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Share Name | Share Symbol | Market | Type |
---|---|---|---|
City Holding Company | NASDAQ:CHCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 114.61 | 45.85 | 182.22 | 0 | 09:09:56 |
City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $5.9 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $19.8 million and diluted earnings of $1.25 per share for the quarter ended March 31, 2021.
Charles R. (“Skip”) Hageboeck, the President and Chief Executive Officer of City Holding Company, commented: “Our country and the communities that we serve are emerging from the COVID-19 pandemic and it is encouraging to see economic activity returning to more “normal” conditions. However, the impacts of this crisis continued to impact our financial performance during the first quarter of 2021. Our reported net interest income dipped $0.7 million from the linked quarter ended December 31, 2020 and our net interest margin dropped 8 basis points to 2.91%. Deposit balances continue to grow primarily as a result of the third round of stimulus payments with average deposit balances increasing over $150 million from the quarter ended December 31, 2020. City continues to participate in the government-sponsored Paycheck Protection Program (“PPP”) loans administered by the Small Business Administration (“SBA”). Thus far, City has assisted customers in obtaining almost $40 million in new PPP loans during the second round.
“A hallmark for City over the last several years has been our asset quality. Our asset quality remains very strong at March 31, 2021. Nonperforming assets, past due loans, and troubled debt restructurings remain at or below the levels reported at December 31, 2020. Deferred commercial loans remained relatively low at approximately 6% of total commercial balances at March 31, 2021. Hotel and lodging related loans comprise $105 million of the $115 million of these deferrals at March 31, 2021, and our hotel and lodging loan customers are experiencing increasing occupancy rates. Residential mortgage deferrals have dropped to approximately $3 million at March 31, 2021.
“Loan growth has been a particular challenge with interest rates at historic lows. Although our residential mortgage origination levels hit record highs in 2020, balances have decreased as some mortgages were refinanced into fixed rate loans not predominately offered by City. Those trends continued in the first quarter of 2021, but we believe that as mortgage rates and fees charged by agencies increase, our mortgage balances will increase. The decline in commercial loans primarily reflects a seasonal customer, as well as pricing pressure from some competitors. As the economy continues to improve, our view is that commercial loans will regain positive momentum.”
Net Interest Income
The Company’s net interest income decreased from $38.2 million during the fourth quarter of 2020 to $37.5 million during the first quarter of 2021. The Company’s tax equivalent net interest income decreased $0.6 million, or 1.7%, from $38.5 million for the fourth quarter of 2020 to $37.9 million for the first quarter of 2021. Lower loan yields (2 basis points) and lower average loan balances ($50 million) decreased interest income by $0.7 million and $0.5 million, respectively, as compared to the quarter ended December 31, 2020. In addition, lower average investment balances ($30 million) decreased interest income by $0.2 million from the quarter ended December 31, 2020. These decreases were partially offset by lower rates paid on interest-bearing liabilities (primarily time deposits) that lowered interest expense by $0.9 million during the quarter ended March 31, 2021. The Company’s reported net interest margin decreased from 2.99% for the fourth quarter of 2020 to 2.91% for the first quarter of 2021.
Balance Sheet Trends
Loans decreased $75.4 million from December 31, 2020 to March 31, 2021, to $3.55 billion. Net of forgiveness received from the SBA of approximately $32 million of PPP loans from the first round, PPP loans increased $7.4 million as a result of the Company’s participation in the second round of the PPP lending. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans decreased $82.8 million, (2.3%), from December 31, 2020 to $3.48 billion at March 31, 2021. Residential real estate loans decreased $54.8 million (3.5%); commercial real estate loans decreased $12.1 million (0.8%); commercial and industrial loans decreased $9.2 million (2.9%) (excluding PPP loans); and home equity loans decreased $6.5 million (4.7%).
Total average depository balances increased $152.5 million, or 3.4%, from the quarter ended December 31, 2020 to the quarter ended March 31, 2021. Average noninterest-bearing demand deposit balances increased $67.8 million, average savings deposit balances increased $72.5 million, and average interest-bearing demand deposit balances increased $54.7 million. These balances increased despite low average interest rates paid by the Company – 5 basis points for interest-bearing deposits and 6 basis points for savings deposits. We believe that these increases were largely attributable to the third round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (approximately $180 million). These increases were partially offset by lower average time deposit balances of $42.5 million.
Credit Quality
The Company’s ratio of nonperforming assets to total loans and other real estate owned increased modestly from 0.38% at December 31, 2020 to 0.39% at March 31, 2021. Total nonperforming assets increased slightly from $13.9 million at December 31, 2020 to $14.0 million at March 31, 2021. Total past due loans decreased from $8.9 million, or 0.25% of total loans outstanding, at December 31, 2020 to $6.6 million, or 0.19% of total loans outstanding, at March 31, 2021.
As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses (“ACL”), the Company recorded a recovery of credit losses of $0.4 million in the first quarter of 2021, compared to a provision for credit losses of $8.0 million for the comparable period in 2020 and a provision for credit losses of $0.5 million for the fourth quarter of 2020. The recovery of credit losses recorded in the first quarter of 2021 largely reflects the decline in loan balances ($83 million) from the quarter ended December 31, 2020 which resulted in the release of $0.5 million from the allowance for credit losses during the first quarter of 2021. As a result of an improvement in economic conditions in the Company’s footprint, net charge-offs for the quarter ended March 31, 2021 were negligible.
Non-interest Income
During the quarter ended March 31, 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605) in a cash transaction which resulted in a pre-tax gain of $17.8 million, or $0.84 diluted per share on an after-tax basis. Additionally, the Company reported $0.1 million of unrealized fair value losses on the Company’s equity securities during the first quarter of 2021 compared to $2.4 million of unrealized fair value losses on the Company’s equity securities during the first quarter of 2020. The Company’s portfolio of equity securities consists primarily of holdings in First National Corporation (“FXNC”) (a commercial banking company headquartered in Strasburg, VA) and Eagle Financial Services (a commercial banking company headquartered in Berryville, VA). In the first quarter of 2021, the Company sold shares of FXNC and realized a gain of $0.3 million. Exclusive of these items, non-interest income decreased from $17.9 million for the first quarter of 2020 to $16.4 million for the first quarter of 2021. This decrease was largely attributable to a decrease of $1.8 million, or 23.9%, in service charges. In addition, other income, primarily due to lower fees from loan interest rate swap originations, decreased $0.7 million. These decreases were partially offset by higher bankcard revenues ($1.1 million, or 21.5%) compared to the quarter ended March 31, 2020. Bankcard revenue of $6.2 million in the quarter ended March 31, 2021, represents the highest quarterly total in the Company’s history as spending by our customers increased significantly in the month of March.
Non-interest Expenses
Non-interest expenses increased $0.3 million, or 1.2%, from $29.5 million in the first quarter of 2020 to $29.8 million in the first quarter of 2021. FDIC insurance expense increased $0.4 million from the quarter ended March 31, 2020 due to credits utilized in the first quarter of 2020.
Income Tax Expense
The Company’s effective income tax rate for the first quarter of 2021 was 20.1% compared to 19.5% for the year ended December 31, 2020, and 20.2% for the quarter ended March 31, 2020.
Capitalization and Liquidity
The Company’s loan to deposit ratio was 73.9% and the loan to asset ratio was 60.2% at March 31, 2021. The Company maintained investment securities totaling 20.6% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 60.9% of assets at March 31, 2021. Time deposits fund 20.5% of assets at March 31, 2021, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.
The Company continues to be strongly capitalized with tangible equity of $573 million at March 31, 2021. Due primarily to the influx of deposits and unrealized security losses during the quarter ended March 31, 2021, the Company’s tangible equity ratio decreased modestly from 10.3% at December 31, 2020 to 9.9% at March 31, 2021. At March 31, 2021, City National Bank’s Leverage Ratio was 8.91%, its Common Equity Tier I ratio was 14.75%, its Tier I Capital ratio was 14.75%, and its Total Risk-Based Capital ratio was 15.33%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.
On March 31, 2021, the Board of Directors of the Company approved a quarterly cash dividend of $0.58 per share payable April 30, 2021, to shareholders of record as of April 15, 2021. On March 31, 2021, the Company announced that the Board of Directors authorized the Company to buy back up to 1,000,000 shares of its common stock (approximately 6% of outstanding shares) in open market transactions at prices that are accretive to the earnings per share of continuing shareholders. No time limit was placed on the duration of the share repurchase program. As part of this authorization, the Company terminated its previous repurchase program that was approved in February 2019. The Company had repurchased 908,701 shares under the 2019 program. During the quarter ended March 31, 2021, the Company repurchased 75,000 common shares at a weighted average price of $76.71 per share as part of a one million share repurchase plan authorized by the Board of Directors in February 2019. As of March 31, 2021, the Company could repurchase 1,000,000 additional shares under the current program.
City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.
Forward-Looking Information
This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for loan losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its March 31, 2021 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2021 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES Financial Highlights (Unaudited) Three Months Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Earnings Net Interest Income (fully taxable equivalent)$
37,871
$
38,514
$
38,278
$
38,287
$
40,603
Net Income available to common shareholders
19,814
22,222
20,126
18,251
29,000
Per Share Data Earnings per share available to common shareholders: Basic
$
1.25
$
1.40
$
1.25
$
1.12
$
1.79
Diluted
1.25
1.40
1.25
1.12
1.78
Weighted average number of shares (in thousands): Basic
15,656
15,708
15,950
16,081
16,080
Diluted
15,687
15,733
15,970
16,097
16,101
Period-end number of shares (in thousands)
15,724
15,768
15,848
16,077
16,140
Cash dividends declared
$
0.58
$
0.58
$
0.57
$
0.57
$
0.57
Book value per share (period-end)
$
43.99
$
44.47
$
43.62
$
43.15
$
42.45
Tangible book value per share (period-end)
36.47
36.94
36.11
35.72
35.03
Market data: High closing price
$
87.41
$
70.77
$
67.98
$
71.19
$
82.40
Low closing price
69.05
56.98
55.37
55.18
57.11
Period-end closing price
81.78
69.55
57.61
65.17
66.53
Average daily volume (in thousands)
63
56
67
89
69
Treasury share activity: Treasury shares repurchased (in thousands)
75
81
231
79
182
Average treasury share repurchase price
$
76.71
$
60.32
$
59.49
$
61.75
$
71.31
Key Ratios (percent) Return on average assets
1.38
%
1.59
%
1.46
%
1.35
%
2.29
%
Return on average tangible equity
13.5
%
15.3
%
13.8
%
12.6
%
20.6
%
Yield on interest earning assets
3.17
%
3.32
%
3.43
%
3.64
%
4.22
%
Cost of interest bearing liabilities
0.37
%
0.47
%
0.58
%
0.71
%
0.91
%
Net Interest Margin
2.91
%
2.99
%
3.02
%
3.13
%
3.54
%
Non-interest income as a percent of total revenue
30.4
%
30.7
%
30.3
%
27.4
%
30.6
%
Efficiency Ratio
54.3
%
51.0
%
51.6
%
53.3
%
49.7
%
Price/Earnings Ratio (a)
16.30
12.41
11.53
14.50
17.63
Capital (period-end) Average Shareholders' Equity to Average Assets
12.30
%
12.46
%
12.71
%
12.91
%
13.50
%
Tangible equity to tangible assets
9.93
%
10.33
%
10.61
%
10.62
%
11.38
%
Consolidated City Holding Company risk based capital ratios (b): CET I
16.76
%
16.18
%
15.93
%
16.10
%
16.02
%
Tier I
16.76
%
16.18
%
15.93
%
16.10
%
16.02
%
Total
17.33
%
16.75
%
16.50
%
16.69
%
16.46
%
Leverage
10.06
%
10.22
%
10.19
%
10.45
%
11.10
%
City National Bank risk based capital ratios (b): CET I
14.75
%
14.10
%
14.46
%
14.55
%
14.32
%
Tier I
14.75
%
14.10
%
14.46
%
14.55
%
14.32
%
Total
15.33
%
14.68
%
15.04
%
15.15
%
14.82
%
Leverage
8.91
%
8.97
%
9.32
%
9.29
%
9.98
%
Other (period-end) Branches
94
94
94
94
95
FTE
916
926
925
911
922
Assets per FTE (in thousands)
$
6,434
$
6,219
$
5,984
$
6,058
$
5,525
Deposits per FTE (in thousands)
5,236
5,024
4,799
4,834
4,400
(a)
The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).
(b)
March 31, 2021 risk-based capital ratios are estimated.
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) ($ in 000s, except per share data) Three Months Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Interest Income Interest and fees on loans$
34,324
$
35,685
$
35,761
$
37,718
$
41,335
Interest on investment securities: Taxable
5,242
5,500
6,266
5,718
5,871
Tax-exempt
1,253
1,254
1,132
821
707
Interest on deposits in depository institutions
118
60
72
55
304
Total Interest Income
40,937
42,499
43,231
44,312
48,217
Interest Expense Interest on deposits
3,280
4,198
5,123
5,963
7,238
Interest on short-term borrowings
117
120
131
279
464
Interest on long-term debt
-
-
-
-
100
Total Interest Expense
3,397
4,318
5,254
6,242
7,802
Net Interest Income
37,540
38,181
37,977
38,070
40,415
(Recovery of) provision for credit losses
(440
)
474
1,026
1,250
7,972
Net Interest Income After (Recovery of) Provision for Credit Losses
37,980
37,707
36,951
36,820
32,443
Non-Interest Income Net gains (losses) on sale of investment securities
283
6
-
(6
)
63
Unrealized (losses) gains recognized on equity securities still held
(51
)
835
461
242
(2,402
)
Service charges
5,881
6,771
6,295
4,945
7,723
Bankcard revenue
6,213
5,991
6,065
5,888
5,115
Trust and investment management fee income
2,033
2,162
1,844
1,931
1,799
Bank owned life insurance
1,460
813
1,088
848
1,676
Sale of VISA shares
-
-
-
-
17,837
Other income
811
1,143
1,232
783
1,536
Total Non-Interest Income
16,630
17,721
16,985
14,631
33,347
Non-Interest Expense Salaries and employee benefits
15,671
15,989
15,361
14,873
15,851
Occupancy related expense
2,622
2,447
2,428
2,402
2,488
Equipment and software related expense
2,544
2,660
2,607
2,504
2,429
FDIC insurance expense
405
363
355
167
-
Advertising
881
538
462
933
843
Bankcard expenses
1,584
1,443
1,517
1,498
1,435
Postage, delivery, and statement mailings
592
546
513
592
616
Office supplies
392
413
396
353
394
Legal and professional fees
675
438
548
589
601
Telecommunications
690
540
547
531
511
Repossessed asset losses (gains), net of expenses
79
(68
)
39
76
198
Other expenses
3,674
3,332
3,939
3,950
4,102
Total Non-Interest Expense
29,809
28,641
28,712
28,468
29,468
Income Before Income Taxes
24,801
26,787
25,224
22,983
36,322
Income tax expense
4,987
4,565
5,098
4,732
7,322
Net Income Available to Common Shareholders
$
19,814
$
22,222
$
20,126
$
18,251
$
29,000
Distributed earnings allocated to common shareholders
$
9,037
$
9,053
$
8,944
$
9,073
$
9,117
Undistributed earnings allocated to common shareholders
10,598
12,947
10,984
8,998
19,620
Net earnings allocated to common shareholders
$
19,635
$
22,000
$
19,928
$
18,071
$
28,737
Average common shares outstanding
15,656
15,708
15,950
16,081
16,080
Shares for diluted earnings per share
15,687
15,733
15,970
16,097
16,101
Basic earnings per common share
$
1.25
$
1.40
$
1.25
$
1.12
$
1.79
Diluted earnings per common share
$
1.25
$
1.40
$
1.25
$
1.12
$
1.78
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000s) (Unaudited) (Unaudited) (Unaudited) (Unaudited) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Assets Cash and due from banks
$
97,709
$
77,412
$
76,451
$
87,658
$
92,365
Interest-bearing deposits in depository institutions
659,090
451,247
176,267
285,596
18,271
Cash and cash equivalents
756,799
528,659
252,718
373,254
110,636
Investment securities available-for-sale, at fair value
1,185,245
1,178,789
1,157,399
1,055,185
934,113
Other securities
27,182
27,372
26,548
26,144
26,827
Total investment securities
1,212,427
1,206,161
1,183,947
1,081,329
960,940
Gross loans
3,546,723
3,622,119
3,663,966
3,665,596
3,613,050
Allowance for credit losses
(24,076
)
(24,549
)
(24,867
)
(25,199
)
(24,393
)
Net loans
3,522,647
3,597,570
3,639,099
3,640,397
3,588,657
Bank owned life insurance
118,976
118,243
117,501
116,746
116,000
Premises and equipment, net
76,529
76,925
77,031
77,991
78,948
Accrued interest receivable
16,231
15,793
16,627
14,200
12,570
Net deferred tax assets
1,395
-
-
-
2,159
Intangible assets
118,224
118,592
119,004
119,417
119,829
Other assets
71,142
96,697
105,361
105,438
98,710
Total Assets
$
5,894,370
$
5,758,640
$
5,511,288
$
5,528,772
$
5,088,449
Liabilities Deposits: Noninterest-bearing
$
1,244,175
$
1,176,990
$
1,061,310
$
1,079,469
$
857,501
Interest-bearing: Demand deposits
1,077,749
1,027,201
940,791
921,761
837,966
Savings deposits
1,265,038
1,188,003
1,117,684
1,067,254
989,609
Time deposits
1,209,873
1,260,022
1,300,291
1,342,631
1,366,977
Total deposits
4,796,835
4,652,216
4,420,076
4,411,115
4,052,053
Short-term borrowings Federal Funds purchased
-
-
-
-
9,900
Customer repurchase agreements
316,003
295,956
279,866
282,676
224,247
Net deferred tax liabilities
-
3,202
1,601
2,598
-
Other liabilities
89,847
106,160
118,386
138,633
117,021
Total Liabilities
5,202,685
5,057,534
4,819,929
4,835,022
4,403,221
Stockholders' Equity Preferred stock
-
-
-
-
-
Common stock
47,619
47,619
47,619
47,619
47,619
Capital surplus
170,526
171,304
170,526
169,881
170,096
Retained earnings
600,396
589,988
576,901
565,804
556,718
Cost of common stock in treasury
(142,484
)
(139,038
)
(134,177
)
(120,583
)
(116,665
)
Accumulated other comprehensive income: Unrealized gain on securities available-for-sale
21,289
36,894
36,760
37,299
33,730
Underfunded pension liability
(5,661
)
(5,661
)
(6,270
)
(6,270
)
(6,270
)
Total Accumulated Other Comprehensive Income
15,628
31,233
30,490
31,029
27,460
Total Stockholders' Equity
691,685
701,106
691,359
693,750
685,228
Total Liabilities and Stockholders' Equity
$
5,894,370
$
5,758,640
$
5,511,288
$
5,528,772
$
5,088,449
Regulatory Capital Total CET 1 capital
$
563,523
$
557,641
$
548,269
$
548,972
$
547,040
Total tier 1 capital
563,523
557,641
548,269
548,972
547,040
Total risk-based capital
582,816
577,292
568,153
569,213
561,944
Total risk-weighted assets
3,362,595
3,446,774
3,442,629
3,410,589
3,412,591
CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Commercial and industrial
$
371,195
$
372,989
$
383,980
$
369,122
$
308,567
1-4 Family
108,131
109,812
114,071
123,814
120,852
Hotels
293,176
294,464
295,989
295,179
294,072
Multi-family
212,561
215,671
214,394
204,580
205,684
Non Residential Non-Owner Occupied
649,683
641,351
628,814
628,628
627,852
Non Residential Owner Occupied
199,130
213,484
211,433
215,472
222,489
Commercial real estate (1)
1,462,681
1,474,782
1,464,701
1,467,673
1,470,949
Residential real estate (2)
1,532,907
1,587,694
1,621,265
1,631,151
1,629,578
Home equity
130,009
136,469
140,135
142,672
146,034
Consumer
47,224
47,688
50,541
52,278
54,749
DDA overdrafts
2,707
2,497
3,344
2,700
3,173
Gross Loans$
3,546,723
$
3,622,119
$
3,663,966
$
3,665,596
$
3,613,050
Construction loans included in: (1) - Commercial real estate loans39,101
40,449
42,449
42,092
44,453
(2) - Residential real estate loans
$
22,129
$
27,078
$
28,947
$
28,252
$
28,870
CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information (Unaudited) ($ in 000s) Three Months Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Allowance for Credit Losses Balance at beginning of period$
24,549
$
24,867
$
25,199
$
24,393
$
11,589
Charge-offs: Commercial and industrial
(34
)
(9
)
(757
)
-
(77
)
Commercial real estate
(1
)
(616
)
(75
)
(39
)
(383
)
Residential real estate
(93
)
(139
)
(252
)
(376
)
(483
)
Home equity
(64
)
(88
)
(126
)
(161
)
(45
)
Consumer
(147
)
(27
)
(74
)
(36
)
(55
)
DDA overdrafts
(453
)
(629
)
(554
)
(459
)
(703
)
Total charge-offs
(792
)
(1,508
)
(1,838
)
(1,071
)
(1,746
)
Recoveries: Commercial and industrial
46
74
3
5
9
Commercial real estate
164
150
44
128
203
Residential real estate
74
57
24
8
95
Home equity
23
47
33
9
47
Consumer
39
55
42
128
13
DDA overdrafts
413
333
334
349
451
Total recoveries
759
716
480
627
818
Net charge-offs
(33
)
(792
)
(1,358
)
(444
)
(928
)
(Recovery of) provision for credit losses
(440
)
474
1,026
1,250
7,972
Impact of Adopting ASC 326
-
-
-
-
5,760
Balance at end of period
$
24,076
$
24,549
$
24,867
$
25,199
$
24,393
Loans outstanding
$
3,546,723
$
3,622,119
$
3,663,966
$
3,665,596
$
3,613,050
Allowance as a percent of loans outstanding
0.68
%
0.68
%
0.68
%
0.69
%
0.68
%
Allowance as a percent of non-performing loans
194.5
%
200.7
%
182.7
%
185.1
%
202.2
%
Average loans outstanding$
3,585,790
$
3,635,673
$
3,661,569
$
3,660,174
$
3,608,868
Net charge-offs (annualized) as a percent of average loans outstanding
0.00
%
0.09
%
0.15
%
0.05
%
0.10
%
CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information, continued (Unaudited) ($ in 000s) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Nonaccrual Loans Residential real estate$
3,004
$
2,968
$
3,983
$
3,477
$
2,750
Home equity
88
95
74
265
249
Commercial and industrial
1,200
768
728
1,087
1,175
Commercial real estate
7,792
8,401
8,479
8,715
7,865
Consumer
-
-
-
-
1
Total nonaccrual loans
12,084
12,232
13,264
13,544
12,040
Accruing loans past due 90 days or more
295
-
345
68
26
Total non-performing loans
12,379
12,232
13,609
13,612
12,066
Other real estate owned
1,625
1,650
2,080
3,997
3,922
Total non-performing assets
$
14,004
$
13,882
$
15,689
$
17,609
$
15,988
Non-performing assets as a percent of loans and other real estate owned
0.39
%
0.38
%
0.43
%
0.48
%
0.44
%
Past Due Loans Residential real estate$
4,092
$
5,993
$
5,153
$
5,261
$
7,815
Home equity
449
575
474
393
430
Commercial and industrial
1,358
1,241
691
160
71
Commercial real estate
508
625
602
917
1,021
Consumer
10
113
121
67
177
DDA overdrafts
212
341
379
273
467
Total past due loans
$
6,629
$
8,888
$
7,420
$
7,071
$
9,981
Total past due loans as a percent of loans outstanding
0.19
%
0.25
%
0.20
%
0.19
%
0.28
%
Troubled Debt Restructurings ("TDRs") Residential real estate$
18,572
$
19,226
$
20,398
$
20,631
$
21,413
Home equity
1,956
2,001
2,100
2,138
2,294
Commercial and industrial
-
-
-
-
-
Commercial real estate
4,615
4,638
4,894
4,915
5,163
Consumer
211
277
260
185
184
Total TDRs
$
25,354
$
26,142
$
27,652
$
27,869
$
29,054
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s) Three Months Ended March 31, 2021 December 31, 2020 March 31, 2020 Average Yield/ Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate Balance Interest Rate Assets: Loan portfolio (1): Residential real estate (2)
$
1,696,064
$
16,853
4.03
%
$
1,744,952
$
17,623
4.02
%
$
1,780,473
$
19,881
4.49
%
Commercial, financial, and agriculture (2)
1,838,928
16,542
3.65
%
1,837,044
17,077
3.70
%
1,770,178
20,476
4.65
%
Installment loans to individuals (2), (3)
50,798
713
5.69
%
53,677
800
5.93
%
58,217
863
5.96
%
Previously securitized loans (4) ***
215
*** ***
184
*** ***
115
*** Total loans
3,585,790
34,323
3.88
%
3,635,673
35,684
3.90
%
3,608,868
41,335
4.61
%
Securities: Taxable
945,177
5,242
2.25
%
976,897
5,500
2.24
%
810,766
5,871
2.91
%
Tax-exempt (5)
239,589
1,585
2.68
%
238,198
1,587
2.65
%
94,591
895
3.81
%
Total securities
1,184,766
6,827
2.34
%
1,215,095
7,087
2.32
%
905,357
6,766
3.01
%
Deposits in depository institutions
513,469
118
0.09
%
275,106
60
0.09
%
102,932
304
1.19
%
Total interest-earning assets
5,284,025
41,268
3.17
%
5,125,874
42,831
3.32
%
4,617,157
48,405
4.22
%
Cash and due from banks
79,683
73,900
70,763
Premises and equipment, net
76,837
76,956
77,368
Goodwill and intangible assets
118,453
118,855
120,091
Other assets
217,453
231,309
195,875
Less: Allowance for credit losses
(24,909
)
(25,112
)
(15,905
)
Total assets$
5,751,542
$
5,601,782
$
5,065,349
Liabilities: Interest-bearing demand deposits
$
1,008,283
$
124
0.05
%
$
953,604
$
171
0.07
%
$
869,976
$
468
0.22
%
Savings deposits
1,221,169
183
0.06
%
1,148,717
225
0.08
%
1,005,829
700
0.28
%
Time deposits (2)
1,236,197
2,973
0.98
%
1,278,698
3,801
1.18
%
1,365,268
6,070
1.79
%
Short-term borrowings
290,766
117
0.16
%
287,059
120
0.17
%
209,010
464
0.89
%
Long-term debt
-
-
-
-
-
-
3,340
100
12.04
%
Total interest-bearing liabilities
3,756,415
3,397
0.37
%
3,668,078
4,317
0.47
%
3,453,423
7,802
0.91
%
Noninterest-bearing demand deposits
1,197,910
1,130,084
852,384
Other liabilities
89,695
105,445
75,922
Stockholders' equity
707,522
698,175
683,620
Total liabilities and stockholders' equity
$
5,751,542
$
5,601,782
$
5,065,349
Net interest income
$
37,871
$
38,514
$
40,603
Net yield on earning assets2.91
%
2.99
%
3.54
%
(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$
835
$
962
$
116
(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$
106
$
153
$
151
Commercial, financial, and agriculture
325
304
1,240
Installment loans to individuals
28
29
39
Time deposits
48
155
155
$
507
$
641
$
1,585
(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, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Net Interest Income/Margin Net interest income ("GAAP")$
37,540
$
38,181
$
37,977
$
38,070
$
40,415
Taxable equivalent adjustment
331
333
301
217
188
Net interest income, fully taxable equivalent
$
37,871
$
38,514
$
38,278
$
38,287
$
40,603
Average interest earning assets$
5,284,025
$
5,125,874
$
5,047,868
$
4,914,242
$
4,617,157
Net Interest Margin
2.91
%
2.99
%
3.02
%
3.13
%
3.54
%
Accretion related to fair value adjustments
-0.04
%
-0.05
%
-0.05
%
-0.08
%
-0.14
%
Net Interest Margin (excluding accretion)
2.87
%
2.94
%
2.97
%
3.05
%
3.40
%
Tangible Equity Ratio (period end) Equity to assets ("GAAP")
11.74
%
12.18
%
12.54
%
12.55
%
13.47
%
Effect of goodwill and other intangibles, net
-1.81
%
-1.85
%
-1.93
%
-1.93
%
-2.09
%
Tangible common equity to tangible assets
9.93
%
10.33
%
10.61
%
10.62
%
11.38
%
Return on Tangible Equity Return on tangible equity ("GAAP")
13.5
%
15.3
%
13.8
%
12.6
%
20.6
%
Impact of sale of VISA shares
-
-
-
-
-9.7
%
Return on tangible equity, excluding sale of VISA shares
13.5
%
15.3
%
13.8
%
12.6
%
10.9
%
Return on Assets Return on assets ("GAAP")
1.38
%
1.59
%
1.46
%
1.35
%
2.29
%
Impact of sale of VISA shares
-
-
-
-
-1.08
%
Return on assets, excluding sale of VISA shares
1.38
%
1.59
%
1.46
%
1.35
%
1.21
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210421005928/en/
Charles R. Hageboeck, Chief Executive Officer and President (304) 769-1102
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