City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.3
billion bank holding company headquartered in Charleston, West
Virginia, today announced quarterly net income of $29.1 million and
diluted earnings of $1.96 per share for the quarter ended June 30,
2024. For the second quarter of 2024, the Company achieved a return
on assets of 1.85% and a return on tangible equity of 22.2%.
Net Interest Income
The Company’s net interest income increased approximately $0.2
million, or 0.4%, from $54.4 million during the first quarter of
2024 to $54.6 million during the second quarter of 2024. The
Company’s tax equivalent net interest income increased $0.2
million, or 0.4%, from $54.6 million for the first quarter of 2024
to $54.8 million for the second quarter of 2024. Due to an increase
in average investment balances ($99.9 million) and an increase in
the yield on investments (26 basis points), net interest income
increased $1.0 million and $0.9 million respectively. Additionally,
an increase in the average balance of deposits in depository
institutions ($23.9 million) increased net interest income by $0.3
million and an increase in the yield on loans (2 basis points)
increased net interest income by $0.2 million. These increases were
largely offset by an increase in the cost of interest bearing
liabilities (16 basis points) and an increase in the average
balance of interest bearing liabilities ($118.6 million) which
lowered net interest income by $1.5 million and $0.8 million
respectively. The Company’s reported net interest margin decreased
from 3.95% for the first quarter of 2024 to 3.87% for the second
quarter of 2024.
Credit Quality
The Company’s ratio of nonperforming assets to total loans and
other real estate owned decreased from 0.28%, or $11.5 million, at
March 31, 2024 to 0.25%, or $10.2 million, at June 30, 2024. Total
past due loans increased from $6.7 million, or 0.16% of total loans
outstanding, at March 31, 2024, to $10.9 million, or 0.26% of total
loans outstanding at June 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 $0.5 million in the second quarter
of 2024, compared to a provision for credit losses of $0.4 million
for the comparable period in 2023, and a recovery of credit losses
of $0.2 million for the first quarter of 2024. The provision for
credit losses in the second quarter was primarily due to an
increase in the loss rate for residential real estate loans.
Non-interest Income
Non-interest income was $18.9 million during the quarter ended
June 30, 2024, as compared to $20.3 million during the quarter
ended June 30, 2023. During the second quarter of 2024, the Company
reported $0.4 million of unrealized fair value gains on the
Company’s equity securities as compared to $0.3 million of
unrealized fair value losses on the Company’s equity securities
during the second quarter of 2023.
Exclusive of these items, non-interest income decreased $2.0
million, or 9.9%, from $20.6 million for the second quarter of 2023
to $18.6 million for the second quarter of 2024. This decrease was
largely attributable to a decrease of $2.4 million in bank owned
life insurance due to lower death benefit proceeds. This decrease
was partially offset by an increase of $0.4 million, or 18.1%, in
trust and investment management fee income.
Non-interest Expenses
Non-interest expenses increased $2.0 million, or 5.8%, from
$34.8 million in the second quarter of 2023 to $36.8 million in the
second quarter of 2024. This increase was largely due to an
increase in other expenses of $0.9 million and bankcard expenses of
$0.6 million. In addition, salaries and employee benefits increased
$0.3 million, and equipment and software related expenses increased
$0.2 million.
Balance Sheet Trends
Loans increased $21.1 million (0.5%) from March 31, 2024 to
$4.11 billion at June 30, 2024. Residential real estate loans
increased $10.5 million (0.6%), home equity loans increased $8.3
million (4.9%), and commercial real estate loans increased $2.7
million (0.2%).
Period-end deposit balances increased $11.5 million from March
31, 2024, to June 30, 2024. Total average depository balances
increased $101.7 million, or 2.1%, from the quarter ended March 31,
2024 to the quarter ended June 30, 2024. Average time deposits
increased $52.0 million, average interest-bearing demand deposits
increased $36.5 million, and average noninterest bearing deposits
increased $19.1 million. These increases were partially offset by a
decrease of $5.9 million in average savings deposits.
Income Tax Expense
The Company’s effective income tax rate for the second quarter
of 2024 was 19.7% compared to 20.1% for the year ended December 31,
2023, and 19.4%, for the quarter ended June 30, 2023.
Capitalization and Liquidity
The Company’s gross loan to deposit ratio was 81.2% and its
gross loan to asset ratio was 64.9% at June 30, 2024. The Company
maintained investment securities totaling 23.5% of assets as of the
same date. The Company’s deposit mix is weighted heavily toward
checking and saving accounts, which fund 61.8% of assets at June
30, 2024. Time deposits fund 18.1% of assets at June 30, 2024, with
only 13.9% 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 June 30, 2024, City National had the capacity to
borrow an additional $1.6 billion from these existing borrowing
facilities. In addition, approximately $710 million of City
National’s investment securities were pledged to collateralize
customer repurchase agreements and various deposit accounts,
leaving approximately $780 million of City National’s investment
securities unpledged at June 30, 2024.
The Company continues to be strongly capitalized with tangible
equity of $526 million at June 30, 2024. The Company’s tangible
equity ratio decreased slightly from 8.6% at December 31, 2023 to
8.5% at June 30, 2024. At June 30, 2024, City National’s Leverage
Ratio was 9.7%, its Common Equity Tier I ratio was 15.2%, its Tier
I Capital ratio was 15.2%, and its Total Risk-Based Capital ratio
was 15.7%. These regulatory capital ratios are significantly above
levels required to be considered “well capitalized,” which is the
highest possible regulatory designation.
On May 29, 2024, the Board of Directors of the Company approved
a quarterly cash dividend of $0.715 per share payable July 31,
2024, to shareholders of record as of July 15, 2024. During the
quarter ended June 30, 2024, the Company repurchased 142,000 common
shares at a weighted average price of $100.24 per share as part of
a one million share repurchase plan authorized by the Board of
Directors in January 2024. As of June 30, 2024, the Company could
repurchase 821,000 additional shares under the current program.
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 June 30, 2024 Form 10-Q. The
Company will continue to evaluate the impact of any subsequent
events on the preliminary June 30, 2024 results and will adjust the
amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES Financial
Highlights (Unaudited)
Three Months Ended
Six Months Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
June 30, 2024
June 30, 2023
Earnings
Net Interest Income (fully
taxable equivalent)
$
54,847
$
54,647
$
54,889
$
55,855
$
55,757
$
109,495
$
109,524
Net Income available to common
shareholders
29,115
29,523
27,452
29,839
32,733
58,638
57,074
Per Share Data
Earnings per share available to
common shareholders:
Basic
$
1.96
$
1.98
$
1.84
$
1.98
$
2.16
$
3.95
$
3.80
Diluted
1.96
1.97
1.84
1.98
2.16
3.94
3.79
Weighted average number of shares
(in thousands):
Basic
14,695
14,795
14,758
14,922
14,994
14,721
14,897
Diluted
14,710
14,819
14,785
14,945
15,012
14,740
14,919
Period-end number of shares (in
thousands)
14,701
14,825
14,832
14,901
15,007
14,701
15,007
Cash dividends declared
$
0.72
$
0.72
$
0.72
$
0.72
$
0.65
$
1.43
$
1.30
Book value per share
(period-end)
$
46.71
$
46.02
$
45.65
$
40.94
$
42.39
$
46.71
$
42.39
Tangible book value per share
(period-end)
35.75
35.10
34.69
29.98
31.50
35.75
31.50
Market data:
High closing price
$
106.43
$
111.40
$
115.77
$
99.49
$
97.92
$
111.40
$
100.27
Low closing price
98.35
99.28
87.43
87.51
83.57
98.35
83.57
Period-end closing price
106.25
104.22
110.26
90.35
89.99
106.25
89.99
Average daily volume (in
thousands)
57
63
62
62
80
60
82
Treasury share activity:
Treasury shares repurchased (in
thousands)
142
36
70
109
269
179
488
Average treasury share repurchase
price
$
100.24
$
100.24
$
90.61
$
89.33
$
88.93
$
100.24
$
90.35
Key Ratios (percent)
Return on average assets
1.85
%
1.92
%
1.78
%
1.94
%
2.12
%
1.89
%
1.89
%
Return on average tangible
equity
22.2
%
22.7
%
23.5
%
24.1
%
27.4
%
22.4
%
23.7
%
Yield on interest earning
assets
5.38
%
5.33
%
5.23
%
5.08
%
4.87
%
5.36
%
4.76
%
Cost of interest bearing
liabilities
2.06
%
1.90
%
1.70
%
1.46
%
1.22
%
1.98
%
1.05
%
Net Interest Margin
3.87
%
3.95
%
3.98
%
4.03
%
4.00
%
3.91
%
4.02
%
Non-interest income as a percent
of total revenue
25.3
%
25.0
%
25.6
%
24.6
%
27.1
%
25.3
%
26.0
%
Efficiency Ratio
49.3
%
48.5
%
47.4
%
46.4
%
44.6
%
48.9
%
45.2
%
Price/Earnings Ratio (a)
13.53
13.17
14.95
11.40
10.40
13.46
11.85
Capital (period-end)
Average Shareholders' Equity to
Average Assets
10.90
%
11.09
%
10.27
%
10.73
%
10.38
%
Tangible equity to tangible
assets
8.50
%
8.46
%
8.57
%
7.55
%
7.90
%
Consolidated City Holding Company
risk based capital ratios (b):
CET I
16.10
%
16.15
%
15.70
%
15.36
%
15.47
%
Tier I
16.10
%
16.15
%
15.70
%
15.36
%
15.47
%
Total
16.64
%
16.69
%
16.23
%
15.89
%
16.01
%
Leverage
10.30
%
10.45
%
10.23
%
10.05
%
9.80
%
City National Bank risk based
capital ratios (b):
CET I
15.17
%
14.60
%
13.79
%
14.73
%
14.82
%
Tier I
15.17
%
14.60
%
13.79
%
14.73
%
14.82
%
Total
15.72
%
15.14
%
14.32
%
15.27
%
15.36
%
Leverage
9.68
%
9.42
%
8.94
%
9.61
%
9.36
%
Other (period-end)
Branches
97
97
98
99
99
FTE
948
953
957
966
963
Assets per FTE (in thousands)
$
6,689
$
6,625
$
6,447
$
6,291
$
6,383
Deposits per FTE (in
thousands)
5,345
5,304
5,157
5,120
5,208
(a) The price/earnings ratio is computed based on
annualized quarterly earnings. (b) June 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
Six Months Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
June 30, 2024
June 30, 2023
Interest Income Interest and fees on loans
$
59,285
$
59,128
$
57,755
$
55,582
$
52,352
$
118,413
$
99,356
Interest on investment securities: Taxable
13,947
12,040
12,336
12,432
11,794
25,987
23,567
Tax-exempt
838
830
832
910
950
1,668
2,112
Interest on deposits in depository institutions
1,920
1,570
941
1,265
2,585
3,490
4,176
Total Interest Income
75,990
73,568
71,864
70,189
67,681
149,558
129,211
Interest Expense Interest on deposits
15,897
14,097
12,479
10,551
8,567
29,994
14,257
Interest on short-term borrowings
3,900
3,621
3,693
2,990
2,963
7,521
5,344
Interest on FHLB long-term advances
1,568
1,423
1,026
1,034
649
2,991
649
Total Interest Expense
21,365
19,141
17,198
14,575
12,179
40,506
20,250
Net Interest Income
54,625
54,427
54,666
55,614
55,502
109,052
108,961
Provision for (Recovery of) credit losses
500
(180
)
(300
)
200
425
320
3,343
Net Interest Income After Provision for (Recovery of) Credit
Losses
54,125
54,607
54,966
55,414
55,077
108,732
105,618
Non-Interest Income Net (losses) gains on sale of
investment securities
-
(1
)
(4,951
)
(730
)
-
(1
)
773
Unrealized gains (losses) recognized on equity securities still
held
364
(152
)
365
-
(294
)
212
67
Service charges
6,980
7,035
7,158
7,124
6,906
14,015
13,469
Bankcard revenue
7,245
6,800
7,109
7,058
7,190
14,045
13,793
Trust and investment management fee income
2,762
2,623
2,563
2,409
2,339
5,385
4,591
Bank owned life insurance
775
927
1,218
807
3,208
1,702
4,012
Other income
785
716
774
742
952
1,501
2,278
Total Non-Interest Income
18,911
17,948
14,236
17,410
20,301
36,859
38,983
Non-Interest Expense Salaries and employee benefits
18,751
18,878
18,772
18,289
18,429
37,629
36,102
Occupancy related expense
2,856
2,840
2,917
2,950
2,811
5,696
5,451
Equipment and software related expense
3,130
2,929
2,824
2,830
2,883
6,059
5,975
FDIC insurance expense
718
711
868
919
690
1,429
1,135
Advertising
972
867
588
790
974
1,839
1,734
Bankcard expenses
2,290
2,039
2,014
2,188
1,736
4,329
3,245
Postage, delivery, and statement mailings
714
666
615
668
596
1,380
1,243
Office supplies
432
453
477
457
591
885
1,011
Legal and professional fees
551
482
478
529
558
1,033
1,028
Telecommunications
624
600
614
568
623
1,224
1,229
Repossessed asset losses (gains), net of expenses
6
229
(50
)
40
22
235
38
Other expenses
5,728
5,206
4,992
4,800
4,848
10,934
15,193
Total Non-Interest Expense
36,772
35,900
35,109
35,028
34,761
72,672
73,384
Income Before Income Taxes
36,264
36,655
34,093
37,796
40,617
72,919
71,217
Income tax expense
7,149
7,132
6,641
7,957
7,884
14,281
14,143
Net Income Available to Common Shareholders
$
29,115
$
29,523
$
27,452
$
29,839
$
32,733
$
58,638
$
57,074
Distributed earnings allocated to common shareholders
$
10,418
$
10,505
$
10,508
$
10,554
$
9,668
$
20,835
$
19,336
Undistributed earnings allocated to common shareholders
18,439
18,757
16,696
19,004
22,774
37,284
37,233
Net earnings allocated to common shareholders
$
28,857
$
29,262
$
27,204
$
29,558
$
32,442
$
58,119
$
56,569
Average common shares outstanding
14,695
14,795
14,758
14,922
14,994
14,721
14,897
Shares for diluted earnings per share
14,710
14,819
14,785
14,945
15,012
14,740
14,919
Basic earnings per common share
$
1.96
$
1.98
$
1.84
$
1.98
$
2.16
$
3.95
$
3.80
Diluted earnings per common share
$
1.96
$
1.97
$
1.84
$
1.98
$
2.16
$
3.94
$
3.79
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated
Balance Sheets ($ in 000s)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Assets Cash and due from banks
$
141,168
$
121,853
$
123,033
$
67,402
$
69,622
Interest-bearing deposits in depository institutions
76,818
196,829
33,243
43,314
161,659
Cash and cash equivalents
217,986
318,682
156,276
110,716
231,281
Investment securities available-for-sale, at fair value
1,456,685
1,347,657
1,338,137
1,358,219
1,419,933
Other securities
31,237
30,681
30,966
29,022
29,262
Total investment securities
1,487,922
1,378,338
1,369,103
1,387,241
1,449,195
Gross loans
4,112,873
4,091,788
4,125,923
4,007,482
3,922,142
Allowance for credit losses
(22,688
)
(22,310
)
(22,745
)
(23,128
)
(22,751
)
Net loans
4,090,185
4,069,478
4,103,178
3,984,354
3,899,391
Bank owned life insurance
119,650
118,875
118,122
117,979
117,173
Premises and equipment, net
71,041
71,623
72,146
72,682
73,118
Accrued interest receivable
21,826
21,759
20,290
19,223
17,973
Net deferred tax assets
43,602
43,969
42,216
58,811
46,944
Goodwill and intangible assets
161,236
161,832
162,568
163,461
163,426
Other assets
127,947
129,627
124,153
161,659
148,333
Total Assets
$
6,341,395
$
6,314,183
$
6,168,052
$
6,076,126
$
6,146,834
Liabilities Deposits: Noninterest-bearing
$
1,354,660
$
1,359,072
$
1,342,804
$
1,333,474
$
1,373,106
Interest-bearing: Demand deposits
1,333,169
1,330,268
1,291,011
1,319,783
1,337,445
Savings deposits
1,233,834
1,266,211
1,259,457
1,282,642
1,343,571
Time deposits
1,145,617
1,100,250
1,040,990
1,009,235
960,941
Total deposits
5,067,280
5,055,801
4,934,262
4,945,134
5,015,063
Short-term borrowings FHLB short-term advances
-
-
25,000
-
-
Customer repurchase agreements
322,668
304,941
309,856
278,671
271,714
FHLB long-term advances
150,000
150,000
100,000
100,000
100,000
Other liabilities
114,707
121,210
121,868
142,187
123,865
Total Liabilities
5,654,655
5,631,952
5,490,986
5,465,992
5,510,642
Stockholders' Equity Preferred stock
-
-
-
-
-
Common stock
47,619
47,619
47,619
47,619
47,619
Capital surplus
174,834
175,747
177,424
177,113
176,746
Retained earnings
817,549
799,024
780,299
763,425
744,248
Cost of common stock in treasury
(230,944
)
(218,555
)
(217,737
)
(211,430
)
(201,973
)
Accumulated other comprehensive loss: Unrealized loss on securities
available-for-sale
(119,737
)
(119,023
)
(107,958
)
(163,171
)
(127,026
)
Underfunded pension liability
(2,581
)
(2,581
)
(2,581
)
(3,422
)
(3,422
)
Total Accumulated Other Comprehensive Loss
(122,318
)
(121,604
)
(110,539
)
(166,593
)
(130,448
)
Total Stockholders' Equity
686,740
682,231
677,066
610,134
636,192
Total Liabilities and Stockholders' Equity
$
6,341,395
$
6,314,183
$
6,168,052
$
6,076,126
$
6,146,834
Regulatory Capital Total CET 1 capital
$
650,108
$
644,235
$
627,579
$
615,798
$
605,661
Total tier 1 capital
650,108
644,235
627,579
615,798
605,661
Total risk-based capital
671,959
665,707
648,646
637,245
626,730
Total risk-weighted assets
4,037,614
3,989,171
3,996,688
4,009,798
3,913,870
CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio
(Unaudited) ($ in 000s)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Commercial and industrial
$
408,312
$
407,770
$
426,950
$
424,647
$
417,847
1-4 Family
195,992
202,378
206,237
197,081
184,919
Hotels
370,954
354,929
357,142
321,236
324,745
Multi-family
190,390
186,555
189,165
192,329
191,483
Non Residential Non-Owner Occupied
668,330
682,609
680,590
651,498
612,703
Non Residential Owner Occupied
235,993
232,440
240,328
222,544
222,852
Commercial real estate (1)
1,661,659
1,658,911
1,673,462
1,584,688
1,536,702
Residential real estate (2)
1,797,260
1,786,764
1,788,150
1,768,358
1,746,618
Home equity
179,607
171,292
167,201
159,630
151,012
Consumer
62,352
63,556
65,246
65,586
65,201
DDA overdrafts
3,683
3,495
4,914
4,573
4,762
Gross Loans
$
4,112,873
$
4,091,788
$
4,125,923
$
4,007,482
$
3,922,142
Construction loans included in: (1) - Commercial real estate
loans
$
2,233
$
6,651
$
2,459
$
2,533
$
3,361
(2) - Residential real estate loans
9,766
19,709
23,066
20,056
20,470
CITY HOLDING COMPANY AND SUBSIDIARIES Asset
Quality Information (Unaudited) ($ in 000s)
Three Months Ended
Six Months Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
June 30, 2024
June 30, 2023
Allowance for Credit Losses Balance at beginning of period
$
22,310
$
22,745
$
23,128
$
22,751
$
22,724
$
22,745
$
17,108
Charge-offs: Commercial and industrial
(61
)
(306
)
(84
)
-
(69
)
(367
)
(69
)
Commercial real estate
(40
)
(31
)
(5
)
(256
)
(117
)
(71
)
(120
)
Residential real estate
(286
)
(19
)
(68
)
(88
)
(20
)
(305
)
(52
)
Home equity
(121
)
(27
)
(21
)
(112
)
(200
)
(148
)
(267
)
Consumer
(20
)
(115
)
(6
)
(10
)
(109
)
(135
)
(171
)
DDA overdrafts
(373
)
(356
)
(416
)
(422
)
(357
)
(729
)
(807
)
Total charge-offs
(901
)
(854
)
(600
)
(888
)
(872
)
(1,755
)
(1,486
)
Recoveries: Commercial and industrial
38
25
70
597
86
63
169
Commercial real estate
165
11
17
74
28
176
186
Residential real estate
179
49
4
28
5
228
15
Home equity
38
9
13
18
12
47
16
Consumer
24
98
45
27
28
122
51
DDA overdrafts
335
407
368
321
315
742
713
Total recoveries
779
599
517
1,065
474
1,378
1,150
Net (charge-offs) recoveries
(122
)
(255
)
(83
)
177
(398
)
(377
)
(336
)
Provision for (recovery of) credit losses
500
(180
)
(300
)
200
425
320
3,343
PCD Loan Reserves
-
-
-
-
-
-
2,811
Adoption of ASU 2022-02
-
-
-
-
-
-
(175
)
Balance at end of period
$
22,688
$
22,310
$
22,745
$
23,128
$
22,751
$
22,688
$
22,751
Loans outstanding
$
4,112,873
$
4,091,788
$
4,125,923
$
4,007,482
$
3,922,142
Allowance as a percent of loans outstanding
0.55
%
0.55
%
0.55
%
0.58
%
0.58
%
Allowance as a percent of non-performing loans
236.8
%
206.8
%
290.6
%
440.1
%
405.5
%
Average loans outstanding
$
4,092,464
$
4,092,529
$
4,045,889
$
3,956,871
$
3,896,284
$
4,092,497
$
3,798,781
Net charge-offs (recoveries) (annualized) as a percent of average
loans outstanding
0.01
%
0.02
%
0.01
%
(0.02
)%
0.04
%
0.02
%
0.02
%
CITY HOLDING COMPANY AND SUBSIDIARIES Asset
Quality Information, continued (Unaudited) ($ in 000s)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Nonaccrual Loans Residential real estate
$
3,214
$
3,452
$
2,849
$
2,839
$
2,774
Home equity
63
121
111
75
24
Commercial and industrial
3,135
3,405
2,211
716
741
Commercial real estate
3,118
3,807
2,387
1,355
1,821
Consumer
-
1
-
1
36
Total nonaccrual loans
9,530
10,786
7,558
4,986
5,396
Accruing loans past due 90 days or more
50
-
270
269
215
Total non-performing loans
9,580
10,786
7,828
5,255
5,611
Other real estate owned
629
752
731
720
874
Total non-performing assets
$
10,209
$
11,538
$
8,559
$
5,975
$
6,485
Non-performing assets as a percent of loans and other real
estate owned
0.25
%
0.28
%
0.21
%
0.15
%
0.17
%
Past Due Loans Residential real estate
$
7,991
$
5,035
$
8,059
$
6,247
$
5,884
Home equity
819
1,028
1,235
1,278
784
Commercial and industrial
1,087
26
435
568
142
Commercial real estate
565
138
715
1,478
238
Consumer
97
75
129
84
57
DDA overdrafts
327
406
364
398
341
Total past due loans
$
10,886
$
6,708
$
10,937
$
10,053
$
7,446
Total past due loans as a percent of loans outstanding
0.26
%
0.16
%
0.27
%
0.25
%
0.19
%
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated
Average Balance Sheets, Yields, and Rates (Unaudited) ($ in
000s)
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets: Loan portfolio (1): Residential real estate
(2)
$
1,969,769
$
24,763
5.06
%
$
1,953,647
$
24,148
4.97
%
$
1,894,269
$
21,702
4.60
%
Commercial, financial, and agriculture (2)
2,055,263
33,524
6.56
%
2,070,054
33,980
6.60
%
1,933,238
29,754
6.17
%
Installment loans to individuals (2), (3)
67,432
998
5.95
%
68,828
999
5.84
%
68,777
898
5.24
%
Total loans
4,092,464
59,285
5.83
%
4,092,529
59,127
5.81
%
3,896,284
52,354
5.39
%
Securities: Taxable
1,302,197
13,947
4.31
%
1,200,310
12,040
4.03
%
1,301,063
11,794
3.64
%
Tax-exempt (4)
158,894
1,060
2.68
%
160,847
1,051
2.63
%
174,410
1,203
2.77
%
Total securities
1,461,091
15,007
4.13
%
1,361,157
13,091
3.87
%
1,475,473
12,997
3.53
%
Deposits in depository institutions
139,852
1,920
5.52
%
115,953
1,570
5.45
%
223,671
2,585
4.64
%
Total interest-earning assets
5,693,407
76,212
5.38
%
5,569,639
73,788
5.33
%
5,595,428
67,936
4.87
%
Cash and due from banks
103,004
98,966
72,342
Premises and equipment, net
71,491
71,954
73,450
Goodwill and intangible assets
161,607
162,257
163,847
Other assets
316,440
306,278
313,925
Less: Allowance for credit losses
(22,694
)
(23,142
)
(23,046
)
Total assets
$
6,323,255
$
6,185,952
$
6,195,946
Liabilities: Interest-bearing demand deposits
$
1,320,402
$
3,845
1.17
%
$
1,283,868
$
3,439
1.08
%
$
1,328,520
$
2,773
0.84
%
Savings deposits
1,248,330
2,232
0.72
%
1,254,253
2,273
0.73
%
1,365,894
1,942
0.57
%
Time deposits (2)
1,125,036
9,820
3.51
%
1,073,083
8,385
3.14
%
962,299
3,852
1.61
%
Short-term borrowings
336,434
3,900
4.66
%
313,623
3,621
4.64
%
294,255
2,963
4.04
%
FHLB long-term advances
150,000
1,568
4.20
%
136,813
1,423
4.18
%
65,934
649
3.95
%
Total interest-bearing liabilities
4,180,202
21,365
2.06
%
4,061,640
19,141
1.90
%
4,016,902
12,179
1.22
%
Noninterest-bearing demand deposits
1,341,642
1,322,540
1,419,771
Other liabilities
112,301
115,589
116,083
Stockholders' equity
689,110
686,183
643,190
Total liabilities and stockholders' equity
$
6,323,255
$
6,185,952
$
6,195,946
Net interest income
$
54,847
$
54,647
$
55,757
Net yield on earning assets
3.87
%
3.95
%
4.00
%
(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
$
60
$
133
$
393
(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
$
72
$
45
$
78
Commercial, financial, and agriculture
683
1,065
709
Installment loans to individuals
6
6
8
Time deposits
21
63
154
$
782
$
1,179
$
949
(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, 2024
June 30, 2023
Average
Yield/
Average
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Assets: Loan portfolio (1): Residential real estate
(2)
$
1,962,337
$
48,912
5.01
%
$
1,869,375
$
41,707
4.50
%
Commercial, financial, and agriculture (2)
2,062,016
67,504
6.58
%
1,866,177
56,001
6.05
%
Installment loans to individuals (2), (3)
68,144
1,997
5.89
%
63,229
1,648
5.26
%
Total loans
4,092,497
118,413
5.82
%
3,798,781
99,356
5.27
%
Securities: Taxable
1,251,253
25,987
4.18
%
1,312,118
23,567
3.62
%
Tax-exempt (4)
159,871
2,111
2.66
%
188,984
2,674
2.85
%
Total securities
1,411,124
28,098
4.00
%
1,501,102
26,241
3.53
%
Deposits in depository institutions
127,902
3,490
5.49
%
192,027
4,176
4.39
%
Total interest-earning assets
5,631,523
150,001
5.36
%
5,491,910
129,773
4.77
%
Cash and due from banks
100,985
70,170
Premises and equipment, net
71,723
72,441
Goodwill and intangible assets
161,932
144,305
Other assets
311,358
320,646
Less: Allowance for credit losses
(22,918
)
(20,608
)
Total assets
$
6,254,603
$
6,078,864
Liabilities: Interest-bearing demand deposits
$
1,302,135
$
7,284
1.12
%
$
1,282,009
$
4,513
0.71
%
Savings deposits
1,251,292
4,505
0.72
%
1,371,077
3,290
0.48
%
Time deposits (2)
1,099,059
18,205
3.33
%
932,606
6,453
1.40
%
Short-term borrowings
325,028
7,521
4.65
%
288,092
5,344
3.74
%
FHLB long-term advances
143,407
2,991
4.19
%
33,149
649
3.95
%
Total interest-bearing liabilities
4,120,921
40,506
1.98
%
3,906,933
20,249
1.05
%
Noninterest-bearing demand deposits
1,332,091
1,420,221
Other liabilities
113,945
122,709
Stockholders' equity
687,646
629,001
Total liabilities and stockholders' equity
$
6,254,603
$
6,078,864
Net interest income
$
109,495
$
109,524
Net yield on earning assets
3.91
%
4.02
%
(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
$
193
$
911
(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
$
118
$
117
Commercial, financial, and agriculture
1,747
855
Installment loans to individuals
12
11
Time deposits
84
164
$
1,961
$
1,147
(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, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
June 30, 2024
June 30, 2023
Net Interest Income/Margin Net interest income ("GAAP")
$
54,625
$
54,427
$
54,666
$
55,614
$
55,502
$
109,052
$
108,961
Taxable equivalent adjustment
222
220
223
243
255
443
563
Net interest income, fully taxable equivalent
$
54,847
$
54,647
$
54,889
$
55,857
$
55,757
$
109,495
$
109,524
Tangible Equity Ratio (period end) Equity to assets
("GAAP")
10.83
%
10.81
%
10.98
%
10.04
%
10.35
%
Effect of goodwill and other intangibles, net
(2.33
)%
(2.35
)%
(2.41
)%
(2.49
)%
(2.45
)%
Tangible common equity to tangible assets
8.50
%
8.46
%
8.57
%
7.55
%
7.90
%
Commercial Loan Information (period end)
Commercial Sector
Total
% of Total Loans
Average DSC
Average LTV
Natural Gas Extraction
$
26,230
1.16
%
3.71
NA
Natural Gas Distribution
12,800
0.57
%
5.46
NA
Masonry Contractors
49,538
2.19
%
1.04
84%
Sheet Metal Work Manufacturing
31,444
1.39
%
1.22
68%
Beer & Ale Merchant Wholesalers
26,894
1.19
%
3.28
NA
Gasoline Stations with Convenience Stores
42,330
1.88
%
4.76
65%
Lessors of Residential Builidings & Dwellings
445,176
19.72
%
1.89
66%
1-4 Family
235,032
10.41
%
2.97
67%
Multi-Family
173,574
7.69
%
1.84
64%
Lessors of Nonresidential Buildings
608,933
26.98
%
1.70
65%
Office Buildings
125,922
5.58
%
1.64
62%
Lessors of Mini-Warehouses & Self-Storage Units
50,941
2.26
%
1.43
61%
Assisted Living Facilities
27,184
1.20
%
1.38
61%
Hotels & Motels
401,096
17.77
%
1.45
63%
Average Balance
Median Balance
Commercial, Financial, and Agriculture Loans
$
449
$
93
Commercial Real Estate Loans
514
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, 2024
March 31, 2024
Noninterest-Bearing Demand Deposits
17
%
16
%
Interest-Bearing Deposits Demand Deposits
13
%
12
%
Savings Deposits
12
%
12
%
Time Deposits
16
%
15
%
Total Deposits
14
%
14
%
The amounts listed above represent management's best
estimate as of the respective period shown of uninsured deposits
(either with balances above $250,000 or not collateralized by
investment securities).
CITY HOLDING COMPANY AND
SUBSIDIARIES Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data) Net Growth
in DDA Accounts Year
New DDA Accounts
Net Number of New
Accounts
Percentage
2024 YTD
16,423
2,849
1.1
%
2023*
31,745
4,768
1.9
%
2022
28,442
4,544
1.9
%
2021
32,800
8,860
3.8
%
2020
30,360
6,740
3.0
%
2019
32,040
3,717
1.7
%
2018*
30,400
4,310
2.2
%
2017
28,525
2,711
1.4
%
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/20240723709938/en/
David L. Bumgarner, Executive Vice President and Chief Financial
Officer (304) 769-1169
Grafico Azioni City (NASDAQ:CHCO)
Storico
Da Mar 2025 a Mar 2025
Grafico Azioni City (NASDAQ:CHCO)
Storico
Da Mar 2024 a Mar 2025
