City Holding Company Announces Quarterly Results

CHARLESTON, W. Va.–(BUSINESS WIRE)–City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $5.9 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $19.8 million and diluted earnings of $1.25 per share for the quarter ended March 31, 2021.

Charles R. (“Skip”) Hageboeck, the President and Chief Executive Officer of City Holding Company, commented: “Our country and the communities that we serve are emerging from the COVID-19 pandemic and it is encouraging to see economic activity returning to more “normal” conditions. However, the impacts of this crisis continued to impact our financial performance during the first quarter of 2021. Our reported net interest income dipped $0.7 million from the linked quarter ended December 31, 2020 and our net interest margin dropped 8 basis points to 2.91%. Deposit balances continue to grow primarily as a result of the third round of stimulus payments with average deposit balances increasing over $150 million from the quarter ended December 31, 2020. City continues to participate in the government-sponsored Paycheck Protection Program (“PPP”) loans administered by the Small Business Administration (“SBA”). Thus far, City has assisted customers in obtaining almost $40 million in new PPP loans during the second round.

“A hallmark for City over the last several years has been our asset quality. Our asset quality remains very strong at March 31, 2021. Nonperforming assets, past due loans, and troubled debt restructurings remain at or below the levels reported at December 31, 2020. Deferred commercial loans remained relatively low at approximately 6% of total commercial balances at March 31, 2021. Hotel and lodging related loans comprise $105 million of the $115 million of these deferrals at March 31, 2021, and our hotel and lodging loan customers are experiencing increasing occupancy rates. Residential mortgage deferrals have dropped to approximately $3 million at March 31, 2021.

“Loan growth has been a particular challenge with interest rates at historic lows. Although our residential mortgage origination levels hit record highs in 2020, balances have decreased as some mortgages were refinanced into fixed rate loans not predominately offered by City. Those trends continued in the first quarter of 2021, but we believe that as mortgage rates and fees charged by agencies increase, our mortgage balances will increase. The decline in commercial loans primarily reflects a seasonal customer, as well as pricing pressure from some competitors. As the economy continues to improve, our view is that commercial loans will regain positive momentum.”

Net Interest Income

The Company’s net interest income decreased from $38.2 million during the fourth quarter of 2020 to $37.5 million during the first quarter of 2021. The Company’s tax equivalent net interest income decreased $0.6 million, or 1.7%, from $38.5 million for the fourth quarter of 2020 to $37.9 million for the first quarter of 2021. Lower loan yields (2 basis points) and lower average loan balances ($50 million) decreased interest income by $0.7 million and $0.5 million, respectively, as compared to the quarter ended December 31, 2020. In addition, lower average investment balances ($30 million) decreased interest income by $0.2 million from the quarter ended December 31, 2020. These decreases were partially offset by lower rates paid on interest-bearing liabilities (primarily time deposits) that lowered interest expense by $0.9 million during the quarter ended March 31, 2021. The Company’s reported net interest margin decreased from 2.99% for the fourth quarter of 2020 to 2.91% for the first quarter of 2021.

Balance Sheet Trends

Loans decreased $75.4 million from December 31, 2020 to March 31, 2021, to $3.55 billion. Net of forgiveness received from the SBA of approximately $32 million of PPP loans from the first round, PPP loans increased $7.4 million as a result of the Company’s participation in the second round of the PPP lending. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans decreased $82.8 million, (2.3%), from December 31, 2020 to $3.48 billion at March 31, 2021. Residential real estate loans decreased $54.8 million (3.5%); commercial real estate loans decreased $12.1 million (0.8%); commercial and industrial loans decreased $9.2 million (2.9%) (excluding PPP loans); and home equity loans decreased $6.5 million (4.7%).

Total average depository balances increased $152.5 million, or 3.4%, from the quarter ended December 31, 2020 to the quarter ended March 31, 2021. Average noninterest-bearing demand deposit balances increased $67.8 million, average savings deposit balances increased $72.5 million, and average interest-bearing demand deposit balances increased $54.7 million. These balances increased despite low average interest rates paid by the Company – 5 basis points for interest-bearing deposits and 6 basis points for savings deposits. We believe that these increases were largely attributable to the third round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (approximately $180 million). These increases were partially offset by lower average time deposit balances of $42.5 million.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned increased modestly from 0.38% at December 31, 2020 to 0.39% at March 31, 2021. Total nonperforming assets increased slightly from $13.9 million at December 31, 2020 to $14.0 million at March 31, 2021. Total past due loans decreased from $8.9 million, or 0.25% of total loans outstanding, at December 31, 2020 to $6.6 million, or 0.19% of total loans outstanding, at March 31, 2021.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses (“ACL”), the Company recorded a recovery of credit losses of $0.4 million in the first quarter of 2021, compared to a provision for credit losses of $8.0 million for the comparable period in 2020 and a provision for credit losses of $0.5 million for the fourth quarter of 2020. The recovery of credit losses recorded in the first quarter of 2021 largely reflects the decline in loan balances ($83 million) from the quarter ended December 31, 2020 which resulted in the release of $0.5 million from the allowance for credit losses during the first quarter of 2021. As a result of an improvement in economic conditions in the Company’s footprint, net charge-offs for the quarter ended March 31, 2021 were negligible.

Non-interest Income

During the quarter ended March 31, 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605) in a cash transaction which resulted in a pre-tax gain of $17.8 million, or $0.84 diluted per share on an after-tax basis. Additionally, the Company reported $0.1 million of unrealized fair value losses on the Company’s equity securities during the first quarter of 2021 compared to $2.4 million of unrealized fair value losses on the Company’s equity securities during the first quarter of 2020. The Company’s portfolio of equity securities consists primarily of holdings in First National Corporation (“FXNC”) (a commercial banking company headquartered in Strasburg, VA) and Eagle Financial Services (a commercial banking company headquartered in Berryville, VA). In the first quarter of 2021, the Company sold shares of FXNC and realized a gain of $0.3 million. Exclusive of these items, non-interest income decreased from $17.9 million for the first quarter of 2020 to $16.4 million for the first quarter of 2021. This decrease was largely attributable to a decrease of $1.8 million, or 23.9%, in service charges. In addition, other income, primarily due to lower fees from loan interest rate swap originations, decreased $0.7 million. These decreases were partially offset by higher bankcard revenues ($1.1 million, or 21.5%) compared to the quarter ended March 31, 2020. Bankcard revenue of $6.2 million in the quarter ended March 31, 2021, represents the highest quarterly total in the Company’s history as spending by our customers increased significantly in the month of March.

Non-interest Expenses

Non-interest expenses increased $0.3 million, or 1.2%, from $29.5 million in the first quarter of 2020 to $29.8 million in the first quarter of 2021. FDIC insurance expense increased $0.4 million from the quarter ended March 31, 2020 due to credits utilized in the first quarter of 2020.

Income Tax Expense

The Company’s effective income tax rate for the first quarter of 2021 was 20.1% compared to 19.5% for the year ended December 31, 2020, and 20.2% for the quarter ended March 31, 2020.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 73.9% and the loan to asset ratio was 60.2% at March 31, 2021. The Company maintained investment securities totaling 20.6% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 60.9% of assets at March 31, 2021. Time deposits fund 20.5% of assets at March 31, 2021, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.

The Company continues to be strongly capitalized with tangible equity of $573 million at March 31, 2021. Due primarily to the influx of deposits and unrealized security losses during the quarter ended March 31, 2021, the Company’s tangible equity ratio decreased modestly from 10.3% at December 31, 2020 to 9.9% at March 31, 2021. At March 31, 2021, City National Bank’s Leverage Ratio was 8.91%, its Common Equity Tier I ratio was 14.75%, its Tier I Capital ratio was 14.75%, and its Total Risk-Based Capital ratio was 15.33%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On March 31, 2021, the Board of Directors of the Company approved a quarterly cash dividend of $0.58 per share payable April 30, 2021, to shareholders of record as of April 15, 2021. On March 31, 2021, the Company announced that the Board of Directors authorized the Company to buy back up to 1,000,000 shares of its common stock (approximately 6% of outstanding shares) in open market transactions at prices that are accretive to the earnings per share of continuing shareholders. No time limit was placed on the duration of the share repurchase program. As part of this authorization, the Company terminated its previous repurchase program that was approved in February 2019. The Company had repurchased 908,701 shares under the 2019 program. During the quarter ended March 31, 2021, the Company repurchased 75,000 common shares at a weighted average price of $76.71 per share as part of a one million share repurchase plan authorized by the Board of Directors in February 2019. As of March 31, 2021, the Company could repurchase 1,000,000 additional shares under the current program.

City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 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, 2020 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) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for loan losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) 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; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) 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 March 31, 2021 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2021 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
 
Three Months Ended
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
 
Earnings
Net Interest Income (fully taxable equivalent)

$

37,871

 

$

38,514

 

$

38,278

 

$

38,287

 

$

40,603

 

Net Income available to common shareholders

 

19,814

 

 

22,222

 

 

20,126

 

 

18,251

 

 

29,000

 

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

$

1.25

 

$

1.40

 

$

1.25

 

$

1.12

 

$

1.79

 

Diluted

 

1.25

 

 

1.40

 

 

1.25

 

 

1.12

 

 

1.78

 

Weighted average number of shares (in thousands):
Basic

 

15,656

 

 

15,708

 

 

15,950

 

 

16,081

 

 

16,080

 

Diluted

 

15,687

 

 

15,733

 

 

15,970

 

 

16,097

 

 

16,101

 

Period-end number of shares (in thousands)

 

15,724

 

 

15,768

 

 

15,848

 

 

16,077

 

 

16,140

 

Cash dividends declared

$

0.58

 

$

0.58

 

$

0.57

 

$

0.57

 

$

0.57

 

Book value per share (period-end)

$

43.99

 

$

44.47

 

$

43.62

 

$

43.15

 

$

42.45

 

Tangible book value per share (period-end)

 

36.47

 

 

36.94

 

 

36.11

 

 

35.72

 

 

35.03

 

Market data:
High closing price

$

87.41

 

$

70.77

 

$

67.98

 

$

71.19

 

$

82.40

 

Low closing price

 

69.05

 

 

56.98

 

 

55.37

 

 

55.18

 

 

57.11

 

Period-end closing price

 

81.78

 

 

69.55

 

 

57.61

 

 

65.17

 

 

66.53

 

Average daily volume (in thousands)

 

63

 

 

56

 

 

67

 

 

89

 

 

69

 

Treasury share activity:
Treasury shares repurchased (in thousands)

 

75

 

 

81

 

 

231

 

 

79

 

 

182

 

Average treasury share repurchase price

$

76.71

 

$

60.32

 

$

59.49

 

$

61.75

 

$

71.31

 

 
Key Ratios (percent)
Return on average assets

 

1.38

%

 

1.59

%

 

1.46

%

 

1.35

%

 

2.29

%

Return on average tangible equity

 

13.5

%

 

15.3

%

 

13.8

%

 

12.6

%

 

20.6

%

Yield on interest earning assets

 

3.17

%

 

3.32

%

 

3.43

%

 

3.64

%

 

4.22

%

Cost of interest bearing liabilities

 

0.37

%

 

0.47

%

 

0.58

%

 

0.71

%

 

0.91

%

Net Interest Margin

 

2.91

%

 

2.99

%

 

3.02

%

 

3.13

%

 

3.54

%

Non-interest income as a percent of total revenue

 

30.4

%

 

30.7

%

 

30.3

%

 

27.4

%

 

30.6

%

Efficiency Ratio

 

54.3

%

 

51.0

%

 

51.6

%

 

53.3

%

 

49.7

%

Price/Earnings Ratio (a)

 

16.30

 

 

12.41

 

 

11.53

 

 

14.50

 

 

17.63

 

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

 

12.30

%

 

12.46

%

 

12.71

%

 

12.91

%

 

13.50

%

Tangible equity to tangible assets

 

9.93

%

 

10.33

%

 

10.61

%

 

10.62

%

 

11.38

%

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

 

16.76

%

 

16.18

%

 

15.93

%

 

16.10

%

 

16.02

%

Tier I

 

16.76

%

 

16.18

%

 

15.93

%

 

16.10

%

 

16.02

%

Total

 

17.33

%

 

16.75

%

 

16.50

%

 

16.69

%

 

16.46

%

Leverage

 

10.06

%

 

10.22

%

 

10.19

%

 

10.45

%

 

11.10

%

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

 

14.75

%

 

14.10

%

 

14.46

%

 

14.55

%

 

14.32

%

Tier I

 

14.75

%

 

14.10

%

 

14.46

%

 

14.55

%

 

14.32

%

Total

 

15.33

%

 

14.68

%

 

15.04

%

 

15.15

%

 

14.82

%

Leverage

 

8.91

%

 

8.97

%

 

9.32

%

 

9.29

%

 

9.98

%

 
Other (period-end)
Branches

 

94

 

 

94

 

 

94

 

 

94

 

 

95

 

FTE

 

916

 

 

926

 

 

925

 

 

911

 

 

922

 

 
Assets per FTE (in thousands)

$

6,434

 

$

6,219

 

$

5,984

 

$

6,058

 

$

5,525

 

Deposits per FTE (in thousands)

 

5,236

 

 

5,024

 

 

4,799

 

 

4,834

 

 

4,400

 

(a)

The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).

(b)

March 31, 2021 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
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
 
Interest Income
Interest and fees on loans

$

34,324

 

$

35,685

 

$

35,761

$

37,718

 

$

41,335

 

Interest on investment securities:
Taxable

 

5,242

 

 

5,500

 

 

6,266

 

5,718

 

 

5,871

 

Tax-exempt

 

1,253

 

 

1,254

 

 

1,132

 

821

 

 

707

 

Interest on deposits in depository institutions

 

118

 

 

60

 

 

72

 

55

 

 

304

 

Total Interest Income

 

40,937

 

 

42,499

 

 

43,231

 

44,312

 

 

48,217

 

 
Interest Expense
Interest on deposits

 

3,280

 

 

4,198

 

 

5,123

 

5,963

 

 

7,238

 

Interest on short-term borrowings

 

117

 

 

120

 

 

131

 

279

 

 

464

 

Interest on long-term debt

 

 

 

 

 

 

 

 

100

 

Total Interest Expense

 

3,397

 

 

4,318

 

 

5,254

 

6,242

 

 

7,802

 

Net Interest Income

 

37,540

 

 

38,181

 

 

37,977

 

38,070

 

 

40,415

 

(Recovery of) provision for credit losses

 

(440

)

 

474

 

 

1,026

 

1,250

 

 

7,972

 

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

 

37,980

 

 

37,707

 

 

36,951

 

36,820

 

 

32,443

 

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

 

283

 

 

6

 

 

 

(6

)

 

63

 

Unrealized (losses) gains recognized on equity securities still held

 

(51

)

 

835

 

 

461

 

242

 

 

(2,402

)

Service charges

 

5,881

 

 

6,771

 

 

6,295

 

4,945

 

 

7,723

 

Bankcard revenue

 

6,213

 

 

5,991

 

 

6,065

 

5,888

 

 

5,115

 

Trust and investment management fee income

 

2,033

 

 

2,162

 

 

1,844

 

1,931

 

 

1,799

 

Bank owned life insurance

 

1,460

 

 

813

 

 

1,088

 

848

 

 

1,676

 

Sale of VISA shares

 

 

 

 

 

 

 

 

17,837

 

Other income

 

811

 

 

1,143

 

 

1,232

 

783

 

 

1,536

 

Total Non-Interest Income

 

16,630

 

 

17,721

 

 

16,985

 

14,631

 

 

33,347

 

 
Non-Interest Expense
Salaries and employee benefits

 

15,671

 

 

15,989

 

 

15,361

 

14,873

 

 

15,851

 

Occupancy related expense

 

2,622

 

 

2,447

 

 

2,428

 

2,402

 

 

2,488

 

Equipment and software related expense

 

2,544

 

 

2,660

 

 

2,607

 

2,504

 

 

2,429

 

FDIC insurance expense

 

405

 

 

363

 

 

355

 

167

 

 

 

Advertising

 

881

 

 

538

 

 

462

 

933

 

 

843

 

Bankcard expenses

 

1,584

 

 

1,443

 

 

1,517

 

1,498

 

 

1,435

 

Postage, delivery, and statement mailings

 

592

 

 

546

 

 

513

 

592

 

 

616

 

Office supplies

 

392

 

 

413

 

 

396

 

353

 

 

394

 

Legal and professional fees

 

675

 

 

438

 

 

548

 

589

 

 

601

 

Telecommunications

 

690

 

 

540

 

 

547

 

531

 

 

511

 

Repossessed asset losses (gains), net of expenses

 

79

 

 

(68

)

 

39

 

76

 

 

198

 

Other expenses

 

3,674

 

 

3,332

 

 

3,939

 

3,950

 

 

4,102

 

Total Non-Interest Expense

 

29,809

 

 

28,641

 

 

28,712

 

28,468

 

 

29,468

 

Income Before Income Taxes

 

24,801

 

 

26,787

 

 

25,224

 

22,983

 

 

36,322

 

Income tax expense

 

4,987

 

 

4,565

 

 

5,098

 

4,732

 

 

7,322

 

Net Income Available to Common Shareholders

$

19,814

 

$

22,222

 

$

20,126

$

18,251

 

$

29,000

 

 
Distributed earnings allocated to common shareholders

$

9,037

 

$

9,053

 

$

8,944

$

9,073

 

$

9,117

 

Undistributed earnings allocated to common shareholders

 

10,598

 

 

12,947

 

 

10,984

 

8,998

 

 

19,620

 

Net earnings allocated to common shareholders

$

19,635

 

$

22,000

 

$

19,928

$

18,071

 

$

28,737

 

 
Average common shares outstanding

 

15,656

 

 

15,708

 

 

15,950

 

16,081

 

 

16,080

 

Shares for diluted earnings per share

 

15,687

 

 

15,733

 

 

15,970

 

16,097

 

 

16,101

 

 
Basic earnings per common share

$

1.25

 

$

1.40

 

$

1.25

$

1.12

 

$

1.79

 

Diluted earnings per common share

$

1.25

 

$

1.40

 

$

1.25

$

1.12

 

$

1.78

 

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
 
Assets
Cash and due from banks

$

97,709

 

$

77,412

 

$

76,451

 

$

87,658

 

$

92,365

 

Interest-bearing deposits in depository institutions

 

659,090

 

 

451,247

 

 

176,267

 

 

285,596

 

 

18,271

 

Cash and cash equivalents

 

756,799

 

 

528,659

 

 

252,718

 

 

373,254

 

 

110,636

 

 
Investment securities available-for-sale, at fair value

 

1,185,245

 

 

1,178,789

 

 

1,157,399

 

 

1,055,185

 

 

934,113

 

Other securities

 

27,182

 

 

27,372

 

 

26,548

 

 

26,144

 

 

26,827

 

Total investment securities

 

1,212,427

 

 

1,206,161

 

 

1,183,947

 

 

1,081,329

 

 

960,940

 

 
Gross loans

 

3,546,723

 

 

3,622,119

 

 

3,663,966

 

 

3,665,596

 

 

3,613,050

 

Allowance for credit losses

 

(24,076

)

 

(24,549

)

 

(24,867

)

 

(25,199

)

 

(24,393

)

Net loans

 

3,522,647

 

 

3,597,570

 

 

3,639,099

 

 

3,640,397

 

 

3,588,657

 

 
Bank owned life insurance

 

118,976

 

 

118,243

 

 

117,501

 

 

116,746

 

 

116,000

 

Premises and equipment, net

 

76,529

 

 

76,925

 

 

77,031

 

 

77,991

 

 

78,948

 

Accrued interest receivable

 

16,231

 

 

15,793

 

 

16,627

 

 

14,200

 

 

12,570

 

Net deferred tax assets

 

1,395

 

 

 

 

 

 

 

 

2,159

 

Intangible assets

 

118,224

 

 

118,592

 

 

119,004

 

 

119,417

 

 

119,829

 

Other assets

 

71,142

 

 

96,697

 

 

105,361

 

 

105,438

 

 

98,710

 

Total Assets

$

5,894,370

 

$

5,758,640

 

$

5,511,288

 

$

5,528,772

 

$

5,088,449

 

 
Liabilities
Deposits:
Noninterest-bearing

$

1,244,175

 

$

1,176,990

 

$

1,061,310

 

$

1,079,469

 

$

857,501

 

Interest-bearing:
Demand deposits

 

1,077,749

 

 

1,027,201

 

 

940,791

 

 

921,761

 

 

837,966

 

Savings deposits

 

1,265,038

 

 

1,188,003

 

 

1,117,684

 

 

1,067,254

 

 

989,609

 

Time deposits

 

1,209,873

 

 

1,260,022

 

 

1,300,291

 

 

1,342,631

 

 

1,366,977

 

Total deposits

 

4,796,835

 

 

4,652,216

 

 

4,420,076

 

 

4,411,115

 

 

4,052,053

 

Short-term borrowings
Federal Funds purchased

 

 

 

 

 

 

 

 

 

9,900

 

Customer repurchase agreements

 

316,003

 

 

295,956

 

 

279,866

 

 

282,676

 

 

224,247

 

Net deferred tax liabilities

 

 

 

3,202

 

 

1,601

 

 

2,598

 

 

 

Other liabilities

 

89,847

 

 

106,160

 

 

118,386

 

 

138,633

 

 

117,021

 

Total Liabilities

 

5,202,685

 

 

5,057,534

 

 

4,819,929

 

 

4,835,022

 

 

4,403,221

 

 
Stockholders’ Equity
Preferred stock

 

 

 

 

 

 

 

 

 

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

170,526

 

 

171,304

 

 

170,526

 

 

169,881

 

 

170,096

 

Retained earnings

 

600,396

 

 

589,988

 

 

576,901

 

 

565,804

 

 

556,718

 

Cost of common stock in treasury

 

(142,484

)

 

(139,038

)

 

(134,177

)

 

(120,583

)

 

(116,665

)

Accumulated other comprehensive income:
Unrealized gain on securities available-for-sale

 

21,289

 

 

36,894

 

 

36,760

 

 

37,299

 

 

33,730

 

Underfunded pension liability

 

(5,661

)

 

(5,661

)

 

(6,270

)

 

(6,270

)

 

(6,270

)

Total Accumulated Other Comprehensive Income

 

15,628

 

 

31,233

 

 

30,490

 

 

31,029

 

 

27,460

 

Total Stockholders’ Equity

 

691,685

 

 

701,106

 

 

691,359

 

 

693,750

 

 

685,228

 

Total Liabilities and Stockholders’ Equity

$

5,894,370

 

$

5,758,640

 

$

5,511,288

 

$

5,528,772

 

$

5,088,449

 

 
Regulatory Capital
Total CET 1 capital

$

563,523

 

$

557,641

 

$

548,269

 

$

548,972

 

$

547,040

 

Total tier 1 capital

 

563,523

 

 

557,641

 

 

548,269

 

 

548,972

 

 

547,040

 

Total risk-based capital

 

582,816

 

 

577,292

 

 

568,153

 

 

569,213

 

 

561,944

 

Total risk-weighted assets

 

3,362,595

 

 

3,446,774

 

 

3,442,629

 

 

3,410,589

 

 

3,412,591

 

Contacts

Charles R. Hageboeck, Chief Executive Officer and President

(304) 769-1102

Read full story here

The post City Holding Company Announces Quarterly Results appeared first on Web Hosting | Cloud Computing | Datacenter | Domain News.

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