CHCO City Holding Company

City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.1 billion bank holding company headquartered in Charleston, West Virginia, today announced record quarterly net income of $32.7 million and diluted earnings of $2.16 per share for the quarter ended June 30, 2023. For the second quarter of 2023, the Company achieved a return on assets of 2.12% and a return on tangible equity of 27.4%.

Net Interest Income

The Company’s net interest income increased approximately $2.0 million, or 3.8%, from $53.5 million during the first quarter of 2023 to $55.5 million during the second quarter of 2023. The Company’s tax equivalent net interest income increased $2.0 million, or 3.7%, from $53.8 million for the first quarter of 2023 to $55.8 million for the second quarter of 2023. The acquisition of Citizens Commerce Bancshares, Inc., and its subsidiary, Citizens Commerce Bank, (“Citizens”), during the first quarter of 2023 added $2.9 million of net interest income during the quarter ended June 30, 2023. Due to recent increases in the Federal Funds rate, net interest income increased by $1.7 million due to an increase in loan yields (net of loan fees and accretion) of 13 basis points and by $0.4 million due to an increase in the yield on deposits in depository institutions of 60 basis points. In addition, net interest income increased $0.6 million due to an increase in balances of deposits in depository institutions from the quarter ended March 31, 2023. These increases were partially offset by an increase in the cost of interest bearing liabilities (40 basis points) which decreased net interest income by $3.8 million. The Company’s reported net interest margin decreased from 4.05% for the first quarter of 2023 to 4.00% for the second quarter of 2023.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned remained stable at 0.17%, or $6.5 million, at both March 31, 2023 and June 30, 2023. Total past due loans increased from $5.9 million, or 0.15% of total loans outstanding, at March 31, 2023, to $7.4 million, or 0.19% of total loans outstanding at June 30, 2023.

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 $0.4 million in the second quarter of 2023, compared to no provision for credit losses for the comparable period in 2022, and a provision for credit losses of $2.9 million for the first quarter of 2023. The provision for credit losses in the second quarter was primarily the result of net charge-offs.

Non-interest Income

Non-interest income was $20.3 million during the quarter ended June 30, 2023, as compared to $17.9 million during the quarter ended June 30, 2022. During the second quarter of 2023, the Company reported $0.3 million of unrealized fair value losses on the Company’s equity securities as compared to $0.6 million of unrealized fair value losses on the Company’s equity securities during the second quarter of 2022.

Exclusive of these items, non-interest income increased $2.1 million, or 11.6%, from $18.5 million for the second quarter of 2022 to $20.6 million for the second quarter of 2023. This increase was largely attributable to an increase of $2.2 million in bank owned life insurance due to higher death benefit proceeds and an increase of $0.2 million, or 11.4%, in trust and investment management fee income. These increases were partially offset by a decrease in other income of $0.3 million and a decrease in service fees of $0.2 million, or 2.3%. Citizens’ contribution to non-interest income for the quarter ended June 30, 2023 was less than $0.1 million.

Non-interest Expenses

Non-interest expenses increased $4.1 million, or 13.3%, from $30.7 million in the second quarter of 2022 to $34.8 million in the second quarter of 2023. This increase was largely due to an increase in salaries and employee benefits of $2.0 million due to the acquisition of Citizens ($0.6 million), salary adjustments, and increased health insurance cost. In addition, other expenses increased $1.2 million, and FDIC insurance expenses increased $0.3 million.

Balance Sheet Trends

Loans increased $27.5 million (0.7%) from March 31, 2023 to $3.92 billion at June 30, 2023. Commercial and industrial loans increased $27.0 million (6.9%) and residential real estate loans increased $9.0 million (0.5%) during the quarter ended June 30, 2023. These increases were partially offset by a decrease in commercial real estate loans of $7.8 million.

Period-end deposit balances decreased $121.7 million from March 31, 2023, to June 30, 2023. Total average depository balances increased $141.9 million, or 2.9%, from the quarter ended March 31, 2023 to the quarter ended June 30, 2023. This growth was primarily attributable to deposits acquired from Citizens ($226.5 million). Exclusive of these contributions, average depository balances declined $84.6 million, or 1.7%, from the quarter ended March 31, 2023. Average savings deposit balances decreased $64.0 million and average non-interest bearing demand deposit balances decreased $44.8 million. These decreases were partially offset by increases in average interest bearing demand deposit balances of $15.4 million and average time balances of $12.4 million.

Income Tax Expense

The Company’s effective income tax rate for the second quarter of 2023 was 19.4% compared to 19.8% for the year ended December 31, 2022, and 20.3%, for the quarter ended June 30, 2022.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 78.2% and its loan to asset ratio was 63.8% at June 30, 2023. The Company maintained investment securities totaling 23.6% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 66.0% of assets at June 30, 2023. Time deposits fund 15.6% of assets at June 30, 2023, with only 11.4% 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. As of June 30, 2023, City National had the capacity to borrow an additional $2.0 billion from these existing borrowing facilities. In addition, $826.3 million of City National’s investment securities were unpledged at June 30, 2023.

The Company continues to be strongly capitalized with tangible equity of $473 million at June 30, 2023. The Company’s tangible equity ratio decreased slightly from 8.0% at December 31, 2022 to 7.9% at June 30, 2023. At June 30, 2023, City National’s Leverage Ratio was 9.36%, its Common Equity Tier I ratio was 14.82%, its Tier I Capital ratio was 14.82%, and its Total Risk-Based Capital ratio was 15.36%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On May 31, 2023, the Board of Directors of the Company approved a quarterly cash dividend of $0.65 per share payable July 31, 2023, to shareholders of record as of July 14, 2023. During the quarter ended June 30, 2023, the Company repurchased 269,000 common shares at a weighted average price of $88.93 per share as part of a one million share repurchase plan authorized by the Board of Directors in May 2022. As of June 30, 2023, the Company could repurchase 329,000 additional shares under the current program.

City National operates 99 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, 2022 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) ongoing uncertainties on the Company’s business, results of operations and financial condition caused by the scope of the recovery of the COVID-19 pandemic; (3) 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; (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; and (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 June 30, 2023 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary June 30, 2023 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES Financial Highlights (Unaudited)   Three Months Ended Six Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022   Earnings Net Interest Income (fully taxable equivalent)

$

55,757

 

$

53,767

 

$

52,381

 

$

49,108

 

$

41,611

 

$

109,524

 

$

79,850

 

Net Income available to common shareholders

 

32,733

 

 

24,341

 

 

30,672

 

 

27,374

 

 

22,683

 

 

57,074

 

 

44,025

 

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

$

2.16

 

$

1.63

 

$

2.06

 

$

1.84

 

$

1.51

 

$

3.80

 

$

2.92

 

Diluted

 

2.16

 

 

1.63

 

 

2.05

 

 

1.83

 

 

1.51

 

 

3.79

 

 

2.92

 

Weighted average number of shares (in thousands): Basic

 

14,994

 

 

14,818

 

 

14,756

 

 

14,776

 

 

14,888

 

 

14,897

 

 

14,930

 

Diluted

 

15,012

 

 

14,844

 

 

14,785

 

 

14,800

 

 

14,909

 

 

14,919

 

 

14,954

 

Period-end number of shares (in thousands)

 

15,007

 

 

15,260

 

 

14,788

 

 

14,856

 

 

14,864

 

 

15,007

 

 

14,864

 

Cash dividends declared

$

0.65

 

$

0.65

 

$

0.65

 

$

0.65

 

$

0.60

 

$

1.30

 

$

1.20

 

Book value per share (period-end)

$

42.39

 

$

42.66

 

$

39.08

 

$

36.91

 

$

39.83

 

$

42.39

 

$

39.83

 

Tangible book value per share (period-end)

 

31.50

 

 

31.91

 

 

31.25

 

 

29.09

 

 

31.99

 

 

31.50

 

 

31.99

 

Market data: High closing price

$

97.92

 

$

100.27

 

$

101.94

 

$

90.24

 

$

83.07

 

$

100.27

 

$

85.99

 

Low closing price

 

83.57

 

 

89.17

 

 

89.32

 

 

78.40

 

 

73.88

 

 

83.57

 

 

73.88

 

Period-end closing price

 

89.99

 

 

90.88

 

 

93.09

 

 

88.69

 

 

79.88

 

 

89.99

 

 

79.88

 

Average daily volume (in thousands)

 

80

 

 

84

 

 

75

 

 

58

 

 

87

 

 

82

 

 

73

 

Treasury share activity: Treasury shares repurchased (in thousands)

 

269

 

 

218

 

 

69

 

 

9

 

 

208

 

 

488

 

 

246

 

Average treasury share repurchase price

$

88.93

 

$

92.10

 

$

93.12

 

$

80.24

 

$

78.33

 

$

90.35

 

$

78.29

 

  Key Ratios (percent) Return on average assets

 

2.12

%

 

1.63

%

 

2.08

%

 

1.83

%

 

1.51

%

 

1.89

%

 

1.47

%

Return on average tangible equity

 

27.4

%

 

19.9

%

 

27.3

%

 

21.8

%

 

18.1

%

 

23.7

%

 

16.6

%

Yield on interest earning assets

 

4.87

%

 

4.66

%

 

4.23

%

 

3.72

%

 

3.15

%

 

4.76

%

 

3.04

%

Cost of interest bearing liabilities

 

1.22

%

 

0.86

%

 

0.48

%

 

0.21

%

 

0.15

%

 

1.05

%

 

0.16

%

Net Interest Margin

 

4.00

%

 

4.05

%

 

3.89

%

 

3.57

%

 

3.04

%

 

4.02

%

 

2.93

%

Non-interest income as a percent of total revenue

 

27.1

%

 

24.7

%

 

26.5

%

 

27.2

%

 

30.9

%

 

26.0

%

 

30.8

%

Efficiency Ratio

 

44.6

%

 

45.7

%

 

45.3

%

 

46.3

%

 

50.5

%

 

49.0

%

 

51.1

%

Price/Earnings Ratio (a)

 

10.40

 

 

13.95

 

 

11.30

 

 

12.08

 

 

13.23

 

 

11.85

 

 

13.67

 

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

 

10.38

%

 

10.31

%

 

9.57

%

 

10.32

%

 

10.26

%

Tangible equity to tangible assets

 

7.90

%

 

8.05

%

 

8.02

%

 

7.41

%

 

7.76

%

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

 

15.47

%

 

15.64

%

 

16.23

%

 

15.82

%

 

15.85

%

Tier I

 

15.47

%

 

15.64

%

 

16.23

%

 

15.82

%

 

15.85

%

Total

 

16.01

%

 

16.18

%

 

16.62

%

 

16.22

%

 

16.26

%

Leverage

 

9.80

%

 

10.20

%

 

10.01

%

 

9.74

%

 

9.42

%

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

 

14.82

%

 

14.08

%

 

13.88

%

 

14.68

%

 

14.80

%

Tier I

 

14.82

%

 

14.08

%

 

13.88

%

 

14.68

%

 

14.80

%

Total

 

15.36

%

 

14.63

%

 

14.28

%

 

15.07

%

 

15.21

%

Leverage

 

9.36

%

 

9.18

%

 

8.55

%

 

9.05

%

 

8.81

%

  Other (period-end) Branches

 

99

 

 

99

 

 

94

 

 

94

 

 

94

 

FTE

 

963

 

 

958

 

 

909

 

 

903

 

 

915

 

  Assets per FTE (in thousands)

$

6,383

 

$

6,483

 

$

6,467

 

$

6,588

 

$

6,825

 

Deposits per FTE (in thousands)

 

5,208

 

 

5,362

 

 

5,357

 

 

5,492

 

 

5,621

 

    (a) The price/earnings ratio is computed based on annualized quarterly earnings. (b) June 30, 2023 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 Six Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022   Interest Income Interest and fees on loans

$

52,352

 

$

47,004

$

42,963

 

$

38,493

 

$

33,208

 

$

99,356

$

65,082

 

Interest on investment securities: Taxable

 

11,794

 

 

11,773

 

11,119

 

 

9,556

 

 

7,547

 

 

23,567

 

13,770

 

Tax-exempt

 

950

 

 

1,162

 

1,262

 

 

1,228

 

 

1,205

 

 

2,112

 

2,421

 

Interest on deposits in depository institutions

 

2,585

 

 

1,591

 

1,244

 

 

1,530

 

 

782

 

 

4,176

 

1,020

 

Total Interest Income

 

67,681

 

 

61,530

 

56,588

 

 

50,807

 

 

42,742

 

 

129,211

 

82,293

 

  Interest Expense Interest on deposits

 

8,567

 

 

5,690

 

3,010

 

 

1,585

 

 

1,328

 

 

14,257

 

2,849

 

Interest on short-term borrowings

 

2,963

 

 

2,381

 

1,533

 

 

440

 

 

124

 

 

5,344

 

238

 

Interest on long-term debt

 

649

 

 

-

 

-

 

 

-

 

 

-

 

 

649

 

-

 

Total Interest Expense

 

12,179

 

 

8,071

 

4,543

 

 

2,025

 

 

1,452

 

 

20,250

 

3,087

 

Net Interest Income

 

55,502

 

 

53,459

 

52,045

 

 

48,782

 

 

41,290

 

 

108,961

 

79,206

 

Provision for (Recovery of) credit losses

 

425

 

 

2,918

 

500

 

 

730

 

 

-

 

 

3,343

 

(756

)

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

 

55,077

 

 

50,541

 

51,545

 

 

48,052

 

 

41,290

 

 

105,618

 

79,962

 

  Non-Interest Income Net gains on sale of investment securities

 

-

 

 

773

 

4

 

 

-

 

 

-

 

 

773

 

-

 

Unrealized gains (losses) recognized on equity securities still held

 

(294

)

 

361

 

(262

)

 

1

 

 

(601

)

 

67

 

(1,324

)

Service charges

 

6,906

 

 

6,563

 

7,056

 

 

7,487

 

 

7,067

 

 

13,469

 

13,792

 

Bankcard revenue

 

7,190

 

 

6,603

 

6,791

 

 

7,052

 

 

7,062

 

 

13,793

 

13,506

 

Trust and investment management fee income

 

2,339

 

 

2,252

 

2,343

 

 

2,158

 

 

2,100

 

 

4,591

 

4,297

 

Bank owned life insurance

 

3,208

 

 

804

 

1,813

 

 

754

 

 

978

 

 

4,012

 

2,992

 

Other income

 

952

 

 

1,326

 

791

 

 

792

 

 

1,243

 

 

2,278

 

2,034

 

Total Non-Interest Income

 

20,301

 

 

18,682

 

18,536

 

 

18,244

 

 

17,849

 

 

38,983

 

35,297

 

  Non-Interest Expense Salaries and employee benefits

 

18,429

 

 

17,673

 

17,148

 

 

17,398

 

 

16,413

 

 

36,102

 

31,990

 

Occupancy related expense

 

2,811

 

 

2,640

 

2,725

 

 

2,664

 

 

2,620

 

 

5,451

 

5,329

 

Equipment and software related expense

 

2,883

 

 

3,092

 

3,341

 

 

2,949

 

 

2,732

 

 

5,975

 

5,501

 

FDIC insurance expense

 

690

 

 

445

 

413

 

 

416

 

 

409

 

 

1,135

 

844

 

Advertising

 

974

 

 

760

 

802

 

 

854

 

 

951

 

 

1,734

 

1,749

 

Bankcard expenses

 

1,736

 

 

1,509

 

1,356

 

 

1,405

 

 

1,665

 

 

3,245

 

3,271

 

Postage, delivery, and statement mailings

 

596

 

 

647

 

597

 

 

578

 

 

551

 

 

1,243

 

1,187

 

Office supplies

 

591

 

 

420

 

441

 

 

466

 

 

427

 

 

1,011

 

837

 

Legal and professional fees

 

558

 

 

470

 

610

 

 

532

 

 

525

 

 

1,028

 

1,052

 

Telecommunications

 

623

 

 

606

 

627

 

 

651

 

 

754

 

 

1,229

 

1,338

 

Repossessed asset losses (gains), net of expenses

 

22

 

 

16

 

54

 

 

(3

)

 

(32

)

 

38

 

8

 

Merger related expenses

 

-

 

 

5,645

 

268

 

 

-

 

 

-

 

 

5,645

 

-

 

Other expenses

 

4,848

 

 

4,700

 

4,203

 

 

3,591

 

 

3,674

 

 

9,548

 

7,110

 

Total Non-Interest Expense

 

34,761

 

 

38,623

 

32,585

 

 

31,501

 

 

30,689

 

 

73,384

 

60,216

 

Income Before Income Taxes

 

40,617

 

 

30,600

 

37,496

 

 

34,795

 

 

28,450

 

 

71,217

 

55,043

 

Income tax expense

 

7,884

 

 

6,259

 

6,824

 

 

7,421

 

 

5,767

 

 

14,143

 

11,018

 

Net Income Available to Common Shareholders

$

32,733

 

$

24,341

$

30,672

 

$

27,374

 

$

22,683

 

$

57,074

$

44,025

 

  Distributed earnings allocated to common shareholders

$

9,668

 

$

9,833

$

9,521

 

$

9,564

 

$

8,837

 

$

19,336

$

17,671

 

Undistributed earnings allocated to common shareholders

 

22,774

 

 

14,294

 

20,857

 

 

17,555

 

 

13,643

 

 

37,233

 

25,951

 

Net earnings allocated to common shareholders

$

32,442

 

$

24,127

$

30,378

 

$

27,119

 

$

22,480

 

$

56,569

$

43,622

 

  Average common shares outstanding

 

14,994

 

 

14,818

 

14,756

 

 

14,776

 

 

14,888

 

 

14,897

 

14,930

 

Shares for diluted earnings per share

 

15,012

 

 

14,844

 

14,785

 

 

14,800

 

 

14,909

 

 

14,919

 

14,954

 

  Basic earnings per common share

$

2.16

 

$

1.63

$

2.06

 

$

1.84

 

$

1.51

 

$

3.80

$

2.92

 

Diluted earnings per common share

$

2.16

 

$

1.63

$

2.05

 

$

1.83

 

$

1.51

 

$

3.79

$

2.92

 

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

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

June 30, 2022

  Assets Cash and due from banks

$

66,350

 

$

69,804

 

$

68,333

 

$

65,051

 

$

90,449

 

Interest-bearing deposits in depository institutions

 

164,931

 

 

233,006

 

 

131,667

 

 

233,302

 

 

606,530

 

Cash and cash equivalents

 

231,281

 

 

302,810

 

 

200,000

 

 

298,353

 

 

696,979

 

  Investment securities available-for-sale, at fair value

 

1,419,933

 

 

1,456,259

 

 

1,505,520

 

 

1,489,392

 

 

1,497,227

 

Other securities

 

29,262

 

 

24,728

 

 

23,807

 

 

24,372

 

 

24,383

 

Total investment securities

 

1,449,195

 

 

1,480,987

 

 

1,529,327

 

 

1,513,764

 

 

1,521,610

 

  Gross loans

 

3,922,142

 

 

3,894,686

 

 

3,646,258

 

 

3,628,752

 

 

3,566,758

 

Allowance for credit losses

 

(22,751

)

 

(22,724

)

 

(17,108

)

 

(17,011

)

 

(17,015

)

Net loans

 

3,899,391

 

 

3,871,962

 

 

3,629,150

 

 

3,611,741

 

 

3,549,743

 

  Bank owned life insurance

 

117,173

 

 

124,238

 

 

120,674

 

 

121,283

 

 

120,528

 

Premises and equipment, net

 

73,118

 

 

73,430

 

 

70,786

 

 

71,686

 

 

72,388

 

Accrued interest receivable

 

17,973

 

 

18,395

 

 

18,287

 

 

17,256

 

 

16,342

 

Net deferred tax assets

 

46,944

 

 

42,146

 

 

44,884

 

 

49,888

 

 

30,802

 

Goodwill and intangible assets

 

163,426

 

 

164,099

 

 

115,735

 

 

116,081

 

 

116,428

 

Other assets

 

148,333

 

 

132,715

 

 

149,263

 

 

147,716

 

 

118,375

 

Total Assets

$

6,146,834

 

$

6,210,782

 

$

5,878,106

 

$

5,947,768

 

$

6,243,195

 

  Liabilities Deposits: Noninterest-bearing

$

1,373,106

 

$

1,420,990

 

$

1,351,415

 

$

1,429,281

 

$

1,531,660

 

Interest-bearing: Demand deposits

 

1,337,445

 

 

1,356,017

 

 

1,233,482

 

 

1,160,970

 

 

1,189,056

 

Savings deposits

 

1,343,571

 

 

1,397,523

 

 

1,396,869

 

 

1,427,785

 

 

1,435,645

 

Time deposits

 

960,941

 

 

962,235

 

 

888,100

 

 

939,769

 

 

985,567

 

Total deposits

 

5,015,063

 

 

5,136,765

 

 

4,869,866

 

 

4,957,805

 

 

5,141,928

 

Short-term borrowings Customer repurchase agreements

 

271,714

 

 

293,256

 

 

290,964

 

 

304,807

 

 

402,368

 

Long-term debt

 

100,000

 

 

-

 

 

-

 

 

-

 

 

-

 

Other liabilities

 

123,865

 

 

129,711

 

 

139,424

 

 

136,868

 

 

106,906

 

Total Liabilities

 

5,510,642

 

 

5,559,732

 

 

5,300,254

 

 

5,399,480

 

 

5,651,202

 

  Stockholders' Equity Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

176,746

 

 

177,529

 

 

170,980

 

 

170,138

 

 

169,557

 

Retained earnings

 

744,248

 

 

721,727

 

 

706,696

 

 

685,657

 

 

667,933

 

Cost of common stock in treasury

 

(201,973

)

 

(179,436

)

 

(215,955

)

 

(209,644

)

 

(209,133

)

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

 

(127,026

)

 

(112,967

)

 

(128,066

)

 

(141,997

)

 

(80,498

)

Underfunded pension liability

 

(3,422

)

 

(3,422

)

 

(3,422

)

 

(3,485

)

 

(3,485

)

Total Accumulated Other Comprehensive (Loss) Income

 

(130,448

)

 

(116,389

)

 

(131,488

)

 

(145,482

)

 

(83,983

)

Total Stockholders' Equity

 

636,192

 

 

651,050

 

 

577,852

 

 

548,288

 

 

591,993

 

Total Liabilities and Stockholders' Equity

$

6,146,834

 

$

6,210,782

 

$

5,878,106

 

$

5,947,768

 

$

6,243,195

 

  Regulatory Capital Total CET 1 capital

$

605,661

 

$

606,675

 

$

598,068

 

$

582,213

 

$

564,158

 

Total tier 1 capital

 

605,661

 

 

606,675

 

 

598,068

 

 

582,213

 

 

564,158

 

Total risk-based capital

 

626,730

 

 

627,718

 

 

612,654

 

 

596,708

 

 

578,657

 

Total risk-weighted assets

 

3,913,870

 

 

3,878,994

 

 

3,685,207

 

 

3,679,511

 

 

3,558,249

 

CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s)     June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022   Commercial and industrial

$

417,847

$

390,861

$

373,890

$

375,735

$

360,481

  1-4 Family

 

123,701

 

119,017

 

116,192

 

109,710

 

108,765

Hotels

 

324,745

 

327,554

 

340,404

 

355,001

 

337,910

Multi-family

 

191,483

 

195,042

 

174,786

 

186,440

 

203,856

Non Residential Non-Owner Occupied

 

673,921

 

679,782

 

585,964

 

569,369

 

551,240

Non Residential Owner Occupied

 

222,852

 

223,096

 

174,961

 

177,673

 

180,188

Commercial real estate (1)

 

1,536,702

 

1,544,491

 

1,392,307

 

1,398,193

 

1,381,959

  Residential real estate (2)

 

1,746,618

 

1,737,604

 

1,693,523

 

1,678,770

 

1,651,005

Home equity

 

151,012

 

151,341

 

134,317

 

130,837

 

125,742

Consumer

 

65,201

 

66,994

 

48,806

 

41,902

 

44,580

DDA overdrafts

 

4,762

 

3,395

 

3,415

 

3,315

 

2,991

Gross Loans

$

3,922,142

$

3,894,686

$

3,646,258

$

3,628,752

$

3,566,758

  Construction loans included in: (1) - Commercial real estate loans

$

3,361

$

4,715

$

4,130

$

4,125

$

6,767

(2) - Residential real estate loans

 

20,470

 

25,224

 

21,122

 

19,333

 

18,751

CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information (Unaudited) ($ in 000s)   Three Months Ended Six Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Allowance for Credit Losses Balance at beginning of period

$

22,724

 

$

17,108

 

$

17,011

 

$

17,015

 

$

17,280

 

$

17,108

 

$

18,166

 

  Charge-offs: Commercial and industrial

 

(69

)

 

-

 

 

(120

)

 

(408

)

 

-

 

 

(69

)

 

(34

)

Commercial real estate

 

(117

)

 

(3

)

 

(31

)

 

-

 

 

(24

)

 

(120

)

 

(24

)

Residential real estate

 

(20

)

 

(32

)

 

(66

)

 

(93

)

 

(56

)

 

(52

)

 

(106

)

Home equity

 

(200

)

 

(67

)

 

(189

)

 

(71

)

 

(19

)

 

(267

)

 

(19

)

Consumer

 

(109

)

 

(62

)

 

(15

)

 

(16

)

 

(9

)

 

(171

)

 

(32

)

DDA overdrafts

 

(357

)

 

(450

)

 

(670

)

 

(719

)

 

(604

)

 

(807

)

 

(1,235

)

Total charge-offs

 

(872

)

 

(614

)

 

(1,091

)

 

(1,307

)

 

(712

)

 

(1,486

)

 

(1,450

)

  Recoveries: Commercial and industrial

 

86

 

 

83

 

 

94

 

 

149

 

 

32

 

 

169

 

 

91

 

Commercial real estate

 

28

 

 

158

 

 

120

 

 

9

 

 

25

 

 

186

 

 

78

 

Residential real estate

 

5

 

 

10

 

 

49

 

 

1

 

 

4

 

 

15

 

 

49

 

Home equity

 

12

 

 

4

 

 

34

 

 

2

 

 

3

 

 

16

 

 

20

 

Consumer

 

28

 

 

23

 

 

31

 

 

29

 

 

19

 

 

51

 

 

47

 

DDA overdrafts

 

315

 

 

398

 

 

360

 

 

383

 

 

364

 

 

713

 

 

770

 

Total recoveries

 

474

 

 

676

 

 

688

 

 

573

 

 

447

 

 

1,150

 

 

1,055

 

  Net recoveries (charge-offs)

 

(398

)

 

62

 

 

(403

)

 

(734

)

 

(265

)

 

(336

)

 

(395

)

Provision for (recovery of) credit losses

 

425

 

 

2,918

 

 

500

 

 

730

 

 

-

 

 

3,343

 

 

(756

)

PCD Loan Reserves

 

-

 

 

2,811

 

 

-

 

 

-

 

 

-

 

 

2,811

 

 

-

 

Adoption of ASU 2022-02

 

-

 

 

(175

)

 

-

 

 

-

 

 

-

 

 

(175

)

 

-

 

Balance at end of period

$

22,751

 

$

22,724

 

$

17,108

 

$

17,011

 

$

17,015

 

$

22,751

 

$

17,015

 

  Loans outstanding

$

3,922,142

 

$

3,894,686

 

$

3,646,258

 

$

3,628,752

 

$

3,566,758

 

Allowance as a percent of loans outstanding

 

0.58

%

 

0.58

%

 

0.47

%

 

0.47

%

 

0.48

%

Allowance as a percent of non-performing loans

 

405.5

%

 

400.1

%

 

317.3

%

 

320.5

%

 

292.6

%

  Average loans outstanding

$

3,896,284

 

$

3,700,194

 

$

3,648,996

 

$

3,596,523

 

$

3,559,713

 

$

3,798,781

 

$

3,543,642

 

Net charge-offs (annualized) as a percent of average loans outstanding

 

0.04

%

 

-0.01

%

 

0.04

%

 

0.08

%

 

0.03

%

 

0.02

%

 

0.02

%

CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information, continued (Unaudited) ($ in 000s)   June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Nonaccrual Loans Residential real estate

$

2,774

 

$

2,700

 

$

1,969

 

$

2,089

 

$

1,561

 

Home equity

 

24

 

 

35

 

 

55

 

 

140

 

 

54

 

Commercial and industrial

 

741

 

 

994

 

 

1,015

 

 

785

 

 

1,360

 

Commercial real estate

 

1,821

 

 

1,931

 

 

2,166

 

 

2,293

 

 

2,783

 

Consumer

 

36

 

 

19

 

 

-

 

 

-

 

 

-

 

Total nonaccrual loans

 

5,396

 

 

5,679

 

 

5,205

 

 

5,307

 

 

5,758

 

Accruing loans past due 90 days or more

 

215

 

 

-

 

 

187

 

 

-

 

 

58

 

Total non-performing loans

 

5,611

 

 

5,679

 

 

5,392

 

 

5,307

 

 

5,816

 

Other real estate owned

 

874

 

 

843

 

 

909

 

 

1,071

 

 

946

 

Total non-performing assets

$

6,485

 

$

6,522

 

$

6,301

 

$

6,378

 

$

6,762

 

  Non-performing assets as a percent of loans and other real estate owned

 

0.17

%

 

0.17

%

 

0.17

%

 

0.18

%

 

0.19

%

  Past Due Loans Residential real estate

$

5,884

 

$

4,783

 

$

7,091

 

$

3,452

 

$

5,298

 

Home equity

 

784

 

 

551

 

 

650

 

 

521

 

 

282

 

Commercial and industrial

 

142

 

 

98

 

 

234

 

 

221

 

 

130

 

Commercial real estate

 

238

 

 

148

 

 

710

 

 

221

 

 

46

 

Consumer

 

57

 

 

3

 

 

100

 

 

27

 

 

49

 

DDA overdrafts

 

341

 

 

276

 

 

391

 

 

561

 

 

430

 

Total past due loans

$

7,446

 

$

5,859

 

$

9,176

 

$

5,003

 

$

6,235

 

  Total past due loans as a percent of loans outstanding

 

0.19

%

 

0.15

%

 

0.25

%

 

0.14

%

 

0.17

%

CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s)   Three Months Ended June 30, 2023 March 31, 2023 June 30, 2022

Average

Yield/

Average

Yield/

Average

Yield/

Balance

Interest

Rate

Balance

Interest

Rate

Balance

Interest

Rate

  Assets: Loan portfolio (1): Residential real estate (2)

$

1,894,269

 

$

21,702

4.60

%

$

1,840,828

 

$

20,007

4.41

%

$

1,730,617

 

$

16,156

3.74

%

Commercial, financial, and agriculture (2)

 

1,933,238

 

 

29,754

6.17

%

 

1,795,309

 

 

26,248

5.93

%

 

1,785,511

 

 

16,421

3.69

%

Installment loans to individuals (2), (3)

 

68,777

 

 

898

5.24

%

 

64,057

 

 

749

4.74

%

 

43,585

 

 

631

5.81

%

Total loans

 

3,896,284

 

 

52,354

5.39

%

 

3,700,194

 

 

47,004

5.15

%

 

3,559,713

 

 

33,208

3.74

%

Securities: Taxable

 

1,301,063

 

 

11,794

3.64

%

 

1,322,060

 

 

11,773

3.61

%

 

1,269,049

 

 

7,548

2.39

%

Tax-exempt (4)

 

174,410

 

 

1,203

2.77

%

 

204,957

 

 

1,471

2.91

%

 

215,603

 

 

1,526

2.84

%

Total securities

 

1,475,473

 

 

12,997

3.53

%

 

1,527,017

 

 

13,244

3.52

%

 

1,484,652

 

 

9,074

2.45

%

Deposits in depository institutions

 

224,064

 

 

2,585

4.63

%

 

160,115

 

 

1,590

4.03

%

 

441,239

 

 

781

0.71

%

Total interest-earning assets

 

5,595,821

 

 

67,936

4.87

%

 

5,387,326

 

 

61,838

4.66

%

 

5,485,604

 

 

43,063

3.15

%

Cash and due from banks

 

71,949

 

 

67,891

 

 

102,532

 

Premises and equipment, net

 

73,450

 

 

71,422

 

 

72,887

 

Goodwill and intangible assets

 

163,847

 

 

124,546

 

 

116,645

 

Other assets

 

313,925

 

 

327,442

 

 

256,354

 

Less: Allowance for credit losses

 

(23,046

)

 

(18,143

)

 

(17,755

)

Total assets

$

6,195,946

 

$

5,960,484

 

$

6,016,267

 

  Liabilities: Interest-bearing demand deposits

$

1,328,520

 

$

2,773

0.84

%

$

1,234,981

 

$

1,741

0.57

%

$

1,156,200

 

$

148

0.05

%

Savings deposits

 

1,365,894

 

 

1,942

0.57

%

 

1,376,317

 

 

1,348

0.40

%

 

1,430,121

 

 

182

0.05

%

Time deposits (2)

 

962,299

 

 

3,852

1.61

%

 

902,583

 

 

2,601

1.17

%

 

1,004,356

 

 

999

0.40

%

Customer repurchase agreements

 

294,255

 

 

2,963

4.04

%

 

281,861

 

 

2,381

3.43

%

 

288,031

 

 

123

0.17

%

Long-term debt

 

65,934

 

 

649

3.95

%

 

-

 

 

-

-

 

 

-

 

 

-

-

 

Total interest-bearing liabilities

 

4,016,902

 

 

12,179

1.22

%

 

3,795,742

 

 

8,071

0.86

%

 

3,878,708

 

 

1,452

0.15

%

Noninterest-bearing demand deposits

 

1,419,771

 

 

1,420,676

 

 

1,435,256

 

Other liabilities

 

116,083

 

 

129,411

 

 

85,075

 

Stockholders' equity

 

643,190

 

 

614,655

 

 

617,228

 

Total liabilities and stockholders' equity

$

6,195,946

 

$

5,960,484

 

$

6,016,267

 

Net interest income

$

55,757

$

53,767

$

41,611

Net yield on earning assets

4.00

%

4.05

%

3.04

%

  (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

$

393

$

518

$

3

  (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

$

78

$

39

$

77

Commercial, financial, and agriculture

 

709

 

146

 

118

Installment loans to individuals

 

8

 

3

 

15

Time deposits

 

154

 

9

 

21

$

949

$

198

$

231

  (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%. CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s)   Six Months Ended June 30, 2023 June 30, 2022 Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate   Assets: Loan portfolio (1): Residential real estate (2)

$

1,869,375

 

$

41,707

4.50

%

$

1,697,727

 

$

31,892

3.79

%

Commercial, financial, and agriculture (2)

 

1,866,177

 

 

56,001

6.05

%

 

1,801,999

 

 

31,952

3.58

%

Installment loans to individuals (2), (3)

 

63,229

 

 

1,648

5.26

%

 

43,916

 

 

1,238

5.68

%

Total loans

 

3,798,781

 

 

99,356

5.27

%

 

3,543,642

 

 

65,082

3.70

%

Securities: Taxable

 

1,312,118

 

 

23,567

3.62

%

 

1,238,361

 

 

13,770

2.24

%

Tax-exempt (4)

 

188,984

 

 

2,674

2.85

%

 

223,992

 

 

3,065

2.76

%

Total securities

 

1,501,102

 

 

26,241

3.53

%

 

1,462,353

 

 

16,835

2.32

%

Deposits in depository institutions

 

192,266

 

 

4,176

4.38

%

 

490,445

 

 

1,020

0.42

%

Total interest-earning assets

 

5,492,149

 

 

129,773

4.76

%

 

5,496,440

 

 

82,937

3.04

%

Cash and due from banks

 

69,931

 

 

102,171

 

Premises and equipment, net

 

72,441

 

 

73,354

 

Goodwill and intangible assets

 

144,305

 

 

116,818

 

Other assets

 

320,646

 

 

237,115

 

Less: Allowance for credit losses

 

(20,608

)

 

(18,103

)

Total assets

$

6,078,864

 

$

6,007,795

 

  Liabilities: Interest-bearing demand deposits

$

1,282,009

 

$

4,513

0.71

%

$

1,149,277

 

$

278

0.05

%

Savings deposits

 

1,371,077

 

 

3,290

0.48

%

 

1,407,416

 

 

357

0.05

%

Time deposits (2)

 

932,606

 

 

6,453

1.40

%

 

1,026,149

 

 

2,214

0.44

%

Customer repurchase agreements

 

288,092

 

 

5,344

3.74

%

 

282,228

 

 

238

0.17

%

Long-term debt

 

33,149

 

 

649

3.95

%

 

-

 

 

-

-

 

Total interest-bearing liabilities

 

3,906,933

 

 

20,249

1.05

%

 

3,865,070

 

 

3,087

0.16

%

Noninterest-bearing demand deposits

 

1,420,221

 

 

1,417,060

 

Other liabilities

 

122,709

 

 

79,610

 

Stockholders' equity

 

629,001

 

 

646,055

 

Total liabilities and stockholders' equity

$

6,078,864

 

$

6,007,795

 

Net interest income

$

109,524

$

79,850

Net yield on earning assets

4.02

%

2.93

%

  (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

$

911

$

301

  (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

$

117

$

167

Commercial, financial, and agriculture

 

855

 

404

Installment loans to individuals

 

11

 

34

Time deposits

 

164

 

41

$

1,147

$

646

  (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%. CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations (Unaudited) ($ in 000s, except per share data)   Three Months Ended Six Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 June 30, 2023 June 30, 2022 Net Interest Income/Margin Net interest income ("GAAP")

$

55,502

 

$

53,459

 

$

52,045

 

$

48,782

 

$

41,290

 

$

108,961

 

$

79,206

 

Taxable equivalent adjustment

 

255

 

 

308

 

 

336

 

 

326

 

 

321

 

 

563

 

 

644

 

Net interest income, fully taxable equivalent

$

55,757

 

$

53,767

 

$

52,381

 

$

49,108

 

$

41,611

 

$

109,524

 

$

79,850

 

  Average interest earning assets

$

5,595,821

 

$

5,387,326

 

$

5,338,507

 

$

5,460,409

 

$

5,485,604

 

$

5,492,149

 

$

5,496,440

 

  Net Interest Margin

 

4.00

%

 

4.05

%

 

3.89

%

 

3.57

%

 

3.04

%

 

4.02

%

 

2.93

%

Accretion related to fair value adjustments

 

-0.07

%

 

-0.02

%

 

-0.02

%

 

-0.01

%

 

-0.02

%

 

-0.04

%

 

-0.02

%

Net Interest Margin (excluding accretion)

 

3.93

%

 

4.03

%

 

3.87

%

 

3.56

%

 

3.02

%

 

3.98

%

 

2.91

%

  Tangible Equity Ratio (period end) Equity to assets ("GAAP")

 

10.35

%

 

10.48

%

 

9.83

%

 

9.22

%

 

9.48

%

Effect of goodwill and other intangibles, net

 

-2.45

%

 

-2.43

%

 

-1.81

%

 

-1.81

%

 

-1.72

%

Tangible common equity to tangible assets

 

7.90

%

 

8.05

%

 

8.02

%

 

7.41

%

 

7.76

%

  Return on average tangible equity ("GAAP")

 

27.4

%

 

19.9

%

 

27.3

%

 

21.8

%

 

18.1

%

 

23.7

%

 

16.6

%

Impact of merger related expenses

 

-

 

 

3.6

%

 

-

 

 

-

 

 

-

 

 

1.8

%

 

-

 

Impact of merger related provision

 

-

 

 

1.3

%

 

-

 

 

-

 

 

-

 

 

0.6

%

 

-

 

Return on tangible equity, excluding merger related expenses and provision

 

27.4

%

 

24.8

%

 

27.3

%

 

21.8

%

 

18.1

%

 

26.2

%

 

16.6

%

  Return on assets ("GAAP")

 

2.12

%

 

1.63

%

 

1.63

%

 

2.08

%

 

1.83

%

 

1.89

%

 

1.47

%

Impact of merger related expenses

 

-

 

 

0.30

%

 

-

 

 

-

 

 

-

 

 

0.15

%

 

-

 

Impact of merger related provision

 

-

 

 

0.10

%

 

-

 

 

-

 

 

-

 

 

0.05

%

 

-

 

Return on assets, excluding merger related expenses and provision

 

2.12

%

 

2.04

%

 

2.08

%

 

1.83

%

 

1.51

%

 

2.09

%

 

1.47

%

      Commercial Loan Information (period end)   Commercial Sector Total % of Total Loans Average DSC Average LTV   Natural Gas Extraction

$

21,842

 

 

0.56

%

 

3.68

 

 

N/A

 

Natural Gas Distribution

 

15,798

 

 

0.40

%

 

2.61

 

 

N/A

 

Masonry Contractors

 

25,917

 

 

0.66

%

 

1.13

 

 

84

%

Sheet Metal Work Manufacturing

 

24,039

 

 

0.61

%

 

1.57

 

 

68

%

Beer & Ale Merchant Wholesalers

 

26,239

 

 

0.67

%

 

3.28

 

 

N/A

 

Gasoline Stations with Convenience Stores

 

52,045

 

 

1.33

%

 

4.19

 

 

65

%

Lessors of Residential Buildings & Dwellings

 

378,040

 

 

9.64

%

 

1.89

 

 

66

%

1-4 Family

 

118,752

 

 

3.03

%

 

2.97

 

 

72

%

Multi-Family

 

182,374

 

 

4.65

%

 

1.84

 

 

66

%

Lessors of Nonresidential Buildings

 

531,263

 

 

13.55

%

 

1.70

 

 

65

%

Office Buildings

 

44,593

 

 

1.14

%

 

1.64

 

 

62

%

Lessors of Mini-Warehouses & Self-Storage Units

 

48,563

 

 

1.24

%

 

1.62

 

 

62

%

Assisted Living Facilities

 

28,554

 

 

0.73

%

 

1.38

 

 

57

%

Hotels & Motels

 

312,639

 

 

7.98

%

 

1.43

 

 

61

%

  Average Balance Median Balance Commercial Loans

$

458

 

$

100

 

Commercial Real Estate Loans

 

497

 

 

121

 

    CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations, continued (Unaudited) ($ in 000s, except per share data)     Estimated Uninsured Deposits by Deposit Type June 30, 2023 March 31, 2023 December 31, 2022 Noninterest-Bearing Demand Deposits

 

17

%

 

19

%

 

20

%

  Interest-Bearing Deposits Demand Deposits

 

7

%

 

8

%

 

10

%

Savings Deposits

 

11

%

 

11

%

 

14

%

Time Deposits

 

14

%

 

14

%

 

13

%

Total Deposits

 

12

%

 

13

%

 

14

%

  Retail Deposits Noninterest-Bearing

 

3

%

 

4

%

 

5

%

Interest-Bearing

 

10

%

 

11

%

 

11

%

Total Retail Deposits

 

9

%

 

9

%

 

10

%

  Commercial Deposits Noninterest-Bearing Deposits

 

29

%

 

31

%

 

32

%

Interest-Bearing Deposits

 

11

%

 

13

%

 

16

%

Total Commercial Deposits

 

21

%

 

23

%

 

26

%

    The amounts listed above represent management's best estimate as of the respective period shown.     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  

2023 YTD*

 

16,226

 

 

2,989

 

 

1.2

%

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

%

2016

 

28,650

 

 

2,820

 

 

1.5

%

    * - 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).

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230721005652/en/

David L. Bumgarner, Executive Vice President and Chief Financial Officer (304) 769-1169