0000726854false00007268542024-10-242024-10-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): October 24, 2024

a92019chcodivimage1a02.jpg
CITY HOLDING COMPANY
(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-11733

West Virginia55-0619957
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)
 
25 Gatewater Road, Cross Lanes, West Virginia 25313
(Address of Principal Executive Offices, Including Zip Code)
 
304-769-1100
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Stock $2.50 Par ValueCHCONASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

-1-


Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On October 24, 2024, City Holding Company ("the Company") issued a news release, attached as Exhibit 99.1, announcing the Company's earnings results for the third quarter ended September 30, 2024. Furnished as Exhibit 99.1 and incorporated herein by reference is the news release issued by the Company.


Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits
News Release issued October 24, 2024


Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

Dated: October 24, 2024
City Holding Company
By:/s/ David L. Bumgarner
David L. Bumgarner
Executive Vice President & Chief Financial Officer

-2-








NEWS RELEASE

For Immediate Release
October 24, 2024

For Further Information Contact:
David L. Bumgarner, Executive Vice President and Chief Financial Officer
(304) 769-1169
City Holding Company Announces Quarterly Results

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

Net Interest Income

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

Credit Quality

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

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a provision for credit losses of $1.2 million in the third quarter of 2024, compared to a provision for credit losses of $0.2 million for the comparable period in 2023, and a provision for credit losses of $0.5 million for the second quarter of 2024. The provision for credit losses in the third quarter was primarily related to a commercial loan for a movie theater that had been originated in September 2014. The loan had paid according to terms but cash flows began deteriorating during the COVID-19 crisis which began in 2020. Due to further operating weaknesses during 2024, the loan was transferred to


nonaccrual status and a $2.0 million charge-off was recorded in the quarter ending September 30, 2024, leaving an outstanding balance of approximately $6.7 million. The Company has only one other loan to a movie theater and the outstanding balance of that performing loan is under $5.0 million. This charge-off was partially offset by a $0.75 million reversal of a reserve on a purchase credit deteriorated loan that was paid off in full during the quarter ended September 30, 2024.

Non-interest Income

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

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

Non-interest Expenses

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

Balance Sheet Trends

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

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

Income Tax Expense

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

Capitalization and Liquidity

The Company’s gross loan to deposit ratio was 81.5% and its gross loan to asset ratio was 64.6% at September 30, 2024. The Company maintained investment securities totaling 23.2% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 60.6% of assets at September 30, 2024. Time deposits fund 18.7% of assets at September 30, 2024,


with only 14.4% of time deposits having balances of more than $250,000, reflecting the core retail orientation of the Company.

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

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

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

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

Forward-Looking Information

This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking


statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its September 30, 2024 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary September 30, 2024 results and will adjust the amounts if necessary.




CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2024202420242023202320242023
Earnings
Net Interest Income (fully taxable equivalent)$55,823 $54,847 $54,647 $54,889 $55,855 $165,318 $165,379 
Net Income available to common shareholders29,809 29,115 29,523 27,452 29,839 88,447 86,913 
Per Share Data
Earnings per share available to common shareholders:
   Basic$2.02 $1.96 $1.98 $1.84 $1.98 $5.96 $5.78 
   Diluted2.02 1.96 1.97 1.84 1.98 5.96 5.77 
Weighted average number of shares (in thousands):
   Basic14,633 14,695 14,795 14,758 14,922 14,691 14,906 
   Diluted14,654 14,710 14,819 14,785 14,945 14,711 14,928 
Period-end number of shares (in thousands)14,702 14,701 14,825 14,832 14,901 14,702 14,901 
Cash dividends declared$0.79 $0.72 $0.72 $0.72 $0.72 $2.22 $2.02 
Book value per share (period-end)50.42 46.71 46.02 45.65 40.94 50.42 40.94 
Tangible book value per share (period-end)39.49 35.75 35.10 34.69 29.98 39.49 29.98 
Market data:
   High closing price$123.29 $106.43 $111.40 $115.77 $99.49 $123.29 $100.27 
   Low closing price104.53 98.35 99.28 87.43 87.51 98.35 83.57 
   Period-end closing price117.39 106.25 104.22 110.26 90.35 117.39 90.35 
   Average daily volume (in
   thousands)		56 57 63 62 62 59 76 
Treasury share activity:
      Treasury shares repurchased
     (in thousands)		— 142 36 70 109 179 597 
      Average treasury share repurchase price
$— $100.24 $100.24 $90.61 $89.33 $100.24 $90.16 


Key Ratios (percent)
Return on average assets1.87 %1.85 %1.92 %1.78 %1.94 %1.88 %1.91 %
Return on average tangible equity20.9 %22.2 %22.7 %23.5 %24.1 %21.9 %23.9 %
Yield on interest earning assets5.43 %5.38 %5.33 %5.23 %5.08 %5.38 %4.87 %
Cost of interest bearing liabilities2.13 %2.06 %1.90 %1.70 %1.46 %2.03 %1.18 %
Net Interest Margin3.87 %3.87 %3.95 %3.98 %4.03 %3.90 %4.02 %
Non-interest income as a percent of total revenue26.5 %25.3 %25.0 %25.6 %24.6 %25.8 %25.5 %
Efficiency Ratio48.8 %49.3 %48.5 %47.4 %46.4 %48.9 %45.6 %
Price/Earnings Ratio (a)14.54 13.53 13.17 14.95 11.40 14.76 11.73 
Capital (period-end)
Average Shareholders' Equity to Average Assets11.45 %10.90 %11.09 %10.27 %10.73 %
Tangible equity to tangible assets9.26 %8.50 %8.46 %8.57 %7.55 %
Consolidated City Holding Company risk based capital ratios (b):
   CET I16.64 %16.10 %16.15 %15.70 %15.36 %
   Tier I16.64 %16.10 %16.15 %15.70 %15.36 %
   Total17.17 %16.64 %16.69 %16.23 %15.89 %
   Leverage10.59 %10.30 %10.45 %10.23 %10.05 %
City National Bank risk based capital ratios (b):
   CET I16.00 %15.17 %14.60 %13.79 %14.73 %
   Tier I16.00 %15.17 %14.60 %13.79 %14.73 %
   Total16.52 %15.72 %15.14 %14.32 %15.27 %
   Leverage10.17 %9.68 %9.42 %8.94 %9.61 %
Other (period-end)
Branches97 97 97 98 99 
FTE940 948 953 957 966 
   Assets per FTE (in thousands)$6,845 $6,689 $6,625 $6,447 $6,291 
   Deposits per FTE (in thousands)5,428 5,345 5,304 5,157 5,120 
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) September 30, 2024 risk-based capital ratios are estimated.




CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2024202420242023202320242023
Interest Income
   Interest and fees on loans$61,407 $59,285 $59,128 $57,755 $55,582 $179,820 $154,939 
   Interest on investment securities:
     Taxable14,403 13,947 12,040 12,336 12,432 40,390 35,999 
     Tax-exempt824 838 830 832 910 2,492 3,022 
   Interest on deposits in depository institutions
1,417 1,920 1,570 941 1,265 4,907 5,440 
Total Interest Income78,051 75,990 73,568 71,864 70,189 227,609 199,400 
Interest Expense
   Interest on deposits17,072 15,897 14,097 12,479 10,551 47,066 24,808 
   Interest on short-term borrowings
3,788 3,900 3,621 3,693 2,990 11,309 8,334 
Interest on FHLB long-term advances
1,586 1,568 1,423 1,026 1,034 4,577 1,683 
Total Interest Expense22,446 21,365 19,141 17,198 14,575 62,952 34,825 
Net Interest Income55,605 54,625 54,427 54,666 55,614 164,657 164,575 
Provision for (recovery of) credit losses1,200 500 (180)(300)200 1,520 3,543 
Net Interest Income After Provision for (Recovery of) Credit Losses54,405 54,125 54,607 54,966 55,414 163,137 161,032 
Non-Interest Income
Net (losses) gains on sale of investment securities(12)— (1)(4,951)(730)(13)43 
Unrealized gains (losses) recognized on securities still held353 364 (152)365 — 565 67 
   Service charges7,531 6,980 7,035 7,158 7,124 21,546 20,593 
   Bankcard revenue7,346 7,245 6,800 7,109 7,058 21,391 20,851 
   Trust and investment management fee income
2,923 2,762 2,623 2,563 2,409 8,308 7,000 
   Bank owned life insurance1,435 775 927 1,218 807 3,137 4,819 
   Other income772 785 716 774 742 2,273 3,020 
Total Non-Interest Income20,348 18,911 17,948 14,236 17,410 57,207 56,393 
Non-Interest Expense
   Salaries and employee benefits19,245 18,751 18,878 18,772 18,289 56,874 54,391 
   Occupancy related expense2,774 2,856 2,840 2,917 2,950 8,470 8,401 
   Equipment and software related expense
3,431 3,130 2,929 2,824 2,830 9,490 8,805 
   FDIC insurance expense734 718 711 868 919 2,163 2,054 
   Advertising1,081 972 867 588 790 2,920 2,524 


   Bankcard expenses2,271 2,290 2,039 2,014 2,188 6,600 5,433 
   Postage, delivery, and statement mailings
666 714 666 615 668 2,046 1,911 
   Office supplies480 432 453 477 457 1,365 1,468 
   Legal and professional fees500 551 482 478 529 1,533 1,557 
   Telecommunications578 624 600 614 568 1,802 1,797 
   Repossessed asset losses (gains), net of expenses21 6 229 (50)40 256 78 
   Other expenses5,857 5,728 5,206 4,992 4,800 16,791 19,993 
Total Non-Interest Expense37,638 36,772 35,900 35,109 35,028 110,310 108,412 
Income Before Income Taxes37,115 36,264 36,655 34,093 37,796 110,034 109,013 
   Income tax expense7,306 7,149 7,132 6,641 7,957 21,587 22,100 
Net Income Available to Common Shareholders$29,809 $29,115 $29,523 $27,452 $29,839 $88,447 $86,913 
Distributed earnings allocated to common shareholders$11,506 $10,418 $10,505 $10,508 $10,554 $32,333 $29,744 
Undistributed earnings allocated to common shareholders18,025 18,439 18,757 16,696 19,004 55,291 56,356 
Net earnings allocated to common shareholders$29,531 $28,857 $29,262 $27,204 $29,558 $87,624 $86,100 
Average common shares outstanding14,633 14,695 14,795 14,758 14,922 14,691 14,906 
Shares for diluted earnings per share14,654 14,710 14,819 14,785 14,945 14,711 14,928 
Basic earnings per common share$2.02 $1.96 $1.98 $1.84 $1.98 $5.96 $5.78 
Diluted earnings per common share$2.02 $1.96 $1.97 $1.84 $1.98 $5.96 $5.77 



CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
September 30,June 30,March 31,December 31,September 30,
20242024202420232023
Assets
Cash and due from banks$161,333 $141,168 $121,853 $123,033 $67,402 
Interest-bearing deposits in depository institutions132,616 76,818 196,829 33,243 43,314 
Cash and cash equivalents293,949 217,986 318,682 156,276 110,716 
Investment securities available-for-sale, at fair value1,462,795 1,456,685 1,347,657 1,338,137 1,358,219 
Other securities30,859 31,237 30,681 30,966 29,022 
Total investment securities1,493,654 1,487,922 1,378,338 1,369,103 1,387,241 
Gross loans4,157,830 4,112,873 4,091,788 4,125,923 4,007,482 
Allowance for credit losses(21,832)(22,688)(22,310)(22,745)(23,128)
Net loans4,135,998 4,090,185 4,069,478 4,103,178 3,984,354 
Bank owned life insurance120,061 119,650 118,875 118,122 117,979 
Premises and equipment, net70,651 71,041 71,623 72,146 72,682 
Accrued interest receivable21,785 21,826 21,759 20,290 19,223 
Net deferred tax assets33,497 43,602 43,969 42,216 58,811 
Intangible assets160,640 161,236 161,832 162,568 163,461 
Other assets104,079 127,947 129,627 124,153 161,659 
Total Assets$6,434,314 $6,341,395 $6,314,183 $6,168,052 $6,076,126 
Liabilities
Deposits:
   Noninterest-bearing$1,339,538 $1,354,660 $1,359,072 $1,342,804 $1,333,474 
   Interest-bearing:
   Demand deposits1,351,239 1,333,169 1,330,268 1,291,011 1,319,783 
   Savings deposits1,208,828 1,233,834 1,266,211 1,259,457 1,282,642 
   Time deposits1,203,046 1,145,617 1,100,250 1,040,990 1,009,235 
Total deposits5,102,651 5,067,280 5,055,801 4,934,262 4,945,134 
Short-term borrowings
FHLB short-term advances
— — — 25,000 — 
   Customer repurchase agreements339,153 322,668 304,941 309,856 278,671 
FHLB long-term advances150,000 150,000 150,000 100,000 100,000 
Other liabilities101,211 114,707 121,210 121,868 142,187 
Total Liabilities5,693,015 5,654,655 5,631,952 5,490,986 5,465,992 


Stockholders' Equity
Preferred stock— — — — — 
Common stock47,619 47,619 47,619 47,619 47,619 
Capital surplus175,602 174,834 175,747 177,424 177,113 
Retained earnings835,778 817,549 799,024 780,299 763,425 
Cost of common stock in treasury(230,836)(230,944)(218,555)(217,737)(211,430)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale(84,283)(119,737)(119,023)(107,958)(163,171)
Underfunded pension liability
(2,581)(2,581)(2,581)(2,581)(3,422)
Total Accumulated Other Comprehensive Loss(86,864)(122,318)(121,604)(110,539)(166,593)
Total Stockholders' Equity741,299 686,740 682,231 677,066 610,134 
Total Liabilities and Stockholders' Equity$6,434,314 $6,341,395 $6,314,183 $6,168,052 $6,076,126 
Regulatory Capital
Total CET 1 capital$669,862 $650,108 $644,235 $627,579 $615,798 
Total tier 1 capital669,862 650,108 644,235 627,579 615,798 
Total risk-based capital690,857 671,959 665,707 648,646 637,245 
Total risk-weighted assets4,024,686 4,037,614 3,989,171 3,996,688 4,009,798 




CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
September 30,June 30,March 31,December 31,September 30,
20242024202420232023
Commercial and industrial$424,414 $408,312 $407,770 $426,950 $424,647 
1-4 Family194,670 195,992 202,378 206,237 197,081 
Hotels383,232 370,954 354,929 357,142 321,236 
Multi-family193,875 190,390 186,555 189,165 192,329 
Non Residential Non-Owner Occupied665,210 668,330 682,609 680,590 651,498 
Non Residential Owner Occupied236,826 235,993 232,440 240,328 222,544 
Commercial real estate (1)
1,673,813 1,661,659 1,658,911 1,673,462 1,584,688 
Residential real estate (2)
1,806,578 1,797,260 1,786,764 1,788,150 1,768,358 
Home equity190,149 179,607 171,292 167,201 159,630 
Consumer58,710 62,352 63,556 65,246 65,586 
DDA overdrafts4,166 3,683 3,495 4,914 4,573 
Gross Loans$4,157,830 $4,112,873 $4,091,788 $4,125,923 $4,007,482 
Construction loans included in:
(1) - Commercial real estate loans$2,736 $2,233 $6,651 $2,459 $2,533 
(2) - Residential real estate loans7,604 9,766 19,709 23,066 20,056 



CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)

Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2024202420242023202320242023
Allowance for Loan Losses
Balance at beginning of period$22,688 $22,310 $22,745 $23,128 $22,751 $22,745 $17,108 
Charge-offs:
Commercial and industrial(206)(61)(306)(84)— (573)(69)
Commercial real estate(1,909)(40)(31)(5)(256)(1,980)(376)
Residential real estate(43)(286)(19)(68)(88)(348)(140)
Home equity(57)(121)(27)(21)(112)(205)(379)
Consumer(24)(20)(115)(6)(10)(159)(181)
DDA overdrafts(436)(373)(356)(416)(422)(1,165)(1,229)
Total charge-offs(2,675)(901)(854)(600)(888)(4,430)(2,374)
Recoveries:
Commercial and industrial24 38 25 70 597 87 766 
Commercial real estate193 165 11 17 74 369 260 
Residential real estate27 179 49 4 28 255 43 
Home equity13 38 9 13 18 60 34 
Consumer25 24 98 45 27 147 78 
DDA overdrafts337 335 407 368 321 1,079 1,034 
Total recoveries619 779 599 517 1,065 1,997 2,215 
Net charge-offs(2,056)(122)(255)(83)177 (2,433)(159)
Provision for (recovery of) credit losses1,200 500 (180)(300)200 1,520 3,543 
PCD Loan Reserves— — — — — — 2,811 
Adoption of ASU 2022-02— — — — — — (175)
Balance at end of period$21,832 $22,688 $22,310 $22,745 $23,128 $21,832 $23,128 
Loans outstanding$4,157,830$4,112,873$4,091,788$4,125,923$4,007,482
Allowance as a percent of loans outstanding0.53 %0.55 %0.55 %0.55 %0.58 %
Allowance as a percent of non-performing loans141.1 %236.8 %206.8 %290.6 %440.1 %
Average loans outstanding$4,133,520 $4,092,464 $4,092,529 $4,045,889 $3,956,871 $4,106,271 $3,852,057 
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding0.20 %0.01 %0.02 %0.01 %(0.02)%0.08 %0.01 %






CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, Continued
(Unaudited) ($ in 000s)
September 30,June 30,March 31,December 31,September 30,
20242024202420232023
Nonaccrual Loans
Residential real estate$2,596 $3,214 $3,452 $2,849 $2,839 
Home equity109 63 121 111 75 
Commercial and industrial3,631 3,135 3,405 2,211 716 
Commercial real estate9,031 3,118 3,807 2,387 1,355 
Consumer— — 1 — 1 
   Total nonaccrual loans15,367 9,530 10,786 7,558 4,986 
Accruing loans past due 90 days or more102 50 — 270 269 
   Total non-performing loans15,469 9,580 10,786 7,828 5,255 
Other real estate owned729 629 752 731 720 
   Total non-performing assets$16,198 $10,209 $11,538 $8,559 $5,975 
Non-performing assets as a percent of loans and other real estate owned0.39 %0.25 %0.28 %0.21 %0.15 %
Past Due Loans
Residential real estate$8,205 $7,991 $5,035 $8,059 $6,247 
Home equity1,571 819 1,028 1,235 1,278 
Commercial and industrial57 1,087 26 435 568 
Commercial real estate992 565 138 715 1,478 
Consumer161 97 75 129 84 
DDA overdrafts333 327 406 364 398 
   Total past due loans$11,319 $10,886 $6,708 $10,937 $10,053 
Total past due loans as a percent of loans outstanding0.27 %0.26 %0.16 %0.27 %0.25 %





CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)

Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
AverageYield/AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$1,984,502 $25,654 5.14 %$1,969,769 $24,763 5.06 %$1,910,876 $22,702 4.71 %
Commercial, financial, and agriculture (2)
2,082,888 34,708 6.63 %2,055,263 33,524 6.56 %1,975,463 31,743 6.38 %
Installment loans to individuals (2), (3)
66,130 1,045 6.29 %67,432 998 5.95 %70,532 1,138 6.40 %
Total loans4,133,520 61,407 5.91 %4,092,464 59,285 5.83 %3,956,871 55,583 5.57 %
Securities:
Taxable1,343,323 14,402 4.27 %1,302,197 13,947 4.31 %1,277,265 12,432 3.86 %
Tax-exempt (4)
159,225 1,043 2.61 %158,894 1,060 2.68 %170,806 1,152 2.68 %
Total securities1,502,548 15,445 4.09 %1,461,091 15,007 4.13 %1,448,071 13,584 3.72 %
Deposits in depository institutions103,322 1,417 5.46 %139,852 1,920 5.52 %90,684 1,265 5.52 %
Total interest-earning assets5,739,390 78,269 5.43 %5,693,407 76,212 5.38 %5,495,626 70,432 5.08 %
Cash and due from banks110,765 103,004 69,658 
Premises and equipment, net70,998 71,491 73,004 
Goodwill and intangible assets161,009 161,607 163,602 
Other assets292,758 316,440 332,551 
Less: Allowance for loan losses(23,205)(22,694)(23,558)
       Total assets$6,351,715 $6,323,255 $6,110,883 
Liabilities:
Interest-bearing demand deposits$1,321,922 $4,100 1.23 %$1,320,402 $3,845 1.17 %$1,300,936 $3,068 0.94 %
Savings deposits1,220,009 2,200 0.72 %1,248,330 2,232 0.72 %1,314,484 2,319 0.70 %
Time deposits (2)
1,174,217 10,772 3.65 %1,125,036 9,820 3.51 %985,038 5,163 2.08 %
Short-term borrowings323,844 3,788 4.65 %336,434 3,900 4.66 %272,558 2,990 4.35 %
FHLB long-term advances150,000 1,586 4.21 %150,000 1,568 4.20 %100,000 1,035 4.11 %
   Total interest-bearing liabilities4,189,992 22,446 2.13 %4,180,202 21,365 2.06 %3,973,016 14,575 1.46 %
Noninterest-bearing demand deposits1,334,762 1,341,642 1,359,268.062 
Other liabilities99,797 112,301 123,137 
Stockholders' equity727,164 689,110 655,462 
Total liabilities and
stockholders' equity$6,351,715 $6,323,255 $6,110,883.062 
Net interest income$55,823 $54,847 $55,857 
Net yield on earning assets3.87 %3.87 %4.03 %
(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$127 $60 $254 


(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$27 $72 $47 
Commercial, financial, and agriculture752 683 720 
Installment loans to individuals5 6 4 
Time deposits14 21 240 
$798 $782 $1,011 
(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)

Nine Months Ended
September 30, 2024September 30, 2023
AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$1,968,377 $74,566 5.06 %$1,882,397 $64,410 4.57 %
Commercial, financial, and agriculture (2)
2,070,431 102,211 6.59 %1,904,001 87,745 6.16 %
Installment loans to individuals (2), (3)
67,463 3,042 6.02 %65,659 2,784 5.67 %
Total loans4,106,271 179,819 5.85 %3,852,057 154,939 5.38 %
Securities:
Taxable1,282,167 40,390 4.21 %1,300,373 35,999 3.70 %
Tax-exempt (4)
159,654 3,154 2.64 %182,858 3,826 2.80 %
Total securities1,441,821 43,544 4.03 %1,483,231 39,825 3.59 %
Deposits in depository institutions119,649 4,907 5.48 %166,116 5,440 4.38 %
Total interest-earning assets5,667,741 228,270 5.38 %5,501,404 200,204 4.87 %
Cash and due from banks104,269 69,998 
Premises and equipment, net71,479 72,631 
Goodwill and intangible assets161,622 150,808 
Other assets305,113 324,658 
Less: Allowance for loan losses(23,014)(21,602)
       Total assets$6,287,210 $6,097,897 
Liabilities:
Interest-bearing demand deposits$1,308,779 $11,384 1.16 %$1,288,387 $7,582 0.79 %
Savings deposits1,240,788 6,705 0.72 %1,352,005 5,610 0.55 %
Time deposits (2)
1,124,295 28,977 3.44 %950,276 11,616 1.63 %
Short-term borrowings324,631 11,309 4.65 %282,857 8,334 3.94 %
FHLB long-term advances145,620 4,577 4.20 %55,678 1,683 4.04 %
   Total interest-bearing liabilities4,144,113 62,952 2.03 %3,929,203 34,825 1.18 %
Noninterest-bearing demand deposits1,332,988 1,407,922 
Other liabilities109,194 122,854 
Stockholders' equity700,915 637,918 
Total liabilities and
Stockholders' equity$6,287,210 $6,097,897 
Net interest income$165,318 $165,379 
Net yield on earning assets3.90 %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$320 $1,165 


(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$145 $165 
Commercial, financial, and agriculture2,499 1,575 
Installment loans to individuals17 15 
Time deposits98 403 
$2,759 $2,158 
(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 EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2024202420242023202320242023
Net Interest Income/Margin
Net interest income ("GAAP")$55,605 $54,625 $54,427 $54,666 $55,614 $164,657 $164,575 
Taxable equivalent adjustment218 222 220 223 243 661 804 
Net interest income, fully taxable equivalent
$55,823 $54,847 $54,647 $54,889 $55,857 $165,318 $165,379 
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")11.52 %10.83 %10.81 %10.98 %10.04 %
Effect of goodwill and other intangibles, net(2.26)(2.33)(2.35)(2.41)(2.49)
Tangible common equity to tangible assets
9.26 %8.50 %8.46 %8.57 %7.55 %


Commercial Loan Information (period end)
Commercial SectorTotal % of Total LoansAverage DSCAverage LTV
Natural Gas Extraction$26,463 0.64%3.71NA
Natural Gas Distribution19,2950.465.46NA
Masonry Contractors24,8470.601.0484%
Sheet Metal Work Manufacturing24,9170.601.2268%
Beer & Ale Merchant Wholesalers26,6130.643.28NA
Gasoline Stations with Convenience Stores39,3910.954.7665%
Lessors of Residential Builidings & Dwellings424,95610.241.8966%
1-4 Family187,6094.522.9767%
Multi-Family171,7264.141.8464%
Lessors of Nonresidential Buildings583,12414.051.7065%
Office Buildings136,6973.291.6462%
Lessors of Mini-Warehouses & Self-Storage Units54,0431.301.4361%
Assisted Living Facilities26,5800.641.3861%
Hotels & Motels383,6519.241.4563%
Average BalanceMedian Balance
Commercial Loans$451 $94 
Commercial Real Estate Loans515123




CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
September 30, 2024
June 30, 2024
Noninterest-Bearing Demand Deposits18 %17 %
Interest-Bearing Deposits
   Demand Deposits16 %13 %
   Savings Deposits12 %12 %
   Time Deposits16 %16 %
Total Deposits15 %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
YearNew DDA AccountsNet Number of New AccountsPercentage
202424,8534,0071.6 %
2023*31,7454,7681.9 %
202228,4424,5441.9 %
202132,8008,8603.8 %
202030,3606,7403.0 %
201932,0403,7171.7 %
2018*30,4004,3102.2 %
201728,5252,7111.4 %
* - amounts exclude accounts added in connection with the acquisitions of Poage Bankshares, Inc. (2018), Farmers Deposit Bancorp, Inc.(2018) and Citizens Commerce Bancshares, Inc. (2023).

v3.24.3
Document and Entity Information Document
Oct. 24, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 24, 2024
Entity Registrant Name CITY HOLDING COMPANY
Entity Central Index Key 0000726854
Amendment Flag false
Entity Incorporation, State or Country Code WV
Entity File Number 0-11733
Entity Tax Identification Number 55-0619957
Entity Address, Address Line One 25 Gatewater Road
Entity Address, City or Town Cross Lanes
Entity Address, State or Province WV
Entity Address, Postal Zip Code 25313
City Area Code 304
Local Phone Number 769-1100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock $2.50 Par Value
Trading Symbol CHCO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Grafico Azioni City (NASDAQ:CHCO)
Storico
Da Ott 2024 a Nov 2024 Clicca qui per i Grafici di City
Grafico Azioni City (NASDAQ:CHCO)
Storico
Da Nov 2023 a Nov 2024 Clicca qui per i Grafici di City