(State or Other Jurisdiction of | (I.R.S. Employer | ||||
Incorporation or Organization) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
News Release issued April 23, 2024 |
Dated: April 23, 2024 | City Holding Company | ||||
By: | /s/ David L. Bumgarner | ||||
David L. Bumgarner | |||||
Senior Vice President & Chief Financial Officer |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Earnings | |||||||||||||||||
Net Interest Income (fully taxable equivalent) | $ | 54,647 | $ | 54,889 | $ | 55,855 | $ | 55,757 | $ | 53,767 | |||||||
Net Income available to common shareholders | 29,523 | 27,452 | 29,839 | 32,733 | 24,341 | ||||||||||||
Per Share Data | |||||||||||||||||
Earnings per share available to common shareholders: | |||||||||||||||||
Basic | $ | 1.98 | $ | 1.84 | $ | 1.98 | $ | 2.16 | $ | 1.63 | |||||||
Diluted | 1.97 | 1.84 | 1.98 | 2.16 | 1.63 |
Weighted average number of shares (in thousands): | |||||||||||||||||
Basic | 14,795 | 14,758 | 14,922 | 14,994 | 14,818 | ||||||||||||
Diluted | 14,819 | 14,785 | 14,945 | 15,012 | 14,844 | ||||||||||||
Period-end number of shares (in thousands) | 14,825 | 14,832 | 14,901 | 15,007 | 15,260 | ||||||||||||
Cash dividends declared | $ | 0.72 | $ | 0.72 | $ | 0.72 | $ | 0.65 | $ | 0.65 | |||||||
Book value per share (period-end) | 46.02 | 45.65 | 40.94 | 42.39 | 42.66 | ||||||||||||
Tangible book value per share (period-end) | 35.10 | 34.69 | 29.98 | 31.50 | 31.91 | ||||||||||||
Market data: | |||||||||||||||||
High closing price | $ | 111.40 | $ | 115.77 | $ | 99.49 | $ | 97.92 | $ | 100.27 | |||||||
Low closing price | 99.28 | 87.43 | 87.51 | 83.57 | 89.17 | ||||||||||||
Period-end closing price | 104.22 | 110.26 | 90.35 | 89.99 | 90.88 | ||||||||||||
Average daily volume (in thousands) | 63 | 62 | 62 | 80 | 84 | ||||||||||||
Treasury share activity: | |||||||||||||||||
Treasury shares repurchased (in thousands) | 36 | 70 | 109 | 269 | 218 | ||||||||||||
Average treasury share repurchase price | $ | 100.24 | $ | 90.61 | $ | 89.33 | $ | 88.93 | $ | 92.10 | |||||||
Key Ratios (percent) | |||||||||||||||||
Return on average assets | 1.92 | % | 1.78 | % | 1.94 | % | 2.12 | % | 1.63 | % | |||||||
Return on average tangible equity | 22.7 | % | 23.5 | % | 24.1 | % | 27.4 | % | 19.9 | % | |||||||
Yield on interest earning assets | 5.33 | % | 5.23 | % | 5.08 | % | 4.87 | % | 4.66 | % | |||||||
Cost of interest bearing liabilities | 1.90 | % | 1.70 | % | 1.46 | % | 1.22 | % | 0.86 | % | |||||||
Net Interest Margin | 3.95 | % | 3.98 | % | 4.03 | % | 4.00 | % | 4.05 | % | |||||||
Non-interest income as a percent of total revenue | 25.0 | % | 25.6 | % | 24.6 | % | 27.1 | % | 24.7 | % | |||||||
Efficiency Ratio | 49.2 | % | 47.4 | % | 46.4 | % | 44.6 | % | 45.7 | % | |||||||
Price/Earnings Ratio (a) | 13.17 | 14.95 | 11.40 | 10.40 | 13.95 | ||||||||||||
Capital (period-end) | |||||||||||||||||
Average Shareholders' Equity to Average Assets | 11.09 | % | 10.27 | % | 10.73 | % | 10.38 | % | 10.31 | % | |||||||
Tangible equity to tangible assets | 8.46 | % | 8.57 | % | 7.55 | % | 7.90 | % | 8.05 | % | |||||||
Consolidated City Holding Company risk based capital ratios (b): | |||||||||||||||||
CET I | 16.15 | % | 15.70 | % | 15.36 | % | 15.47 | % | 15.64 | % | |||||||
Tier I | 16.15 | % | 15.70 | % | 15.36 | % | 15.47 | % | 15.64 | % | |||||||
Total | 16.69 | % | 16.23 | % | 15.89 | % | 16.01 | % | 16.18 | % | |||||||
Leverage | 10.45 | % | 10.23 | % | 10.05 | % | 9.80 | % | 10.20 | % | |||||||
City National Bank risk based capital ratios (b): | |||||||||||||||||
CET I | 14.60 | % | 13.79 | % | 14.73 | % | 14.82 | % | 14.08 | % | |||||||
Tier I | 14.60 | % | 13.79 | % | 14.73 | % | 14.82 | % | 14.08 | % | |||||||
Total | 15.14 | % | 14.32 | % | 15.27 | % | 15.36 | % | 14.63 | % | |||||||
Leverage | 9.42 | % | 8.94 | % | 9.61 | % | 9.36 | % | 9.18 | % | |||||||
Other (period-end) | |||||||||||||||||
Branches | 97 | 98 | 99 | 99 | 99 | ||||||||||||
FTE | 953 | 957 | 966 | 963 | 958 | ||||||||||||
Assets per FTE (in thousands) | $ | 6,625 | $ | 6,447 | $ | 6,291 | $ | 6,383 | $ | 6,483 | |||||||
Deposits per FTE (in thousands) | 5,304 | 5,157 | 5,120 | 5,208 | 5,362 | ||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings. | |||||||||||||||||
(b) March 31, 2024 risk-based capital ratios are estimated. |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans | $ | 59,128 | $ | 57,755 | $ | 55,582 | $ | 52,352 | $ | 47,004 | |||||||
Interest on investment securities: | |||||||||||||||||
Taxable | 12,040 | 12,336 | 12,432 | 11,794 | 11,773 | ||||||||||||
Tax-exempt | 830 | 832 | 910 | 950 | 1,162 | ||||||||||||
Interest on deposits in depository institutions | 1,570 | 941 | 1,265 | 2,585 | 1,591 | ||||||||||||
Total Interest Income | 73,568 | 71,864 | 70,189 | 67,681 | 61,530 | ||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 14,097 | 12,479 | 10,551 | 8,567 | 5,690 | ||||||||||||
Interest on short-term borrowings | 3,621 | 3,693 | 2,990 | 2,963 | 2,381 | ||||||||||||
Interest on FHLB long-term advances | 1,423 | 1,026 | 1,034 | 649 | — | ||||||||||||
Total Interest Expense | 19,141 | 17,198 | 14,575 | 12,179 | 8,071 | ||||||||||||
Net Interest Income | 54,427 | 54,666 | 55,614 | 55,502 | 53,459 | ||||||||||||
Provision for (recovery of) credit losses | (180) | (300) | 200 | 425 | 2,918 | ||||||||||||
Net Interest Income After Provision for (Recovery of) Credit Losses | 54,607 | 54,966 | 55,414 | 55,077 | 50,541 | ||||||||||||
Non-Interest Income | |||||||||||||||||
Net (losses) gains on sale of investment securities | (1) | (4,951) | (730) | — | 773 | ||||||||||||
Unrealized (losses) gains recognized on securities still held | (152) | 365 | — | (294) | 361 | ||||||||||||
Service charges | 7,035 | 7,158 | 7,124 | 6,906 | 6,563 | ||||||||||||
Bankcard revenue | 6,800 | 7,109 | 7,058 | 7,190 | 6,603 | ||||||||||||
Trust and investment management fee income | 2,623 | 2,563 | 2,409 | 2,339 | 2,252 | ||||||||||||
Bank owned life insurance | 927 | 1,218 | 807 | 3,208 | 804 | ||||||||||||
Other income | 716 | 774 | 742 | 952 | 1,326 | ||||||||||||
Total Non-Interest Income | 17,948 | 14,236 | 17,410 | 20,301 | 18,682 | ||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | 18,878 | 18,772 | 18,289 | 18,429 | 17,673 | ||||||||||||
Occupancy related expense | 2,840 | 2,917 | 2,950 | 2,811 | 2,640 | ||||||||||||
Equipment and software related expense | 2,929 | 2,824 | 2,830 | 2,883 | 3,092 | ||||||||||||
FDIC insurance expense | 711 | 868 | 919 | 690 | 445 | ||||||||||||
Advertising | 867 | 588 | 790 | 974 | 760 |
Bankcard expenses | 2,039 | 2,014 | 2,188 | 1,736 | 1,509 | ||||||||||||
Postage, delivery, and statement mailings | 666 | 615 | 668 | 596 | 647 | ||||||||||||
Office supplies | 453 | 477 | 457 | 591 | 420 | ||||||||||||
Legal and professional fees | 482 | 478 | 529 | 558 | 470 | ||||||||||||
Telecommunications | 600 | 614 | 568 | 623 | 606 | ||||||||||||
Repossessed asset losses (gains), net of expenses | 229 | (50) | 40 | 22 | 16 | ||||||||||||
Other expenses | 5.206 | 4.992 | 4.8 | 4.848 | 10.345 | ||||||||||||
Total Non-Interest Expense | 35,900 | 35,109 | 35,028 | 34,761 | 38,623 | ||||||||||||
Income Before Income Taxes | 36,655 | 34,093 | 37,796 | 40,617 | 30,600 | ||||||||||||
Income tax expense | 7,132 | 6,641 | 7,957 | 7,884 | 6,259 | ||||||||||||
Net Income Available to Common Shareholders | $ | 29,523 | $ | 27,452 | $ | 29,839 | $ | 32,733 | $ | 24,341 | |||||||
Distributed earnings allocated to common shareholders | $ | 10,505 | $ | 10,508 | $ | 10,554 | $ | 9,668 | $ | 9,833 | |||||||
Undistributed earnings allocated to common shareholders | 18,757 | 16,696 | 19,004 | 22,774 | 14,294 | ||||||||||||
Net earnings allocated to common shareholders | $ | 29,262 | $ | 27,204 | $ | 29,558 | $ | 32,442 | $ | 24,127 | |||||||
Average common shares outstanding | 14,795 | 14,758 | 14,922 | 14,994 | 14,818 | ||||||||||||
Shares for diluted earnings per share | 14,819 | 14,785 | 14,945 | 15,012 | 14,844 | ||||||||||||
Basic earnings per common share | $ | 1.98 | $ | 1.84 | $ | 1.98 | $ | 2.16 | $ | 1.63 | |||||||
Diluted earnings per common share | $ | 1.97 | $ | 1.84 | $ | 1.98 | $ | 2.16 | $ | 1.63 | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 121,853 | $ | 123,033 | $ | 67,402 | $ | 69,622 | $ | 76,223 | |||||||
Interest-bearing deposits in depository institutions | 196,829 | 33,243 | 43,314 | 161,659 | 226,587 | ||||||||||||
Cash and cash equivalents | 318,682 | 156,276 | 110,716 | 231,281 | 302,810 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,347,657 | 1,338,137 | 1,358,219 | 1,419,933 | 1,456,259 | ||||||||||||
Other securities | 30,681 | 30,966 | 29,022 | 29,262 | 24,728 | ||||||||||||
Total investment securities | 1,378,338 | 1,369,103 | 1,387,241 | 1,449,195 | 1,480,987 | ||||||||||||
Gross loans | 4,091,788 | 4,125,923 | 4,007,482 | 3,922,142 | 3,894,686 | ||||||||||||
Allowance for credit losses | (22,310) | (22,745) | (23,128) | (22,751) | (22,724) | ||||||||||||
Net loans | 4,069,478 | 4,103,178 | 3,984,354 | 3,899,391 | 3,871,962 | ||||||||||||
Bank owned life insurance | 118,875 | 118,122 | 117,979 | 117,173 | 124,238 | ||||||||||||
Premises and equipment, net | 71,623 | 72,146 | 72,682 | 73,118 | 73,430 | ||||||||||||
Accrued interest receivable | 21,759 | 20,290 | 19,223 | 17,973 | 18,395 | ||||||||||||
Net deferred tax assets | 43,969 | 42,216 | 58,811 | 46,944 | 42,146 | ||||||||||||
Intangible assets | 161,832 | 162,568 | 163,461 | 163,426 | 164,099 | ||||||||||||
Other assets | 129,627 | 124,153 | 161,659 | 148,333 | 132,715 | ||||||||||||
Total Assets | $ | 6,314,183 | $ | 6,168,052 | $ | 6,076,126 | $ | 6,146,834 | $ | 6,210,782 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,359,072 | $ | 1,342,804 | $ | 1,333,474 | $ | 1,373,106 | $ | 1,420,990 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,330,268 | 1,291,011 | 1,319,783 | 1,337,445 | 1,356,017 | ||||||||||||
Savings deposits | 1,266,211 | 1,259,457 | 1,282,642 | 1,343,571 | 1,397,523 | ||||||||||||
Time deposits | 1,100,250 | 1,040,990 | 1,009,235 | 960,941 | 962,235 | ||||||||||||
Total deposits | 5,055,801 | 4,934,262 | 4,945,134 | 5,015,063 | 5,136,765 | ||||||||||||
Short-term borrowings | |||||||||||||||||
FHLB short-term advances | — | 25,000 | — | — | — | ||||||||||||
Customer repurchase agreements | 304,941 | 309,856 | 278,671 | 271,714 | 293,256 | ||||||||||||
FHLB long-term advances | 150,000 | 100,000 | 100,000 | 100,000 | — | ||||||||||||
Other liabilities | 121,210 | 121,868 | 142,187 | 123,865 | 129,711 | ||||||||||||
Total Liabilities | 5,631,952 | 5,490,986 | 5,465,992 | 5,510,642 | 5,559,732 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 175,747 | 177,424 | 177,113 | 176,746 | 177,529 | ||||||||||||
Retained earnings | 799,024 | 780,299 | 763,425 | 744,248 | 721,727 | ||||||||||||
Cost of common stock in treasury | (218,555) | (217,737) | (211,430) | (201,973) | (179,436) | ||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||
Unrealized loss on securities available-for-sale | (119,023) | (107,958) | (163,171) | (127,026) | (112,967) | ||||||||||||
Underfunded pension liability | (2,581) | (2,581) | (3,422) | (3,422) | (3,422) | ||||||||||||
Total Accumulated Other Comprehensive Loss | (121,604) | (110,539) | (166,593) | (130,448) | (116,389) | ||||||||||||
Total Stockholders' Equity | 682,231 | 677,066 | 610,134 | 636,192 | 651,050 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,314,183 | $ | 6,168,052 | $ | 6,076,126 | $ | 6,146,834 | $ | 6,210,782 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 644,235 | $ | 627,579 | $ | 615,798 | $ | 605,661 | $ | 606,675 | |||||||
Total tier 1 capital | 644,235 | 627,579 | 615,798 | 605,661 | 606,675 | ||||||||||||
Total risk-based capital | 665,707 | 648,646 | 637,245 | 626,730 | 627,718 | ||||||||||||
Total risk-weighted assets | 3,989,171 | 3,996,688 | 4,009,798 | 3,913,870 | 3,878,994 |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Commercial and industrial | $ | 407,770 | $ | 426,950 | $ | 424,647 | $ | 417,847 | $ | 390,861 | |||||||
1-4 Family | 202,378 | 206,237 | 197,081 | 184,919 | 181,442 | ||||||||||||
Hotels | 354,929 | 357,142 | 321,236 | 324,745 | 327,554 | ||||||||||||
Multi-family | 186,555 | 189,165 | 192,329 | 191,483 | 195,042 | ||||||||||||
Non Residential Non-Owner Occupied | 682,609 | 680,590 | 651,498 | 612,703 | 617,357 | ||||||||||||
Non Residential Owner Occupied | 232,440 | 240,328 | 222,544 | 222,852 | 223,096 | ||||||||||||
Commercial real estate (1) | 1,658,911 | 1,673,462 | 1,584,688 | 1,536,702 | 1,544,491 | ||||||||||||
Residential real estate (2) | 1,786,764 | 1,788,150 | 1,768,358 | 1,746,618 | 1,737,604 | ||||||||||||
Home equity | 171,292 | 167,201 | 159,630 | 151,012 | 151,341 | ||||||||||||
Consumer | 63,556 | 65,246 | 65,586 | 65,201 | 66,994 | ||||||||||||
DDA overdrafts | 3,495 | 4,914 | 4,573 | 4,762 | 3,395 | ||||||||||||
Gross Loans | $ | 4,091,788 | $ | 4,125,923 | $ | 4,007,482 | $ | 3,922,142 | $ | 3,894,686 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 6,651 | $ | 2,459 | $ | 2,533 | $ | 3,361 | $ | 4,715 | |||||||
(2) - Residential real estate loans | 19,709 | 23,066 | 20,056 | 20,470 | 25,224 |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Allowance for Loan Losses | |||||||||||||||||
Balance at beginning of period | $ | 22,745 | $ | 23,128 | $ | 22,751 | $ | 22,724 | $ | 17,108 | |||||||
Charge-offs: | |||||||||||||||||
Commercial and industrial | (306) | (84) | — | (69) | — | ||||||||||||
Commercial real estate | (31) | (5) | (256) | (117) | (3) | ||||||||||||
Residential real estate | (19) | (68) | (88) | (20) | (32) | ||||||||||||
Home equity | (27) | (21) | (112) | (200) | (67) | ||||||||||||
Consumer | (115) | (6) | (10) | (109) | (62) | ||||||||||||
DDA overdrafts | (356) | (416) | (422) | (357) | (450) | ||||||||||||
Total charge-offs | (854) | (600) | (888) | (872) | (614) | ||||||||||||
Recoveries: | |||||||||||||||||
Commercial and industrial | 25 | 70 | 597 | 86 | 83 | ||||||||||||
Commercial real estate | 11 | 17 | 74 | 28 | 158 | ||||||||||||
Residential real estate | 49 | 4 | 28 | 5 | 10 | ||||||||||||
Home equity | 9 | 13 | 18 | 12 | 4 | ||||||||||||
Consumer | 98 | 45 | 27 | 28 | 23 | ||||||||||||
DDA overdrafts | 407 | 368 | 321 | 315 | 398 | ||||||||||||
Total recoveries | 599 | 517 | 1,065 | 474 | 676 | ||||||||||||
Net charge-offs | (255) | (83) | 177 | (398) | 62 | ||||||||||||
Provision for (recovery of) credit losses | (180) | (300) | 200 | 425 | 2,918 | ||||||||||||
PCD Loan Reserves | — | — | — | — | 2,811 | ||||||||||||
Adoption of ASU 2022-02 | — | — | — | — | (175) | ||||||||||||
Balance at end of period | $ | 22,310 | $ | 22,745 | $ | 23,128 | $ | 22,751 | $ | 22,724 | |||||||
Loans outstanding | $ | 4,091,788 | $ | 4,125,923 | $ | 4,007,482 | $ | 3,922,142 | $ | 3,894,686 | |||||||
Allowance as a percent of loans outstanding | 0.55 | % | 0.55 | % | 0.58 | % | 0.58 | % | 0.58 | % | |||||||
Allowance as a percent of non-performing loans | 206.8 | % | 290.6 | % | 440.1 | % | 405.5 | % | 400.1 | % | |||||||
Average loans outstanding | $ | 4,092,529 | $ | 4,045,889 | $ | 3,956,871 | $ | 3,896,284 | $ | 3,700,194 | |||||||
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding | 0.02 | % | 0.01 | % | (0.02) | % | 0.04 | % | (0.01) | % |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 3,452 | $ | 2,849 | $ | 2,839 | $ | 2,774 | $ | 2,700 | |||||||
Home equity | 121 | 111 | 75 | 24 | 35 | ||||||||||||
Commercial and industrial | 3,405 | 2,211 | 716 | 741 | 994 | ||||||||||||
Commercial real estate | 3,807 | 2,387 | 1,355 | 1,821 | 1,931 | ||||||||||||
Consumer | 1 | — | 1 | 36 | 19 | ||||||||||||
Total nonaccrual loans | 10,786 | 7,558 | 4,986 | 5,396 | 5,679 | ||||||||||||
Accruing loans past due 90 days or more | — | 270 | 269 | 215 | — | ||||||||||||
Total non-performing loans | 10,786 | 7,828 | 5,255 | 5,611 | 5,679 | ||||||||||||
Other real estate owned | 752 | 731 | 720 | 874 | 843 | ||||||||||||
Total non-performing assets | $ | 11,538 | $ | 8,559 | $ | 5,975 | $ | 6,485 | $ | 6,522 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.28 | % | 0.21 | % | 0.15 | % | 0.17 | % | 0.17 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 5,035 | $ | 8,059 | $ | 6,247 | $ | 5,884 | $ | 4,783 | |||||||
Home equity | 1,028 | 1,235 | 1,278 | 784 | 551 | ||||||||||||
Commercial and industrial | 26 | 435 | 568 | 142 | 98 | ||||||||||||
Commercial real estate | 138 | 715 | 1,478 | 238 | 148 | ||||||||||||
Consumer | 75 | 129 | 84 | 57 | 3 | ||||||||||||
DDA overdrafts | 406 | 364 | 398 | 341 | 276 | ||||||||||||
Total past due loans | $ | 6,708 | $ | 10,937 | $ | 10,053 | $ | 7,446 | $ | 5,859 | |||||||
Total past due loans as a percent of loans outstanding | 0.16 | % | 0.27 | % | 0.25 | % | 0.19 | % | 0.15 | % | |||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1): | |||||||||||||||||||||||||||||
Residential real estate (2) | $ | 1,953,647 | $ | 24,148 | 4.97 | % | $ | 1,945,185 | $ | 23,673 | 4.83 | % | $ | 1,840,828 | $ | 20,007 | 4.41 | % | |||||||||||
Commercial, financial, and agriculture (2) | 2,070,054 | 33,980 | 6.60 | % | 2,031,089 | 33,038 | 6.45 | % | 1,795,309 | 26,248 | 5.93 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 68,828 | 999 | 5.84 | % | 69,615 | 1,046 | 5.96 | % | 64,057 | 749 | 4.74 | % | |||||||||||||||||
Total loans | 4,092,529 | 59,127 | 5.81 | % | 4,045,889 | 57,757 | 5.66 | % | 3,700,194 | 47,004 | 5.15 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,200,310 | 12,040 | 4.03 | % | 1,194,448 | 12,336 | 4.10 | % | 1,322,060 | 11,773 | 3.61 | % | |||||||||||||||||
Tax-exempt (4) | 160,847 | 1,051 | 2.63 | % | 153,204 | 1,053 | 2.73 | % | 204,957 | 1,471 | 2.91 | % | |||||||||||||||||
Total securities | 1,361,157 | 13,091 | 3.87 | % | 1,347,652 | 13,389 | 3.94 | % | 1,527,017 | 13,244 | 3.52 | % | |||||||||||||||||
Deposits in depository institutions | 115,953 | 1,570 | 5.45 | % | 71,624 | 941 | 5.21 | % | 160,031 | 1,590 | 4.03 | % | |||||||||||||||||
Total interest-earning assets | 5,569,639 | 73,788 | 5.33 | % | 5,465,165 | 72,087 | 5.23 | % | 5,387,242 | 61,838 | 4.66 | % | |||||||||||||||||
Cash and due from banks | 98,966 | 87,633 | 67,975 | ||||||||||||||||||||||||||
Premises and equipment, net | 71,954 | 72,435 | 71,422 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 162,257 | 163,220 | 124,546 | ||||||||||||||||||||||||||
Other assets | 306,278 | 342,669 | 327,442 | ||||||||||||||||||||||||||
Less: Allowance for loan losses | (23,142) | (23,532) | (18,143) | ||||||||||||||||||||||||||
Total assets | $ | 6,185,952 | $ | 6,107,590 | $ | 5,960,484 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,283,868 | $ | 3,439 | 1.08 | % | $ | 1,299,683 | $ | 3,467 | 1.06 | % | $ | 1,234,981 | $ | 1,741 | 0.57 | % | |||||||||||
Savings deposits | 1,254,253 | 2,273 | 0.73 | % | 1,274,726 | 2,369 | 0.74 | % | 1,376,317 | 1,348 | 0.40 | % | |||||||||||||||||
Time deposits (2) | 1,073,083 | 8,385 | 3.14 | % | 1,025,870 | 6,644 | 2.57 | % | 902,583 | 2,601 | 1.17 | % | |||||||||||||||||
Short-term borrowings | 313,623 | 3,621 | 4.64 | % | 312,941 | 3,693 | 4.68 | % | 281,861 | 2,381 | 3.43 | % | |||||||||||||||||
FHLB long-term advances | 136,813 | 1,423 | 4.18 | % | 100,000 | 1,026 | 4.07 | % | — | — | — | % | |||||||||||||||||
Total interest-bearing liabilities | 4,061,640 | 19,141 | 1.90 | % | 4,013,220 | 17,199 | 1.70 | % | 3,795,742 | 8,071 | 0.86 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,322,540 | 1,334,021 | 1,420,676 | ||||||||||||||||||||||||||
Other liabilities | 115,589 | 132,862 | 129,411 | ||||||||||||||||||||||||||
Stockholders' equity | 686,183 | 627,487 | 614,655 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 6,185,952 | $ | 6,107,590 | $ | 5,960,484 | |||||||||||||||||||||||
Net interest income | $ | 54,647 | $ | 54,888 | $ | 53,767 | |||||||||||||||||||||||
Net yield on earning assets | 3.95 | % | 3.98 | % | 4.05 | % | |||||||||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | |||||||||||||||||||||||||||||
Loan fees, net | $ | 133 | $ | 201 | $ | 518 | |||||||||||||||||||||||
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: | |||||||||||||||||||||||||||||
Residential real estate | $ | 45 | $ | 78 | $ | 76 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 1,065 | 702 | $ | 177 | |||||||||||||||||||||||||
Installment loans to individuals | 6 | 26 | $ | 4 | |||||||||||||||||||||||||
Time deposits | 63 | 131 | $ | 9 | |||||||||||||||||||||||||
$ | 1,179 | $ | 937 | $ | 266 | ||||||||||||||||||||||||
(3) Includes the Company’s consumer and DDA overdrafts loan categories. | |||||||||||||||||||||||||||||
(4) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||
Net Interest Income/Margin | |||||||||||||||||
Net interest income ("GAAP") | $ | 54,427 | $ | 54,666 | $ | 55,614 | $ | 55,502 | $ | 53,459 | |||||||
Taxable equivalent adjustment | 220 | 223 | 243 | 255 | 308 | ||||||||||||
Net interest income, fully taxable equivalent | $ | 54,647 | $ | 54,889 | $ | 55,857 | $ | 55,757 | $ | 53,767 | |||||||
Tangible Equity Ratio (period end) | |||||||||||||||||
Equity to assets ("GAAP") | 10.81 | % | 10.98 | % | 10.04 | % | 10.35 | % | 10.48 | % | |||||||
Effect of goodwill and other intangibles, net | (2.35) | (2.41) | (2.49) | (2.45) | (2.43) | ||||||||||||
Tangible common equity to tangible assets | 8.46 | % | 8.57 | % | 7.55 | % | 7.90 | % | 8.05 | % | |||||||
Commercial Loan Information (period end) | ||||||||||||||
Commercial Sector | Total | % of Total Loans | Average DSC | Average LTV | ||||||||||
Natural Gas Extraction | $ | 25,143 | 0.61% | 3.71 | N/A | |||||||||
Natural Gas Distribution | 12,800 | 0.31 | 5.46 | N/A | ||||||||||
Masonry Contractors | 22,804 | 0.55 | 1.04 | 84% | ||||||||||
Sheet Metal Work Manufacturing | 25,887 | 0.63 | 1.22 | 68% | ||||||||||
Beer & Ale Merchant Wholesalers | 25,414 | 0.62 | 3.28 | N/A | ||||||||||
Gasoline Stations with Convenience Stores | 43,985 | 1.07 | 4.76 | 65% | ||||||||||
Lessors of Residential Builidings & Dwellings | 429,615 | 10.42 | 1.89 | 66% | ||||||||||
1-4 Family | 185,436 | 4.50 | 2.97 | 67% | ||||||||||
Multi-Family | 177,726 | 4.31 | 1.84 | 64% | ||||||||||
Lessors of Nonresidential Buildings | 600,853 | 14.58 | 1.70 | 65% | ||||||||||
Office Buildings | 125,922 | 3.05 | 1.64 | 62% | ||||||||||
Lessors of Mini-Warehouses & Self-Storage Units | 50,920 | 1.24 | 1.43 | 61% | ||||||||||
Assisted Living Facilities | 27,273 | 0.66 | 1.38 | 61% | ||||||||||
Hotels & Motels | 355,343 | 8.62 | 1.45 | 63% | ||||||||||
Average Balance | Median Balance | |||||||||||||
Commercial Loans | $ | 446 | $ | 93 | ||||||||||
Commercial Real Estate Loans | 511 | 120 |
CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||
Non-GAAP Reconciliations, continued | ||||||||
(Unaudited) ($ in 000s, except per share data) | ||||||||
Estimated Uninsured Deposits by Deposit Type | ||||||||
March 31, 2024 | December 31, 2023 | |||||||
Noninterest-Bearing Demand Deposits | 16 | % | 16 | % | ||||
Interest-Bearing Deposits | ||||||||
Demand Deposits | 12 | % | 7 | % | ||||
Savings Deposits | 12 | % | 11 | % | ||||
Time Deposits | 15 | % | 13 | % | ||||
Total Deposits | 14 | % | 12 | % | ||||
The amounts listed above represent management's best estimate as of the respective period shown of uninsured deposits (either with balances above $250,000 or not collateralized by investment securities). |
CITY HOLDING COMPANY AND SUBSIDIARIES | |||||||||||
Non-GAAP Reconciliations, continued | |||||||||||
(Unaudited) ($ in 000s, except per share data) | |||||||||||
Net Growth in DDA Accounts | |||||||||||
Year | New DDA Accounts | Net Number of New Accounts | Percentage | ||||||||
2024 | 7,935 | 1,121 | 0.4 | % | |||||||
2023* | 24,518 | 4,450 | 1.9 | % | |||||||
2022 | 28,442 | 4,544 | 1.9 | % | |||||||
2021 | 32,800 | 8,860 | 3.8 | % | |||||||
2020 | 30,360 | 6,740 | 3.0 | % | |||||||
2019 | 32,040 | 3,717 | 1.7 | % | |||||||
2018* | 30,400 | 4,310 | 2.2 | % | |||||||
2017 | 28,525 | 2,711 | 1.4 | % | |||||||
* - amounts exclude accounts added in connection with the acquisitions of Poage Bankshares, Inc. (2018), Farmers Deposit Bancorp, Inc.(2018) and Citizens Commerce Bancshares, Inc. (2023). |
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Document and Entity Information Document |
Apr. 23, 2024 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Apr. 23, 2024 |
Entity Registrant Name | CITY HOLDING COMPANY |
Entity Central Index Key | 0000726854 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | WV |
Entity File Number | 0-11733 |
Entity Tax Identification Number | 55-0619957 |
Entity Address, Address Line One | 25 Gatewater Road |
Entity Address, City or Town | Cross Lanes |
Entity Address, State or Province | WV |
Entity Address, Postal Zip Code | 25313 |
City Area Code | 304 |
Local Phone Number | 769-1100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock $2.50 Par Value |
Trading Symbol | CHCO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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