 309,892 | $ | 314,841 |
Condensed Consolidated Quarterly Statements of Income
|
||||||||||||||||||||
(Unaudited) ($ in 000s, except per share data)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Interest income
|
$ | 28,370 | $ | 28,323 | $ | 28,754 | $ | 29,241 | $ | 29,970 | ||||||||||
Taxable equivalent adjustment
|
212 | 240 | 248 | 244 | 244 | |||||||||||||||
Interest income (FTE)
|
28,582 | 28,563 | 29,002 | 29,485 | 30,214 | |||||||||||||||
Interest expense
|
4,799 | 5,803 | 5,940 | 6,283 | 6,810 | |||||||||||||||
Net interest income
|
23,783 | 22,760 | 23,062 | 23,202 | 23,404 | |||||||||||||||
Provision for loan losses
|
- | 1,286 | 1,086 | 2,343 | 1,847 | |||||||||||||||
Net interest income after provision
|
||||||||||||||||||||
for loan losses
|
23,783 | 21,474 | 21,976 | 20,859 | 21,557 | |||||||||||||||
Noninterest income
|
13,531 | 16,537 | 12,662 | 11,905 | 11,643 | |||||||||||||||
Noninterest expense
|
19,688 | 22,912 | 19,858 | 18,400 | 19,804 | |||||||||||||||
Income before income taxes
|
17,626 | 15,099 | 14,780 | 14,364 | 13,396 | |||||||||||||||
Income tax expense
|
5,837 | 5,029 | 4,918 | 4,212 | 4,129 | |||||||||||||||
Taxable equivalent adjustment
|
212 | 240 | 248 | 244 | 244 | |||||||||||||||
Net income available to common shareholders
|
$ | 11,577 | $ | 9,830 | $ | 9,614 | $ | 9,908 | $ | 9,023 | ||||||||||
Distributed earnings allocated to common shareholders
|
$ | 5,015 | $ | 5,092 | $ | 5,154 | $ | 5,239 | $ | 5,237 | ||||||||||
Undistributed earnings allocated to common shareholders
|
6,479 | 4,669 | 4,392 | 4,610 | 3,733 | |||||||||||||||
Net earnings allocated to common shareholders
|
$ | 11,494 | $ | 9,761 | $ | 9,546 | $ | 9,849 | $ | 8,970 | ||||||||||
Average common shares outstanding
|
15,003 | 15,120 | 15,380 | 15,439 | 15,496 | |||||||||||||||
Effect of dilutive securities:
|
||||||||||||||||||||
Employee stock options
|
68 | 73 | 82 | 69 | 56 | |||||||||||||||
Shares for diluted earnings per share
|
15,071 | 15,193 | 15,462 | 15,508 | 15,552 | |||||||||||||||
Basic earnings per common share
|
$ | 0.77 | $ | 0.65 | $ | 0.62 | $ | 0.64 | $ | 0.58 | ||||||||||
Diluted earnings per common share
|
0.76 | 0.64 | 0.62 | 0.64 | 0.58 | |||||||||||||||
Cash dividends declared per share
|
0.34 | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||||
Net Interest Margin
|
3.93 | % | 3.78 | % | 3.95 | % | 3.92 | % | 3.94 | % | ||||||||||
Non-Interest Income and Non-Interest Expense
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Non-Interest Income:
|
||||||||||||||||||||
Service charges
|
$ | 9,840 | $ | 9,855 | $ | 9,054 | $ | 9,624 | $ | 9,702 | ||||||||||
Insurance commissions
|
1,388 | 1,504 | 1,621 | 1,503 | 1,346 | |||||||||||||||
Trust and investment management fee income
|
699 | 730 | 753 | 720 | 618 | |||||||||||||||
Bank owned life insurance
|
952 | 745 | 758 | 751 | 1,104 | |||||||||||||||
Other income
|
380 | 575 | 476 | 527 | 439 | |||||||||||||||
Subtotal
|
13,259 | 13,409 | 12,662 | 13,125 | 13,209 | |||||||||||||||
Total investment securities impairment losses
|
(1,849 | ) | - | - | (1,932 | ) | (3,028 | ) | ||||||||||||
Noncredit impairment losses recognized in other
|
||||||||||||||||||||
comprehensive income
|
1,494 | - | - | 713 | 127 | |||||||||||||||
Net investment securities impairment losses
|
(355 | ) | - | - | (1,219 | ) | (2,901 | ) | ||||||||||||
Gain (loss) on sale of investment securities
|
627 | 3,128 | - | (1 | ) | 1,335 | ||||||||||||||
Total Non-Interest Income
|
$ | 13,531 | $ | 16,537 | $ | 12,662 | $ | 11,905 | $ | 11,643 | ||||||||||
Non-Interest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
$ | 10,302 | $ | 10,183 | $ | 9,912 | $ | 8,930 | $ | 9,817 | ||||||||||
Occupancy and equipment
|
2,057 | 1,921 | 2,106 | 1,861 | 1,917 | |||||||||||||||
Depreciation
|
1,131 | 1,140 | 1,136 | 1,138 | 1,145 | |||||||||||||||
FDIC insurance expense
|
392 | 932 | 952 | 958 | 963 | |||||||||||||||
Advertising
|
546 | 628 | 680 | 647 | 891 | |||||||||||||||
Bankcard expenses
|
559 | 633 | 501 | 548 | 481 | |||||||||||||||
Postage, delivery and statement mailings
|
551 | 510 | 554 | 548 | 599 | |||||||||||||||
Office supplies
|
492 | 452 | 539 | 457 | 497 | |||||||||||||||
Legal and professional fees
|
567 | 3,511 | 469 | 502 | 414 | |||||||||||||||
Telecommunications
|
371 | 417 | 429 | 428 | 413 | |||||||||||||||
Repossessed asset (gains) losses, net of expenses
|
109 | (7 | ) | 198 | 196 | 234 | ||||||||||||||
Other expenses
|
2,611 | 2,592 | 2,382 | 2,187 | 2,433 | |||||||||||||||
Total Non-Interest Expense
|
$ | 19,688 | $ | 22,912 | $ | 19,858 | $ | 18,400 | $ | 19,804 | ||||||||||
Employees (Full Time Equivalent)
|
792 | 795 | 796 | 805 | 801 | |||||||||||||||
Branch Locations
|
68 | 68 | 68 | 68 | 68 | |||||||||||||||
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||
Consolidated Balance Sheets
|
||||||||
($ in 000s)
|
||||||||
September 30
|
December 31
|
|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 42,188 | $ | 50,043 | ||||
Interest-bearing deposits in depository institutions
|
6,599 | 5,336 | ||||||
Federal funds sold
|
35,000 | 11,000 | ||||||
Cash and cash equivalents
|
83,787 | 66,379 | ||||||
Investment securities available-for-sale, at fair value
|
393,261 | 429,720 | ||||||
Investment securities held-to-maturity, at amortized cost
|
23,759 | 23,865 | ||||||
Total investment securities
|
417,020 | 453,585 | ||||||
Gross loans
|
1,925,798 | 1,865,000 | ||||||
Allowance for loan losses
|
(19,848 | ) | (18,224 | ) | ||||
Net loans
|
1,905,950 | 1,846,776 | ||||||
Bank owned life insurance
|
78,233 | 76,231 | ||||||
Premises and equipment, net
|
64,813 | 64,530 | ||||||
Accrued interest receivable
|
6,800 | 7,264 | ||||||
Net deferred tax assets
|
31,000 | 29,235 | ||||||
Intangible assets
|
56,266 | 56,573 | ||||||
Other assets
|
41,377 | 36,722 | ||||||
Total Assets
|
$ | 2,685,246 | $ | 2,637,295 | ||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 363,504 | $ | 337,927 | ||||
Interest-bearing:
|
||||||||
Demand deposits
|
505,863 | 486,737 | ||||||
Savings deposits
|
433,298 | 397,042 | ||||||
Time deposits
|
891,656 | 949,669 | ||||||
Total deposits
|
2,194,321 | 2,171,375 | ||||||
Short-term borrowings
|
||||||||
FHLB borrowings
|
305 | 375 | ||||||
Customer repurchase agreements
|
127,576 | 112,335 | ||||||
Long-term debt
|
16,495 | 16,495 | ||||||
Other liabilities
|
36,657 | 21,854 | ||||||
Total Liabilities
|
2,375,354 | 2,322,434 | ||||||
Stockholders' Equity
|
||||||||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued
|
- | - | ||||||
Common stock, par value $2.50 per share: 50,000,000 shares authorized;
|
||||||||
18,499,282 shares issued at September 30, 2011 and December 31, 2010
|
||||||||
less 3,640,993 and 2,994,501 shares in treasury, respectively
|
46,249 | 46,249 | ||||||
Capital surplus
|
103,120 | 103,057 | ||||||
Retained earnings
|
286,535 | 270,905 | ||||||
Cost of common stock in treasury
|
(123,311 | ) | (102,853 | ) | ||||
Accumulated other comprehensive loss:
|
||||||||
Unrealized gain on securities available-for-sale
|
1,113 | 1,022 | ||||||
Unrealized gain on derivative instruments
|
- | 295 | ||||||
Underfunded pension liability
|
(3,814 | ) | (3,814 | ) | ||||
Total Accumulated Other Comprehensive Loss
|
(2,701 | ) | (2,497 | ) | ||||
Total Stockholders' Equity
|
309,892 | 314,861 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 2,685,246 | $ | 2,637,295 |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||
Investment Portfolio
|
||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||
Original Cost
|
Credit-Related Net Investment Impairment Losses through September 30, 2011
|
Unrealized Gains (Losses)
|
Carrying Value
|
|||||||||||||
US Government Agencies
|
$ | 6,377 | $ | - | $ | 203 | $ | 6,579 | ||||||||
Mortgage Backed Securities
|
243,852 | - | 8,186 | 252,039 | ||||||||||||
Municipal Bonds
|
56,508 | - | 1,499 | 58,007 | ||||||||||||
Pooled Bank Trust Preferreds
|
26,646 | (19,596 | ) | (4,282 | ) | 2,768 | ||||||||||
Single Issuer Bank Trust Preferreds,
|
||||||||||||||||
Subdebt of Financial Institutions, and
|
||||||||||||||||
Bank Holding Company Preferred Stocks
|
84,435 | (1,653 | ) | (2,745 | ) | 80,037 | ||||||||||
Money Markets and Mutual Funds
|
1,726 | - | 47 | 1,774 | ||||||||||||
Federal Reserve Bank and FHLB stock
|
11,709 | - | - | 11,709 | ||||||||||||
Community Bank Equity Positions
|
10,366 | (5,130 | ) | (1,128 | ) | 4,108 | ||||||||||
Total Investments
|
$ | 441,619 | $ | (26,379 | ) | $ | 1,780 | $ | 417,020 |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||
Loan Portfolio
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Residential real estate (1)
|
$ | 630,679 | $ | 622,118 | $ | 615,635 | $ | 610,369 | $ | 605,351 | ||||||||||
Home equity
|
427,471 | 420,752 | 415,719 | 416,172 | 411,481 | |||||||||||||||
Commercial and industrial
|
119,377 | 121,149 | 129,475 | 134,612 | 135,407 | |||||||||||||||
Commercial real estate (2)
|
708,558 | 693,959 | 668,710 | 661,758 | 629,924 | |||||||||||||||
Consumer
|
36,575 | 36,626 | 37,482 | 38,424 | 39,879 | |||||||||||||||
DDA overdrafts
|
2,924 | 2,415 | 1,970 | 2,876 | 2,528 | |||||||||||||||
Previously securitized loans
|
214 | 325 | 533 | 789 | 1,268 | |||||||||||||||
Gross Loans
|
$ | 1,925,798 | $ | 1,897,344 | $ | 1,869,524 | $ | 1,865,000 | $ | 1,825,838 | ||||||||||
Construction loans included in:
|
||||||||||||||||||||
(1) - Residential real estate loans
|
$ | 7,456 | $ | 6,879 | $ | 9,404 | $ | 7,891 | $ | 8,718 | ||||||||||
(2) - Commercial real estate loans
|
$ | 23,915 | $ | 23,433 | $ | 24,328 | $ | 31,458 | $ | 31,610 |
Consolidated Average Balance Sheets, Yields, and Rates
|
||||||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||||||
Three Months Ended September 30,
|
||||||||||||||||||||||||
|
|
2011
|
|
|
2010
|
|
||||||||||||||||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Loan portfolio (1):
|
||||||||||||||||||||||||
Residential real estate
|
$ | 622,579 | $ | 7,279 | 4.64 | % | $ | 602,382 | $ | 7,815 | 5.15 | % | ||||||||||||
Home equity (2)
|
423,576 | 4,775 | 4.47 | % | 408,685 | 5,333 | 5.18 | % | ||||||||||||||||
Commercial, financial, and agriculture (3)
|
825,353 | 9,575 | 4.60 | % | 768,393 | 9,656 | 4.99 | % | ||||||||||||||||
Installment loans to individuals (4)
|
45,461 | 906 | 7.91 | % | 48,172 | 902 | 7.43 | % | ||||||||||||||||
Previously securitized loans
|
277 | 791 | 1132.93 | % | 1,487 | 781 | 208.37 | % | ||||||||||||||||
Total loans
|
1,917,246 | 23,326 | 4.83 | % | 1,829,119 | 24,487 | 5.31 | % | ||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
399,468 | 4,639 | 4.61 | % | 447,445 | 5,019 | 4.45 | % | ||||||||||||||||
Tax-exempt (5)
|
42,249 | 604 | 5.67 | % | 48,352 | 696 | 5.71 | % | ||||||||||||||||
Total securities
|
441,717 | 5,243 | 4.71 | % | 495,797 | 5,715 | 4.57 | % | ||||||||||||||||
Deposits in depository institutions
|
7,497 | - | - | 4,977 | - | - | ||||||||||||||||||
Federal funds sold
|
32,204 | 13 | 0.16 | % | 24,062 | 12 | 0.20 | % | ||||||||||||||||
Total interest-earning assets
|
2,398,664 | 28,582 | 4.73 | % | 2,353,955 | 30,214 | 5.09 | % | ||||||||||||||||
Cash and due from banks
|
61,387 | 51,056 | ||||||||||||||||||||||
Bank premises and equipment
|
64,900 | 65,044 | ||||||||||||||||||||||
Other assets
|
206,943 | 208,311 | ||||||||||||||||||||||
Less: Allowance for loan losses
|
(20,496 | ) | (19,751 | ) | ||||||||||||||||||||
Total assets
|
$ | 2,711,398 | $ | 2,658,615 | ||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
496,866 | 224 | 0.18 | % | 462,200 | 308 | 0.26 | % | ||||||||||||||||
Savings deposits
|
427,391 | 260 | 0.24 | % | 391,655 | 252 | 0.26 | % | ||||||||||||||||
Time deposits
|
913,040 | 4,066 | 1.77 | % | 982,877 | 5,991 | 2.42 | % | ||||||||||||||||
Short-term borrowings
|
132,487 | 90 | 0.27 | % | 112,128 | 86 | 0.30 | % | ||||||||||||||||
Long-term debt
|
16,495 | 159 | 3.82 | % | 16,900 | 173 | 4.06 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,986,279 | 4,799 | 0.96 | % | 1,965,760 | 6,810 | 1.37 | % | ||||||||||||||||
Noninterest-bearing demand deposits
|
383,736 | 356,590 | ||||||||||||||||||||||
Other liabilities
|
25,054 | 19,973 | ||||||||||||||||||||||
Stockholders' equity
|
316,329 | 316,292 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
stockholders' equity
|
$ | 2,711,398 | $ | 2,658,615 | ||||||||||||||||||||
Net interest income
|
$ | 23,783 | $ | 23,404 | ||||||||||||||||||||
Net yield on earning assets
|
3.93 | % | 3.94 | % | ||||||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and loan fees, which are immaterial, have been included in interest income.
|
||||||||||||||||||||||||
(2) Interest income includes $0 and $592 from interest rate floors for the three months ended September 30, 2011 and September 30, 2010, respectively.
|
||||||||||||||||||||||||
(3) Includes the Company’s commercial and industrial and commercial real estate loan categories. Interest income includes $0 and $282 from interest rate floors for the three months ended September 30, 2011 and September 30, 2010, respectively.
|
||||||||||||||||||||||||
(4) Includes the Company’s consumer and DDA overdrafts loan categories.
|
||||||||||||||||||||||||
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 35%.
|
Consolidated Average Balance Sheets, Yields, and Rates
|
||||||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||||||
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
|
2011
|
|
|
2010
|
|
||||||||||||||||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Loan portfolio (1):
|
||||||||||||||||||||||||
Residential real estate
|
$ | 614,949 | $ | 22,091 | 4.80 | % | $ | 597,298 | $ | 23,595 | 5.28 | % | ||||||||||||
Home equity (2)
|
418,881 | 14,814 | 4.73 | % | 402,751 | 16,007 | 5.31 | % | ||||||||||||||||
Commercial, financial, and agriculture (3)
|
805,386 | 28,492 | 4.73 | % | 764,446 | 29,583 | 5.17 | % | ||||||||||||||||
Installment loans to individuals (4)
|
45,713 | 2,570 | 7.52 | % | 49,047 | 2,830 | 7.71 | % | ||||||||||||||||
Previously securitized loans
|
452 | 2,449 | 724.40 | % | 1,281 | 3,317 | 346.20 | % | ||||||||||||||||
Total loans
|
1,885,381 | 70,416 | 4.99 | % | 1,814,823 | 75,332 | 5.55 | % | ||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
422,777 | 13,694 | 4.33 | % | 470,783 | 15,947 | 4.53 | % | ||||||||||||||||
Tax-exempt (5)
|
47,077 | 1,999 | 5.68 | % | 49,158 | 2,128 | 5.79 | % | ||||||||||||||||
Total securities
|
469,854 | 15,693 | 4.47 | % | 519,941 | 18,075 | 4.65 | % | ||||||||||||||||
Deposits in depository institutions
|
7,815 | - | - | 5,288 | - | - | ||||||||||||||||||
Federal funds sold
|
31,348 | 39 | 0.17 | % | 8,590 | 13 | 0.20 | % | ||||||||||||||||
Total interest-earning assets
|
2,394,398 | 86,148 | 4.81 | % | 2,348,642 | 93,420 | 5.32 | % | ||||||||||||||||
Cash and due from banks
|
56,923 | 53,070 | ||||||||||||||||||||||
Bank premises and equipment
|
64,560 | 64,552 | ||||||||||||||||||||||
Other assets
|
204,909 | 207,648 | ||||||||||||||||||||||
Less: Allowance for loan losses
|
(19,290 | ) | (19,462 | ) | ||||||||||||||||||||
Total assets
|
$ | 2,701,500 | $ | 2,654,450 | ||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
490,691 | 711 | 0.19 | % | 461,178 | 999 | 0.29 | % | ||||||||||||||||
Savings deposits
|
415,740 | 790 | 0.25 | % | 388,356 | 792 | 0.27 | % | ||||||||||||||||
Time deposits
|
941,808 | 14,328 | 2.03 | % | 991,419 | 18,775 | 2.53 | % | ||||||||||||||||
Short-term borrowings
|
121,350 | 239 | 0.26 | % | 111,089 | 284 | 0.34 | % | ||||||||||||||||
Long-term debt
|
16,495 | 474 | 3.84 | % | 16,923 | 496 | 3.92 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,986,084 | 16,542 | 1.11 | % | 1,968,965 | 21,346 | 1.45 | % | ||||||||||||||||
Noninterest-bearing demand deposits
|
377,460 | 353,418 | ||||||||||||||||||||||
Other liabilities
|
21,368 | 17,726 | ||||||||||||||||||||||
Stockholders' equity
|
316,588 | 314,341 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
stockholders' equity
|
$ | 2,701,500 | $ | 2,654,450 | ||||||||||||||||||||
Net interest income
|
$ | 69,606 | $ | 72,074 | ||||||||||||||||||||
Net yield on earning assets
|
3.89 | % | 4.10 | % | ||||||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and loan fees, which are immaterial, have been included in interest income.
|
||||||||||||||||||||||||
(2) Interest income includes $632 and $1960 from interest rate floors for the six months ended September 30, 2011 and September 30, 2010, respectively.
|
||||||||||||||||||||||||
(3) Includes the Company’s commercial and industrial and commercial real estate loan categories. Interest income includes $488 and $1735 from interest rate floors for the nine months ended September 30, 2011 and September 30, 2010, respectively.
|
||||||||||||||||||||||||
(4) Includes the Company’s consumer and DDA overdrafts loan categories.
|
||||||||||||||||||||||||
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 35%.
|
Analysis of Risk-Based Capital
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011 (a)
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Tier I Capital:
|
||||||||||||||||||||
Stockholders' equity
|
$ | 309,892 | $ | 310,379 | $ | 311,122 | $ | 314,861 | $ | 314,841 | ||||||||||
Goodwill and other intangibles
|
(56,071 | ) | (56,173 | ) | (56,276 | ) | (56,378 | ) | (56,487 | ) | ||||||||||
Accumulated other comprehensive loss (income)
|
2,701 | 1,838 | 1,904 | 2,497 | (2,498 | ) | ||||||||||||||
Qualifying trust preferred stock
|
16,000 | 16,000 | 16,000 | 16,000 | 16,000 | |||||||||||||||
Unrealized loss on AFS securities
|
(1,081 | ) | (82 | ) | (856 | ) | (521 | ) | (1,277 | ) | ||||||||||
Excess deferred tax assets
|
(5,435 | ) | (4,462 | ) | (4,174 | ) | (2,904 | ) | (2,915 | ) | ||||||||||
Total tier I capital
|
$ | 266,007 | $ | 267,500 | $ | 267,720 | $ | 273,555 | $ | 267,664 | ||||||||||
Total Risk-Based Capital:
|
||||||||||||||||||||
Tier I capital
|
$ | 266,007 | $ | 267,499 | $ | 267,720 | $ | 273,555 | $ | 267,664 | ||||||||||
Qualifying allowance for loan losses
|
19,848 | 18,944 | 18,414 | 18,224 | 18,364 | |||||||||||||||
Total risk-based capital
|
$ | 285,855 | $ | 286,443 | $ | 286,134 | $ | 291,779 | $ | 286,028 | ||||||||||
Net risk-weighted assets
|
$ | 2,013,294 | $ | 1,993,003 | $ | 1,977,395 | $ | 1,970,635 | $ | 1,949,080 | ||||||||||
Ratios:
|
||||||||||||||||||||
Average stockholders' equity to average assets
|
11.67 | % | 11.59 | % | 11.91 | % | 12.09 | % | 11.90 | % | ||||||||||
Tangible capital ratio
|
9.65 | % | 9.56 | % | 9.63 | % | 10.01 | % | 10.04 | % | ||||||||||
Risk-based capital ratios:
|
||||||||||||||||||||
Tier I capital
|
13.21 | % | 13.42 | % | 13.54 | % | 13.88 | % | 13.73 | % | ||||||||||
Total risk-based capital
|
14.20 | % | 14.37 | % | 14.47 | % | 14.81 | % | 14.68 | % | ||||||||||
Leverage capital
|
10.04 | % | 10.07 | % | 10.24 | % | 10.54 | % | 10.30 | % | ||||||||||
(a) September 30, 2011 risk-based capital ratios are estimated
|
||||||||||||||||||||
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||
Intangibles
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
As of and for the Quarter Ended
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
Intangibles, net
|
$ | 56,266 | $ | 56,368 | $ | 56,471 | $ | 56,573 | $ | 56,682 | ||||||||||
Intangibles amortization expense
|
102 | 103 | 102 | 109 | 109 | |||||||||||||||
Summary of Loan Loss Experience
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
Quarter Ended
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Balance at beginning of period
|
$ | 18,944 | $ | 18,414 | $ | 18,224 | $ | 18,364 | $ | 19,456 | ||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial and industrial
|
200 | - | 75 | 25 | - | |||||||||||||||
Commercial real estate
|
141 | 166 | 34 | 149 | 2,046 | |||||||||||||||
Residential real estate
|
264 | 377 | 550 | 511 | 457 | |||||||||||||||
Home equity
|
209 | 168 | 237 | 312 | 197 | |||||||||||||||
Consumer
|
75 | 14 | 44 | 38 | 43 | |||||||||||||||
DDA overdrafts
|
492 | 392 | 434 | 1,867 | 615 | |||||||||||||||
Total charge-offs
|
1,381 | 1,117 | 1,374 | 2,902 | 3,358 | |||||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial and industrial
|
2 | 3 | 3 | 5 | 12 | |||||||||||||||
Commercial real estate
|
1,954 | 26 | 2 | 24 | 16 | |||||||||||||||
Residential real estate
|
1 | 12 | 6 | 12 | 12 | |||||||||||||||
Home equity
|
1 | 4 | 1 | 15 | - | |||||||||||||||
Consumer
|
58 | 11 | 38 | 37 | 29 | |||||||||||||||
DDA overdrafts
|
269 | 305 | 428 | 326 | 350 | |||||||||||||||
Total recoveries
|
2,285 | 361 | 478 | 419 | 419 | |||||||||||||||
Net charge-offs
|
(904 | ) | 756 | 896 | 2,483 | 2,939 | ||||||||||||||
Provision for loan losses
|
- | 1,286 | 1,086 | 2,343 | 1,847 | |||||||||||||||
Balance at end of period
|
$ | 19,848 | $ | 18,944 | $ | 18,414 | $ | 18,224 | $ | 18,364 | ||||||||||
Loans outstanding
|
$ | 1,925,798 | $ | 1,897,344 | $ | 1,869,524 | $ | 1,865,000 | $ | 1,825,838 | ||||||||||
Average loans outstanding
|
1,917,246 | 1,876,530 | 1,861,760 | 1,837,687 | 1,829,119 | |||||||||||||||
Allowance as a percent of loans outstanding
|
1.03 | % | 1.00 | % | 0.98 | % | 0.98 | % | 1.01 | % | ||||||||||
Allowance as a percent of non-performing loans
|
87.27 | % | 81.08 | % | 72.14 | % | 156.39 | % | 160.40 | % | ||||||||||
Net charge-offs (annualized) as a
|
||||||||||||||||||||
percent of average loans outstanding
|
(0.19 | )% | 0.16 | % | 0.19 | % | 0.54 | % | 0.64 | % | ||||||||||
Net charge-offs, excluding overdraft deposit
|
||||||||||||||||||||
accounts, (annualized) as a percent of average loans
outstanding
|
(0.24 | )% | 0.14 | % | 0.19 | % | 0.21 | % | 0.58 | % |
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||
Summary of Non-Performing Assets
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
Nonaccrual loans
|
$ | 22,423 | $ | 23,178 | $ | 25,166 | $ | 10,817 | $ | 11,220 | ||||||||||
Accruing loans past due 90 days or more
|
320 | 188 | 358 | 782 | 195 | |||||||||||||||
Previously securitized loans past due 90 days or more
|
- | - | - | 54 | 34 | |||||||||||||||
Total non-performing loans
|
22,743 | 23,366 | 25,524 | 11,653 | 11,449 | |||||||||||||||
Other real estate owned
|
8,273 | 7,999 | 7,241 | 9,316 | 12,636 | |||||||||||||||
Total non-performing assets
|
$ | 31,016 | $ | 31,365 | $ | 32,765 | $ | 20,969 | $ | 24,085 | ||||||||||
Non-performing assets as a percent of loans and
|
||||||||||||||||||||
other real estate owned
|
1.60 | % | 1.65 | % | 1.75 | % | 1.12 | % | 1.31 | % | ||||||||||
CITY HOLDING COMPANY AND SUBSIDIARIES
|
||||||||||||||||||||
Summary of Total Past Due Loans
|
||||||||||||||||||||
(Unaudited) ($ in 000s)
|
||||||||||||||||||||
September 30
|
June 30
|
March 31
|
December 31
|
September 30
|
||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
Residential real estate
|
$ | 4,569 | $ | 4,971 | $ | 3,293 | $ | 4,774 | $ | 3,815 | ||||||||||
Home equity
|
2,425 | 2,299 | 2,260 | 2,276 | 2,863 | |||||||||||||||
Commercial and industrial
|
37 | 476 | 397 | - | 150 | |||||||||||||||
Commercial real estate
|
2,423 | 2,186 | 1,740 | 775 | 112 | |||||||||||||||
Consumer
|
112 | 185 | 75 | 147 | 106 | |||||||||||||||
Previously securitized loans
|
403 | 305 | 262 | 345 | 518 | |||||||||||||||
DDA overdrafts
|
614 | 279 | 231 | 361 | 337 | |||||||||||||||
Total past due loans
|
$ | 10,583 | $ | 10,701 | $ | 8,258 | $ | 8,678 | $ | 7,901 | ||||||||||
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