City Holding Company Announces Quarterly Results

10/24/2024

City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.4 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $29.8 million and diluted earnings of $2.02 per share for the quarter ended September 30, 2024. In the third quarter of 2024, the Company achieved a return on assets of 1.87% and a return on tangible equity of 20.9%.

Net Interest Income

The Company’s net interest income increased approximately $1.0 million, or 1.8%, from $54.6 million during the second quarter of 2024 to $55.6 million during the third quarter of 2024. The Company’s tax equivalent net interest income increased $1.0 million, or 1.8%, from $54.8 million for the second quarter of 2024 to $55.8 million for the third quarter of 2024. Due to an increase in the yield on loans (7 basis points) and an increase in average loans outstanding ($41.1 million), net interest income increased $1.4 million and $0.6 million, respectively. In addition, net interest income increased $0.4 million due to an increase in the average investment balances ($41.5 million). These increases were partially offset by an increase in the cost of interest bearing liabilities (7 basis points) which decreased net interest income by $0.8 million, and lower average deposits in depository institutions balances ($36.5 million) that lowered net interest income by $0.5 million. The Company’s reported net interest margin remained steady at 3.87% for both the second and third quarters of 2024.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned increased from 0.25%, or $10.2 million, at June 30, 2024 to 0.39%, or $16.2 million, at September 30, 2024. Total past due loans increased slightly from $10.9 million, or 0.26% of total loans outstanding, at June 30, 2024, to $11.3 million, or 0.27% of total loans outstanding at September 30, 2024.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a provision for credit losses of $1.2 million in the third quarter of 2024, compared to a provision for credit losses of $0.2 million for the comparable period in 2023, and a provision for credit losses of $0.5 million for the second quarter of 2024. The provision for credit losses in the third quarter was primarily related to a commercial loan for a movie theater that had been originated in September 2014. The loan had paid according to terms but cash flows began deteriorating during the COVID-19 crisis which began in 2020. Due to further operating weaknesses during 2024, the loan was transferred to nonaccrual status and a $2.0 million charge-off was recorded in the quarter ending September 30, 2024, leaving an outstanding balance of approximately $6.7 million. The Company has only one other loan to a movie theater and the outstanding balance of that performing loan is under $5.0 million. This charge-off was partially offset by a $0.75 million reversal of a reserve on a purchase credit deteriorated loan that was paid-off in full during the quarter ended September 30, 2024.

Non-interest Income

Non-interest income was $20.3 million during the quarter ended September 30, 2024, as compared to $17.4 million during the quarter ended September 30, 2023. During the third quarter of 2024, the Company reported $0.4 million of unrealized fair value gains on the Company’s equity securities, as compared to $0.7 million of realized security losses during the third quarter of 2023.

Exclusive of these items, non-interest income increased $1.9 million, or 10.3%, from $18.1 million for the third quarter of 2023 to $20.0 million for the third quarter of 2024. This increase was attributable to an increase of $0.6 million (77.8%) in bank owned life insurance (due to death benefit proceeds), an increase of $0.5 million (21.3%) in trust and investment management fee income, an increase of $0.4 million (5.7%) in service fees, and an increase of $0.3 million (4.1%) in bankcard revenues.

Non-interest Expenses

Non-interest expenses increased $2.6 million, or 7.5%, from $35.0 million in the third quarter of 2023 to $37.6 million in the third quarter of 2024. This increase was largely due to an increase in other expenses of $1.1 million and an increase in salaries and employee benefits of $1.0 million. In addition, equipment and software related expenses increased $0.6 million and advertising expenses increased $0.3 million.

Balance Sheet Trends

Gross loans increased $45.0 million (1.1%) from June 30, 2024 to $4.16 billion at September 30, 2024. Commercial and industrial loans increased $16.1 million (3.9%), commercial real estate loans increased $12.2 million (0.7%), home equity loans increased $10.5 million (5.9%), and residential real estate loans increased $9.3 million (0.5%) during the quarter ended September 30, 2024.

Period-end deposit balances increased $35.4 million, 0.7% from June 30, 2024, to September 30, 2024. Total average depository balances increased $15.5 million, or 0.3%, from the quarter ended June 30, 2024 to the quarter ended September 30, 2024. Average time deposit balances increased $49.2 million and were partially offset by decreases in average savings deposit balances of $28.3 million and decreases in average noninterest-bearing demand deposit balances of $6.9 million.

Income Tax Expense

The Company’s effective income tax rate for the third quarter of 2024 was 19.7% compared to 20.1% for the year ended December 31, 2023 and 21.1% for the quarter ended September 30, 2023.

Capitalization and Liquidity

The Company’s gross loan to deposit ratio was 81.5% and its gross loan to asset ratio was 64.6% at September 30, 2024. The Company maintained investment securities totaling 23.2% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 60.6% of assets at September 30, 2024. Time deposits fund 18.7% of assets at September 30, 2024, with only 14.4% of time deposits having balances of more than $250,000, reflecting the core retail orientation of the Company.

City Holding Company is the parent company of City National Bank of West Virginia (“City National”). City National has borrowing facilities with the Federal Reserve Bank and the Federal Home Loan Bank that can be accessed as necessary to fund operations and to provide contingency funding. These borrowing facilities are collateralized by various loans held on City National’s balance sheet. As of September 30, 2024, City National had the capacity to borrow an additional $1.6 billion from these existing borrowing facilities. In addition, approximately $765 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $730 million of City National’s investment securities unpledged at September 30, 2024.

The Company continues to be strongly capitalized with tangible equity of $581 million at September 30, 2024. The Company’s tangible equity ratio increased from 8.6% at December 31, 2023 to 9.3% at September 30, 2024. At September 30, 2024, City National’s Leverage Ratio was 10.2%, its Common Equity Tier I ratio was 16.0%, its Tier I Capital ratio was 16.0%, and its Total Risk-Based Capital ratio was 16.5%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On September 25, 2024, the Board of Directors of the Company approved a quarterly cash dividend of $0.79 per share payable October 31, 2024, to shareholders of record as of October 15, 2023. This represents a 10.0% increase from the $0.715 per share dividend paid on July 31, 2024.

City National operates 97 branches across West Virginia, Kentucky, Virginia, and Ohio.

Forward-Looking Information

This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its September 30, 2024 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary September 30, 2024 results and will adjust the amounts if necessary .

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
 

Three Months Ended

Nine Months Ended

September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 September 30, 2024 September 30, 2023
 
Earnings
Net Interest Income (fully taxable equivalent)

$

55,823

 

$

54,847

 

$

54,647

 

$

54,889

 

$

55,855

 

$

165,318

 

$

165,379

 

Net Income available to common shareholders

 

29,809

 

 

29,115

 

 

29,523

 

 

27,452

 

 

29,839

 

 

88,447

 

 

86,913

 

 
Per Share Data
Earnings per share available to common shareholders:
Basic

$

2.02

 

$

1.96

 

$

1.98

 

$

1.84

 

$

1.98

 

$

5.96

 

$

5.78

 

Diluted

 

2.02

 

 

1.96

 

 

1.97

 

 

1.84

 

 

1.98

 

 

5.96

 

 

5.77

 

Weighted average number of shares (in thousands):
Basic

 

14,633

 

 

14,695

 

 

14,795

 

 

14,758

 

 

14,922

 

 

14,691

 

 

14,906

 

Diluted

 

14,654

 

 

14,710

 

 

14,819

 

 

14,785

 

 

14,945

 

 

14,711

 

 

14,928

 

Period-end number of shares (in thousands)

 

14,702

 

 

14,701

 

 

14,825

 

 

14,832

 

 

14,901

 

 

14,702

 

 

14,901

 

Cash dividends declared

$

0.79

 

$

0.72

 

$

0.72

 

$

0.72

 

$

0.72

 

$

2.22

 

$

2.02

 

Book value per share (period-end)

$

50.42

 

$

46.71

 

$

46.02

 

$

45.65

 

$

40.94

 

$

50.42

 

$

40.94

 

Tangible book value per share (period-end)

 

39.49

 

 

35.75

 

 

35.10

 

 

34.69

 

 

29.98

 

 

39.49

 

 

29.98

 

Market data:
High closing price

$

123.29

 

$

106.43

 

$

111.40

 

$

115.77

 

$

99.49

 

$

123.29

 

$

100.27

 

Low closing price

 

104.53

 

 

98.35

 

 

99.28

 

 

87.43

 

 

87.51

 

 

98.35

 

 

83.57

 

Period-end closing price

 

117.39

 

 

106.25

 

 

104.22

 

 

110.26

 

 

90.35

 

 

117.39

 

 

90.35

 

Average daily volume (in thousands)

 

56

 

 

57

 

 

63

 

 

62

 

 

62

 

 

59

 

 

76

 

Treasury share activity:
Treasury shares repurchased (in thousands)

 

-

 

 

142

 

 

36

 

 

70

 

 

109

 

 

179

 

 

597

 

Average treasury share repurchase price

$

-

 

$

100.24

 

$

100.24

 

$

90.61

 

$

89.33

 

$

100.24

 

$

90.16

 

 
Key Ratios (percent)
Return on average assets

 

1.87

%

 

1.85

%

 

1.92

%

 

1.78

%

 

1.94

%

 

1.88

%

 

1.91

%

Return on average tangible equity

 

20.9

%

 

22.2

%

 

22.7

%

 

23.5

%

 

24.1

%

 

21.9

%

 

23.9

%

Yield on interest earning assets

 

5.43

%

 

5.38

%

 

5.33

%

 

5.23

%

 

5.08

%

 

5.38

%

 

4.87

%

Cost of interest bearing liabilities

 

2.13

%

 

2.06

%

 

1.90

%

 

1.70

%

 

1.46

%

 

2.03

%

 

1.18

%

Net Interest Margin

 

3.87

%

 

3.87

%

 

3.95

%

 

3.98

%

 

4.03

%

 

3.90

%

 

4.02

%

Non-interest income as a percent of total revenue

 

26.5

%

 

25.3

%

 

25.0

%

 

25.6

%

 

24.6

%

 

25.8

%

 

25.5

%

Efficiency Ratio

 

48.8

%

 

49.3

%

 

48.5

%

 

47.4

%

 

46.4

%

 

48.9

%

 

45.6

%

Price/Earnings Ratio (a)

 

14.54

 

 

13.53

 

 

13.17

 

 

14.95

 

 

11.40

 

 

14.76

 

 

11.73

 

 
Capital (period-end)
Average Shareholders' Equity to Average Assets

 

11.45

%

 

10.90

%

 

11.09

%

 

10.27

%

 

10.73

%

Tangible equity to tangible assets

 

9.26

%

 

8.50

%

 

8.46

%

 

8.57

%

 

7.55

%

Consolidated City Holding Company risk based capital ratios (b):
CET I

 

16.64

%

 

16.10

%

 

16.15

%

 

15.70

%

 

15.36

%

Tier I

 

16.64

%

 

16.10

%

 

16.15

%

 

15.70

%

 

15.36

%

Total

 

17.17

%

 

16.64

%

 

16.69

%

 

16.23

%

 

15.89

%

Leverage

 

10.59

%

 

10.30

%

 

10.45

%

 

10.23

%

 

10.05

%

City National Bank risk based capital ratios (b):
CET I

 

16.00

%

 

15.17

%

 

14.60

%

 

13.79

%

 

14.73

%

Tier I

 

16.00

%

 

15.17

%

 

14.60

%

 

13.79

%

 

14.73

%

Total

 

16.52

%

 

15.72

%

 

15.14

%

 

14.32

%

 

15.27

%

Leverage

 

10.17

%

 

9.68

%

 

9.42

%

 

8.94

%

 

9.61

%

 
Other (period-end)
Branches

 

97

 

 

97

 

 

97

 

 

98

 

 

99

 

FTE

 

940

 

 

948

 

 

953

 

 

957

 

 

966

 

 
Assets per FTE (in thousands)

$

6,845

 

$

6,689

 

$

6,625

 

$

6,447

 

$

6,291

 

Deposits per FTE (in thousands)

 

5,428

 

 

5,345

 

 

5,304

 

 

5,157

 

 

5,120

 

 
 
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) September 30, 2024 risk-based capital ratios are estimated.
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
 

Three Months Ended

Nine Months Ended

 

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

 

September 30, 2024

September 30, 2023

 
Interest Income
Interest and fees on loans

$

61,407

 

$

59,285

$

59,128

 

$

57,755

 

$

55,582

 

$

179,820

 

$

154,939

Interest on investment securities:
Taxable

 

14,403

 

 

13,947

 

12,040

 

 

12,336

 

 

12,432

 

 

40,390

 

 

35,999

Tax-exempt

 

824

 

 

838

 

830

 

 

832

 

 

910

 

 

2,492

 

 

3,022

Interest on deposits in depository institutions

 

1,417

 

 

1,920

 

1,570

 

 

941

 

 

1,265

 

 

4,907

 

 

5,440

Total Interest Income

 

78,051

 

 

75,990

 

73,568

 

 

71,864

 

 

70,189

 

 

227,609

 

 

199,400

 
Interest Expense
Interest on deposits

 

17,072

 

 

15,897

 

14,097

 

 

12,479

 

 

10,551

 

 

47,066

 

 

24,808

Interest on short-term borrowings

 

3,788

 

 

3,900

 

3,621

 

 

3,693

 

 

2,990

 

 

11,309

 

 

8,334

Interest on FHLB long-term advances

 

1,586

 

 

1,568

 

1,423

 

 

1,026

 

 

1,034

 

 

4,577

 

 

1,683

Total Interest Expense

 

22,446

 

 

21,365

 

19,141

 

 

17,198

 

 

14,575

 

 

62,952

 

 

34,825

Net Interest Income

 

55,605

 

 

54,625

 

54,427

 

 

54,666

 

 

55,614

 

 

164,657

 

 

164,575

Provision for (Recovery of) credit losses

 

1,200

 

 

500

 

(180

)

 

(300

)

 

200

 

 

1,520

 

 

3,543

Net Interest Income After Provision for (Recovery of) Credit Losses

 

54,405

 

 

54,125

 

54,607

 

 

54,966

 

 

55,414

 

 

163,137

 

 

161,032

 
Non-Interest Income
Net (losses) gains on sale of investment securities

 

(12

)

 

-

 

(1

)

 

(4,951

)

 

(730

)

 

(13

)

 

43

Unrealized gains (losses) recognized on equity securities still held

 

353

 

 

364

 

(152

)

 

365

 

 

-

 

 

565

 

 

67

Service charges

 

7,531

 

 

6,980

 

7,035

 

 

7,158

 

 

7,124

 

 

21,546

 

 

20,593

Bankcard revenue

 

7,346

 

 

7,245

 

6,800

 

 

7,109

 

 

7,058

 

 

21,391

 

 

20,851

Trust and investment management fee income

 

2,923

 

 

2,762

 

2,623

 

 

2,563

 

 

2,409

 

 

8,308

 

 

7,000

Bank owned life insurance

 

1,435

 

 

775

 

927

 

 

1,218

 

 

807

 

 

3,137

 

 

4,819

Other income

 

772

 

 

785

 

716

 

 

774

 

 

742

 

 

2,273

 

 

3,020

Total Non-Interest Income

 

20,348

 

 

18,911

 

17,948

 

 

14,236

 

 

17,410

 

 

57,207

 

 

56,393

 
Non-Interest Expense
Salaries and employee benefits

 

19,245

 

 

18,751

 

18,878

 

 

18,772

 

 

18,289

 

 

56,874

 

 

54,391

Occupancy related expense

 

2,774

 

 

2,856

 

2,840

 

 

2,917

 

 

2,950

 

 

8,470

 

 

8,401

Equipment and software related expense

 

3,431

 

 

3,130

 

2,929

 

 

2,824

 

 

2,830

 

 

9,490

 

 

8,805

FDIC insurance expense

 

734

 

 

718

 

711

 

 

868

 

 

919

 

 

2,163

 

 

2,054

Advertising

 

1,081

 

 

972

 

867

 

 

588

 

 

790

 

 

2,920

 

 

2,524

Bankcard expenses

 

2,271

 

 

2,290

 

2,039

 

 

2,014

 

 

2,188

 

 

6,600

 

 

5,433

Postage, delivery, and statement mailings

 

666

 

 

714

 

666

 

 

615

 

 

668

 

 

2,046

 

 

1,911

Office supplies

 

480

 

 

432

 

453

 

 

477

 

 

457

 

 

1,365

 

 

1,468

Legal and professional fees

 

500

 

 

551

 

482

 

 

478

 

 

529

 

 

1,533

 

 

1,557

Telecommunications

 

578

 

 

624

 

600

 

 

614

 

 

568

 

 

1,802

 

 

1,797

Repossessed asset losses (gains), net of expenses

 

21

 

 

6

 

229

 

 

(50

)

 

40

 

 

256

 

 

78

Other expenses

 

5,857

 

 

5,728

 

5,206

 

 

4,992

 

 

4,800

 

 

16,791

 

 

19,993

Total Non-Interest Expense

 

37,638

 

 

36,772

 

35,900

 

 

35,109

 

 

35,028

 

 

110,310

 

 

108,412

Income Before Income Taxes

 

37,115

 

 

36,264

 

36,655

 

 

34,093

 

 

37,796

 

 

110,034

 

 

109,013

Income tax expense

 

7,306

 

 

7,149

 

7,132

 

 

6,641

 

 

7,957

 

 

21,587

 

 

22,100

Net Income Available to Common Shareholders

$

29,809

 

$

29,115

$

29,523

 

$

27,452

 

$

29,839

 

$

88,447

 

$

86,913

 
Distributed earnings allocated to common shareholders

$

11,506

 

$

10,418

$

10,505

 

$

10,508

 

$

10,554

 

$

32,333

 

$

29,744

Undistributed earnings allocated to common shareholders

 

18,025

 

 

18,439

 

18,757

 

 

16,696

 

 

19,004

 

 

55,291

 

 

56,356

Net earnings allocated to common shareholders

$

29,531

 

$

28,857

$

29,262

 

$

27,204

 

$

29,558

 

$

87,624

 

$

86,100

 
Average common shares outstanding

 

14,633

 

 

14,695

 

14,795

 

 

14,758

 

 

14,922

 

 

14,691

 

 

14,906

Shares for diluted earnings per share

 

14,654

 

 

14,710

 

14,819

 

 

14,785

 

 

14,945

 

 

14,711

 

 

14,928

 
Basic earnings per common share

$

2.02

 

$

1.96

$

1.98

 

$

1.84

 

$

1.98

 

$

5.96

 

$

5.78

Diluted earnings per common share

$

2.02

 

$

1.96

$

1.97

 

$

1.84

 

$

1.98

 

$

5.96

 

$

5.77

 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)

 

(Unaudited)

(Unaudited)

(Unaudited)

 

(Unaudited)

 

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

 
Assets
Cash and due from banks

$

161,333

 

$

141,168

 

$

121,853

 

$

123,033

 

$

67,402

 

Interest-bearing deposits in depository institutions

 

132,616

 

 

76,818

 

 

196,829

 

 

33,243

 

 

43,314

 

Cash and cash equivalents

 

293,949

 

 

217,986

 

 

318,682

 

 

156,276

 

 

110,716

 

 
Investment securities available-for-sale, at fair value

 

1,462,795

 

 

1,456,685

 

 

1,347,657

 

 

1,338,137

 

 

1,358,219

 

Other securities

 

30,859

 

 

31,237

 

 

30,681

 

 

30,966

 

 

29,022

 

Total investment securities

 

1,493,654

 

 

1,487,922

 

 

1,378,338

 

 

1,369,103

 

 

1,387,241

 

 
Gross loans

 

4,157,830

 

 

4,112,873

 

 

4,091,788

 

 

4,125,923

 

 

4,007,482

 

Allowance for credit losses

 

(21,832

)

 

(22,688

)

 

(22,310

)

 

(22,745

)

 

(23,128

)

Net loans

 

4,135,998

 

 

4,090,185

 

 

4,069,478

 

 

4,103,178

 

 

3,984,354

 

 
Bank owned life insurance

 

120,061

 

 

119,650

 

 

118,875

 

 

118,122

 

 

117,979

 

Premises and equipment, net

 

70,651

 

 

71,041

 

 

71,623

 

 

72,146

 

 

72,682

 

Accrued interest receivable

 

21,785

 

 

21,826

 

 

21,759

 

 

20,290

 

 

19,223

 

Net deferred tax assets

 

33,497

 

 

43,602

 

 

43,969

 

 

42,216

 

 

58,811

 

Goodwill and intangible assets

 

160,640

 

 

161,236

 

 

161,832

 

 

162,568

 

 

163,461

 

Other assets

 

104,079

 

 

127,947

 

 

129,627

 

 

124,153

 

 

161,659

 

Total Assets

$

6,434,314

 

$

6,341,395

 

$

6,314,183

 

$

6,168,052

 

$

6,076,126

 

 
Liabilities
Deposits:
Noninterest-bearing

$

1,339,538

 

$

1,354,660

 

$

1,359,072

 

$

1,342,804

 

$

1,333,474

 

Interest-bearing:
Demand deposits

 

1,351,239

 

 

1,333,169

 

 

1,330,268

 

 

1,291,011

 

 

1,319,783

 

Savings deposits

 

1,208,828

 

 

1,233,834

 

 

1,266,211

 

 

1,259,457

 

 

1,282,642

 

Time deposits

 

1,203,046

 

 

1,145,617

 

 

1,100,250

 

 

1,040,990

 

 

1,009,235

 

Total deposits

 

5,102,651

 

 

5,067,280

 

 

5,055,801

 

 

4,934,262

 

 

4,945,134

 

Short-term borrowings
FHLB short-term advances

 

-

 

 

-

 

 

-

 

 

25,000

 

 

-

 

Customer repurchase agreements

 

339,153

 

 

322,668

 

 

304,941

 

 

309,856

 

 

278,671

 

FHLB long-term advances

 

150,000

 

 

150,000

 

 

150,000

 

 

100,000

 

 

100,000

 

Other liabilities

 

101,211

 

 

114,707

 

 

121,210

 

 

121,868

 

 

142,187

 

Total Liabilities

 

5,693,015

 

 

5,654,655

 

 

5,631,952

 

 

5,490,986

 

 

5,465,992

 

 
Stockholders' Equity
Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

175,602

 

 

174,834

 

 

175,747

 

 

177,424

 

 

177,113

 

Retained earnings

 

835,778

 

 

817,549

 

 

799,024

 

 

780,299

 

 

763,425

 

Cost of common stock in treasury

 

(230,836

)

 

(230,944

)

 

(218,555

)

 

(217,737

)

 

(211,430

)

Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale

 

(84,283

)

 

(119,737

)

 

(119,023

)

 

(107,958

)

 

(163,171

)

Underfunded pension liability

 

(2,581

)

 

(2,581

)

 

(2,581

)

 

(2,581

)

 

(3,422

)

Total Accumulated Other Comprehensive Loss

 

(86,864

)

 

(122,318

)

 

(121,604

)

 

(110,539

)

 

(166,593

)

Total Stockholders' Equity

 

741,299

 

 

686,740

 

 

682,231

 

 

677,066

 

 

610,134

 

Total Liabilities and Stockholders' Equity

$

6,434,314

 

$

6,341,395

 

$

6,314,183

 

$

6,168,052

 

$

6,076,126

 

 
Regulatory Capital
Total CET 1 capital

$

669,862

 

$

650,108

 

$

644,235

 

$

627,579

 

$

615,798

 

Total tier 1 capital

 

669,862

 

 

650,108

 

 

644,235

 

 

627,579

 

 

615,798

 

Total risk-based capital

 

690,857

 

 

671,959

 

 

665,707

 

 

648,646

 

 

637,245

 

Total risk-weighted assets

 

4,024,686

 

 

4,037,614

 

 

3,989,171

 

 

3,996,688

 

 

4,009,798

 

 
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)