– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
CHARLESTON, W. Va.--(BUSINESS WIRE)--City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.0 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $21.3 million and diluted earnings of $1.41 per share for the quarter ended March 31, 2022.
Net Interest Income
The Company’s net interest income decreased $2.7 million, or 6.7%, from $40.6 million during the fourth quarter of 2021 to $37.9 million during the first quarter of 2022. The Company’s tax equivalent net interest income decreased $2.7 million, or 6.6%, from $41.0 million for the fourth quarter of 2021 to $38.2 million for the first quarter of 2022. Lower commercial loan yields (44 basis points) decreased interest income by $2.3 million as compared to the quarter ended December 31, 2021. The fourth quarter of 2021 was boosted by an interest recovery of $2.1 million from a loan that had previously been classified as a nonperforming loan. In addition, loan fees decreased $0.8 million due to a decrease in PPP loan fees recognized as PPP loan balances declined to below $1 million at March 31, 2022. These decreases were partially offset by higher investment interest income ($0.5 million) due to both higher yields (14 basis points) and higher average balances ($29 million) during the quarter ended March 31, 2022. The Company’s reported net interest margin decreased from 2.94% for the fourth quarter of 2021 to 2.82% for the first quarter of 2022.
The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased modestly from 0.21%, or $7.6 million, at December 31, 2021 to 0.18%, or $6.3 million, at March 31, 2022. Total past due loans decreased slightly from $6.8 million, or 0.19% of total loans outstanding, at December 31, 2021 to $6.7 million, or 0.19% of total loans outstanding, at March 31, 2022.
As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses (“ACL”), the Company recorded a recovery of credit losses of $0.8 million in the first quarter of 2022, compared to a recovery of credit losses of $0.4 million for the comparable period in 2021, and did not record a provision for credit losses for the fourth quarter of 2021. The recovery of credit losses recorded in the first quarter of 2022 largely reflects the repayment of a loan from a previous acquisition and release of the associated credit mark. Because of continued improvements in economic conditions in the Company’s footprint, net charge-offs for the quarter ended March 31, 2022 were insignificant.
Non-interest Income
Non-interest income was $17.4 million during the quarter ended March 31, 2022, as compared to $16.6 million during the quarter ended March 31, 2021. During the first quarter of 2022, the Company reported $0.7 million of unrealized fair value losses on the Company’s equity securities compared to $0.2 million of realized and unrealized fair value gains on the Company’s equity securities during the first quarter of 2021. Exclusive of these items, non-interest income increased $1.8 million, or 10.8%, from $16.4 million for the first quarter of 2021 to $18.2 million for the first quarter of 2022. This increase was largely attributable to an increase of $0.8 million, or 14.4%, in service charges and an increase of $0.6 million in bank owned life insurance due to higher death benefit proceeds. In addition, bankcard revenue increased $0.2 million from the quarter ended March 31, 2021, to $6.4 million.
Non-interest Expenses
Non-interest expenses decreased $0.3 million, or 0.9%, from $29.8 million in the first quarter of 2021 to $29.5 million in the first quarter of 2022. This decrease was primarily due to a decrease in other expenses of $0.2 million from the quarter ended March 31, 2021. During the first quarter of 2022, most of the Company’s expenses did not significantly fluctuate from the first quarter of 2021; although we do anticipate salaries and employee benefits will increase in subsequent quarters.
Balance Sheet Trends
Loans increased $16.1 million (0.5%) from December 31, 2021 to $3.56 billion at March 31, 2022. PPP loans decreased $6.0 million from $6.6 million at December 31, 2021 to $0.6 million at March 31, 2022. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans increased $22.1 million, (0.6%), from December 31, 2021 to $3.56 billion at March 31, 2022. Residential real estate loans increased $39.9 million (2.6%). This increase was partially offset by lower commercial real estate loans ($9.0 million, or 0.6%); lower DDA overdrafts ($4.0 million, or 62.1%); and lower commercial and industrial loans ($2.8 million, or 0.8%) (excluding PPP loans).
Total average depository balances increased $39.3 million, or 0.8%, from the quarter ended December 31, 2021 to the quarter ended March 31, 2022. Average savings deposit balances increased $45.7 million, average interest-bearing demand deposit balances increased $28.6 million, and noninterest-bearing demand deposit balances increased $4.1 million. These increases were partially offset by a decrease in time deposit balances of $39.1 million.
Income Tax Expense
The Company’s effective income tax rate for the first quarter of 2022 was 19.7% compared to 20.8% for the year ended December 31, 2021, and 20.1% for the quarter ended March 31, 2021.
Capitalization and Liquidity
The Company’s loan to deposit ratio was 71.2% and the loan to asset ratio was 59.2% at March 31, 2022. The Company maintained investment securities totaling 23.9% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 66.1% of assets at March 31, 2022. Time deposits fund 17.0% of assets at March 31, 2022, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.
The Company continues to be strongly capitalized with tangible equity of $516 million at March 31, 2022. Due primarily to unrealized security losses during the quarter ended March 31, 2022, the Company’s tangible equity ratio decreased from 9.6% at December 31, 2021 to 8.8% at March 31, 2022. At March 31, 2022, City National Bank’s Leverage Ratio was 8.80%, 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 15.24%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.
On March 30, 2022, the Board of Directors of the Company approved a quarterly cash dividend of $0.60 per share payable April 29, 2022, to shareholders of record as of April 15, 2022. During the quarter ended March 31, 2022, the Company repurchased 38,000 common shares at a weighted average price of $78.09 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of March 31, 2022, the Company could repurchase 277,000 additional shares under the current program.
City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.
Forward-Looking Information
This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for loan losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its March 31, 2022 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2022 results and will adjust the amounts if necessary.
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
||||||||||||||||
| Earnings | ||||||||||||||||||||
| Net Interest Income (fully taxable equivalent) | $ |
38,239 |
|
$ |
40,956 |
|
$ |
39,822 |
|
$ |
38,257 |
|
$ |
37,871 |
|
|||||
| Net Income available to common shareholders |
|
21,342 |
|
|
23,386 |
|
|
22,732 |
|
|
22,148 |
|
|
19,814 |
|
|||||
| Per Share Data | ||||||||||||||||||||
| Earnings per share available to common shareholders: | ||||||||||||||||||||
| Basic | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| Diluted |
|
1.41 |
|
|
1.54 |
|
|
1.47 |
|
|
1.41 |
|
|
1.25 |
|
|||||
| Weighted average number of shares (in thousands): | ||||||||||||||||||||
| Basic |
|
14,974 |
|
|
15,026 |
|
|
15,279 |
|
|
15,573 |
|
|
15,656 |
|
|||||
| Diluted |
|
15,002 |
|
|
15,056 |
|
|
15,302 |
|
|
15,594 |
|
|
15,687 |
|
|||||
| Period-end number of shares (in thousands) |
|
15,045 |
|
|
15,062 |
|
|
15,192 |
|
|
15,527 |
|
|
15,724 |
|
|||||
| Cash dividends declared | $ |
0.60 |
|
$ |
0.60 |
|
$ |
0.58 |
|
$ |
0.58 |
|
$ |
0.58 |
|
|||||
| Book value per share (period-end) | $ |
42.03 |
|
$ |
45.22 |
|
$ |
44.58 |
|
$ |
44.79 |
|
$ |
43.99 |
|
|||||
| Tangible book value per share (period-end) |
|
34.27 |
|
|
37.44 |
|
|
36.85 |
|
|
37.20 |
|
|
36.47 |
|
|||||
| Market data: | ||||||||||||||||||||
| High closing price | $ |
85.99 |
|
$ |
83.14 |
|
$ |
79.99 |
|
$ |
83.85 |
|
$ |
87.41 |
|
|||||
| Low closing price |
|
76.82 |
|
|
76.52 |
|
|
72.29 |
|
|
74.44 |
|
|
69.05 |
|
|||||
| Period-end closing price |
|
78.70 |
|
|
81.79 |
|
|
77.91 |
|
|
75.24 |
|
|
81.78 |
|
|||||
| Average daily volume (in thousands) |
|
59 |
|
|
52 |
|
|
53 |
|
|
61 |
|
|
63 |
|
|||||
| Treasury share activity: | ||||||||||||||||||||
| Treasury shares repurchased (in thousands) |
|
38 |
|
|
131 |
|
|
337 |
|
|
217 |
|
|
75 |
|
|||||
| Average treasury share repurchase price | $ |
78.09 |
|
$ |
78.93 |
|
$ |
75.65 |
|
$ |
78.75 |
|
$ |
76.71 |
|
|||||
| Key Ratios (percent) | ||||||||||||||||||||
| Return on average assets |
|
1.42 |
% |
|
1.56 |
% |
|
1.53 |
% |
|
1.49 |
% |
|
1.38 |
% |
|||||
| Return on average tangible equity |
|
15.3 |
% |
|
16.7 |
% |
|
15.7 |
% |
|
15.2 |
% |
|
13.5 |
% |
|||||
| Yield on interest earning assets |
|
2.94 |
% |
|
3.08 |
% |
|
3.04 |
% |
|
3.00 |
% |
|
3.17 |
% |
|||||
| Cost of interest bearing liabilities |
|
0.17 |
% |
|
0.19 |
% |
|
0.22 |
% |
|
0.27 |
% |
|
0.37 |
% |
|||||
| Net Interest Margin |
|
2.82 |
% |
|
2.94 |
% |
|
2.89 |
% |
|
2.81 |
% |
|
2.91 |
% |
|||||
| Non-interest income as a percent of total revenue |
|
32.4 |
% |
|
30.2 |
% |
|
31.1 |
% |
|
31.0 |
% |
|
30.4 |
% |
|||||
| Efficiency Ratio |
|
51.7 |
% |
|
48.3 |
% |
|
50.0 |
% |
|
52.8 |
% |
|
54.3 |
% |
|||||
| Price/Earnings Ratio (a) |
|
13.93 |
|
|
13.27 |
|
|
13.22 |
|
|
13.35 |
|
|
16.30 |
|
|||||
| Capital (period-end) | ||||||||||||||||||||
| Average Shareholders' Equity to Average Assets |
|
11.25 |
% |
|
11.25 |
% |
|
11.69 |
% |
|
11.81 |
% |
|
12.30 |
% |
|||||
| Tangible equity to tangible assets |
|
8.75 |
% |
|
9.58 |
% |
|
9.59 |
% |
|
9.98 |
% |
|
9.93 |
% |
|||||
| Consolidated City Holding Company risk based capital ratios (b): | ||||||||||||||||||||
| CET I |
|
16.18 |
% |
|
16.08 |
% |
|
16.11 |
% |
|
16.40 |
% |
|
16.76 |
% |
|||||
| Tier I |
|
16.18 |
% |
|
16.08 |
% |
|
16.11 |
% |
|
16.40 |
% |
|
16.76 |
% |
|||||
| Total |
|
16.60 |
% |
|
16.51 |
% |
|
16.56 |
% |
|
16.88 |
% |
|
17.33 |
% |
|||||
| Leverage |
|
9.58 |
% |
|
9.44 |
% |
|
9.46 |
% |
|
9.70 |
% |
|
10.06 |
% |
|||||
| City National Bank risk based capital ratios (b): | ||||||||||||||||||||
| CET I |
|
14.82 |
% |
|
14.35 |
% |
|
14.76 |
% |
|
14.82 |
% |
|
14.75 |
% |
|||||
| Tier I |
|
14.82 |
% |
|
14.35 |
% |
|
14.76 |
% |
|
14.82 |
% |
|
14.75 |
% |
|||||
| Total |
|
15.24 |
% |
|
14.78 |
% |
|
15.21 |
% |
|
15.30 |
% |
|
15.33 |
% |
|||||
| Leverage |
|
8.80 |
% |
|
8.45 |
% |
|
8.73 |
% |
|
8.80 |
% |
|
8.91 |
% |
|||||
| Other (period-end) | ||||||||||||||||||||
| Branches |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|||||
| FTE |
|
897 |
|
|
905 |
|
|
921 |
|
|
912 |
|
|
916 |
|
|||||
| Assets per FTE (in thousands) | $ |
6,703 |
|
$ |
6,637 |
|
$ |
6,463 |
|
$ |
6,477 |
|
$ |
6,434 |
|
|||||
| Deposits per FTE (in thousands) |
|
5,574 |
|
|
5,445 |
|
|
5,308 |
|
|
5,271 |
|
|
5,236 |
|
|||||
|
||||||||||||||||||||
| (a) The price/earnings ratio is computed based on annualized quarterly earnings. | ||||||||||||||||||||
| (b) March 31, 2022 risk-based capital ratios are estimated. | ||||||||||||||||||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||
| (Unaudited) ($ in 000s, except per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Interest Income | ||||||||||||||||||||
| Interest and fees on loans | $ |
31,874 |
|
$ |
35,277 |
|
$ |
33,961 |
|
$ |
33,114 |
|
$ |
34,324 |
|
|||||
| Interest on investment securities: | ||||||||||||||||||||
| Taxable |
|
6,223 |
|
|
5,753 |
|
|
6,144 |
|
|
5,932 |
|
|
5,242 |
|
|||||
| Tax-exempt |
|
1,216 |
|
|
1,226 |
|
|
1,257 |
|
|
1,291 |
|
|
1,253 |
|
|||||
| Interest on deposits in depository institutions |
|
238 |
|
|
217 |
|
|
196 |
|
|
162 |
|
|
118 |
|
|||||
| Total Interest Income |
|
39,551 |
|
|
42,473 |
|
|
41,558 |
|
|
40,499 |
|
|
40,937 |
|
|||||
| Interest Expense | ||||||||||||||||||||
| Interest on deposits |
|
1,521 |
|
|
1,710 |
|
|
1,955 |
|
|
2,460 |
|
|
3,280 |
|
|||||
| Interest on short-term borrowings |
|
114 |
|
|
132 |
|
|
115 |
|
|
125 |
|
|
117 |
|
|||||
| Total Interest Expense |
|
1,635 |
|
|
1,842 |
|
|
2,070 |
|
|
2,585 |
|
|
3,397 |
|
|||||
| Net Interest Income |
|
37,916 |
|
|
40,631 |
|
|
39,488 |
|
|
37,914 |
|
|
37,540 |
|
|||||
| (Recovery of) provision for credit losses |
|
(756 |
) |
|
- |
|
|
(725 |
) |
|
(2,000 |
) |
|
(440 |
) |
|||||
| Net Interest Income After (Recovery of) Provision for Credit Losses |
|
38,672 |
|
|
40,631 |
|
|
40,213 |
|
|
39,914 |
|
|
37,980 |
|
|||||
| Non-Interest Income | ||||||||||||||||||||
| Net gains on sale of investment securities |
|
- |
|
|
- |
|
|
- |
|
|
29 |
|
|
283 |
|
|||||
| Unrealized (losses) gains recognized on equity securities still held |
|
(723 |
) |
|
52 |
|
|
93 |
|
|
410 |
|
|
(51 |
) |
|||||
| Service charges |
|
6,725 |
|
|
7,057 |
|
|
6,706 |
|
|
5,895 |
|
|
5,881 |
|
|||||
| Bankcard revenue |
|
6,444 |
|
|
6,762 |
|
|
6,791 |
|
|
7,221 |
|
|
6,213 |
|
|||||
| Trust and investment management fee income |
|
2,197 |
|
|
2,198 |
|
|
2,172 |
|
|
2,012 |
|
|
2,033 |
|
|||||
| Bank owned life insurance |
|
2,014 |
|
|
748 |
|
|
747 |
|
|
940 |
|
|
1,460 |
|
|||||
| Other income |
|
791 |
|
|
799 |
|
|
1,438 |
|
|
941 |
|
|
811 |
|
|||||
| Total Non-Interest Income |
|
17,448 |
|
|
17,616 |
|
|
17,947 |
|
|
17,448 |
|
|
16,630 |
|
|||||
| Non-Interest Expense | ||||||||||||||||||||
| Salaries and employee benefits |
|
15,577 |
|
|
15,299 |
|
|
15,321 |
|
|
15,559 |
|
|
15,671 |
|
|||||
| Occupancy related expense |
|
2,709 |
|
|
2,429 |
|
|
2,507 |
|
|
2,525 |
|
|
2,622 |
|
|||||
| Equipment and software related expense |
|
2,769 |
|
|
2,733 |
|
|
2,554 |
|
|
2,655 |
|
|
2,544 |
|
|||||
| FDIC insurance expense |
|
435 |
|
|
400 |
|
|
396 |
|
|
382 |
|
|
405 |
|
|||||
| Advertising |
|
798 |
|
|
582 |
|
|
804 |
|
|
824 |
|
|
881 |
|
|||||
| Bankcard expenses |
|
1,606 |
|
|
1,576 |
|
|
1,549 |
|
|
1,746 |
|
|
1,584 |
|
|||||
| Postage, delivery, and statement mailings |
|
636 |
|
|
590 |
|
|
573 |
|
|
568 |
|
|
592 |
|
|||||
| Office supplies |
|
410 |
|
|
378 |
|
|
406 |
|
|
371 |
|
|
392 |
|
|||||
| Legal and professional fees |
|
527 |
|
|
405 |
|
|
610 |
|
|
589 |
|
|
675 |
|
|||||
| Telecommunications |
|
584 |
|
|
702 |
|
|
790 |
|
|
676 |
|
|
690 |
|
|||||
| Repossessed asset losses (gains), net of expenses |
|
40 |
|
|
(29 |
) |
|
(108 |
) |
|
1 |
|
|
79 |
|
|||||
| Other expenses |
|
3,436 |
|
|
3,559 |
|
|
3,776 |
|
|
3,678 |
|
|
3,674 |
|
|||||
| Total Non-Interest Expense |
|
29,527 |
|
|
28,624 |
|
|
29,178 |
|
|
29,574 |
|
|
29,809 |
|
|||||
| Income Before Income Taxes |
|
26,593 |
|
|
29,623 |
|
|
28,982 |
|
|
27,788 |
|
|
24,801 |
|
|||||
| Income tax expense |
|
5,251 |
|
|
6,237 |
|
|
6,250 |
|
|
5,640 |
|
|
4,987 |
|
|||||
| Net Income Available to Common Shareholders | $ |
21,342 |
|
$ |
23,386 |
|
$ |
22,732 |
|
$ |
22,148 |
|
$ |
19,814 |
|
|||||
| Distributed earnings allocated to common shareholders | $ |
8,943 |
|
$ |
8,949 |
|
$ |
8,726 |
|
$ |
8,921 |
|
$ |
9,037 |
|
|||||
| Undistributed earnings allocated to common shareholders |
|
12,199 |
|
|
14,211 |
|
|
13,786 |
|
|
13,021 |
|
|
10,598 |
|
|||||
| Net earnings allocated to common shareholders | $ |
21,142 |
|
$ |
23,160 |
|
$ |
22,512 |
|
$ |
21,942 |
|
$ |
19,635 |
|
|||||
| Average common shares outstanding |
|
14,974 |
|
|
15,026 |
|
|
15,279 |
|
|
15,573 |
|
|
15,656 |
|
|||||
| Shares for diluted earnings per share |
|
15,002 |
|
|
15,056 |
|
|
15,302 |
|
|
15,594 |
|
|
15,687 |
|
|||||
| Basic earnings per common share | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| Diluted earnings per common share | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||||||
| ($ in 000s) | ||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ |
100,877 |
|
$ |
101,804 |
|
$ |
103,841 |
|
$ |
97,523 |
|
$ |
97,709 |
|
|||||
| Interest-bearing deposits in depository institutions |
|
497,171 |
|
|
532,827 |
|
|
535,708 |
|
|
512,367 |
|
|
659,090 |
|
|||||
| Cash and cash equivalents |
|
598,048 |
|
|
634,631 |
|
|
639,549 |
|
|
609,890 |
|
|
756,799 |
|
|||||
| Investment securities available-for-sale, at fair value |
|
1,409,513 |
|
|
1,408,165 |
|
|
1,372,077 |
|
|
1,339,436 |
|
|
1,183,253 |
|
|||||
| Other securities |
|
24,785 |
|
|
25,531 |
|
|
25,497 |
|
|
25,793 |
|
|
29,174 |
|
|||||
| Total investment securities |
|
1,434,298 |
|
|
1,433,696 |
|
|
1,397,574 |
|
|
1,365,229 |
|
|
1,212,427 |
|
|||||
| Gross loans |
|
3,559,905 |
|
|
3,543,814 |
|
|
3,521,925 |
|
|
3,529,416 |
|
|
3,546,723 |
|
|||||
| Allowance for credit losses |
|
(17,280 |
) |
|
(18,166 |
) |
|
(18,751 |
) |
|
(20,016 |
) |
|
(24,076 |
) |
|||||
| Net loans |
|
3,542,625 |
|
|
3,525,648 |
|
|
3,503,174 |
|
|
3,509,400 |
|
|
3,522,647 |
|
|||||
| Bank owned life insurance |
|
120,522 |
|
|
120,978 |
|
|
120,238 |
|
|
119,491 |
|
|
118,976 |
|
|||||
| Premises and equipment, net |
|
73,067 |
|
|
74,071 |
|
|
75,156 |
|
|
76,263 |
|
|
76,529 |
|
|||||
| Accrued interest receivable |
|
16,101 |
|
|
15,627 |
|
|
16,224 |
|
|
15,967 |
|
|
16,231 |
|
|||||
| Net deferred tax assets |
|
18,001 |
|
|
63 |
|
|
90 |
|
|
- |
|
|
1,395 |
|
|||||
| Intangible assets |
|
116,774 |
|
|
117,121 |
|
|
117,489 |
|
|
117,857 |
|
|
118,224 |
|
|||||
| Other assets |
|
92,331 |
|
|
81,860 |
|
|
82,419 |
|
|
89,958 |
|
|
71,142 |
|
|||||
| Total Assets | $ |
6,011,767 |
|
$ |
6,003,695 |
|
$ |
5,951,913 |
|
$ |
5,904,055 |
|
$ |
5,894,370 |
|
|||||
| Liabilities | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing | $ |
1,357,266 |
|
$ |
1,373,125 |
|
$ |
1,311,464 |
|
$ |
1,279,932 |
|
$ |
1,244,175 |
|
|||||
| Interest-bearing: | ||||||||||||||||||||
| Demand deposits |
|
1,191,492 |
|
|
1,135,848 |
|
|
1,139,033 |
|
|
1,070,004 |
|
|
1,077,749 |
|
|||||
| Savings deposits |
|
1,425,528 |
|
|
1,347,448 |
|
|
1,332,910 |
|
|
1,301,219 |
|
|
1,265,038 |
|
|||||
| Time deposits |
|
1,024,559 |
|
|
1,068,915 |
|
|
1,104,069 |
|
|
1,153,391 |
|
|
1,209,873 |
|
|||||
| Total deposits |
|
4,998,845 |
|
|
4,925,336 |
|
|
4,887,476 |
|
|
4,804,546 |
|
|
4,796,835 |
|
|||||
| Short-term borrowings | ||||||||||||||||||||
| Customer repurchase agreements |
|
288,483 |
|
|
312,458 |
|
|
296,642 |
|
|
311,316 |
|
|
316,003 |
|
|||||
| Net deferred tax liabilities |
|
- |
|
|
- |
|
|
- |
|
|
2,310 |
|
|
- |
|
|||||
| Other liabilities |
|
92,009 |
|
|
84,796 |
|
|
90,499 |
|
|
90,407 |
|
|
89,847 |
|
|||||
| Total Liabilities |
|
5,379,337 |
|
|
5,322,590 |
|
|
5,274,617 |
|
|
5,208,579 |
|
|
5,202,685 |
|
|||||
| Stockholders' Equity | ||||||||||||||||||||
| Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Common stock |
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|||||
| Capital surplus |
|
170,206 |
|
|
170,942 |
|
|
170,300 |
|
|
169,674 |
|
|
170,526 |
|
|||||
| Retained earnings |
|
654,138 |
|
|
641,826 |
|
|
627,463 |
|
|
613,553 |
|
|
600,396 |
|
|||||
| Cost of common stock in treasury |
|
(194,819 |
) |
|
(193,542 |
) |
|
(183,303 |
) |
|
(157,936 |
) |
|
(142,484 |
) |
|||||
| Accumulated other comprehensive (loss) income: | ||||||||||||||||||||
| Unrealized (loss) gain on securities available-for-sale |
|
(41,229 |
) |
|
17,745 |
|
|
20,878 |
|
|
28,227 |
|
|
21,289 |
|
|||||
| Underfunded pension liability |
|
(3,485 |
) |
|
(3,485 |
) |
|
(5,661 |
) |
|
(5,661 |
) |
|
(5,661 |
) |
|||||
| Total Accumulated Other Comprehensive (Loss) Income |
|
(44,714 |
) |
|
14,260 |
|
|
15,217 |
|
|
22,566 |
|
|
15,628 |
|
|||||
| Total Stockholders' Equity |
|
632,430 |
|
|
681,105 |
|
|
677,296 |
|
|
695,476 |
|
|
691,685 |
|
|||||
| Total Liabilities and Stockholders' Equity | $ |
6,011,767 |
|
$ |
6,003,695 |
|
$ |
5,951,913 |
|
$ |
5,904,055 |
|
$ |
5,894,370 |
|
|||||
| Regulatory Capital | ||||||||||||||||||||
| Total CET 1 capital | $ |
565,048 |
|
$ |
555,532 |
|
$ |
550,426 |
|
$ |
561,317 |
|
$ |
563,523 |
|
|||||
| Total tier 1 capital |
|
565,048 |
|
|
555,532 |
|
|
550,426 |
|
|
561,317 |
|
|
563,523 |
|
|||||
| Total risk-based capital |
|
579,807 |
|
|
570,336 |
|
|
565,712 |
|
|
577,543 |
|
|
582,816 |
|
|||||
| Total risk-weighted assets |
|
3,492,920 |
|
|
3,453,893 |
|
|
3,417,020 |
|
|
3,421,764 |
|
|
3,362,595 |
|
|||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | |||||||||||||||
| Loan Portfolio | |||||||||||||||
| (Unaudited) ($ in 000s) | |||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||
| Commercial and industrial | $ |
337,384 |
$ |
346,184 |
$ |
353,046 |
$ |
358,583 |
$ |
371,195 |
|||||
| 1-4 Family |
|
108,424 |
|
107,873 |
|
108,913 |
|
108,079 |
|
108,131 |
|||||
| Hotels |
|
314,902 |
|
311,315 |
|
297,341 |
|
290,119 |
|
293,176 |
|||||
| Multi-family |
|
209,359 |
|
215,677 |
|
215,307 |
|
212,715 |
|
212,561 |
|||||
| Non Residential Non-Owner Occupied |
|
637,092 |
|
639,818 |
|
664,365 |
|
653,264 |
|
649,683 |
|||||
| Non Residential Owner Occupied |
|
200,180 |
|
204,233 |
|
205,579 |
|
209,100 |
|
199,130 |
|||||
| Commercial real estate (1) |
|
1,469,957 |
|
1,478,916 |
|
1,491,505 |
|
1,473,277 |
|
1,462,681 |
|||||
| Residential real estate (2) |
|
1,588,860 |
|
1,548,965 |
|
1,506,572 |
|
1,521,102 |
|
1,532,907 |
|||||
| Home equity |
|
121,460 |
|
122,345 |
|
124,806 |
|
127,608 |
|
130,009 |
|||||
| Consumer |
|
39,778 |
|
40,901 |
|
43,296 |
|
45,184 |
|
47,224 |
|||||
| DDA overdrafts |
|
2,466 |
|
6,503 |
|
2,700 |
|
3,662 |
|
2,707 |
|||||
| Gross Loans | $ |
3,559,905 |
$ |
3,543,814 |
$ |
3,521,925 |
$ |
3,529,416 |
$ |
3,546,723 |
|||||
| Construction loans included in: | |||||||||||||||
| (1) - Commercial real estate loans | $ |
14,877 |
$ |
11,783 |
$ |
19,360 |
$ |
43,904 |
$ |
39,101 |
|||||
| (2) - Residential real estate loans |
|
16,253 |
|
17,252 |
|
19,059 |
|
20,838 |
|
22,129 |
|||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Asset Quality Information | ||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||
| Balance at beginning of period | $ |
18,166 |
|
$ |
18,751 |
|
$ |
20,016 |
|
$ |
24,076 |
|
$ |
24,549 |
|
|||||
| Charge-offs: | ||||||||||||||||||||
| Commercial and industrial |
|
(34 |
) |
|
- |
|
|
- |
|
|
(211 |
) |
|
(34 |
) |
|||||
| Commercial real estate |
|
- |
|
|
(276 |
) |
|
(392 |
) |
|
(1,718 |
) |
|
(1 |
) |
|||||
| Residential real estate |
|
(50 |
) |
|
(68 |
) |
|
(18 |
) |
|
(86 |
) |
|
(93 |
) |
|||||
| Home equity |
|
- |
|
|
(58 |
) |
|
(47 |
) |
|
(8 |
) |
|
(64 |
) |
|||||
| Consumer |
|
(23 |
) |
|
(13 |
) |
|
(3 |
) |
|
(79 |
) |
|
(147 |
) |
|||||
| DDA overdrafts |
|
(631 |
) |
|
(635 |
) |
|
(633 |
) |
|
(430 |
) |
|
(453 |
) |
|||||
| Total charge-offs |
|
(738 |
) |
|
(1,050 |
) |
|
(1,093 |
) |
|
(2,532 |
) |
|
(792 |
) |
|||||
| Recoveries: | ||||||||||||||||||||
| Commercial and industrial |
|
59 |
|
|
31 |
|
|
69 |
|
|
25 |
|
|
46 |
|
|||||
| Commercial real estate |
|
53 |
|
|
27 |
|
|
18 |
|
|
15 |
|
|
164 |
|
|||||
| Residential real estate |
|
45 |
|
|
7 |
|
|
29 |
|
|
17 |
|
|
74 |
|
|||||
| Home equity |
|
17 |
|
|
6 |
|
|
58 |
|
|
3 |
|
|
23 |
|
|||||
| Consumer |
|
28 |
|
|
40 |
|
|
72 |
|
|
104 |
|
|
39 |
|
|||||
| DDA overdrafts |
|
406 |
|
|
354 |
|
|
307 |
|
|
308 |
|
|
413 |
|
|||||
| Total recoveries |
|
608 |
|
|
465 |
|
|
553 |
|
|
472 |
|
|
759 |
|
|||||
| Net charge-offs |
|
(130 |
) |
|
(585 |
) |
|
(540 |
) |
|
(2,060 |
) |
|
(33 |
) |
|||||
| (Recovery of) provision for credit losses |
|
(756 |
) |
|
- |
|
|
(725 |
) |
|
(2,000 |
) |
|
(440 |
) |
|||||
| Balance at end of period | $ |
17,280 |
|
$ |
18,166 |
|
$ |
18,751 |
|
$ |
20,016 |
|
$ |
24,076 |
|
|||||
| Loans outstanding | $ |
3,559,905 |
|
$ |
3,543,814 |
|
$ |
3,521,925 |
|
$ |
3,529,416 |
|
$ |
3,546,723 |
|
|||||
| Allowance as a percent of loans outstanding |
|
0.49 |
% |
|
0.51 |
% |
|
0.53 |
% |
|
0.57 |
% |
|
0.68 |
% |
|||||
| Allowance as a percent of non-performing loans |
|
331.3 |
% |
|
290.1 |
% |
|
243.1 |
% |
|
199.3 |
% |
|
194.5 |
% |
|||||
| Average loans outstanding | $ |
3,527,393 |
|
$ |
3,522,272 |
|
$ |
3,535,497 |
|
$ |
3,541,165 |
|
$ |
3,585,790 |
|
|||||
| Net charge-offs (annualized) as a percent of average loans outstanding |
|
0.01 |
% |
|
0.07 |
% |
|
0.06 |
% |
|
0.23 |
% |
|
0.00 |
% |
|||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Asset Quality Information, continued | ||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Nonaccrual Loans | ||||||||||||||||||||
| Residential real estate | $ |
1,786 |
|
$ |
2,809 |
|
$ |
3,634 |
|
$ |
2,482 |
|
$ |
3,004 |
|
|||||
| Home equity |
|
99 |
|
|
40 |
|
|
67 |
|
|
81 |
|
|
88 |
|
|||||
| Commercial and industrial |
|
1,069 |
|
|
996 |
|
|
531 |
|
|
820 |
|
|
1,200 |
|
|||||
| Commercial real estate |
|
2,241 |
|
|
2,373 |
|
|
3,355 |
|
|
6,383 |
|
|
7,792 |
|
|||||
| Consumer |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Total nonaccrual loans |
|
5,195 |
|
|
6,218 |
|
|
7,587 |
|
|
9,766 |
|
|
12,084 |
|
|||||
| Accruing loans past due 90 days or more |
|
21 |
|
|
43 |
|
|
127 |
|
|
278 |
|
|
295 |
|
|||||
| Total non-performing loans |
|
5,216 |
|
|
6,261 |
|
|
7,714 |
|
|
10,044 |
|
|
12,379 |
|
|||||
| Other real estate owned |
|
1,099 |
|
|
1,319 |
|
|
1,335 |
|
|
1,309 |
|
|
1,625 |
|
|||||
| Total non-performing assets | $ |
6,315 |
|
$ |
7,580 |
|
$ |
9,049 |
|
$ |
11,353 |
|
$ |
14,004 |
|
|||||
| Non-performing assets as a percent of loans and other real estate owned |
|
0.18 |
% |
|
0.21 |
% |
|
0.26 |
% |
|
0.32 |
% |
|
0.39 |
% |
|||||
| Past Due Loans | ||||||||||||||||||||
| Residential real estate | $ |
4,976 |
|
$ |
5,321 |
|
$ |
5,258 |
|
$ |
5,453 |
|
$ |
4,092 |
|
|||||
| Home equity |
|
505 |
|
|
618 |
|
|
688 |
|
|
523 |
|
|
449 |
|
|||||
| Commercial and industrial |
|
56 |
|
|
336 |
|
|
455 |
|
|
721 |
|
|
1,358 |
|
|||||
| Commercial real estate |
|
744 |
|
|
22 |
|
|
441 |
|
|
498 |
|
|
508 |
|
|||||
| Consumer |
|
32 |
|
|
60 |
|
|
35 |
|
|
12 |
|
|
10 |
|
|||||
| DDA overdrafts |
|
392 |
|
|
489 |
|
|
390 |
|
|
417 |
|
|
212 |
|
|||||
| Total past due loans | $ |
6,705 |
|
$ |
6,846 |
|
$ |
7,267 |
|
$ |
7,624 |
|
$ |
6,629 |
|
|||||
| Total past due loans as a percent of loans outstanding |
|
0.19 |
% |
|
0.19 |
% |
|
0.21 |
% |
|
0.22 |
% |
|
0.19 |
% |
|||||
| Troubled Debt Restructurings ("TDRs") | ||||||||||||||||||||
| Residential real estate | $ |
16,182 |
|
$ |
16,943 |
|
$ |
16,910 |
|
$ |
17,788 |
|
$ |
18,572 |
|
|||||
| Home equity |
|
1,694 |
|
|
1,784 |
|
|
1,822 |
|
|
1,920 |
|
|
1,956 |
|
|||||
| Commercial and industrial |
|
397 |
|
|
414 |
|
|
430 |
|
|
- |
|
|
- |
|
|||||
| Commercial real estate |
|
1,890 |
|
|
1,914 |
|
|
1,937 |
|
|
3,076 |
|
|
4,615 |
|
|||||
| Consumer |
|
194 |
|
|
225 |
|
|
221 |
|
|
203 |
|
|
211 |
|
|||||
| Total TDRs | $ |
20,357 |
|
$ |
21,280 |
|
$ |
21,320 |
|
$ |
22,987 |
|
$ |
25,354 |
|
|||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
| Consolidated Average Balance Sheets, Yields, and Rates | ||||||||||||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Loan portfolio (1): | ||||||||||||||||||||||||||||||
| Residential real estate (2) | $ |
1,667,683 |
|
$ |
15,596 |
3.79 |
% |
$ |
1,645,167 |
|
$ |
15,692 |
3.78 |
% |
$ |
1,696,064 |
|
$ |
16,853 |
4.03 |
% |
|||||||||
| Commercial, financial, and agriculture (2) |
|
1,815,549 |
|
|
15,532 |
3.47 |
% |
|
1,831,461 |
|
|
18,740 |
4.06 |
% |
|
1,838,928 |
|
|
16,542 |
3.65 |
% |
|||||||||
| Installment loans to individuals (2), (3) |
|
44,161 |
|
|
607 |
5.57 |
% |
|
45,644 |
|
|
691 |
6.01 |
% |
|
50,798 |
|
|
713 |
5.69 |
% |
|||||||||
| Previously securitized loans (4) | *** |
|
139 |
*** | *** |
|
154 |
*** | *** |
|
215 |
*** | ||||||||||||||||||
| Total loans |
|
3,527,393 |
|
|
31,874 |
3.66 |
% |
|
3,522,272 |
|
|
35,277 |
3.97 |
% |
|
3,585,790 |
|
|
34,323 |
3.88 |
% |
|||||||||
| Securities: | ||||||||||||||||||||||||||||||
| Taxable |
|
1,207,333 |
|
|
6,223 |
2.09 |
% |
|
1,171,340 |
|
|
5,753 |
1.95 |
% |
|
945,177 |
|
|
5,242 |
2.25 |
% |
|||||||||
| Tax-exempt (5) |
|
232,474 |
|
|
1,539 |
2.68 |
% |
|
239,096 |
|
|
1,551 |
2.57 |
% |
|
239,589 |
|
|
1,585 |
2.68 |
% |
|||||||||
| Total securities |
|
1,439,807 |
|
|
7,762 |
2.19 |
% |
|
1,410,436 |
|
|
7,304 |
2.05 |
% |
|
1,184,766 |
|
|
6,827 |
2.34 |
% |
|||||||||
| Deposits in depository institutions |
|
540,197 |
|
|
238 |
0.18 |
% |
|
588,678 |
|
|
217 |
0.15 |
% |
|
513,469 |
|
|
118 |
0.09 |
% |
|||||||||
| Total interest-earning assets |
|
5,507,397 |
|
|
39,874 |
2.94 |
% |
|
5,521,386 |
|
|
42,798 |
3.08 |
% |
|
5,284,025 |
|
|
41,268 |
3.17 |
% |
|||||||||
| Cash and due from banks |
|
101,806 |
|
|
98,111 |
|
|
79,683 |
|
|||||||||||||||||||||
| Premises and equipment, net |
|
73,827 |
|
|
74,847 |
|
|
76,837 |
|
|||||||||||||||||||||
| Goodwill and intangible assets |
|
116,994 |
|
|
117,349 |
|
|
118,453 |
|
|||||||||||||||||||||
| Other assets |
|
217,662 |
|
|
216,780 |
|
|
217,453 |
|
|||||||||||||||||||||
| Less: Allowance for credit losses |
|
(18,454 |
) |
|
(18,756 |
) |
|
(24,909 |
) |
|||||||||||||||||||||
| Total assets | $ |
5,999,232 |
|
$ |
6,009,717 |
|
$ |
5,751,542 |
|
|||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ |
1,142,278 |
|
$ |
130 |
0.05 |
% |
$ |
1,113,693 |
|
$ |
131 |
0.05 |
% |
$ |
1,008,283 |
|
$ |
124 |
0.05 |
% |
|||||||||
| Savings deposits |
|
1,384,460 |
|
|
175 |
0.05 |
% |
|
1,338,747 |
|
|
173 |
0.05 |
% |
|
1,221,169 |
|
|
183 |
0.06 |
% |
|||||||||
| Time deposits (2) |
|
1,048,185 |
|
|
1,216 |
0.47 |
% |
|
1,087,280 |
|
|
1,406 |
0.51 |
% |
|
1,236,197 |
|
|
2,973 |
0.98 |
% |
|||||||||
| Short-term borrowings |
|
276,360 |
|
|
114 |
0.17 |
% |
|
314,937 |
|
|
132 |
0.17 |
% |
|
290,766 |
|
|
117 |
0.16 |
% |
|||||||||
| Total interest-bearing liabilities |
|
3,851,283 |
|
|
1,635 |
0.17 |
% |
|
3,854,657 |
|
|
1,842 |
0.19 |
% |
|
3,756,415 |
|
|
3,397 |
0.37 |
% |
|||||||||
| Noninterest-bearing demand deposits |
|
1,398,663 |
|
|
1,394,599 |
|
|
1,197,910 |
|
|||||||||||||||||||||
| Other liabilities |
|
74,084 |
|
|
84,071 |
|
|
89,695 |
|
|||||||||||||||||||||
| Stockholders' equity |
|
675,202 |
|
|
676,390 |
|
|
707,522 |
|
|||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||||||
| stockholders' equity | $ |
5,999,232 |
|
$ |
6,009,717 |
|
$ |
5,751,542 |
|
|||||||||||||||||||||
| Net interest income | $ |
38,239 |
$ |
40,956 |
$ |
37,871 |
||||||||||||||||||||||||
| Net yield on earning assets | 2.82 |
% |
2.94 |
% |
2.91 |
% |
||||||||||||||||||||||||
| (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 | $ |
298 |
$ |
1,106 |
$ |
835 |
||||||||||||||||||||||||
| (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 | $ |
90 |
$ |
149 |
$ |
106 |
||||||||||||||||||||||||
| Commercial, financial, and agriculture |
|
286 |
|
243 |
|
325 |
||||||||||||||||||||||||
| Installment loans to individuals |
|
19 |
|
15 |
|
28 |
||||||||||||||||||||||||
| Time deposits |
|
21 |
|
48 |
|
48 |
||||||||||||||||||||||||
$ |
416 |
$ |
455 |
$ |
507 |
|||||||||||||||||||||||||
| (3) Includes the Company’s consumer and DDA overdrafts loan categories. | ||||||||||||||||||||||||||||||
| (4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0. | ||||||||||||||||||||||||||||||
| (5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. | ||||||||||||||||||||||||||||||
| CITY HOLDING COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Non-GAAP Reconciliations | ||||||||||||||||||||
| (Unaudited) ($ in 000s, except per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
||||||||||||
| Net Interest Income/Margin | ||||||||||||||||||||
| Net interest income ("GAAP") | $ |
37,916 |
|
$ |
40,631 |
|
$ |
39,488 |
|
$ |
37,914 |
|
$ |
37,540 |
|
|||||
| Taxable equivalent adjustment |
|
323 |
|
|
325 |
|
|
334 |
|
|
343 |
|
|
331 |
|
|||||
| Net interest income, fully taxable equivalent | $ |
38,239 |
|
$ |
40,956 |
|
$ |
39,822 |
|
$ |
38,257 |
|
$ |
37,871 |
|
|||||
| Average interest earning assets | $ |
5,507,397 |
|
$ |
5,521,386 |
|
$ |
5,462,410 |
|
$ |
5,459,564 |
|
$ |
5,284,025 |
|
|||||
| Net Interest Margin |
|
2.82 |
% |
|
2.94 |
% |
|
2.89 |
% |
|
2.81 |
% |
|
2.91 |
% |
|||||
| Accretion related to fair value adjustments |
|
-0.03 |
% |
|
-0.03 |
% |
|
-0.04 |
% |
|
-0.05 |
% |
|
-0.04 |
% |
|||||
| Net Interest Margin (excluding accretion) |
|
2.79 |
% |
|
2.91 |
% |
|
2.85 |
% |
|
2.76 |
% |
|
2.87 |
% |
|||||
| Tangible Equity Ratio (period end) | ||||||||||||||||||||
| Equity to assets ("GAAP") |
|
10.52 |
% |
|
11.34 |
% |
|
11.37 |
% |
|
11.78 |
% |
|
11.74 |
% |
|||||
| Effect of goodwill and other intangibles, net |
|
-1.77 |
% |
|
-1.76 |
% |
|
-1.78 |
% |
|
-1.80 |
% |
|
-1.81 |
% |
|||||
| Tangible common equity to tangible assets |
|
8.75 |
% |
|
9.58 |
% |
|
9.59 |
% |
|
9.98 |
% |
|
9.93 |
% |
|||||
ЧАРЛЬСТОН, штат Вирджиния.--(BUSINESS WIRE)--City Holding Company (“Компания” или “Город”) (NASDAQ:CHCO), банковская холдинговая компания со штаб-квартирой в Чарльстоне, Западная Вирджиния, стоимостью 6,0 миллиарда долларов, сегодня объявила о квартальной чистой прибыли в размере 21,3 миллиона долларов и разводненной прибыли в размере 1,41 доллара на акцию за квартал закончился 31 марта 2022 года.
Чистый Процентный Доход
Чистый процентный доход Компании снизился на 2,7 млн долларов, или на 6,7%, с 40,6 млн долларов в четвертом квартале 2021 года до 37,9 млн долларов в первом квартале 2022 года. Чистый процентный доход Компании, эквивалентный налогообложению, снизился на 2,7 миллиона долларов, или на 6,6%, с 41,0 миллиона долларов за четвертый квартал 2021 года до 38,2 миллиона долларов за первый квартал 2022 года. Более низкая доходность по коммерческим кредитам (44 базисных пункта) снизила процентный доход на 2,3 миллиона долларов по сравнению с кварталом, закончившимся 31 декабря 2021 года. Четвертый квартал 2021 года был усилен возмещением процентов в размере 2,1 миллиона долларов по кредиту, который ранее был классифицирован как безнадежный кредит. Кроме того, комиссионные за выдачу кредитов снизились на 0,8 млн долларов США из-за снижения комиссионных за выдачу кредитов по ППС, признанных как остатки по кредитам по ППС, снизившиеся до уровня ниже 1 млн долларов США по состоянию на 31 марта 2022 года. Это снижение было частично компенсировано более высоким инвестиционным процентным доходом (0,5 млн долларов США) как за счет более высокой доходности (14 базисных пунктов), так и за счет более высоких средних остатков (29 млн долларов США) в течение квартала, закончившегося 31 марта 2022 года. Отчетная чистая процентная маржа Компании снизилась с 2,94% за четвертый квартал 2021 года до 2,82% за первый квартал 2022 года.
Отношение неработающих активов Компании к общему объему кредитов и другой принадлежащей недвижимости незначительно снизилось с 0,21%, или 7,6 млн долларов США, на 31 декабря 2021 года до 0,18%, или 6,3 млн долларов США, на 31 марта 2022 года. Общий объем просроченных кредитов незначительно снизился с 6,8 млн долларов США, или 0,19% от общего объема непогашенных кредитов, на 31 декабря 2021 года до 6,7 млн долларов США, или 0,19% от общего объема непогашенных кредитов, на 31 марта 2022 года.
В результате ежеквартального анализа Компанией достаточности резерва на возможные потери по кредитам (“ACL”) Компания зафиксировала возмещение кредитных убытков в размере 0,8 млн долларов США в первом квартале 2022 года по сравнению с возмещением кредитных убытков в размере 0,4 млн долларов США за сопоставимый период в 2021 году, и не зафиксировал резерв на покрытие кредитных убытков за четвертый квартал 2021 года. Возмещение кредитных убытков, зарегистрированных в первом квартале 2022 года, в значительной степени отражает погашение кредита от предыдущего приобретения и выпуск соответствующей кредитной марки. Из-за продолжающегося улучшения экономических условий деятельности Компании чистые списания за квартал, закончившийся 31 марта 2022 года, были незначительными.
Непроцентный доход
Непроцентный доход составил $17,4 млн в течение квартала, закончившегося 31 марта 2022 года, по сравнению с $16,6 млн в течение квартала, закончившегося 31 марта 2021 года. В течение первого квартала 2022 года Компания сообщила о нереализованных убытках по справедливой стоимости долевых ценных бумаг Компании на сумму 0,7 миллиона долларов по сравнению с реализованной и нереализованной прибылью по справедливой стоимости долевых ценных бумаг Компании на сумму 0,2 миллиона долларов в течение первого квартала 2021 года. Без учета этих статей непроцентный доход увеличился на 1,8 миллиона долларов, или на 10,8%, с 16,4 миллиона долларов за первый квартал 2021 года до 18,2 миллиона долларов за первый квартал 2022 года. Это увеличение было в значительной степени обусловлено увеличением платы за обслуживание на 0,8 млн. долл. США, или на 14,4%, и увеличением на 0,6 млн. долл. США по страхованию жизни, принадлежащему банку, в связи с увеличением поступлений от пособий в случае смерти. Кроме того, выручка от банковских карт увеличилась на 0,2 миллиона долларов по сравнению с кварталом, закончившимся 31 марта 2021 года, до 6,4 миллиона долларов.
Непроцентные расходы
Непроцентные расходы сократились на 0,3 млн долларов, или на 0,9%, с 29,8 млн долларов в первом квартале 2021 года до 29,5 млн долларов в первом квартале 2022 года. Это снижение было вызвано главным образом сокращением прочих расходов на 0,2 миллиона долларов по сравнению с кварталом, закончившимся 31 марта 2021 года. В течение первого квартала 2022 года большая часть расходов Компании существенно не изменилась по сравнению с первым кварталом 2021 года; хотя мы ожидаем, что заработная плата и выплаты работникам увеличатся в последующие кварталы.
Тенденции в балансе
Кредиты увеличились на 16,1 млн долларов (0,5%) с 31 декабря 2021 года до 3,56 млрд долларов на 31 марта 2022 года. Кредиты по ГЧП сократились на 6,0 млн долларов США с 6,6 млн долларов США на 31 декабря 2021 года до 0,6 млн долларов США на 31 марта 2022 года. Без учета непогашенных кредитов по ГЧП (включенных в категорию коммерческих и промышленных кредитов) общий объем кредитов увеличился на 22,1 миллиона долларов (0,6%) с 31 декабря 2021 года до 3,56 миллиарда долларов на 31 марта 2022 года. Кредиты на жилую недвижимость увеличились на 39,9 млн долларов (2,6%). Это увеличение было частично компенсировано снижением кредитов на коммерческую недвижимость (9,0 млн. долларов США, или 0,6%); снижением овердрафтов DDA (4,0 млн. долларов США, или 62,1%); и снижением коммерческих и промышленных кредитов (2,8 млн. долларов США, или 0,8%) (без учета кредитов по ГЧП).
Общий средний остаток средств на депозитах увеличился на 39,3 миллиона долларов, или на 0,8%, с квартала, закончившегося 31 декабря 2021 года, по квартал, закончившийся 31 марта 2022 года. Средние остатки по сберегательным депозитам увеличились на 45,7 млн. долларов, средние остатки по процентным депозитам до востребования увеличились на 28,6 млн. долларов, а остатки по беспроцентным депозитам до востребования увеличились на 4,1 млн. долларов. Это увеличение было частично компенсировано сокращением остатков на срочных депозитах на 39,1 млн. долл. США.
Расходы по налогу на прибыль
Эффективная ставка налога на прибыль Компании за первый квартал 2022 года составила 19,7% по сравнению с 20,8% за год, закончившийся 31 декабря 2021 года, и 20,1% за квартал, закончившийся 31 марта 2021 года.
Капитализация и Ликвидность
Отношение кредитов Компании к депозитам составляло 71,2%, а отношение кредитов к активам составляло 59,2% по состоянию на 31 марта 2022 года. По состоянию на ту же дату Компания владела инвестиционными ценными бумагами на общую сумму 23,9% активов. Структура депозитов Компании в значительной степени ориентирована на текущие и сберегательные счета, на которые по состоянию на 31 марта 2022 года приходится 66,1% активов. Срочные депозиты составляют 17,0% активов по состоянию на 31 марта 2022 года, но очень немногие из этих депозитов находятся на счетах с остатками более 250 000 долларов, что отражает основную розничную ориентацию Компании.
Компания по-прежнему сильно капитализирована, ее собственный капитал на 31 марта 2022 года составил 516 миллионов долларов. В основном из-за нереализованных убытков по ценным бумагам в течение квартала, закончившегося 31 марта 2022 года, коэффициент материального капитала Компании снизился с 9,6% на 31 декабря 2021 года до 8,8% на 31 марта 2022 года. По состоянию на 31 марта 2022 года коэффициент левереджа City National Bank составлял 8,80%, коэффициент обыкновенного капитала I уровня составлял 14,82%, коэффициент капитала I уровня составлял 14,82%, а общий коэффициент капитала, основанный на риске, составлял 15,24%. Эти нормативные коэффициенты достаточности капитала значительно превышают уровни, необходимые для того, чтобы считаться “хорошо капитализированными”, что является максимально возможным нормативным обозначением.
30 марта 2022 года Совет директоров Компании утвердил ежеквартальные денежные дивиденды в размере 0,60 доллара США на акцию, подлежащие выплате 29 апреля 2022 года акционерам record по состоянию на 15 апреля 2022 года. В течение квартала, закончившегося 31 марта 2022 года, Компания выкупила 38 000 обыкновенных акций по средневзвешенной цене 78,09 доллара за акцию в рамках плана выкупа акций на миллион, утвержденного Советом директоров в марте 2021 года. По состоянию на 31 марта 2022 года Компания может выкупить 277 000 дополнительных акций в рамках текущей программы.
Компания City Holding является материнской компанией City National Bank of West Virginia. City National Bank управляет 94 филиалами в Западной Вирджинии, Кентукки, Вирджинии и Огайо.
Прогнозная информация
Этот пресс-релиз содержит определенные прогнозные заявления, которые включены в соответствии с положениями Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года о безопасной гавани. Прогнозные заявления выражают только убеждения руководства относительно будущих результатов или событий и подвержены присущим им неопределенности, рискам и изменениям обстоятельств, многие из которых находятся вне контроля руководства. Неопределенность, риски, изменения обстоятельств и другие факторы могут привести к тому, что фактические результаты Компании будут существенно отличаться от прогнозируемых в прогнозных заявлениях. Факторы, которые могут привести к тому, что фактические результаты будут отличаться от тех, которые обсуждаются в таких прогнозных заявлениях, включают, но не ограничиваются ими, те, которые изложены в Годовом отчете Компании по форме 10-K за финансовый год, закончившийся 31 декабря 2021 года, в разделе “Факторы риска ПУНКТА 1A” и следующие: (1) общие экономические условия, особенно в сообществах и на рынках, на которых мы ведем наш бизнес; (2) неопределенность в отношении бизнеса, результатов деятельности и финансового состояния Компании, вызванная пандемией COVID-19, которая будет зависеть от нескольких факторов, включая масштабы и продолжительность пандемии, ее продолжающееся влияние на финансовые рынки, эффективность работы Компании из дома и численность персонала на производственных объектах, влияние участников рынка, на которых полагается Компания, и действия, предпринятые государственными органами и другими третьими сторонами в ответ на пандемию; (3) кредитный риск, включая риск того, что негативные тенденции в кредитном качестве могут привести к ухудшению качества активов, риск того, что наш резерв по кредитам убытков может быть недостаточно для покрытия фактических потерь в нашем кредитном портфеле и рисков, связанных с концентрацией в нашем кредитном портфеле; (4) изменения на рынке недвижимости, включая стоимость обеспечения, обеспечивающего части нашего кредитного портфеля; (5) изменения в условиях процентных ставок; (6) операционный риск, включая риск кибербезопасности и риск мошенничества, сбоев в системах обработки данных и сетевых сбоев; (7) изменения в технологиях и усиление конкуренции, включая конкуренцию со стороны небанковских финансовых учреждений; (8) изменения в предпочтениях потребителей, привычках тратить и занимать, спросе на наши продукты и услуг, а также производительности и кредитоспособности клиентов; (9) трудности с увеличением остатков по кредитам и депозитам; (10) наша способность эффективно выполнять наш бизнес-план, в том числе в отношении будущих приобретений; (11) изменения в нормативных актах, законах, налогах, государственной политике, денежно-кредитной политике и учетной политике, влияющие на банковский холдинг компаний и их дочерних компаний; (12) ухудшение финансового состояния банковской системы США может повлиять на оценку инвестиций, сделанных Компанией в ценные бумаги других финансовых учреждений; (13) действия регулирующих органов и неблагоприятные судебные иски; (14) трудности с привлечением и удержанием ключевых сотрудников; (15) другие экономические, конкурентные, технологические, операционные, государственные, нормативные и рыночные факторы, влияющие на нашу деятельность. Заявления прогнозного характера, сделанные в настоящем документе, отражают ожидания руководства на дату составления таких заявлений. Такая информация предоставляется для оказания помощи акционерам и потенциальным инвесторам в понимании текущих и предполагаемых финансовых операций Компании и включена в соответствии с положениями о безопасной гавани Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, чтобы отразить события или обстоятельства, которые возникают после даты таких заявлений. Кроме того, Компания обязана оценить последующие события путем подачи своей формы 10-Q от 31 марта 2022 года. Компания продолжит оценивать влияние любых последующих событий на предварительные результаты 31 марта 2022 года и при необходимости скорректирует суммы.
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
||||||||||||||||
| Earnings | ||||||||||||||||||||
| Net Interest Income (fully taxable equivalent) | $ |
38,239 |
|
$ |
40,956 |
|
$ |
39,822 |
|
$ |
38,257 |
|
$ |
37,871 |
|
|||||
| Net Income available to common shareholders |
|
21,342 |
|
|
23,386 |
|
|
22,732 |
|
|
22,148 |
|
|
19,814 |
|
|||||
| Per Share Data | ||||||||||||||||||||
| Earnings per share available to common shareholders: | ||||||||||||||||||||
| Basic | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| Diluted |
|
1.41 |
|
|
1.54 |
|
|
1.47 |
|
|
1.41 |
|
|
1.25 |
|
|||||
| Weighted average number of shares (in thousands): | ||||||||||||||||||||
| Basic |
|
14,974 |
|
|
15,026 |
|
|
15,279 |
|
|
15,573 |
|
|
15,656 |
|
|||||
| Diluted |
|
15,002 |
|
|
15,056 |
|
|
15,302 |
|
|
15,594 |
|
|
15,687 |
|
|||||
| Period-end number of shares (in thousands) |
|
15,045 |
|
|
15,062 |
|
|
15,192 |
|
|
15,527 |
|
|
15,724 |
|
|||||
| Cash dividends declared | $ |
0.60 |
|
$ |
0.60 |
|
$ |
0.58 |
|
$ |
0.58 |
|
$ |
0.58 |
|
|||||
| Book value per share (period-end) | $ |
42.03 |
|
$ |
45.22 |
|
$ |
44.58 |
|
$ |
44.79 |
|
$ |
43.99 |
|
|||||
| Tangible book value per share (period-end) |
|
34.27 |
|
|
37.44 |
|
|
36.85 |
|
|
37.20 |
|
|
36.47 |
|
|||||
| Market data: | ||||||||||||||||||||
| High closing price | $ |
85.99 |
|
$ |
83.14 |
|
$ |
79.99 |
|
$ |
83.85 |
|
$ |
87.41 |
|
|||||
| Low closing price |
|
76.82 |
|
|
76.52 |
|
|
72.29 |
|
|
74.44 |
|
|
69.05 |
|
|||||
| Period-end closing price |
|
78.70 |
|
|
81.79 |
|
|
77.91 |
|
|
75.24 |
|
|
81.78 |
|
|||||
| Average daily volume (in thousands) |
|
59 |
|
|
52 |
|
|
53 |
|
|
61 |
|
|
63 |
|
|||||
| Treasury share activity: | ||||||||||||||||||||
| Treasury shares repurchased (in thousands) |
|
38 |
|
|
131 |
|
|
337 |
|
|
217 |
|
|
75 |
|
|||||
| Average treasury share repurchase price | $ |
78.09 |
|
$ |
78.93 |
|
$ |
75.65 |
|
$ |
78.75 |
|
$ |
76.71 |
|
|||||
| Key Ratios (percent) | ||||||||||||||||||||
| Return on average assets |
|
1.42 |
% |
|
1.56 |
% |
|
1.53 |
% |
|
1.49 |
% |
|
1.38 |
% |
|||||
| Return on average tangible equity |
|
15.3 |
% |
|
16.7 |
% |
|
15.7 |
% |
|
15.2 |
% |
|
13.5 |
% |
|||||
| Yield on interest earning assets |
|
2.94 |
% |
|
3.08 |
% |
|
3.04 |
% |
|
3.00 |
% |
|
3.17 |
% |
|||||
| Cost of interest bearing liabilities |
|
0.17 |
% |
|
0.19 |
% |
|
0.22 |
% |
|
0.27 |
% |
|
0.37 |
% |
|||||
| Net Interest Margin |
|
2.82 |
% |
|
2.94 |
% |
|
2.89 |
% |
|
2.81 |
% |
|
2.91 |
% |
|||||
| Non-interest income as a percent of total revenue |
|
32.4 |
% |
|
30.2 |
% |
|
31.1 |
% |
|
31.0 |
% |
|
30.4 |
% |
|||||
| Efficiency Ratio |
|
51.7 |
% |
|
48.3 |
% |
|
50.0 |
% |
|
52.8 |
% |
|
54.3 |
% |
|||||
| Price/Earnings Ratio (a) |
|
13.93 |
|
|
13.27 |
|
|
13.22 |
|
|
13.35 |
|
|
16.30 |
|
|||||
| Capital (period-end) | ||||||||||||||||||||
| Average Shareholders' Equity to Average Assets |
|
11.25 |
% |
|
11.25 |
% |
|
11.69 |
% |
|
11.81 |
% |
|
12.30 |
% |
|||||
| Tangible equity to tangible assets |
|
8.75 |
% |
|
9.58 |
% |
|
9.59 |
% |
|
9.98 |
% |
|
9.93 |
% |
|||||
| Consolidated City Holding Company risk based capital ratios (b): | ||||||||||||||||||||
| CET I |
|
16.18 |
% |
|
16.08 |
% |
|
16.11 |
% |
|
16.40 |
% |
|
16.76 |
% |
|||||
| Tier I |
|
16.18 |
% |
|
16.08 |
% |
|
16.11 |
% |
|
16.40 |
% |
|
16.76 |
% |
|||||
| Total |
|
16.60 |
% |
|
16.51 |
% |
|
16.56 |
% |
|
16.88 |
% |
|
17.33 |
% |
|||||
| Leverage |
|
9.58 |
% |
|
9.44 |
% |
|
9.46 |
% |
|
9.70 |
% |
|
10.06 |
% |
|||||
| City National Bank risk based capital ratios (b): | ||||||||||||||||||||
| CET I |
|
14.82 |
% |
|
14.35 |
% |
|
14.76 |
% |
|
14.82 |
% |
|
14.75 |
% |
|||||
| Tier I |
|
14.82 |
% |
|
14.35 |
% |
|
14.76 |
% |
|
14.82 |
% |
|
14.75 |
% |
|||||
| Total |
|
15.24 |
% |
|
14.78 |
% |
|
15.21 |
% |
|
15.30 |
% |
|
15.33 |
% |
|||||
| Leverage |
|
8.80 |
% |
|
8.45 |
% |
|
8.73 |
% |
|
8.80 |
% |
|
8.91 |
% |
|||||
| Other (period-end) | ||||||||||||||||||||
| Branches |
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|
94 |
|
|||||
| FTE |
|
897 |
|
|
905 |
|
|
921 |
|
|
912 |
|
|
916 |
|
|||||
| Assets per FTE (in thousands) | $ |
6,703 |
|
$ |
6,637 |
|
$ |
6,463 |
|
$ |
6,477 |
|
$ |
6,434 |
|
|||||
| Deposits per FTE (in thousands) |
|
5,574 |
|
|
5,445 |
|
|
5,308 |
|
|
5,271 |
|
|
5,236 |
|
|||||
|
||||||||||||||||||||
| (a) The price/earnings ratio is computed based on annualized quarterly earnings. | ||||||||||||||||||||
| (b) March 31, 2022 risk-based capital ratios are estimated. | ||||||||||||||||||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||
| (Unaudited) ($ in 000s, except per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Interest Income | ||||||||||||||||||||
| Interest and fees on loans | $ |
31,874 |
|
$ |
35,277 |
|
$ |
33,961 |
|
$ |
33,114 |
|
$ |
34,324 |
|
|||||
| Interest on investment securities: | ||||||||||||||||||||
| Taxable |
|
6,223 |
|
|
5,753 |
|
|
6,144 |
|
|
5,932 |
|
|
5,242 |
|
|||||
| Tax-exempt |
|
1,216 |
|
|
1,226 |
|
|
1,257 |
|
|
1,291 |
|
|
1,253 |
|
|||||
| Interest on deposits in depository institutions |
|
238 |
|
|
217 |
|
|
196 |
|
|
162 |
|
|
118 |
|
|||||
| Total Interest Income |
|
39,551 |
|
|
42,473 |
|
|
41,558 |
|
|
40,499 |
|
|
40,937 |
|
|||||
| Interest Expense | ||||||||||||||||||||
| Interest on deposits |
|
1,521 |
|
|
1,710 |
|
|
1,955 |
|
|
2,460 |
|
|
3,280 |
|
|||||
| Interest on short-term borrowings |
|
114 |
|
|
132 |
|
|
115 |
|
|
125 |
|
|
117 |
|
|||||
| Total Interest Expense |
|
1,635 |
|
|
1,842 |
|
|
2,070 |
|
|
2,585 |
|
|
3,397 |
|
|||||
| Net Interest Income |
|
37,916 |
|
|
40,631 |
|
|
39,488 |
|
|
37,914 |
|
|
37,540 |
|
|||||
| (Recovery of) provision for credit losses |
|
(756 |
) |
|
- |
|
|
(725 |
) |
|
(2,000 |
) |
|
(440 |
) |
|||||
| Net Interest Income After (Recovery of) Provision for Credit Losses |
|
38,672 |
|
|
40,631 |
|
|
40,213 |
|
|
39,914 |
|
|
37,980 |
|
|||||
| Non-Interest Income | ||||||||||||||||||||
| Net gains on sale of investment securities |
|
- |
|
|
- |
|
|
- |
|
|
29 |
|
|
283 |
|
|||||
| Unrealized (losses) gains recognized on equity securities still held |
|
(723 |
) |
|
52 |
|
|
93 |
|
|
410 |
|
|
(51 |
) |
|||||
| Service charges |
|
6,725 |
|
|
7,057 |
|
|
6,706 |
|
|
5,895 |
|
|
5,881 |
|
|||||
| Bankcard revenue |
|
6,444 |
|
|
6,762 |
|
|
6,791 |
|
|
7,221 |
|
|
6,213 |
|
|||||
| Trust and investment management fee income |
|
2,197 |
|
|
2,198 |
|
|
2,172 |
|
|
2,012 |
|
|
2,033 |
|
|||||
| Bank owned life insurance |
|
2,014 |
|
|
748 |
|
|
747 |
|
|
940 |
|
|
1,460 |
|
|||||
| Other income |
|
791 |
|
|
799 |
|
|
1,438 |
|
|
941 |
|
|
811 |
|
|||||
| Total Non-Interest Income |
|
17,448 |
|
|
17,616 |
|
|
17,947 |
|
|
17,448 |
|
|
16,630 |
|
|||||
| Non-Interest Expense | ||||||||||||||||||||
| Salaries and employee benefits |
|
15,577 |
|
|
15,299 |
|
|
15,321 |
|
|
15,559 |
|
|
15,671 |
|
|||||
| Occupancy related expense |
|
2,709 |
|
|
2,429 |
|
|
2,507 |
|
|
2,525 |
|
|
2,622 |
|
|||||
| Equipment and software related expense |
|
2,769 |
|
|
2,733 |
|
|
2,554 |
|
|
2,655 |
|
|
2,544 |
|
|||||
| FDIC insurance expense |
|
435 |
|
|
400 |
|
|
396 |
|
|
382 |
|
|
405 |
|
|||||
| Advertising |
|
798 |
|
|
582 |
|
|
804 |
|
|
824 |
|
|
881 |
|
|||||
| Bankcard expenses |
|
1,606 |
|
|
1,576 |
|
|
1,549 |
|
|
1,746 |
|
|
1,584 |
|
|||||
| Postage, delivery, and statement mailings |
|
636 |
|
|
590 |
|
|
573 |
|
|
568 |
|
|
592 |
|
|||||
| Office supplies |
|
410 |
|
|
378 |
|
|
406 |
|
|
371 |
|
|
392 |
|
|||||
| Legal and professional fees |
|
527 |
|
|
405 |
|
|
610 |
|
|
589 |
|
|
675 |
|
|||||
| Telecommunications |
|
584 |
|
|
702 |
|
|
790 |
|
|
676 |
|
|
690 |
|
|||||
| Repossessed asset losses (gains), net of expenses |
|
40 |
|
|
(29 |
) |
|
(108 |
) |
|
1 |
|
|
79 |
|
|||||
| Other expenses |
|
3,436 |
|
|
3,559 |
|
|
3,776 |
|
|
3,678 |
|
|
3,674 |
|
|||||
| Total Non-Interest Expense |
|
29,527 |
|
|
28,624 |
|
|
29,178 |
|
|
29,574 |
|
|
29,809 |
|
|||||
| Income Before Income Taxes |
|
26,593 |
|
|
29,623 |
|
|
28,982 |
|
|
27,788 |
|
|
24,801 |
|
|||||
| Income tax expense |
|
5,251 |
|
|
6,237 |
|
|
6,250 |
|
|
5,640 |
|
|
4,987 |
|
|||||
| Net Income Available to Common Shareholders | $ |
21,342 |
|
$ |
23,386 |
|
$ |
22,732 |
|
$ |
22,148 |
|
$ |
19,814 |
|
|||||
| Distributed earnings allocated to common shareholders | $ |
8,943 |
|
$ |
8,949 |
|
$ |
8,726 |
|
$ |
8,921 |
|
$ |
9,037 |
|
|||||
| Undistributed earnings allocated to common shareholders |
|
12,199 |
|
|
14,211 |
|
|
13,786 |
|
|
13,021 |
|
|
10,598 |
|
|||||
| Net earnings allocated to common shareholders | $ |
21,142 |
|
$ |
23,160 |
|
$ |
22,512 |
|
$ |
21,942 |
|
$ |
19,635 |
|
|||||
| Average common shares outstanding |
|
14,974 |
|
|
15,026 |
|
|
15,279 |
|
|
15,573 |
|
|
15,656 |
|
|||||
| Shares for diluted earnings per share |
|
15,002 |
|
|
15,056 |
|
|
15,302 |
|
|
15,594 |
|
|
15,687 |
|
|||||
| Basic earnings per common share | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| Diluted earnings per common share | $ |
1.41 |
|
$ |
1.54 |
|
$ |
1.47 |
|
$ |
1.41 |
|
$ |
1.25 |
|
|||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||||||
| ($ in 000s) | ||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ |
100,877 |
|
$ |
101,804 |
|
$ |
103,841 |
|
$ |
97,523 |
|
$ |
97,709 |
|
|||||
| Interest-bearing deposits in depository institutions |
|
497,171 |
|
|
532,827 |
|
|
535,708 |
|
|
512,367 |
|
|
659,090 |
|
|||||
| Cash and cash equivalents |
|
598,048 |
|
|
634,631 |
|
|
639,549 |
|
|
609,890 |
|
|
756,799 |
|
|||||
| Investment securities available-for-sale, at fair value |
|
1,409,513 |
|
|
1,408,165 |
|
|
1,372,077 |
|
|
1,339,436 |
|
|
1,183,253 |
|
|||||
| Other securities |
|
24,785 |
|
|
25,531 |
|
|
25,497 |
|
|
25,793 |
|
|
29,174 |
|
|||||
| Total investment securities |
|
1,434,298 |
|
|
1,433,696 |
|
|
1,397,574 |
|
|
1,365,229 |
|
|
1,212,427 |
|
|||||
| Gross loans |
|
3,559,905 |
|
|
3,543,814 |
|
|
3,521,925 |
|
|
3,529,416 |
|
|
3,546,723 |
|
|||||
| Allowance for credit losses |
|
(17,280 |
) |
|
(18,166 |
) |
|
(18,751 |
) |
|
(20,016 |
) |
|
(24,076 |
) |
|||||
| Net loans |
|
3,542,625 |
|
|
3,525,648 |
|
|
3,503,174 |
|
|
3,509,400 |
|
|
3,522,647 |
|
|||||
| Bank owned life insurance |
|
120,522 |
|
|
120,978 |
|
|
120,238 |
|
|
119,491 |
|
|
118,976 |
|
|||||
| Premises and equipment, net |
|
73,067 |
|
|
74,071 |
|
|
75,156 |
|
|
76,263 |
|
|
76,529 |
|
|||||
| Accrued interest receivable |
|
16,101 |
|
|
15,627 |
|
|
16,224 |
|
|
15,967 |
|
|
16,231 |
|
|||||
| Net deferred tax assets |
|
18,001 |
|
|
63 |
|
|
90 |
|
|
- |
|
|
1,395 |
|
|||||
| Intangible assets |
|
116,774 |
|
|
117,121 |
|
|
117,489 |
|
|
117,857 |
|
|
118,224 |
|
|||||
| Other assets |
|
92,331 |
|
|
81,860 |
|
|
82,419 |
|
|
89,958 |
|
|
71,142 |
|
|||||
| Total Assets | $ |
6,011,767 |
|
$ |
6,003,695 |
|
$ |
5,951,913 |
|
$ |
5,904,055 |
|
$ |
5,894,370 |
|
|||||
| Liabilities | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing | $ |
1,357,266 |
|
$ |
1,373,125 |
|
$ |
1,311,464 |
|
$ |
1,279,932 |
|
$ |
1,244,175 |
|
|||||
| Interest-bearing: | ||||||||||||||||||||
| Demand deposits |
|
1,191,492 |
|
|
1,135,848 |
|
|
1,139,033 |
|
|
1,070,004 |
|
|
1,077,749 |
|
|||||
| Savings deposits |
|
1,425,528 |
|
|
1,347,448 |
|
|
1,332,910 |
|
|
1,301,219 |
|
|
1,265,038 |
|
|||||
| Time deposits |
|
1,024,559 |
|
|
1,068,915 |
|
|
1,104,069 |
|
|
1,153,391 |
|
|
1,209,873 |
|
|||||
| Total deposits |
|
4,998,845 |
|
|
4,925,336 |
|
|
4,887,476 |
|
|
4,804,546 |
|
|
4,796,835 |
|
|||||
| Short-term borrowings | ||||||||||||||||||||
| Customer repurchase agreements |
|
288,483 |
|
|
312,458 |
|
|
296,642 |
|
|
311,316 |
|
|
316,003 |
|
|||||
| Net deferred tax liabilities |
|
- |
|
|
- |
|
|
- |
|
|
2,310 |
|
|
- |
|
|||||
| Other liabilities |
|
92,009 |
|
|
84,796 |
|
|
90,499 |
|
|
90,407 |
|
|
89,847 |
|
|||||
| Total Liabilities |
|
5,379,337 |
|
|
5,322,590 |
|
|
5,274,617 |
|
|
5,208,579 |
|
|
5,202,685 |
|
|||||
| Stockholders' Equity | ||||||||||||||||||||
| Preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Common stock |
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|
47,619 |
|
|||||
| Capital surplus |
|
170,206 |
|
|
170,942 |
|
|
170,300 |
|
|
169,674 |
|
|
170,526 |
|
|||||
| Retained earnings |
|
654,138 |
|
|
641,826 |
|
|
627,463 |
|
|
613,553 |
|
|
600,396 |
|
|||||
| Cost of common stock in treasury |
|
(194,819 |
) |
|
(193,542 |
) |
|
(183,303 |
) |
|
(157,936 |
) |
|
(142,484 |
) |
|||||
| Accumulated other comprehensive (loss) income: | ||||||||||||||||||||
| Unrealized (loss) gain on securities available-for-sale |
|
(41,229 |
) |
|
17,745 |
|
|
20,878 |
|
|
28,227 |
|
|
21,289 |
|
|||||
| Underfunded pension liability |
|
(3,485 |
) |
|
(3,485 |
) |
|
(5,661 |
) |
|
(5,661 |
) |
|
(5,661 |
) |
|||||
| Total Accumulated Other Comprehensive (Loss) Income |
|
(44,714 |
) |
|
14,260 |
|
|
15,217 |
|
|
22,566 |
|
|
15,628 |
|
|||||
| Total Stockholders' Equity |
|
632,430 |
|
|
681,105 |
|
|
677,296 |
|
|
695,476 |
|
|
691,685 |
|
|||||
| Total Liabilities and Stockholders' Equity | $ |
6,011,767 |
|
$ |
6,003,695 |
|
$ |
5,951,913 |
|
$ |
5,904,055 |
|
$ |
5,894,370 |
|
|||||
| Regulatory Capital | ||||||||||||||||||||
| Total CET 1 capital | $ |
565,048 |
|
$ |
555,532 |
|
$ |
550,426 |
|
$ |
561,317 |
|
$ |
563,523 |
|
|||||
| Total tier 1 capital |
|
565,048 |
|
|
555,532 |
|
|
550,426 |
|
|
561,317 |
|
|
563,523 |
|
|||||
| Total risk-based capital |
|
579,807 |
|
|
570,336 |
|
|
565,712 |
|
|
577,543 |
|
|
582,816 |
|
|||||
| Total risk-weighted assets |
|
3,492,920 |
|
|
3,453,893 |
|
|
3,417,020 |
|
|
3,421,764 |
|
|
3,362,595 |
|
|||||
| City Holding COMPANY AND SUBSIDIARIES | |||||||||||||||
| Loan Portfolio | |||||||||||||||
| (Unaudited) ($ in 000s) | |||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||
| Commercial and industrial | $ |
337,384 |
$ |
346,184 |
$ |
353,046 |
$ |
358,583 |
$ |
371,195 |
|||||
| 1-4 Family |
|
108,424 |
|
107,873 |
|
108,913 |
|
108,079 |
|
108,131 |
|||||
| Hotels |
|
314,902 |
|
311,315 |
|
297,341 |
|
290,119 |
|
293,176 |
|||||
| Multi-family |
|
209,359 |
|
215,677 |
|
215,307 |
|
212,715 |
|
212,561 |
|||||
| Non Residential Non-Owner Occupied |
|
637,092 |
|
639,818 |
|
664,365 |
|
653,264 |
|
649,683 |
|||||
| Non Residential Owner Occupied |
|
200,180 |
|
204,233 |
|
205,579 |
|
209,100 |
|
199,130 |
|||||
| Commercial real estate (1) |
|
1,469,957 |
|
1,478,916 |
|
1,491,505 |
|
1,473,277 |
|
1,462,681 |
|||||
| Residential real estate (2) |
|
1,588,860 |
|
1,548,965 |
|
1,506,572 |
|
1,521,102 |
|
1,532,907 |
|||||
| Home equity |
|
121,460 |
|
122,345 |
|
124,806 |
|
127,608 |
|
130,009 |
|||||
| Consumer |
|
39,778 |
|
40,901 |
|
43,296 |
|
45,184 |
|
47,224 |
|||||
| DDA overdrafts |
|
2,466 |
|
6,503 |
|
2,700 |
|
3,662 |
|
2,707 |
|||||
| Gross Loans | $ |
3,559,905 |
$ |
3,543,814 |
$ |
3,521,925 |
$ |
3,529,416 |
$ |
3,546,723 |
|||||
| Construction loans included in: | |||||||||||||||
| (1) - Commercial real estate loans | $ |
14,877 |
$ |
11,783 |
$ |
19,360 |
$ |
43,904 |
$ |
39,101 |
|||||
| (2) - Residential real estate loans |
|
16,253 |
|
17,252 |
|
19,059 |
|
20,838 |
|
22,129 |
|||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Asset Quality Information | ||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
||||||||||||
| Allowance for Credit Losses | ||||||||||||||||||||
| Balance at beginning of period | $ |
18,166 |
|
$ |
18,751 |
|
$ |
20,016 |
|
$ |
24,076 |
|
$ |
24,549 |
|
|||||
| Charge-offs: | ||||||||||||||||||||
| Commercial and industrial |
|
(34 |
) |
|
- |
|
|
- |
|
|
(211 |
) |
|
(34 |
) |
|||||
| Commercial real estate |
|
- |
|
|
(276 |
) |
|
(392 |
) |
|
(1,718 |
) |
|
(1 |
) |
|||||
| Residential real estate |
|
(50 |
) |
|
(68 |
) |
|
(18 |
) |
|
(86 |
) |
|
(93 |
) |
|||||
| Home equity |
|
- |
|
|
(58 |
) |
|
(47 |
) |
|
(8 |
) |
|
(64 |
) |
|||||
| Consumer |
|
(23 |
) |
|
(13 |
) |
|
(3 |
) |
|
(79 |
) |
|
(147 |
) |
|||||
| DDA overdrafts |
|
(631 |
) |
|
(635 |
) |
|
(633 |
) |
|
(430 |
) |
|
(453 |
) |
|||||
| Total charge-offs |
|
(738 |
) |
|
(1,050 |
) |
|
(1,093 |
) |
|
(2,532 |
) |
|
(792 |
) |
|||||
| Recoveries: | ||||||||||||||||||||
| Commercial and industrial |
|
59 |
|
|
31 |
|
|
69 |
|
|
25 |
|
|
46 |
|
|||||
| Commercial real estate |
|
53 |
|
|
27 |
|
|
18 |
|
|
15 |
|
|
164 |
|
|||||
| Residential real estate |
|
45 |
|
|
7 |
|
|
29 |
|
|
17 |
|
|
74 |
|
|||||
| Home equity |
|
17 |
|
|
6 |
|
|
58 |
|
|
3 |
|
|
23 |
|
|||||
| Consumer |
|
28 |
|
|
40 |
|
|
72 |
|
|
104 |
|
|
39 |
|
|||||
| DDA overdrafts |
|
406 |
|
|
354 |
|
|
307 |
|
|
308 |
|
|
413 |
|
|||||
| Total recoveries |
|
608 |
|
|
465 |
|
|
553 |
|
|
472 |
|
|
759 |
|
|||||
| Net charge-offs |
|
(130 |
) |
|
(585 |
) |
|
(540 |
) |
|
(2,060 |
) |
|
(33 |
) |
|||||
| (Recovery of) provision for credit losses |
|
(756 |
) |
|
- |
|
|
(725 |
) |
|
(2,000 |
) |
|
(440 |
) |
|||||
| Balance at end of period | $ |
17,280 |
|
$ |
18,166 |
|
$ |
18,751 |
|
$ |
20,016 |
|
$ |
24,076 |
|
|||||
| Loans outstanding | $ |
3,559,905 |
|
$ |
3,543,814 |
|
$ |
3,521,925 |
|
$ |
3,529,416 |
|
$ |
3,546,723 |
|
|||||
| Allowance as a percent of loans outstanding |
|
0.49 |
% |
|
0.51 |
% |
|
0.53 |
% |
|
0.57 |
% |
|
0.68 |
% |
|||||
| Allowance as a percent of non-performing loans |
|
331.3 |
% |
|
290.1 |
% |
|
243.1 |
% |
|
199.3 |
% |
|
194.5 |
% |
|||||
| Average loans outstanding | $ |
3,527,393 |
|
$ |
3,522,272 |
|
$ |
3,535,497 |
|
$ |
3,541,165 |
|
$ |
3,585,790 |
|
|||||
| Net charge-offs (annualized) as a percent of average loans outstanding |
|
0.01 |
% |
|
0.07 |
% |
|
0.06 |
% |
|
0.23 |
% |
|
0.00 |
% |
|||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Asset Quality Information, continued | ||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||
| Nonaccrual Loans | ||||||||||||||||||||
| Residential real estate | $ |
1,786 |
|
$ |
2,809 |
|
$ |
3,634 |
|
$ |
2,482 |
|
$ |
3,004 |
|
|||||
| Home equity |
|
99 |
|
|
40 |
|
|
67 |
|
|
81 |
|
|
88 |
|
|||||
| Commercial and industrial |
|
1,069 |
|
|
996 |
|
|
531 |
|
|
820 |
|
|
1,200 |
|
|||||
| Commercial real estate |
|
2,241 |
|
|
2,373 |
|
|
3,355 |
|
|
6,383 |
|
|
7,792 |
|
|||||
| Consumer |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Total nonaccrual loans |
|
5,195 |
|
|
6,218 |
|
|
7,587 |
|
|
9,766 |
|
|
12,084 |
|
|||||
| Accruing loans past due 90 days or more |
|
21 |
|
|
43 |
|
|
127 |
|
|
278 |
|
|
295 |
|
|||||
| Total non-performing loans |
|
5,216 |
|
|
6,261 |
|
|
7,714 |
|
|
10,044 |
|
|
12,379 |
|
|||||
| Other real estate owned |
|
1,099 |
|
|
1,319 |
|
|
1,335 |
|
|
1,309 |
|
|
1,625 |
|
|||||
| Total non-performing assets | $ |
6,315 |
|
$ |
7,580 |
|
$ |
9,049 |
|
$ |
11,353 |
|
$ |
14,004 |
|
|||||
| Non-performing assets as a percent of loans and other real estate owned |
|
0.18 |
% |
|
0.21 |
% |
|
0.26 |
% |
|
0.32 |
% |
|
0.39 |
% |
|||||
| Past Due Loans | ||||||||||||||||||||
| Residential real estate | $ |
4,976 |
|
$ |
5,321 |
|
$ |
5,258 |
|
$ |
5,453 |
|
$ |
4,092 |
|
|||||
| Home equity |
|
505 |
|
|
618 |
|
|
688 |
|
|
523 |
|
|
449 |
|
|||||
| Commercial and industrial |
|
56 |
|
|
336 |
|
|
455 |
|
|
721 |
|
|
1,358 |
|
|||||
| Commercial real estate |
|
744 |
|
|
22 |
|
|
441 |
|
|
498 |
|
|
508 |
|
|||||
| Consumer |
|
32 |
|
|
60 |
|
|
35 |
|
|
12 |
|
|
10 |
|
|||||
| DDA overdrafts |
|
392 |
|
|
489 |
|
|
390 |
|
|
417 |
|
|
212 |
|
|||||
| Total past due loans | $ |
6,705 |
|
$ |
6,846 |
|
$ |
7,267 |
|
$ |
7,624 |
|
$ |
6,629 |
|
|||||
| Total past due loans as a percent of loans outstanding |
|
0.19 |
% |
|
0.19 |
% |
|
0.21 |
% |
|
0.22 |
% |
|
0.19 |
% |
|||||
| Troubled Debt Restructurings ("TDRs") | ||||||||||||||||||||
| Residential real estate | $ |
16,182 |
|
$ |
16,943 |
|
$ |
16,910 |
|
$ |
17,788 |
|
$ |
18,572 |
|
|||||
| Home equity |
|
1,694 |
|
|
1,784 |
|
|
1,822 |
|
|
1,920 |
|
|
1,956 |
|
|||||
| Commercial and industrial |
|
397 |
|
|
414 |
|
|
430 |
|
|
- |
|
|
- |
|
|||||
| Commercial real estate |
|
1,890 |
|
|
1,914 |
|
|
1,937 |
|
|
3,076 |
|
|
4,615 |
|
|||||
| Consumer |
|
194 |
|
|
225 |
|
|
221 |
|
|
203 |
|
|
211 |
|
|||||
| Total TDRs | $ |
20,357 |
|
$ |
21,280 |
|
$ |
21,320 |
|
$ |
22,987 |
|
$ |
25,354 |
|
|||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
| Consolidated Average Balance Sheets, Yields, and Rates | ||||||||||||||||||||||||||||||
| (Unaudited) ($ in 000s) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Loan portfolio (1): | ||||||||||||||||||||||||||||||
| Residential real estate (2) | $ |
1,667,683 |
|
$ |
15,596 |
3.79 |
% |
$ |
1,645,167 |
|
$ |
15,692 |
3.78 |
% |
$ |
1,696,064 |
|
$ |
16,853 |
4.03 |
% |
|||||||||
| Commercial, financial, and agriculture (2) |
|
1,815,549 |
|
|
15,532 |
3.47 |
% |
|
1,831,461 |
|
|
18,740 |
4.06 |
% |
|
1,838,928 |
|
|
16,542 |
3.65 |
% |
|||||||||
| Installment loans to individuals (2), (3) |
|
44,161 |
|
|
607 |
5.57 |
% |
|
45,644 |
|
|
691 |
6.01 |
% |
|
50,798 |
|
|
713 |
5.69 |
% |
|||||||||
| Previously securitized loans (4) | *** |
|
139 |
*** | *** |
|
154 |
*** | *** |
|
215 |
*** | ||||||||||||||||||
| Total loans |
|
3,527,393 |
|
|
31,874 |
3.66 |
% |
|
3,522,272 |
|
|
35,277 |
3.97 |
% |
|
3,585,790 |
|
|
34,323 |
3.88 |
% |
|||||||||
| Securities: | ||||||||||||||||||||||||||||||
| Taxable |
|
1,207,333 |
|
|
6,223 |
2.09 |
% |
|
1,171,340 |
|
|
5,753 |
1.95 |
% |
|
945,177 |
|
|
5,242 |
2.25 |
% |
|||||||||
| Tax-exempt (5) |
|
232,474 |
|
|
1,539 |
2.68 |
% |
|
239,096 |
|
|
1,551 |
2.57 |
% |
|
239,589 |
|
|
1,585 |
2.68 |
% |
|||||||||
| Total securities |
|
1,439,807 |
|
|
7,762 |
2.19 |
% |
|
1,410,436 |
|
|
7,304 |
2.05 |
% |
|
1,184,766 |
|
|
6,827 |
2.34 |
% |
|||||||||
| Deposits in depository institutions |
|
540,197 |
|
|
238 |
0.18 |
% |
|
588,678 |
|
|
217 |
0.15 |
% |
|
513,469 |
|
|
118 |
0.09 |
% |
|||||||||
| Total interest-earning assets |
|
5,507,397 |
|
|
39,874 |
2.94 |
% |
|
5,521,386 |
|
|
42,798 |
3.08 |
% |
|
5,284,025 |
|
|
41,268 |
3.17 |
% |
|||||||||
| Cash and due from banks |
|
101,806 |
|
|
98,111 |
|
|
79,683 |
|
|||||||||||||||||||||
| Premises and equipment, net |
|
73,827 |
|
|
74,847 |
|
|
76,837 |
|
|||||||||||||||||||||
| Goodwill and intangible assets |
|
116,994 |
|
|
117,349 |
|
|
118,453 |
|
|||||||||||||||||||||
| Other assets |
|
217,662 |
|
|
216,780 |
|
|
217,453 |
|
|||||||||||||||||||||
| Less: Allowance for credit losses |
|
(18,454 |
) |
|
(18,756 |
) |
|
(24,909 |
) |
|||||||||||||||||||||
| Total assets | $ |
5,999,232 |
|
$ |
6,009,717 |
|
$ |
5,751,542 |
|
|||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ |
1,142,278 |
|
$ |
130 |
0.05 |
% |
$ |
1,113,693 |
|
$ |
131 |
0.05 |
% |
$ |
1,008,283 |
|
$ |
124 |
0.05 |
% |
|||||||||
| Savings deposits |
|
1,384,460 |
|
|
175 |
0.05 |
% |
|
1,338,747 |
|
|
173 |
0.05 |
% |
|
1,221,169 |
|
|
183 |
0.06 |
% |
|||||||||
| Time deposits (2) |
|
1,048,185 |
|
|
1,216 |
0.47 |
% |
|
1,087,280 |
|
|
1,406 |
0.51 |
% |
|
1,236,197 |
|
|
2,973 |
0.98 |
% |
|||||||||
| Short-term borrowings |
|
276,360 |
|
|
114 |
0.17 |
% |
|
314,937 |
|
|
132 |
0.17 |
% |
|
290,766 |
|
|
117 |
0.16 |
% |
|||||||||
| Total interest-bearing liabilities |
|
3,851,283 |
|
|
1,635 |
0.17 |
% |
|
3,854,657 |
|
|
1,842 |
0.19 |
% |
|
3,756,415 |
|
|
3,397 |
0.37 |
% |
|||||||||
| Noninterest-bearing demand deposits |
|
1,398,663 |
|
|
1,394,599 |
|
|
1,197,910 |
|
|||||||||||||||||||||
| Other liabilities |
|
74,084 |
|
|
84,071 |
|
|
89,695 |
|
|||||||||||||||||||||
| Stockholders' equity |
|
675,202 |
|
|
676,390 |
|
|
707,522 |
|
|||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||||||
| stockholders' equity | $ |
5,999,232 |
|
$ |
6,009,717 |
|
$ |
5,751,542 |
|
|||||||||||||||||||||
| Net interest income | $ |
38,239 |
$ |
40,956 |
$ |
37,871 |
||||||||||||||||||||||||
| Net yield on earning assets | 2.82 |
% |
2.94 |
% |
2.91 |
% |
||||||||||||||||||||||||
| (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 | $ |
298 |
$ |
1,106 |
$ |
835 |
||||||||||||||||||||||||
| (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 | $ |
90 |
$ |
149 |
$ |
106 |
||||||||||||||||||||||||
| Commercial, financial, and agriculture |
|
286 |
|
243 |
|
325 |
||||||||||||||||||||||||
| Installment loans to individuals |
|
19 |
|
15 |
|
28 |
||||||||||||||||||||||||
| Time deposits |
|
21 |
|
48 |
|
48 |
||||||||||||||||||||||||
$ |
416 |
$ |
455 |
$ |
507 |
|||||||||||||||||||||||||
| (3) Includes the Company’s consumer and DDA overdrafts loan categories. | ||||||||||||||||||||||||||||||
| (4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0. | ||||||||||||||||||||||||||||||
| (5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. | ||||||||||||||||||||||||||||||
| City Holding COMPANY AND SUBSIDIARIES | ||||||||||||||||||||
| Non-GAAP Reconciliations | ||||||||||||||||||||
| (Unaudited) ($ in 000s, except per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
March 31, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
||||||||||||
| Net Interest Income/Margin | ||||||||||||||||||||
| Net interest income ("GAAP") | $ |
37,916 |
|
$ |
40,631 |
|
$ |
39,488 |
|
$ |
37,914 |
|
$ |
37,540 |
|
|||||
| Taxable equivalent adjustment |
|
323 |
|
|
325 |
|
|
334 |
|
|
343 |
|
|
331 |
|
|||||
| Net interest income, fully taxable equivalent | $ |
38,239 |
|
$ |
40,956 |
|
$ |
39,822 |
|
$ |
38,257 |
|
$ |
37,871 |
|
|||||
| Average interest earning assets | $ |
5,507,397 |
|
$ |
5,521,386 |
|
$ |
5,462,410 |
|
$ |
5,459,564 |
|
$ |
5,284,025 |
|
|||||
| Net Interest Margin |
|
2.82 |
% |
|
2.94 |
% |
|
2.89 |
% |
|
2.81 |
% |
|
2.91 |
% |
|||||
| Accretion related to fair value adjustments |
|
-0.03 |
% |
|
-0.03 |
% |
|
-0.04 |
% |
|
-0.05 |
% |
|
-0.04 |
% |
|||||
| Net Interest Margin (excluding accretion) |
|
2.79 |
% |
|
2.91 |
% |
|
2.85 |
% |
|
2.76 |
% |
|
2.87 |
% |
|||||
| Tangible Equity Ratio (period end) | ||||||||||||||||||||
| Equity to assets ("GAAP") |
|
10.52 |
% |
|
11.34 |
% |
|
11.37 |
% |
|
11.78 |
% |
|
11.74 |
% |
|||||
| Effect of goodwill and other intangibles, net |
|
-1.77 |
% |
|
-1.76 |
% |
|
-1.78 |
% |
|
-1.80 |
% |
|
-1.81 |
% |
|||||
| Tangible common equity to tangible assets |
|
8.75 |
% |
|
9.58 |
% |
|
9.59 |
% |
|
9.98 |
% |
|
9.93 |
% |
|||||
