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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 | 183.37 | 1 | 13:09:21 |
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 $22.1 million and diluted earnings of $1.41 per share for the quarter ended June 30, 2021. For the second quarter of 2021, the Company achieved a return on assets of 1.49% and a return on tangible equity of 15.2%.
Charles R. (“Skip”) Hageboeck, the President and Chief Executive Officer of City, commented: “As the impacts of the COVID-19 pandemic continue to diminish and economic activity continues to rebound to customary levels, City’s financial performance also trended upward in the second quarter of 2021. Net interest income increased $0.4 million from the quarter ended March 31, 2021 and noninterest income improved significantly ($2.8 million or 19.3%) as compared to the quarter ended June 30, 2020. Net interest income improved as a portion of our excess liquidity was used to purchase investment securities and improve interest income and interest bearing deposits continue to migrate to lower rate or noninterest-bearing deposit options. Debit card usage by our customers continued to hit new highs in the second quarter of 2021 as we saw our bankcard revenues increase almost 23% compared to the quarter ended June 30, 2020.”
“As the economic outlook improved during the second quarter of 2021 and unemployment forecasts improved, City was able to release $2.0 million of its allowance for credit losses at June 30, 2021. Asset quality remains impeccable with nonperforming assets at historical low levels and both past dues and troubled debt restructurings are below December 31, 2020 levels. Loan deferrals have also declined to very low levels at June 30, 2021 with commercial loan deferrals at $92 million, or 5% of total commercial balances. Hotel and lodging customers comprise essentially all of these deferrals and based on current occupancy levels, we expect these deferrals to continue to decline. Residential mortgages deferrals are now less than 0.1% of total residential real estate balances at June 30, 2021.”
“While loan growth continues to be difficult, we were able to grow commercial loan balances, net of government-sponsored Paycheck Protection Program (“PPP”) loans administered by the Small Business Administration (“SBA”), approximately 2.5% on an annualized basis during the second quarter of 2021. As of June 30, 2021, approximately $50 million of PPP loans were outstanding with 95% of the PPP loans originated in 2020 having been forgiven.”
Net Interest Income
The Company’s net interest income increased from $37.5 million during the first quarter of 2021 to $37.9 million during the second quarter of 2021. During the second quarter of 2021, the Company’s tax equivalent net interest income increased $0.4 million, or 1.0%, from $37.9 million for the first quarter of 2021 to $38.3 million for the second quarter of 2021. Lower rates paid on deposits (11 basis points) and lower time deposit balances ($54.2 million) increased net interest income by $0.7 million and $0.1 million, respectively. Additionally, primarily on the strength of higher balances ($105.5 million), investment securities contributed $0.7 million in additional net interest income as compared to the quarter ended March 31, 2021. These increases were partially offset by lower loan balances ($44.6 million) and decreased loan yields (11 basis points) that decreased net interest income by $0.6 million and $0.4 million, respectively. The Company’s reported net interest margin decreased from 2.91% for the first quarter of 2021 to 2.81% for the second quarter of 2021. Excluding the favorable impact of the accretion from fair value adjustments, the net interest margin would have been 2.76% for the quarter ended June 30, 2021 and 2.87% for the quarter ended March 31, 2021.
Credit Quality
The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.39% at March 31, 2021 to 0.32% at June 30, 2021. Total nonperforming assets decreased from $14.0 million at March 31, 2021 to $11.4 million at June 30, 2021. Total past due loans increased from $6.6 million, or 0.19% of total loans outstanding, at March 31, 2021 to $7.6 million, or 0.22% of total loans outstanding, at June 30, 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 $2.0 million in the second quarter of 2021, compared to a provision for credit losses of $1.3 million for the comparable period in 2020 and a recovery of credit losses of $0.4 million for the first quarter of 2021. The determination of the Company’s allowance for credit losses is largely dependent on expected unemployment ranges. Due to improvements in the outlook for unemployment ranges utilized by the Company and partial adjustments to other qualitative and other factors, the Company partially recovered a portion of the provision for credit losses incurred in the quarter ended March 31, 2020.
Non-interest Income
Non-interest income was $17.4 million for the second quarter of 2021 as compared to $14.6 million for the second quarter of 2020. During the second quarter of 2021, the Company reported $0.4 million of unrealized fair value gains on the Company’s equity securities compared to $0.2 million of unrealized fair value gains on the Company’s equity securities in the second quarter of 2020. Exclusive of these gains, non-interest income increased from $14.4 million for the second quarter of 2020 to $17.0 million for the second quarter of 2021. This increase was primarily due to higher bankcard revenue ($1.3 million, or 22.6%) and service charges ($1.0 million, or 19.2%). For the second consecutive quarter, bankcard revenues of $7.2 million for the quarter ended June 30, 2021 established a new quarterly high for the Company as customer spending via their debit cards continued to increase.
Non-interest Expenses
Non-interest expenses increased $1.1 million (3.9%), from $28.5 million in the second quarter of 2020 to $29.6 million in the second quarter of 2021. This increase was largely due to increased salary and employee benefits of $0.7 million, bankcard expenses of $0.2 million, and FDIC insurance expense of $0.2 million. Salary and employee benefits increased due to an uptick in health insurance and customary salary increases. Bankcard expenses increased due to higher activity, while the increase in FDIC insurance expense reflects a credit utilized in the quarter ended June 30, 2020.
Balance Sheet Trends
Loans decreased $17.3 million from March 31, 2021 to June 30, 2021, to $3.53 billion. PPP loans decreased $13.3 million from March 31, 2021, as loans forgiven of $21 million were partially offset by 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 $4.3 million, (0.1%), from March 31, 2021 to $3.48 billion at June 30, 2021. Residential real estate loans decreased $11.8 million (0.8%); home equity loans decreased $2.4 million (1.8%); and consumer loans decreased $2.0 million (4.3%). These decreases were partially offset by increases in commercial real estate loans ($10.6 million or 0.7%) and commercial and industrial loans ($0.4 million or 0.1%) (excluding PPP loans).
Total average depository balances increased $187.6 million, or 4.0%, from the quarter ended March 31, 2021 to the quarter ended June 30, 2021. Average noninterest-bearing demand deposit balances increased $113.4 million, average savings deposit balances increased $66.8 million, and average interest-bearing demand deposit balances increased $61.6 million. 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 received late in the quarter ended March 31, 2021) and proceeds from PPP loans (approximately $50 million). These increases were partially offset by a decrease in time deposit balances of $54.2 million.
Income Tax Expense
The Company’s effective income tax rate for the second quarter of 2021 was 20.3% compared to 19.5% for the year ended December 31, 2020, and 20.6% for the quarter ended June 30, 2020.
Capitalization and Liquidity
The Company’s loan to deposit ratio was 73.5% and the loan to asset ratio was 59.8% at June 30, 2021. The Company maintained investment securities totaling 23.1% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 61.8% of assets at June 30, 2021. Time deposits fund 19.5% of assets at June 30, 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 $578 million at June 30, 2021. Due primarily to the influx of deposits and unrealized security losses during the six months ended June 30, 2021, the Company’s tangible equity ratio decreased modestly from 10.3% at December 31, 2020 to 10.0% at June 30, 2021. At June 30, 2021, 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 15.30%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.
On June 30, 2021, the Board of Directors of the Company approved a quarterly cash dividend of $0.58 per share payable July 30, 2021, to shareholders of record as of July 15, 2021. During the quarter ended June 30, 2021, the Company repurchased 217,000 common shares at a weighted average price of $78.75 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of June 30, 2021, the Company could repurchase 783,000 additional shares under the current program.
City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.
Forward-Looking Information
Three Months Ended
Six Months Ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
June 30, 2021
June 30, 2020
Earnings Net Interest Income (fully taxable equivalent)$
38,257
$
37,871
$
38,514
$
38,278
$
38,287
$
76,128
$
78,892
Net Income available to common shareholders
22,148
19,814
22,222
20,126
18,251
41,962
47,249
Per Share Data Earnings per share available to common shareholders: Basic
$
1.41
$
1.25
$
1.40
$
1.25
$
1.12
$
2.66
$
2.90
Diluted
1.41
1.25
1.40
1.25
1.12
2.66
2.90
Weighted average number of shares (in thousands): Basic
15,573
15,656
15,708
15,950
16,081
15,614
16,123
Diluted
15,594
15,687
15,733
15,970
16,097
15,640
16,142
Period-end number of shares (in thousands)
15,527
15,724
15,768
15,848
16,077
15,527
16,077
Cash dividends declared
$
0.58
$
0.58
$
0.58
$
0.57
$
0.57
$
1.16
$
1.14
Book value per share (period-end)
$
44.79
$
43.99
$
44.47
$
43.62
$
43.15
$
44.79
$
43.15
Tangible book value per share (period-end)
37.20
36.47
36.94
36.11
35.72
37.20
35.72
Market data: High closing price
$
83.85
$
87.41
$
70.77
$
67.98
$
71.19
$
87.41
$
82.40
Low closing price
74.44
69.05
56.98
55.37
55.18
69.05
55.18
Period-end closing price
75.24
81.78
69.55
57.61
65.17
75.24
65.17
Average daily volume (in thousands)
61
63
56
67
89
62
79
Treasury share activity: Treasury shares repurchased (in thousands)
217
75
81
231
79
292
261
Average treasury share repurchase price
$
78.75
$
76.71
$
60.32
$
59.49
$
61.75
$
78.22
$
68.41
Key Ratios (percent) Return on average assets
1.49
%
1.38
%
1.59
%
1.46
%
1.35
%
1.44
%
1.81
%
Return on average tangible equity
15.2
%
13.5
%
15.3
%
13.8
%
12.6
%
14.3
%
16.6
%
Yield on interest earning assets
3.00
%
3.17
%
3.32
%
3.43
%
3.64
%
3.08
%
3.92
%
Cost of interest bearing liabilities
0.27
%
0.37
%
0.47
%
0.58
%
0.71
%
0.32
%
0.81
%
Net Interest Margin
2.81
%
2.91
%
2.99
%
3.02
%
3.13
%
2.86
%
3.33
%
Non-interest income as a percent of total revenue
31.0
%
30.4
%
30.7
%
30.3
%
27.4
%
30.9
%
37.9
%
Efficiency Ratio
52.8
%
54.3
%
51.0
%
51.6
%
53.3
%
53.5
%
51.4
%
Price/Earnings Ratio (a)
13.35
16.30
12.41
11.53
14.50
14.13
11.23
Capital (period-end) Average Shareholders' Equity to Average Assets
11.81
%
12.30
%
12.46
%
12.71
%
12.91
%
Tangible equity to tangible assets
9.98
%
9.93
%
10.33
%
10.61
%
10.62
%
Consolidated City Holding Company risk based capital ratios (b): CET I
16.40
%
16.76
%
16.18
%
15.93
%
16.10
%
Tier I
16.40
%
16.76
%
16.18
%
15.93
%
16.10
%
Total
16.88
%
17.33
%
16.75
%
16.50
%
16.69
%
Leverage
9.70
%
10.06
%
10.22
%
10.19
%
10.45
%
City National Bank risk based capital ratios (b): CET I
14.82
%
14.75
%
14.10
%
14.46
%
14.55
%
Tier I
14.82
%
14.75
%
14.10
%
14.46
%
14.55
%
Total
15.30
%
15.33
%
14.68
%
15.04
%
15.15
%
Leverage
8.80
%
8.91
%
8.97
%
9.32
%
9.29
%
Other (period-end) Branches
94
94
94
94
94
FTE
912
916
926
925
911
Assets per FTE (in thousands)
$
6,477
$
6,434
$
6,219
$
5,984
$
6,058
Deposits per FTE (in thousands)
5,271
5,236
5,024
4,799
4,834
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes). (b) June 30, 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 Six Months Ended June 30,2021 March 31,2021 December 31,2020 September 30,2020 June 30,2020 June 30,2021 June 30,2020 Interest Income Interest and fees on loans
$
33,114
$
34,324
$
35,685
$
35,761
$
37,718
$
67,438
$
79,053
Interest on investment securities: Taxable
5,932
5,242
5,500
6,266
5,718
11,174
11,589
Tax-exempt
1,291
1,253
1,254
1,132
821
2,544
1,528
Interest on deposits in depository institutions
162
118
60
72
55
280
360
Total Interest Income
40,499
40,937
42,499
43,231
44,312
81,436
92,530
Interest Expense Interest on deposits
2,460
3,280
4,198
5,123
5,963
5,740
13,201
Interest on short-term borrowings
125
117
120
131
279
242
743
Interest on long-term debt
-
-
-
-
-
-
100
Total Interest Expense
2,585
3,397
4,318
5,254
6,242
5,982
14,044
Net Interest Income
37,914
37,540
38,181
37,977
38,070
75,454
78,486
(Recovery of) provision for credit losses
(2,000
)
(440
)
474
1,026
1,250
(2,440
)
9,222
Net Interest Income After (Recovery of) Provision for Credit Losses
39,914
37,980
37,707
36,951
36,820
77,894
69,264
Non-Interest Income Net gains (losses) on sale of investment securities
29
283
6
-
(6
)
312
56
Unrealized gains (losses) recognized on equity securities still held
410
(51
)
835
461
242
359
(2,159
)
Service charges
5,895
5,881
6,771
6,295
4,945
11,776
12,667
Bankcard revenue
7,221
6,213
5,991
6,065
5,888
13,434
11,003
Trust and investment management fee income
2,012
2,033
2,162
1,844
1,931
4,045
3,730
Bank owned life insurance
940
1,460
813
1,088
848
2,400
2,523
Sale of VISA shares
-
-
-
-
-
-
17,837
Other income
941
811
1,143
1,232
783
1,752
2,318
Total Non-Interest Income
17,448
16,630
17,721
16,985
14,631
34,078
47,975
Non-Interest Expense Salaries and employee benefits
15,559
15,671
15,989
15,361
14,873
31,230
30,724
Occupancy related expense
2,525
2,622
2,447
2,428
2,402
5,147
4,890
Equipment and software related expense
2,655
2,544
2,660
2,607
2,504
5,199
4,933
FDIC insurance expense
382
405
363
355
167
787
167
Advertising
824
881
538
462
933
1,705
1,776
Bankcard expenses
1,746
1,584
1,443
1,517
1,498
3,330
2,933
Postage, delivery, and statement mailings
568
592
546
513
592
1,160
1,208
Office supplies
371
392
413
396
353
763
747
Legal and professional fees
589
675
438
548
589
1,264
1,190
Telecommunications
676
690
540
547
531
1,366
1,042
Repossessed asset losses (gains), net of expenses
1
79
(68
)
39
76
80
274
Other expenses
3,678
3,674
3,332
3,939
3,950
7,352
8,052
Total Non-Interest Expense
29,574
29,809
28,641
28,712
28,468
59,383
57,936
Income Before Income Taxes
27,788
24,801
26,787
25,224
22,983
52,589
59,303
Income tax expense
5,640
4,987
4,565
5,098
4,732
10,627
12,054
Net Income Available to Common Shareholders
$
22,148
$
19,814
$
22,222
$
20,126
$
18,251
$
41,962
$
47,249
Distributed earnings allocated to common shareholders
$
8,921
$
9,037
$
9,053
$
8,944
$
9,073
$
17,845
$
18,147
Undistributed earnings allocated to common shareholders
13,021
10,598
12,947
10,984
8,998
23,732
28,639
Net earnings allocated to common shareholders
$
21,942
$
19,635
$
22,000
$
19,928
$
18,071
$
41,577
$
46,786
Average common shares outstanding
15,573
15,656
15,708
15,950
16,081
15,614
16,123
Shares for diluted earnings per share
15,594
15,687
15,733
15,970
16,097
15,640
16,142
Basic earnings per common share
$
1.41
$
1.25
$
1.40
$
1.25
$
1.12
$
2.66
$
2.90
Diluted earnings per common share
$
1.41
$
1.25
$
1.40
$
1.25
$
1.12
$
2.66
$
2.90
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000s)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
Assets Cash and due from banks$
97,523
$
97,709
$
77,412
$
76,451
$
87,658
Interest-bearing deposits in depository institutions
512,367
659,090
451,247
176,267
285,596
Cash and cash equivalents
609,890
756,799
528,659
252,718
373,254
Investment securities available-for-sale, at fair value
1,340,681
1,185,245
1,178,789
1,157,399
1,055,185
Other securities
24,548
27,182
27,372
26,548
26,144
Total investment securities
1,365,229
1,212,427
1,206,161
1,183,947
1,081,329
Gross loans
3,529,416
3,546,723
3,622,119
3,663,966
3,665,596
Allowance for credit losses
(20,016
)
(24,076
)
(24,549
)
(24,867
)
(25,199
)
Net loans
3,509,400
3,522,647
3,597,570
3,639,099
3,640,397
Bank owned life insurance
119,491
118,976
118,243
117,501
116,746
Premises and equipment, net
76,263
76,529
76,925
77,031
77,991
Accrued interest receivable
15,967
16,231
15,793
16,627
14,200
Net deferred tax assets
-
1,395
-
-
-
Intangible assets
117,857
118,224
118,592
119,004
119,417
Other assets
89,958
71,142
96,697
105,361
105,438
Total Assets
$
5,904,055
$
5,894,370
$
5,758,640
$
5,511,288
$
5,528,772
Liabilities Deposits: Noninterest-bearing
$
1,279,932
$
1,244,175
$
1,176,990
$
1,061,310
$
1,079,469
Interest-bearing: Demand deposits
1,070,004
1,077,749
1,027,201
940,791
921,761
Savings deposits
1,301,219
1,265,038
1,188,003
1,117,684
1,067,254
Time deposits
1,153,391
1,209,873
1,260,022
1,300,291
1,342,631
Total deposits
4,804,546
4,796,835
4,652,216
4,420,076
4,411,115
Short-term borrowings Customer repurchase agreements
311,316
316,003
295,956
279,866
282,676
Net deferred tax liabilities
2,310
-
3,202
1,601
2,598
Other liabilities
90,407
89,847
106,160
118,386
138,633
Total Liabilities
5,208,579
5,202,685
5,057,534
4,819,929
4,835,022
Stockholders' Equity Preferred stock
-
-
-
-
-
Common stock
47,619
47,619
47,619
47,619
47,619
Capital surplus
169,674
170,526
171,304
170,526
169,881
Retained earnings
613,553
600,396
589,988
576,901
565,804
Cost of common stock in treasury
(157,936
)
(142,484
)
(139,038
)
(134,177
)
(120,583
)
Accumulated other comprehensive income: Unrealized gain on securities available-for-sale
28,227
21,289
36,894
36,760
37,299
Underfunded pension liability
(5,661
)
(5,661
)
(5,661
)
(6,270
)
(6,270
)
Total Accumulated Other Comprehensive Income
22,566
15,628
31,233
30,490
31,029
Total Stockholders' Equity
695,476
691,685
701,106
691,359
693,750
Total Liabilities and Stockholders' Equity
$
5,904,055
$
5,894,370
$
5,758,640
$
5,511,288
$
5,528,772
Regulatory Capital Total CET 1 capital
$
561,317
$
563,523
$
557,641
$
548,269
$
548,972
Total tier 1 capital
561,317
563,523
557,641
548,269
548,972
Total risk-based capital
577,543
582,816
577,292
568,153
569,213
Total risk-weighted assets
3,421,764
3,362,595
3,446,774
3,442,629
3,410,589
CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s)
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
Commercial and industrial$
358,583
$
371,195
$
372,989
$
383,980
$
369,122
1-4 Family
108,079
108,131
109,812
114,071
123,814
Hotels
290,119
293,176
294,464
295,989
295,179
Multi-family
212,715
212,561
215,671
214,394
204,580
Non Residential Non-Owner Occupied
653,264
649,683
641,351
628,814
628,628
Non Residential Owner Occupied
209,100
199,130
213,484
211,433
215,472
Commercial real estate (1)
1,473,277
1,462,681
1,474,782
1,464,701
1,467,673
Residential real estate (2)
1,521,102
1,532,907
1,587,694
1,621,265
1,631,151
Home equity
127,608
130,009
136,469
140,135
142,672
Consumer
45,184
47,224
47,688
50,541
52,278
DDA overdrafts
3,662
2,707
2,497
3,344
2,700
Gross Loans
$
3,529,416
$
3,546,723
$
3,622,119
$
3,663,966
$
3,665,596
Construction loans included in: (1) - Commercial real estate loans
$
43,904
$
39,101
$
40,449
$
42,449
$
42,092
(2) - Residential real estate loans
20,838
22,129
27,078
28,947
28,252
CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information (Unaudited) ($ in 000s) Three Months Ended Six Months Ended June 30,2021 March 31,2021 December 31,2020 September 30,2020 June 30,2020 June 30,2021 June 30,2020 Allowance for Credit Losses Balance at beginning of period
$
24,076
$
24,549
$
24,867
$
25,199
$
24,393
$
24,549
$
11,589
Charge-offs: Commercial and industrial
(211
)
(34
)
(9
)
(757
)
-
(245
)
(77
)
Commercial real estate
(1,718
)
(1
)
(616
)
(75
)
(39
)
(1,719
)
(422
)
Residential real estate
(86
)
(93
)
(139
)
(252
)
(376
)
(179
)
(859
)
Home equity(8
)
(64
)
(88
)
(126
)
(161
)
(72
)
(206
)
Consumer
(79
)
(147
)
(27
)
(74
)
(36
)
(226
)
(91
)
DDA overdrafts
(430
)
(453
)
(629
)
(554
)
(459
)
(883
)
(1,162
)
Total charge-offs
(2,532
)
(792
)
(1,508
)
(1,838
)
(1,071
)
(3,324
)
(2,817
)
Recoveries: Commercial and industrial
25
46
74
3
5
71
14
Commercial real estate
15
164
150
44
128
179
331
Residential real estate
17
74
57
24
8
91
103
Home equity
3
23
47
33
9
26
56
Consumer
104
39
55
42
128
143
141
DDA overdrafts
308
413
333
334
349
721
800
Total recoveries
472
759
716
480
627
1,231
1,445
Net charge-offs
(2,060
)
(33
)
(792
)
(1,358
)
(444
)
(2,093
)
(1,372
)
(Recovery of) provision for credit losses
(2,000
)
(440
)
474
1,026
1,250
(2,440
)
9,222
Impact of Adopting ASC 326
-
-
-
-
-
-
5,760
Balance at end of period
$
20,016
$
24,076
$
24,549
$
24,867
$
25,199
$
20,016
$
25,199
Loans outstanding
$
3,529,416
$
3,546,723
$
3,622,119
$
3,663,966
$
3,665,596
Allowance as a percent of loans outstanding
0.57
%
0.68
%
0.68
%
0.68
%
0.69
%
Allowance as a percent of non-performing loans
199.3
%
194.5
%
200.7
%
182.7
%
185.1
%
Average loans outstanding$
3,541,165
$
3,585,790
$
3,635,673
$
3,661,569
$
3,660,174
$
3,563,356
$
3,634,522
Net charge-offs (annualized) as a percent of average loans outstanding
0.23
%
0.00
%
0.09
%
0.15
%
0.05
%
0.12
%
0.08
%
CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information, continued (Unaudited) ($ in 000s) June 30,2021 March 31,2021 December 31,2020 September 30,2020 June 30,2020 Nonaccrual Loans Residential real estate$
2,482
$
3,004
$
2,968
$
3,983
$
3,477
Home equity
81
88
95
74
265
Commercial and industrial
820
1,200
768
728
1,087
Commercial real estate
6,383
7,792
8,401
8,479
8,715
Consumer
-
-
-
-
-
Total nonaccrual loans
9,766
12,084
12,232
13,264
13,544
Accruing loans past due 90 days or more
278
295
-
345
68
Total non-performing loans
10,044
12,379
12,232
13,609
13,612
Other real estate owned
1,309
1,625
1,650
2,080
3,997
Total non-performing assets
$
11,353
$
14,004
$
13,882
$
15,689
$
17,609
Non-performing assets as a percent of loans and other real estate owned
0.32
%
0.39
%
0.38
%
0.43
%
0.48
%
Past Due Loans Residential real estate$
5,453
$
4,092
$
5,993
$
5,153
$
5,261
Home equity
523
449
575
474
393
Commercial and industrial
721
1,358
1,241
691
160
Commercial real estate
498
508
625
602
917
Consumer
12
10
113
121
67
DDA overdrafts
417
212
341
379
273
Total past due loans
$
7,624
$
6,629
$
8,888
$
7,420
$
7,071
Total past due loans as a percent of loans outstanding
0.22
%
0.19
%
0.25
%
0.20
%
0.19
%
Troubled Debt Restructurings ("TDRs") Residential real estate$
17,788
$
18,572
$
19,226
$
20,398
$
20,631
Home equity
1,920
1,956
2,001
2,100
2,138
Commercial and industrial
-
-
-
-
-
Commercial real estate
3,076
4,615
4,638
4,894
4,915
Consumer
203
211
277
260
185
Total TDRs
$
22,987
$
25,354
$
26,142
$
27,652
$
27,869
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s)
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets: Loan portfolio (1): Residential real estate (2)$
1,652,165
$
16,135
3.92
%
$
1,696,064
$
16,853
4.03
%
$
1,785,631
$
19,048
4.29
%
Commercial, financial, and agriculture (2)
1,839,478
16,158
3.52
%
1,838,928
16,542
3.65
%
1,818,344
17,665
3.91
%
Installment loans to individuals (2), (3)
49,522
713
5.77
%
50,798
713
5.69
%
56,199
852
6.10
%
Previously securitized loans (4) ***
109
*** ***
215
*** ***
152
*** Total loans
3,541,165
33,115
3.75
%
3,585,790
34,323
3.88
%
3,660,174
37,717
4.14
%
Securities: Taxable
1,046,008
5,932
2.27
%
945,177
5,242
2.25
%
896,997
5,718
2.56
%
Tax-exempt (5)
244,233
1,633
2.68
%
239,589
1,585
2.68
%
120,751
1,039
3.46
%
Total securities
1,290,241
7,565
2.35
%
1,184,766
6,827
2.34
%
1,017,748
6,757
2.67
%
Deposits in depository institutions
628,158
162
0.10
%
513,469
118
0.09
%
236,320
55
0.09
%
Total interest-earning assets
5,459,564
40,842
3.00
%
5,284,025
41,268
3.17
%
4,914,242
44,529
3.64
%
Cash and due from banks
92,243
79,683
79,501
Premises and equipment, net
76,660
76,837
78,717
Goodwill and intangible assets
118,088
118,453
119,681
Other assets
206,709
217,453
230,423
Less: Allowance for credit losses
(23,701
)
(24,909
)
(24,700
)
Total assets$
5,929,563
$
5,751,542
$
5,397,864
Liabilities: Interest-bearing demand deposits
$
1,069,896
$
122
0.05
%
$
1,008,283
$
124
0.05
%
$
893,832
$
178
0.08
%
Savings deposits
1,287,966
163
0.05
%
1,221,169
183
0.06
%
1,037,387
363
0.14
%
Time deposits (2)
1,181,953
2,175
0.74
%
1,236,197
2,973
0.98
%
1,353,619
5,422
1.61
%
Short-term borrowings
305,134
125
0.16
%
290,766
117
0.16
%
256,790
279
0.44
%
Long-term debt
-
-
-
-
-
-
-
-
-
Total interest-bearing liabilities
3,844,949
2,585
0.27
%
3,756,415
3,397
0.37
%
3,541,628
6,242
0.71
%
Noninterest-bearing demand deposits
1,311,340
1,197,910
1,044,009
Other liabilities
72,940
89,695
115,110
Stockholders' equity
700,334
707,522
697,117
Total liabilities and stockholders' equity
$
5,929,563
$
5,751,542
$
5,397,864
Net interest income
$
38,257
$
37,871
$
38,287
Net yield on earning assets
2.81
%
2.91
%
3.13
%
(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$
488
$
835
$
609
(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
$
211
$
106
$
194
Commercial, financial, and agriculture
365
325
651
Installment loans to individuals
23
28
37
Time deposits
48
48
155
$
647
$
507
$
1,037
(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 $0. (5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s)
Six Months Ended
June 30, 2021
June 30, 2020
Average
Yield/
Average
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Assets: Loan portfolio (1): Residential real estate (2)$
1,675,222
$
32,987
3.97
%
$
1,785,795
$
38,930
4.38
%
Commercial, financial, and agriculture (2)
1,837,947
32,701
3.59
%
1,791,510
38,141
4.28
%
Installment loans to individuals (2), (3)
50,187
1,426
5.73
%
57,217
1,715
6.03
%
Previously securitized loans (4) ***
324
*** ***
267
*** Total loans
3,563,356
67,438
3.82
%
3,634,522
79,053
4.37
%
Securities: Taxable
995,871
11,174
2.26
%
853,882
11,589
2.73
%
Tax-exempt (5)
241,924
3,220
2.68
%
107,671
1,934
3.61
%
Total securities
1,237,795
14,394
2.35
%
961,553
13,523
2.83
%
Deposits in depository institutions
571,130
280
0.10
%
169,626
360
0.43
%
Total interest-earning assets
5,372,281
82,112
3.08
%
4,765,701
92,936
3.92
%
Cash and due from banks
85,998
75,132
Premises and equipment, net
76,748
78,042
Goodwill and intangible assets
118,270
119,886
Other assets
212,051
213,147
Less: Allowance for credit losses
(24,302
)
(20,303
)
Total assets$
5,841,046
$
5,231,605
Liabilities: Interest-bearing demand deposits
$
1,039,260
$
246
0.05
%
$
881,904
$
647
0.15
%
Savings deposits
1,254,752
346
0.06
%
1,021,608
1,063
0.21
%
Time deposits (2)
1,208,925
5,149
0.86
%
1,359,442
11,491
1.70
%
Short-term borrowings
297,990
243
0.16
%
232,900
743
0.64
%
Long-term debt
-
-
-
1,670
100
12.04
%
Total interest-bearing liabilities
3,800,927
5,984
0.32
%
3,497,524
14,044
0.81
%
Noninterest-bearing demand deposits
1,254,938
948,196
Other liabilities
81,273
95,516
Stockholders' equity
703,908
690,369
Total liabilities and stockholders' equity
$
5,841,046
$
5,231,605
Net interest income
$
76,128
$
78,892
Net yield on earning assets
2.86
%
3.33
%
(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$
1,323
$
725
(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
$
317
$
345
Commercial, financial, and agriculture
690
1,891
Installment loans to individuals
51
76
Time deposits
97
311
$
1,155
$
2,623
(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
Six Months Ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
June 30, 2021
June 30, 2020
Net Interest Income/Margin Net interest income ("GAAP")$
37,914
$
37,540
$
38,181
$
37,977
$
38,070
$
75,454
$
78,486
Taxable equivalent adjustment
343
331
333
301
217
674
406
Net interest income, fully taxable equivalent
$
38,257
$
37,871
$
38,514
$
38,278
$
38,287
$
76,128
$
78,892
Average interest earning assets
$
5,459,564
$
5,284,025
$
5,125,874
$
5,047,868
$
4,914,242
$
5,372,281
$
4,765,701
Net Interest Margin
2.81
%
2.91
%
2.99
%
3.02
%
3.13
%
2.86
%
3.33
%
Accretion related to fair value adjustments
-0.05
%
-0.04
%
-0.05
%
-0.05
%
-0.08
%
-0.04
%
-0.11
%
Net Interest Margin (excluding accretion)
2.76
%
2.87
%
2.94
%
2.97
%
3.05
%
2.81
%
3.22
%
Tangible Equity Ratio (period end) Equity to assets ("GAAP")
11.78
%
11.74
%
12.18
%
12.54
%
12.55
%
Effect of goodwill and other intangibles, net
-1.80
%
-1.81
%
-1.85
%
-1.93
%
-1.93
%
Tangible common equity to tangible assets
9.98
%
9.93
%
10.33
%
10.61
%
10.62
%
Return on Tangible Equity Return on tangible equity ("GAAP")
15.2
%
13.5
%
15.3
%
13.8
%
12.6
%
14.3
%
16.6
%
Impact of sale of VISA shares
-
-
-
-
-
-
-4.8
%
Return on tangible equity, excluding sale of VISA shares
15.2
%
13.5
%
15.3
%
13.8
%
12.6
%
14.3
%
11.8
%
Return on Assets Return on assets ("GAAP")
1.49
%
1.38
%
1.59
%
1.46
%
1.35
%
1.44
%
1.81
%
Impact of sale of VISA shares
-
-
-
-
-
0.01
%
-0.52
%
Return on assets, excluding sale of VISA shares
1.49
%
1.38
%
1.59
%
1.46
%
1.35
%
1.44
%
1.29
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210722005086/en/
Charles R. Hageboeck, Chief Executive Officer and President (304) 769-1102
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