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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 | |
---|---|---|---|---|---|---|---|---|---|---|
3.77 | 3.29% | 118.38 | 118.22 | 118.50 | 118.71 | 114.3204 | 115.45 | 16,532 | 16:20:49 |
West Virginia
|
55-0619957
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
25 Gatewater Road
|
|
Charleston, West Virginia
|
25313
|
(Address of principal executive offices)
|
(Zip Code)
|
Yes
|
[X]
|
No
|
[ ]
|
Yes
|
[X]
|
No
|
[ ]
|
Large accelerated filer [ ]
|
Accelerated filer [X]
|
|
Non-accelerated filer [ ]
|
Smaller reporting company [ ]
|
Yes
|
[ ]
|
No
|
[X]
|
Pages
|
||
Item 1.
|
Financial Statements (Unaudited).
|
4-33
|
Item 2.
|
34-49
|
|
Item 3.
|
50
|
|
Item 4.
|
50
|
|
Item 1.
|
51
|
|
Item 1A.
|
51
|
|
Item 2.
|
51
|
|
Item 3.
|
51
|
|
Item 4.
|
51
|
|
Item 5.
|
51
|
|
Item 6.
|
52
|
|
53
|
||
September 30, 2012
|
December 31, 2011
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 72,309 | $ | 140,873 | ||||
Interest-bearing deposits in depository institutions
|
5,563 | 5,526 | ||||||
Federal funds sold
|
35,000 | - | ||||||
Cash and Cash Equivalents
|
112,872 | 146,399 | ||||||
Investment securities available for sale, at fair value
|
389,686 | 360,783 | ||||||
Investment securities held-to-maturity, at amortized cost (approximate fair value at September 30, 2012 and December 31, 2011 - $13,658 and $23,423, respectively)
|
13,444 | 23,458 | ||||||
Other securities
|
11,459 | 11,934 | ||||||
Total Investment Securities
|
414,589 | 396,175 | ||||||
Gross loans
|
2,085,232 | 1,973,103 | ||||||
Allowance for loan losses
|
(18,986 | ) | (19,409 | ) | ||||
Net Loans
|
2,066,246 | 1,953,694 | ||||||
Bank owned life insurance
|
81,146 | 78,961 | ||||||
Premises and equipment, net
|
72,360 | 64,612 | ||||||
Accrued interest receivable
|
7,681 | 7,093 | ||||||
Net deferred tax asset
|
32,407 | 32,219 | ||||||
Goodwill and other intangible assets
|
65,103 | 56,164 | ||||||
Other assets
|
46,793 | 41,792 | ||||||
Total Assets
|
$ | 2,899,197 | $ | 2,777,109 | ||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 407,634 | $ | 369,025 | ||||
Interest-bearing:
|
||||||||
Demand deposits
|
549,752 | 526,824 | ||||||
Savings deposits
|
495,068 | 439,823 | ||||||
Time deposits
|
929,042 | 885,596 | ||||||
Total Deposits
|
2,381,496 | 2,221,268 | ||||||
Short-term borrowings:
|
||||||||
Federal funds purchased
|
- | 75,000 | ||||||
Customer repurchase agreements
|
131,947 | 114,050 | ||||||
Long-term debt
|
16,495 | 16,495 | ||||||
Other liabilities
|
40,844 | 39,162 | ||||||
Total Liabilities
|
2,570,782 | 2,465,975 | ||||||
Shareholders’ Equity
|
||||||||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued
|
- | - | ||||||
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 18,499,282 shares issued at September 30, 2012 and December 31, 2011, less 3,665,999 and 3,717,993 shares in treasury, respectively
|
46,249 | 46,249 | ||||||
Capital surplus
|
103,311 | 103,335 | ||||||
Retained earnings
|
303,567 | 291,050 | ||||||
Cost of common stock in treasury
|
(124,347 | ) | (125,593 | ) | ||||
Accumulated other comprehensive income (loss):
|
||||||||
Unrealized gain on securities available-for-sale
|
4,367 | 825 | ||||||
Underfunded pension liability
|
(4,732 | ) | (4,732 | ) | ||||
Total Accumulated Other Comprehensive Loss
|
(365 | ) | (3,907 | ) | ||||
Total Shareholders’ Equity
|
328,415 | 311,134 | ||||||
Total Liabilities and Shareholders’ Equity
|
$ | 2,899,197 | $ | 2,777,109 |
Three months Ended September 30
|
Nine months Ended September 30
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest Income
|
||||||||||||||||
Interest and fees on loans
|
$ | 24,633 | $ | 23,326 | $ | 70,843 | $ | 70,416 | ||||||||
Interest on investment securities:
|
||||||||||||||||
Taxable
|
3,438 | 4,639 | 11,345 | 13,694 | ||||||||||||
Tax-exempt
|
346 | 392 | 1,101 | 1,299 | ||||||||||||
Interest on federal funds sold
|
15 | 13 | 38 | 39 | ||||||||||||
Total Interest Income
|
28,432 | 28,370 | 83,327 | 85,448 | ||||||||||||
Interest Expense
|
||||||||||||||||
Interest on deposits
|
3,312 | 4,550 | 10,363 | 15,829 | ||||||||||||
Interest on short-term borrowings
|
79 | 90 | 229 | 239 | ||||||||||||
Interest on long-term debt
|
166 | 159 | 499 | 474 | ||||||||||||
Total Interest Expense
|
3,557 | 4,799 | 11,091 | 16,542 | ||||||||||||
Net Interest Income
|
24,875 | 23,571 | 72,236 | 68,906 | ||||||||||||
Provision for loan losses
|
975 | - | 4,600 | 2,372 | ||||||||||||
Net Interest Income After Provision for Loan Losses
|
23,900 | 23,571 | 67,636 | 66,534 | ||||||||||||
Non-interest Income
|
||||||||||||||||
Total investment securities impairment losses
|
(272 | ) | (1,849 | ) | (878 | ) | (1,849 | ) | ||||||||
Noncredit impairment losses recognized in other comprehensive income
|
- | 1,494 | 302 | 1,494 | ||||||||||||
Net investment securities impairment losses
|
(272 | ) | (355 | ) | (576 | ) | (355 | ) | ||||||||
Gains on sale of investment securities
|
730 | 627 | 1,530 | 3,756 | ||||||||||||
Net investment securities gains
|
458 | 272 | 954 | 3,401 | ||||||||||||
Service charges
|
9,861 | 9,840 | 28,601 | 28,749 | ||||||||||||
Insurance commissions
|
1,439 | 1,388 | 4,782 | 4,513 | ||||||||||||
Trust and investment management fee income
|
912 | 699 | 2,662 | 2,181 | ||||||||||||
Bank owned life insurance
|
738 | 952 | 2,228 | 2,455 | ||||||||||||
Other income
|
671 | 380 | 1,762 | 1,434 | ||||||||||||
Total Non-interest Income
|
14,079 | 13,531 | 40,989 | 42,733 | ||||||||||||
Non-interest Expense
|
||||||||||||||||
Salaries and employee benefits
|
11,295 | 10,302 | 32,207 | 30,397 | ||||||||||||
Occupancy and equipment
|
2,126 | 2,057 | 6,038 | 6,084 | ||||||||||||
Depreciation
|
1,175 | 1,131 | 3,371 | 3,408 | ||||||||||||
FDIC insurance expense
|
405 | 392 | 1,184 | 2,276 | ||||||||||||
Advertising
|
674 | 546 | 1,993 | 1,854 | ||||||||||||
Bankcard expenses
|
720 | 559 | 2,035 | 1,693 | ||||||||||||
Postage, delivery, and statement mailings
|
529 | 551 | 1,565 | 1,615 | ||||||||||||
Office supplies
|
407 | 492 | 1,258 | 1,483 | ||||||||||||
Legal and professional fees
|
611 | 567 | 1,349 | 4,547 | ||||||||||||
Telecommunications
|
433 | 371 | 1,209 | 1,217 | ||||||||||||
Repossessed asset losses, net of expenses
|
429 | 109 | 1,200 | 300 | ||||||||||||
Merger related costs
|
157 | - | 4,335 | - | ||||||||||||
Other expenses
|
2,885 | 2,611 | 8,382 | 7,585 | ||||||||||||
Total Non-interest Expense
|
21,846 | 19,688 | 66,126 | 62,459 | ||||||||||||
Income Before Income Taxes
|
16,133 | 17,414 | 42,499 | 46,808 | ||||||||||||
Income tax expense
|
5,526 | 5,837 | 14,450 | 15,784 | ||||||||||||
Net Income Available to Common Shareholders
|
$ | 10,607 | $ | 11,577 | $ | 28,049 | $ | 31,024 | ||||||||
Total comprehensive income
|
$ | 12,719 | $ | 10,714 | $ | 31,591 | $ | 30,820 | ||||||||
Average common shares outstanding
|
14,751 | 15,003 | 14,700 | 15,165 | ||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Employee stock options
|
83 | 68 | 83 | 77 | ||||||||||||
Shares for diluted earnings per share
|
14,834 | 15,071 | 14,783 | 15,242 | ||||||||||||
Basic earnings per common share
|
$ | 0.71 | $ | 0.77 | $ | 1.89 | $ | 2.03 | ||||||||
Diluted earnings per common share
|
$ | 0.71 | $ | 0.76 | $ | 1.88 | $ | 2.02 | ||||||||
Dividends declared per common share
|
$ | 0.35 | $ | 0.34 | $ | 1.05 | $ | 1.02 |
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
|||||||||||||||||||
Balances at December 31, 2010
|
$ | 46,249 | $ | 103,057 | $ | 270,905 | $ | (102,853 | ) | (2,497 | ) | $ | 314,861 | |||||||||||
Net income
|
31,024 | 31,024 | ||||||||||||||||||||||
Other comprehensive income
|
(204 | ) | (204 | ) | ||||||||||||||||||||
Cash dividends declared ($1.02 per share)
|
(15,394 | ) | (15,394 | ) | ||||||||||||||||||||
Stock-based compensation expense, net
|
83 | 784 | 867 | |||||||||||||||||||||
Exercise of 6,576 stock options
|
(20 | ) | 188 | 168 | ||||||||||||||||||||
Purchase of 675,501 treasury shares
|
(21,430 | ) | (21,430 | ) | ||||||||||||||||||||
Balances at September 30, 2011
|
$ | 46,249 | $ | 103,120 | $ | 286,535 | $ | (123,311 | ) | $ | (2,701 | ) | $ | 309,892 |
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
|||||||||||||||||||
Balances at December 31, 2011
|
$ | 46,249 | $ | 103,335 | $ | 291,050 | $ | (125,593 | ) | $ | (3,907 | ) | $ | 311,134 | ||||||||||
Net income
|
28,049 | 28,049 | ||||||||||||||||||||||
Other comprehensive income
|
3,542 | 3,542 | ||||||||||||||||||||||
Acquisition of Virginia Savings Bancorp
|
276 | 7,447 | 7,723 | |||||||||||||||||||||
Cash dividends declared ($1.05 per share)
|
(15,532 | ) | (15,532 | ) | ||||||||||||||||||||
Stock-based compensation expense, net
|
(179 | ) | 1,049 | 870 | ||||||||||||||||||||
Exercise of 18,899 stock options
|
(121 | ) | 665 | 544 | ||||||||||||||||||||
Purchase of 237,535 treasury shares
|
(7,915 | ) | (7,915 | ) | ||||||||||||||||||||
Balances at September 30, 2012
|
$ | 46,249 | $ | 103,311 | $ | 303,567 | $ | (124,347 | ) | $ | (365 | ) | $ | 328,415 |
Nine months Ended September 30
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 28,049 | $ | 31,024 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization and accretion
|
1,356 | 1,296 | ||||||
Provision for loan losses
|
4,600 | 2,372 | ||||||
Depreciation of premises and equipment
|
3,371 | 3,408 | ||||||
Deferred income tax expense (benefit)
|
342 | (1,802 | ) | |||||
Accretion of gain from sale of interest rate floors
|
- | (295 | ) | |||||
Net periodic employee benefit cost
|
391 | 288 | ||||||
Realized investment securities gains
|
(1,530 | ) | (3,756 | ) | ||||
Net investment securities impairment losses
|
576 | 355 | ||||||
Stock-compensation expense
|
870 | 867 | ||||||
Increase in value of bank-owned life insurance
|
(2,164 | ) | (2,455 | ) | ||||
Proceeds from bank-owned life insurance
|
- | 492 | ||||||
Change in accrued interest receivable
|
(137 | ) | 464 | |||||
Change in other assets
|
(735 | ) | (4,694 | ) | ||||
Change in other liabilities
|
2,092 | 14,711 | ||||||
Net Cash Provided by Operating Activities
|
37,081 | 42,275 | ||||||
Proceeds from sale of money market and mutual fund securities available-for-sale
|
- | 617,230 | ||||||
Purchases of money market and mutual fund securities available-for-sale
|
- | (617,337 | ) | |||||
Proceeds from sales of securities available-for-sale
|
27,773 | 56,371 | ||||||
Proceeds from maturities and calls of securities available-for-sale
|
113,760 | 88,807 | ||||||
Proceeds from maturities and calls of securities held-to-maturity
|
10,046 | 1,338 | ||||||
Purchases of securities available-for-sale
|
(150,497 | ) | (107,050 | ) | ||||
Net (increase) in loans
|
(43,656 | ) | (61,800 | ) | ||||
Purchases of premises and equipment
|
(5,910 | ) | (3,691 | ) | ||||
Acquisition of Virginia Savings Bancorp, net of cash acquired of $24,947
|
20,275 | - | ||||||
Net Cash Used in Investing Activities
|
(28,209 | ) | (26,132 | ) | ||||
Net increase in noninterest-bearing deposits
|
26,777 | 25,577 | ||||||
Net increase (decrease) in interest-bearing deposits
|
10,815 | (2,631 | ) | |||||
Net (decrease) increase in short-term borrowings
|
(57,103 | ) | 15,171 | |||||
Purchases of treasury stock
|
(7,915 | ) | (21,429 | ) | ||||
Proceeds from exercise of stock options
|
544 | 168 | ||||||
Dividends paid
|
(15,517 | ) | (15,591 | ) | ||||
Net Cash (Used in) Provided by Financing Activities
|
(42,399 | ) | 1,265 | |||||
(Decrease) increase in Cash and Cash Equivalents
|
(33,527 | ) | 17,408 | |||||
Cash and cash equivalents at beginning of period
|
146,399 | 66,379 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 112,872 | $ | 83,787 |
May 31, 2012
|
||||
Consideration:
|
||||
Cash
|
$ | 4,672 | ||
Common stock
|
7,723 | |||
$ | 12,395 | |||
Identifiable assets:
|
||||
Cash and cash equivalents
|
$ | 24,947 | ||
Investment securities
|
14,082 | |||
Loans
|
73,448 | |||
Premises and equipment
|
5,158 | |||
Other assets
|
8,931 | |||
Total identifiable assets
|
126,566 | |||
Identifiable liabilities:
|
||||
Deposits
|
122,755 | |||
Other liabilities
|
698 | |||
Total identifiable liabilities
|
123,453 | |||
Net identifiable assets
|
3,113 | |||
Goodwill
|
8,009 | |||
Core deposit intangible
|
1,273 | |||
$ | 12,395 |
(1)
|
ASC Topic 310-20 is used to value loans that do not have evidence of credit quality deterioration. For these loans, the difference between the fair value of the loan and the amortized cost of the loan would be amortized or accreted into income using the interest method.
|
(2)
|
ASC Topic 310-30 is used to value loans that have evidence of credit quality deterioration. For these loans, the expected cash flows that exceed the fair value of the loan represent the accretable yield, which is recognized as interest income on a level-yield basis over the expected cash flow periods of the loans. The non-accretable difference represents the difference between the contractually required principal and interest payments and the cash flows expected to be collected based upon management’s estimation. Subsequent decreases in the expected cash flows will require the Company to evaluate the need for additions to the Company’s allowance for loan losses. Subsequent increases in the expected cash flows will result in a reversal of the provision for loan losses to the extent of prior charges with a corresponding adjustment to the accretable yield, which will result in the recognition of additional interest income over the remaining lives of the loans. The accretable difference represents the difference between the expected cash flows and the net present value of expected cash flows. This difference is accreted into earnings using the level-yield method over the expected cash flow periods of the loans. In determining the net present value of expected cash flows, management used various discount rates based upon the risk characteristics for each loan type.
|
May 31, 2012
|
||||
Contractually required principal and interest
|
$ | 11,567 | ||
Contractual cash flows not expected to be collected (non-accretable difference)
|
(3,973 | ) | ||
Expected cash flows
|
7,594 | |||
Interest component of expected cash flows (accretable difference)
|
(954 | ) | ||
Estimated fair value of purchased credit impaired loans acquired
|
$ | 6,640 | ||
Estimated fair value of performing loans acquired
|
66,808 | |||
Estimated fair value of loans acquired
|
$ | 73,448 |
Intangible Assets
|
||||
Balance, January 1, 2012
|
$ | 1,274 | ||
Core deposit intangible acquired in conjunction with the acquisition of VSB
|
1,273 | |||
Amortization expense
|
(343 | ) | ||
Balance, September 30, 2012
|
$ | 2,204 |
Goodwill
|
||||
Balance, January 1, 2012
|
$ | 54,890 | ||
Goodwill acquired in conjunction with the acquisition of VSB
|
8,009 | |||
Balance, September 30, 2012
|
$ | 62,899 |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||||||||||
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||
U.S. Treasuries and U.S.
|
||||||||||||||||||||||||||||||||
government agencies
|
$ | 4,310 | $ | 105 | $ | - | $ | 4,415 | $ | 5,868 | $ | 173 | $ | - | $ | 6,041 | ||||||||||||||||
Obligations of states and
|
||||||||||||||||||||||||||||||||
political subdivisions
|
48,334 | 1,814 | 15 | 50,133 | 55,262 | 1,561 | 21 | 56,802 | ||||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||||||||||
U.S. government agencies
|
285,678 | 8,695 | 45 | 294,328 | 220,815 | 6,966 | 168 | 227,613 | ||||||||||||||||||||||||
Private label
|
3,583 | 43 | - | 3,626 | 5,117 | 45 | 6 | 5,156 | ||||||||||||||||||||||||
Trust preferred
|
||||||||||||||||||||||||||||||||
securities
|
18,405 | 201 | 3,098 | 15,508 | 48,951 | 941 | 4,735 | 45,157 | ||||||||||||||||||||||||
Corporate securities
|
16,178 | 251 | 466 | 15,963 | 16,226 | 160 | 1,988 | 14,398 | ||||||||||||||||||||||||
Total Debt Securities
|
376,488 | 11,109 | 3,624 | 383,973 | 352,239 | 9,846 | 6,918 | 355,167 | ||||||||||||||||||||||||
Marketable equity securities
|
3,381 | 551 | 11 | 3,921 | 4,318 | - | 465 | 3,853 | ||||||||||||||||||||||||
Investment funds
|
1,724 | 68 | - | 1,792 | 1,724 | 39 | - | 1,763 | ||||||||||||||||||||||||
Total Securities
|
||||||||||||||||||||||||||||||||
Available-for-Sale
|
$ | 381,593 | $ | 11,728 | $ | 3,635 | $ | 389,686 | $ | 358,281 | $ | 9,885 | $ | 7,383 | $ | 360,783 |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||||||||||
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||||||||||||||
Securities held-to-maturity
|
||||||||||||||||||||||||||||||||
Trust preferred securities
|
$ | 13,444 | $ | 283 | $ | 69 | $ | 13,658 | $ | 23,458 | $ | 675 | $ | 710 | $ | 23,423 | ||||||||||||||||
Total Securities
|
||||||||||||||||||||||||||||||||
Held-to-Maturity
|
$ | 13,444 | $ | 283 | $ | 69 | $ | 13,658 | $ | 23,458 | $ | 675 | $ | 710 | $ | 23,423 | ||||||||||||||||
Other investment securities:
|
||||||||||||||||||||||||||||||||
Non-marketable equity securities
|
$ | 11,459 | $ | - | $ | - | $ | 11,459 | $ | 11,934 | $ | - | $ | - | $ | 11,934 | ||||||||||||||||
Total Other Investment
|
||||||||||||||||||||||||||||||||
Securities
|
$ | 11,459 | $ | - | $ | - | $ | 11,459 | $ | 11,934 | $ | - | $ | - | $ | 11,934 |
September 30, 2012
|
||||||||||||||||||||||||
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
(In thousands)
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
Obligations of states and political subdivisions
|
$ | 1,482 | $ | 15 | $ | - | $ | - | $ | 1,482 | $ | 15 | ||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
U.S. Government agencies
|
16,440 | 35 | 2,830 | 10 | 19,270 | 45 | ||||||||||||||||||
Trust preferred securities
|
- | - | 5,497 | 3,098 | 5,497 | 3,098 | ||||||||||||||||||
Corporate securities
|
4,070 | 258 | 2,165 | 208 | 6,235 | 466 | ||||||||||||||||||
Marketable equity securities
|
127 | 11 | - | - | 127 | 11 | ||||||||||||||||||
Total
|
$ | 22,119 | $ | 319 | $ | 10,492 | $ | 3,316 | $ | 32,611 | $ | 3,635 | ||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||
Trust preferred securities
|
$ | - | $ | - | $ | 3,372 | $ | 69 | $ | 3,372 | $ | 69 |
December 31, 2011
|
||||||||||||||||||||||||
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
(In thousands)
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
Obligations of states and political subdivisions
|
$ | 992 | $ | 11 | $ | 394 | $ | 10 | $ | 1,386 | $ | 21 | ||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
U.S. Government agencies
|
- | - | 4,333 | 168 | 4,333 | 168 | ||||||||||||||||||
Private label
|
3,236 | 6 | - | - | 3,236 | 6 | ||||||||||||||||||
Trust preferred securities
|
6,724 | 520 | 5,402 | 4,215 | 12,126 | 4,735 | ||||||||||||||||||
Corporate securities
|
1,791 | 241 | 4,941 | 1,747 | 6,732 | 1,988 | ||||||||||||||||||
Marketable equity securities
|
3,810 | 465 | - | - | 3,810 | 465 | ||||||||||||||||||
Total
|
$ | 16,553 | $ | 1,243 | $ | 15,070 | $ | 6,140 | $ | 31,623 | $ | 7,383 | ||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||
Trust preferred securities
|
$ | 4,823 | $ | 212 | $ | 8,219 | $ | 498 | $ | 13,042 | $ | 710 |
(In thousands)
|
Debt Securities
|
Equity Securities
|
Total
|
|||||||||
Balance at January 1, 2011
|
$ | 20,893 | $ | 5,130 | $ | 26,023 | ||||||
Additions:
|
||||||||||||
Initial credit impairment
|
- | - | - | |||||||||
Additional credit impairment
|
355 | 918 | 1,273 | |||||||||
Deductions:
|
||||||||||||
Called
|
(638 | ) | - | (638 | ) | |||||||
Balance December 31, 2011
|
20,610 | 6,048 | 26,658 | |||||||||
Additions:
|
||||||||||||
Initial credit impairment
|
- | - | - | |||||||||
Additional credit impairment
|
576 | - | 576 | |||||||||
Deductions:
|
||||||||||||
Sold
|
- | (1,235 | ) | (1,235 | ) | |||||||
Balance September 30, 2012
|
$ | 21,186 | $ | 4,813 | $ | 25,999 |
(1)
|
The differences noted consist of unrealized losses recorded at September 30, 2012 and noncredit other-than-temporary impairment losses recorded subsequent to April 1, 2009 that have not been reclassified as credit losses.
|
(2)
|
Performing collateral is defined as total collateral minus all collateral that has been called, is currently deferring, or currently in default. This model for this security assumes that all collateral that is currently deferring will default with a zero recovery rate. The underlying issuers can cure, thus this bond could recover at a higher percentage upon default than zero.
|
(3)
|
Performing collateral is defined as total collateral minus all collateral that has been called, is currently deferring, or currently in default. The model for this security assumes that one of the banks that are currently deferring will cure by June 2013. If additional underlying issuers cure, this bond could recover at a higher percentage.
|
(4)
|
Excess subordination is defined as the additional defaults/deferrals necessary in the next reporting period to deplete the entire credit enhancement (excess interest and over-collateralization) beneath our tranche within each pool to the point that would cause a "break in yield." This amount assumes that all currently performing collateral continues to perform. A break in yield means that our security would not be expected to receive all the contractual cash flows (principal and interest) by maturity. The "percent of current performing collateral" is the ratio of the "excess subordination amount" to current performing collateral—a higher percent means there is more excess subordination to absorb additional defaults/deferrals, and the better our security is protected from loss.
|
(5)
|
Other-than-temporary impairment losses of $11,000 were recognized during the nine months ended September 30, 2012. Other-than-temporary impairment losses of $115,000 were recognized during the year ended December 31, 2011.
|
(6)
|
Other-than-temporary impairment losses of $565,000 were recognized during the nine months ended September 30, 2012. Other-than-temporary impairment losses of $240,000 were recognized during the year ended December 31, 2011.
|
(In thousands)
|
Cost
|
Estimated Fair Value
|
||||||
Securities Available-for-Sale
|
||||||||
Due in one year or less
|
7,229 | 7,275 | ||||||
Due after one year through five years
|
33,449 | 33,844 | ||||||
Due after five years through ten years
|
46,821 | 48,827 | ||||||
Due after ten years
|
288,989 | 294,027 | ||||||
$ | 376,488 | $ | 383,973 | |||||
Securities Held-to-Maturity
|
||||||||
Due in one year or less
|
- | - | ||||||
Due after one year through five years
|
- | - | ||||||
Due after five years through ten years
|
- | - | ||||||
Due after ten years
|
13,444 | 13,658 | ||||||
$ | 13,444 | $ | 13,658 |
( In thousands)
|
September 30, 2012
|
December 31, 2011
|
||||||
Residential real estate
|
$ | 1,008,305 | $ | 929,788 | ||||
Home equity – junior liens
|
143,058 | 141,797 | ||||||
Commercial and industrial
|
105,027 | 130,899 | ||||||
Commercial real estate
|
787,887 | 732,146 | ||||||
Consumer
|
38,285 | 35,845 | ||||||
DDA overdrafts
|
2,670 | 2,628 | ||||||
Gross loans
|
2,085,232 | 1,973,103 | ||||||
Allowance for loan losses
|
(18,986 | ) | (19,409 | ) | ||||
Net loans
|
$ | 2,066,246 | $ | 1,953,694 |
September 30, 2012
|
||||
Residential real estate
|
$ | 22,789 | ||
Home equity – junior liens
|
6,137 | |||
Commercial and industrial
|
2,810 | |||
Commercial real estate
|
34,435 | |||
Consumer
|
2,934 | |||
Gross loans
|
$ | 69,105 |
Accretable yield at the beginning of the period
|
$ | - | ||
Additions
|
954 | |||
Accretion
|
(112 | ) | ||
Net reclassifications to accretable from non-accretable
|
- | |||
Maturities, foreclosures and charge-offs
|
- | |||
Accretable yield at the end of period
|
$ | 842 |
(In thousands)
|
Commercial and industrial
|
Commercial real estate
|
Residential real estate
|
Home equity
|
Consumer
|
DDA overdrafts
|
Total
|
|||||||||||||||||||||
Nine months ended
|
||||||||||||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||||||
Allowance for loan loss
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 590 | $ | 11,666 | $ | 3,591 | $ | 2,773 | $ | 88 | $ | 701 | $ | 19,409 | ||||||||||||||
Charge-offs
|
126 | 2,860 | 746 | 989 | 148 | 1,128 | 5,997 | |||||||||||||||||||||
Recoveries
|
12 | 100 | 15 | 12 | 90 | 745 | 974 | |||||||||||||||||||||
Provision
|
45 | 1,684 | 955 | 1,250 | 75 | 591 | 4,600 | |||||||||||||||||||||
Ending balance
|
$ | 521 | $ | 10,590 | $ | 3,815 | $ | 3,046 | $ | 105 | $ | 909 | $ | 18,986 | ||||||||||||||
Nine months ended
|
||||||||||||||||||||||||||||
September 30, 2011:
|
||||||||||||||||||||||||||||
Allowance for loan loss
|
||||||||||||||||||||||||||||
Beginning balance
|
$ | 1,864 | $ | 8,488 | $ | 4,149 | $ | 2,640 | $ | 95 | $ | 988 | $ | 18,224 | ||||||||||||||
Charge-offs
|
275 | 341 | 1,191 | 614 | 133 | 1,318 | 3,872 | |||||||||||||||||||||
Recoveries
|
8 | 1,982 | 19 | 6 | 107 | 1,002 | 3,124 | |||||||||||||||||||||
Provision
|
(1,032 | ) | 1,942 | 744 | 538 | 23 | 157 | 2,372 | ||||||||||||||||||||
Ending balance
|
$ | 565 | $ | 12,071 | $ | 3,721 | $ | 2,570 | $ | 92 | $ | 829 | $ | 19,848 | ||||||||||||||
As of September 30, 2012:
|
||||||||||||||||||||||||||||
Allowance for loan loss
|
||||||||||||||||||||||||||||
Evaluated for impairment:
|
||||||||||||||||||||||||||||
Individually
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Collectively
|
521 | 10,590 | 3,815 | 3,046 | 105 | 909 | 18,986 | |||||||||||||||||||||
Acquired with deteriorated
|
||||||||||||||||||||||||||||
credit quality
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Total
|
$ | 521 | $ | 10,590 | $ | 3,815 | $ | 3,046 | $ | 105 | $ | 909 | $ | 18,986 | ||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Evaluated for impairment:
|
||||||||||||||||||||||||||||
Individually
|
$ | - | $ | 10,002 | $ | 471 | $ | 297 | $ | - | $ | - | $ | 10,770 | ||||||||||||||
Collectively
|
105,027 | 771,716 | 1,007,710 | 142,674 | 38,177 | 2,670 | 2,067,974 | |||||||||||||||||||||
Acquired with deteriorated
|
||||||||||||||||||||||||||||
credit quality
|
- | 6,169 | 124 | 87 | 108 | - | 6,488 | |||||||||||||||||||||
Total
|
$ | 105,027 | $ | 787,887 | $ | 1,008,305 | $ | 143,058 | $ | 38,285 | $ | 2,670 | $ | 2,085,232 | ||||||||||||||
As of December 31, 2011:
|
||||||||||||||||||||||||||||
Allowance for loan loss
|
||||||||||||||||||||||||||||
Evaluated for impairment:
|
||||||||||||||||||||||||||||
Individually
|
$ | - | $ | 2,666 | $ | - | $ | - | $ | - | $ | - | $ | 2,666 | ||||||||||||||
Collectively
|
590 | 9,000 | 3,591 | 2,773 | 88 | 701 | 16,743 | |||||||||||||||||||||
Total
|
$ | 590 | $ | 11,666 | $ | 3,591 | $ | 2,773 | $ | 88 | $ | 701 | $ | 19,409 | ||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Evaluated for impairment:
|
||||||||||||||||||||||||||||
Individually
|
$ | 81 | $ | 15,311 | $ | 476 | $ | 298 | $ | - | $ | - | $ | 16,166 | ||||||||||||||
Collectively
|
130,818 | 716,835 | 929,312 | 141,499 | 35,845 | 2,628 | 1,956,937 | |||||||||||||||||||||
Total
|
$ | 130,899 | $ | 732,146 | $ | 929,788 | $ | 141,797 | $ | 35,845 | $ | 2,628 | $ | 1,973,103 |
Risk Rating
|
Description
|
Exceptional
|
Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank and the risk grade within this pool of loans is generally updated on an annual basis.
|
Good
|
Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans within this category are generally reviewed on an annual basis. Loans in this category generally have a low chance of loss to the bank.
|
Acceptable
|
Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank.
|
Pass/watch
|
Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank.
|
Special mention
|
Loans classified as special mention have a potential weakness(es) that deserves management’s close attention. The potential weakness could result in deterioration of the loan repayment or the bank’s credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank.
|
Substandard
|
Loans classified as substandard reflect a customer with a well defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank’s collateral value is weakened by the financial deterioration of the borrower.
|
Doubtful
|
Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position.
|
(In thousands)
|
Commercial and industrial
|
Commercial real estate
|
Residential real estate
|
Home equity
|
Consumer
|
DDA overdrafts
|
Total
|
|||||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||||||
Risk Grade
|
||||||||||||||||||||||||||||
Exceptional
|
$ | 3,508 | $ | 1,813 | - | - | - | - | $ | 5,321 | ||||||||||||||||||
Good
|
6,466 | 98,231 | - | - | - | - | 104,697 | |||||||||||||||||||||
Acceptable
|
68,504 | 456,116 | - | - | - | - | 524,620 | |||||||||||||||||||||
Pass/watch
|
23,320 | 177,974 | - | - | - | - | 201,294 | |||||||||||||||||||||
Special mention
|
1,066 | 15,831 | - | - | - | - | 16,897 | |||||||||||||||||||||
Substandard
|
2,163 | 37,922 | - | - | - | - | 40,085 | |||||||||||||||||||||
Doubtful
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Total
|
$ | 105,027 | $ | 787,887 | 892,914 | |||||||||||||||||||||||
Payment Activity
|
||||||||||||||||||||||||||||
Performing
|
1,005,522 | 141,950 | 38,274 | 2,666 | $ | 1,188,412 | ||||||||||||||||||||||
Non-performing
|
2,783 | 1,108 | 11 | 4 | 3,906 | |||||||||||||||||||||||
Total
|
$ | 1,008,305 | $ | 143,058 | $ | 38,285 | $ | 2,670 | $ | 2,085,232 | ||||||||||||||||||
December 31, 2011:
|
||||||||||||||||||||||||||||
Risk Grade
|
||||||||||||||||||||||||||||
Exceptional
|
$ | 4,220 | $ | 42 | - | - | - | - | $ | 4,262 | ||||||||||||||||||
Good
|
6,728 | 107,718 | - | - | - | - | 114,446 | |||||||||||||||||||||
Acceptable
|
93,077 | 411,721 | - | - | - | - | 504,798 | |||||||||||||||||||||
Pass/watch
|
25,246 | 161,598 | - | - | - | - | 186,844 | |||||||||||||||||||||
Special mention
|
470 | 16,802 | - | - | - | - | 17,272 | |||||||||||||||||||||
Substandard
|
1,037 | 34,265 | - | - | - | - | 35,302 | |||||||||||||||||||||
Doubtful
|
121 | - | - | - | - | - | 121 | |||||||||||||||||||||
Total
|
$ | 130,899 | $ | 732,146 | 863,045 | |||||||||||||||||||||||
Payment Activity
|
||||||||||||||||||||||||||||
Performing
|
$ | 928,789 | $ | 139,996 | $ | 35,845 | $ | 2,616 | $ | 1,107,246 | ||||||||||||||||||
Non-performing
|
999 | 1,801 | - | 12 | 2,812 | |||||||||||||||||||||||
Total
|
$ | 929,788 | $ | 141,797 | $ | 35,845 | $ | 2,628 | $ | 1,973,103 |
(In thousands)
|
Commercial and industrial
|
Commercial real estate
|
Residential real estate
|
Home equity
|
Consumer
|
DDA overdrafts
|
Total
|
|||||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||||||
30 – 59 days past due
|
$ | 25 | $ | 1,168 | $ | 4,332 | $ | 2,473 | $ | 110 | $ | 309 | $ | 8,417 | ||||||||||||||
60 – 89 days past due
|
- | 102 | 231 | 135 | 15 | 6 | 489 | |||||||||||||||||||||
Over 90 days past due
|
- | 1 | 346 | 35 | 11 | 4 | 397 | |||||||||||||||||||||
Non-accrual
|
1,426 | 17,650 | 2,437 | 1,073 | - | - | 22,586 | |||||||||||||||||||||
1,451 | 18,921 | 7,346 | 3,716 | 136 | 319 | 31,889 | ||||||||||||||||||||||
Current
|
103,576 | 768,966 | 1,000,959 | 139,342 | 38,149 | 2,351 | 2,053,343 | |||||||||||||||||||||
Total
|
$ | 105,027 | $ | 787,887 | $ | 1,008,305 | $ | 143,058 | $ | 38,285 | $ | 2,670 | $ | 2,085,232 | ||||||||||||||
December 31, 2011:
|
||||||||||||||||||||||||||||
30 – 59 days past due
|
$ | 1,243 | $ | 576 | $ | 4,912 | $ | 1,906 | $ | 133 | $ | 883 | $ | 9,653 | ||||||||||||||
60 – 89 days past due
|
- | 2,839 | 408 | 228 | 5 | 14 | 3,494 | |||||||||||||||||||||
Over 90 days past due
|
- | - | 42 | 112 | - | 12 | 166 | |||||||||||||||||||||
Non-accrual
|
375 | 18,930 | 957 | 1,689 | - | - | 21,951 | |||||||||||||||||||||
1,618 | 22,345 | 6,319 | 3,935 | 138 | 909 | 35,264 | ||||||||||||||||||||||
Current
|
129,281 | 709,801 | 923,469 | 137,862 | 35,707 | 1,719 | 1,937,839 | |||||||||||||||||||||
Total
|
$ | 130,899 | $ | 732,146 | $ | 929,788 | $ | 141,797 | $ | 35,845 | $ | 2,628 | $ | 1,973,103 |
(In thousands)
|
Commercial and industrial
|
Commercial real estate
|
Residential real estate
|
Home equity
|
Consumer
|
DDA overdrafts
|
Total
|
|||||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||||||
With no related allowance recorded
|
||||||||||||||||||||||||||||
Recorded investment
|
$ | 1,113 | $ | 11,843 | $ | 219 | $ | 29 | $ | - | $ | - | $ | 13,204 | ||||||||||||||
Unpaid principal balance
|
1,369 | 17,594 | 219 | 29 | - | - | 19,211 | |||||||||||||||||||||
With an allowance recorded
|
||||||||||||||||||||||||||||
Recorded investment
|
$ | 313 | $ | 5,808 | $ | 2,564 | $ | 1,079 | $ | 11 | $ | 4 | $ | 9,779 | ||||||||||||||
Unpaid principal balance
|
313 | 5,808 | 2,564 | 1,079 | 11 | 4 | 9,779 | |||||||||||||||||||||
Related allowance
|
41 | 758 | 314 | 86 | 1 | 4 | 1,204 | |||||||||||||||||||||
December 31, 2011:
|
||||||||||||||||||||||||||||
With no related allowance recorded
|
||||||||||||||||||||||||||||
Recorded investment
|
$ | 78 | $ | 2,840 | $ | - | $ | - | $ | - | $ | - | $ | 2,918 | ||||||||||||||
Unpaid principal balance
|
78 | 6,036 | - | - | - | - | 6,114 | |||||||||||||||||||||
With an allowance recorded
|
||||||||||||||||||||||||||||
Recorded investment
|
$ | 297 | $ | 16,090 | $ | 1,000 | $ | 1,801 | $ | - | $ | 12 | $ | 19,200 | ||||||||||||||
Unpaid principal balance
|
297 | 16,090 | 1,000 | 1,801 | - | 12 | 19,200 | |||||||||||||||||||||
Related allowance
|
53 | 3,044 | 139 | 240 | - | 12 | 3,488 |
(In thousands)
|
Commercial and industrial
|
Commercial real estate
|
Residential real estate
|
Home equity
|
Consumer
|
DDA overdrafts
|
Total
|
|||||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||||||
With no related allowance recorded
|
||||||||||||||||||||||||||||
Average recorded investment
|
$ | 81 | $ | 7,472 | $ | - | $ | - | $ | - | $ | - | $ | 7,553 | ||||||||||||||
Interest income recognized
|
4 | 232 | - | - | - | - | 236 | |||||||||||||||||||||
With an allowance recorded
|
||||||||||||||||||||||||||||
Average recorded investment
|
$ | 203 | $ | 11,197 | $ | 1,254 | $ | 1,354 | $ | - | $ | - | $ | 14,008 | ||||||||||||||
Interest income recognized
|
7 | 378 | 36 | 30 | - | - | 451 | |||||||||||||||||||||
September 30, 2011:
|
||||||||||||||||||||||||||||
With no related allowance recorded
|
||||||||||||||||||||||||||||
Average recorded investment
|
$ | - | $ | 12,350 | $ | 320 | $ | 698 | $ | - | $ | - | $ | 13,368 | ||||||||||||||
Interest income recognized
|
- | 206 | 15 | 5 | - | - | 226 | |||||||||||||||||||||
With an allowance recorded
|
||||||||||||||||||||||||||||
Average recorded investment
|
$ | 248 | $ | 14,192 | $ | 996 | $ | 526 | $ | - | $ | - | $ | 15,962 | ||||||||||||||
Interest income recognized
|
- | 157 | - | - | - | - | 157 |
September 30, 2012
|
||||||||||||
(In thousands)
|
Accruing
|
Non-Accruing
|
Total
|
|||||||||
Commercial and industrial
|
$ | - | $ | - | $ | - | ||||||
Commercial real estate
|
227 | - | 227 | |||||||||
Residential real estate
|
14,098 | 185 | 14,283 | |||||||||
Home equity
|
6,400 | 422 | 6,822 | |||||||||
Consumer
|
144 | - | 144 | |||||||||
$ | 20,869 | $ | 607 | $ | 21,476 |
( In thousands)
|
September 30, 2012
|
December 31, 2011
|
||||||
Junior subordinated debentures owed to City Holding Capital Trust III, due 2038, interest at a rate of 3.89% and 3.85%, respectively
|
$ | 16,495 | $ | 16,495 |
September 30, 2012
|
December 31, 2011
|
|||||||
Fair Value:
|
||||||||
Other Assets
|
$ | 14,616 | $ | 11,541 | ||||
Other Liabilities
|
14,616 | 11,541 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Change in Fair Value:
|
||||||||||||||||
Other income - derivative asset
|
$ | 543 | $ | 7,095 | $ | 3,075 | $ | 7,943 | ||||||||
Other income - derivative liability
|
(543 | ) | (7,095 | ) | (3,075 | ) | (7,943 | ) |
2012
|
2011
|
|||||||||||||||
Options
|
Weighted-Average Exercise Price
|
Options
|
Weighted-Average Exercise Price
|
|||||||||||||
Outstanding at January 1
|
293,817 | $ | 33.95 | 287,393 | $ | 33.64 | ||||||||||
Granted
|
16,876 | 35.39 | 16,000 | 35.09 | ||||||||||||
Exercised
|
(18,899 | ) | 28.78 | (6,576 | ) | 25.54 | ||||||||||
Forfeited
|
(1,500 | ) | 34.73 | - | - | |||||||||||
Outstanding at September 30
|
290,294 | $ | 34.37 | 296,817 | $ | 33.90 |
Ranges of Exercise Prices
|
No. of Options Outstanding
|
Weighted-Average Exercise Price
|
Weighted-Average Remaining Contractual Life (Months)
|
Aggregate Intrinsic Value (in thousands)
|
No. of Options Currently Exercisable
|
Weighted-Average Exercise Price of Options Currently Exercisable
|
Weighted-Average Remaining Contractual Life (Months)
|
Aggregate Intrinsic Value of Options Currently Exercisable (in thousands)
|
||||||||||||||||||||||||||
$ | 26.62 - $33.90 | 165,918 | $ | 31.87 | 43 | $ | 659 | 114,584 | $ | 32.65 | 26 | $ | 366 | |||||||||||||||||||||
$ | 35.09 - $40.88 | 124,376 | 37.70 | 65 | 20 | 69,000 | 38.11 | 46 | - | |||||||||||||||||||||||||
290,294 | $ | 679 | 183,584 | $ | 366 |
2012
|
2011
|
|||||||
Risk-free interest rate
|
2.51 | % | 3.07 | % | ||||
Expected dividend yield
|
3.90 | % | 3.88 | % | ||||
Volatility factor
|
48.40 | % | 41.12 | % | ||||
Expected life of option
|
5.0 years
|
8.0 years
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
(In thousands)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Components of net periodic cost:
|
||||||||||||||||
Interest cost
|
$ | 158 | $ | 162 | $ | 476 | $ | 487 | ||||||||
Expected return on plan assets
|
(203 | ) | (203 | ) | (607 | ) | (609 | ) | ||||||||
Net amortization and deferral
|
174 | 137 | 522 | 410 | ||||||||||||
Net Periodic Pension Cost
|
$ | 129 | $ | 96 | $ | 391 | $ | 288 |
(In thousands)
|
September 30, 2012
|
December 31, 2011
|
||||||
Commitments to extend credit:
|
||||||||
Home equity lines
|
$ | 154,874 | $ | 143,856 | ||||
Commercial real estate
|
38,060 | 29,995 | ||||||
Other commitments
|
176,732 | 185,602 | ||||||
Standby letters of credit
|
16,703 | 20,110 | ||||||
Commercial letters of credit
|
525 | 412 |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
(In thousands)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Net income
|
$ | 10,607 | $ | 11,577 | $ | 28,049 | $ | 31,024 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized security gains/(losses) arising during the period
|
3,847 | (1,122 | ) | 6,637 | 3,550 | |||||||||||
Reclassification adjustment for gains included in income
|
(458 | ) | (272 | ) | (954 | ) | (3,401 | ) | ||||||||
3,389 | (1,394 | ) | 5,683 | 149 | ||||||||||||
Unrealized loss on interest rate floors
|
- | - | - | (477 | ) | |||||||||||
Other comprehensive income (loss) before income taxes
|
3,389 | (1,394 | ) | 5,683 | (328 | ) | ||||||||||
Tax effect
|
(1,277 | ) | 531 | (2,141 | ) | 124 | ||||||||||
Other comprehensive income (loss)
|
2,112 | (863 | ) | 3,542 | (204 | ) | ||||||||||
Total comprehensive income
|
$ | 12,719 | $ | 10,714 | $ | 31,591 | $ | 30,820 |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Distributed earnings allocated to common stock
|
$ | 5,150 | $ | 5,015 | $ | 15,451 | $ | 15,045 | ||||||||
Undistributed earnings allocated to common stock
|
5,373 | 6,479 | 12,375 | 15,756 | ||||||||||||
Net earnings allocated to common shareholders
|
$ | 10,523 | $ | 11,494 | $ | 27,826 | $ | 30,801 | ||||||||
Average shares outstanding
|
14,751 | 15,003 | 14,700 | 15,165 | ||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Employee stock options
|
83 | 68 | 83 | 77 | ||||||||||||
Shares for diluted earnings per share
|
14,834 | 15,071 | 14,783 | 15,242 | ||||||||||||
Basic earnings per share
|
$ | 0.71 | $ | 0.77 | $ | 1.89 | $ | 2.03 | ||||||||
Diluted earnings per share
|
$ | 0.71 | $ | 0.76 | $ | 1.88 | $ | 2.02 |
(in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total Gains (Losses)
|
|||||||||||||||
September 30, 2012
|
||||||||||||||||||||
Recurring fair value measurements
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
U.S. Government agencies
|
$ | 4,415 | $ | - | $ | 4,415 | $ | - | ||||||||||||
Obligations of states and political subdivisions
|
50,133 | - | 50,133 | - | ||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||
U.S. Government agencies
|
294,328 | - | 294,328 | - | ||||||||||||||||
Private label
|
3,626 | - | 3,626 | - | ||||||||||||||||
Trust preferred securities
|
15,508 | - | 13,162 | 2,346 | ||||||||||||||||
Corporate securities
|
15,963 | - | 15,963 | - | ||||||||||||||||
Marketable equity securities
|
3,921 | 3,921 | - | - | ||||||||||||||||
Investment funds
|
1,792 | 1,792 | - | - | ||||||||||||||||
Derivative assets
|
14,616 | - | 14,616 | - | ||||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Derivative liabilities
|
14,616 | - | 14,616 | - | ||||||||||||||||
Nonrecurring fair value measurements
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Impaired loans
|
$ | 22,983 | $ | - | $ | 21,542 | $ | 1,441 | $ | - | ||||||||||
December 31, 2011
|
||||||||||||||||||||
Recurring fair value measurements
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
U.S. Government agencies
|
$ | 6,041 | $ | - | $ | 6,041 | $ | - | ||||||||||||
Obligations of states and political subdivisions
|
56,802 | - | 56,802 | - | ||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||
U.S. Government agencies
|
227,613 | - | 227,613 | - | ||||||||||||||||
Private label
|
5,156 | - | 5,156 | - | ||||||||||||||||
Trust preferred securities
|
45,157 | - | 43,175 | 1,982 | ||||||||||||||||
Corporate securities
|
14,398 | - | 14,398 | - | ||||||||||||||||
Marketable equity securities
|
3,853 | 3,853 | - | - | ||||||||||||||||
Investment funds
|
1,763 | 1,763 | - | - | ||||||||||||||||
Derivative assets
|
11,541 | - | 11,541 | - | ||||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Derivative liabilities
|
11,541 | - | 11,541 | - | ||||||||||||||||
Nonrecurring fair value measurements
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Impaired loans
|
$ | 22,118 | $ | - | $ | 21,743 | $ | 375 | $ | 2,701 |
Nine months Ended September 30,
|
||||||||
(In thousands)
|
2012
|
2011
|
||||||
Beginning balance
|
$ | 1,982 | $ | 2,504 | ||||
Impairment losses on investment securities
|
(576 | ) | (355 | ) | ||||
Included in other comprehensive income
|
940 | 158 | ||||||
Dispositions
|
- | (375 | ) | |||||
Transfers into Level 3
|
- | - | ||||||
Ending Balance
|
$ | 2,346 | $ | 1,932 |
Nine months Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
Level 2
|
Level 2
|
||||||
Carrying value of impaired loans before allocations
|
$ | 14,933 | $ | 18,329 | ||||
Specific valuation allowance allocations
|
(1,955 | ) | (4,532 | ) | ||||
Fair value
|
$ | 12,978 | $ | 13,797 |
Nine months Ended September 30,
|
||||||||
(In thousands)
|
2012
|
2011
|
||||||
OREO remeasured at initial recognition:
|
||||||||
Carrying value of foreclosed assets prior to remeasurement
|
$ | 3,088 | $ | 4,411 | ||||
Charge-offs recognized in the allowance for loan losses
|
(845 | ) | (790 | ) | ||||
Fair value
|
$ | 2,243 | $ | 3,621 | ||||
OREO remeasured subsequent to initial recognition:
|
||||||||
Carrying value of foreclosed assets prior to remeasurement
|
$ | 2,804 | $ | 944 | ||||
Write-downs included in other non-interest expense
|
(877 | ) | (186 | ) | ||||
Fair value
|
$ | 1,927 | $ | 758 |
(In thousands)
|
Carrying Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
September 30, 2012
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Securities held-to-maturity
|
$ | 13,444 | $ | 13,658 | $ | - | $ | 13,658 | $ | - | ||||||||||
Net loans
|
2,066,246 | 2,107,167 | - | - | 2,107,167 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
929,042 | 943,262 | - | 943,262 | - | |||||||||||||||
Long-term debt
|
16,495 | 16,465 | - | 16,465 | - | |||||||||||||||
December 31, 2011
|
||||||||||||||||||||
Assets:
|
||||||||||||||||||||
Securities held-to-maturity
|
$ | 23,458 | $ | 23,423 | $ | - | $ | 23,423 | $ | - | ||||||||||
Net loans
|
1,953,694 | 1,991,335 | - | - | 1,991,335 | |||||||||||||||
Liabilities:
|
||||||||||||||||||||
Time deposits
|
885,596 | 898,972 | - | 898,972 | - | |||||||||||||||
Long-term debt
|
16,495 | 16,456 | - | 16,456 | - |
Nine months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loan portfolio
(1)
:
|
||||||||||||||||||||||||
Residential real estate
(2)
|
$ | 1,101,805 | $ | 36,731 | 4.45 | % | $ | 1,033,830 | $ | 36,905 | 4.77 | % | ||||||||||||
Commercial, financial, and agriculture
(3)
|
873,295 | 29,395 | 4.50 | 805,386 | 28,492 | 4.73 | ||||||||||||||||||
Installment loans to individuals
(4)
|
45,756 | 2,303 | 6.72 | 45,713 | 2,570 | 7.52 | ||||||||||||||||||
Previously securitized loans
(5)
|
- | 2,414 | - | 452 | 2,449 | 724.40 | ||||||||||||||||||
Total loans
|
2,020,856 | 70,843 | 4.68 | 1,885,381 | 70,416 | 4.99 | ||||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
367,800 | 11,345 | 4.12 | 422,777 | 13,694 | 4.33 | ||||||||||||||||||
Tax-exempt
(6)
|
39,176 | 1,694 | 5.78 | 47,077 | 1,999 | 5.68 | ||||||||||||||||||
Total securities
|
406,976 | 13,039 | 4.28 | 469,854 | 15,693 | 4.47 | ||||||||||||||||||
Deposits in depository institutions
|
7,200 | - | - | 7,815 | - | - | ||||||||||||||||||
Federal funds sold
|
29,712 | 38 | 0.17 | 31,348 | 39 | 0.17 | ||||||||||||||||||
Total interest-earning assets
|
2,464,744 | 83,920 | 4.55 | 2,394,398 | 86,148 | 4.81 | ||||||||||||||||||
Cash and due from banks
|
75,576 | 56,923 | ||||||||||||||||||||||
Bank premises and equipment
|
68,788 | 64,560 | ||||||||||||||||||||||
Other assets
|
221,661 | 204,909 | ||||||||||||||||||||||
Less: allowance for loan losses
|
(19,599 | ) | (19,290 | ) | ||||||||||||||||||||
Total assets
|
$ | 2,811,170 | $ | $ | 2,701,500 | $ | ||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 532,231 | $ | 531 | 0.13 | % | $ | 490,691 | 711 | 0.19 | % | |||||||||||||
Savings deposits
|
473,626 | 576 | 0.16 | 415,740 | 790 | 0.25 | ||||||||||||||||||
Time deposits
|
905,561 | 9,256 | 1.37 | 941,808 | 14,328 | 2.03 | ||||||||||||||||||
Short-term borrowings
|
119,454 | 229 | 0.26 | 121,350 | 239 | 0.26 | ||||||||||||||||||
Long-term debt
|
16,495 | 499 | 4.04 | 16,495 | 474 | 3.84 | ||||||||||||||||||
Total interest-bearing liabilities
|
2,047,367 | 11,091 | 0.72 | 1,986,084 | 16,542 | 1.11 | ||||||||||||||||||
Noninterest-bearing demand deposits
|
408,435 | 377,460 | ||||||||||||||||||||||
Other liabilities
|
33,612 | 21,368 | ||||||||||||||||||||||
Stockholders’ equity
|
321,756 | 316,588 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,811,170 | $ | 2,701,500 | ||||||||||||||||||||
Net interest income
|
$ | 72,829 | $ | 69,606 | ||||||||||||||||||||
Net yield on earning assets
|
3.95 | % | 3.89 | % |
(1)
|
For purposes of this table, non-accruing loans have been included in average balances and loan fees, which are immaterial, have been included in interest income.
|
(2)
|
Interest income includes $0 and $632 from interest rate floors for the nine months ended September 30, 2012 and September 30, 2011, respectively.
|
(3)
|
Includes the Company’s commercial and industrial and commercial real estate loan categories. Interest income includes $0 and $488 from interest rate floors for the nine months ended September 30, 2012 and September 30, 2011, respectively.
|
(4)
|
Includes the Company’s consumer and DDA overdrafts loan categories.
|
(5)
|
Effective January 1, 2012, there is no carrying value of the Company’s previously securitized loans.
|
(6)
|
Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 35%.
|
Nine months ended September 30,
|
||||||||||||
2012 vs. 2011
|
||||||||||||
Increase (Decrease)
|
||||||||||||
Due to Change In:
|
||||||||||||
Volume
|
Rate
|
Net
|
||||||||||
Interest-earning assets:
|
||||||||||||
Loan portfolio
|
||||||||||||
Residential real estate
|
$ | 2,429 | $ | (2,603 | ) | $ | (174 | ) | ||||
Commercial, financial, and agriculture
|
2,405 | (1,502 | ) | 903 | ||||||||
Installment loans to individuals
|
2 | (269 | ) | (267 | ) | |||||||
Previously securitized loans
|
(2,451 | ) | 2,416 | (35 | ) | |||||||
Total loans
|
2,385 | (1,958 | ) | 427 | ||||||||
Securities:
|
||||||||||||
Taxable
|
(1,782 | ) | (567 | ) | (2,349 | ) | ||||||
Tax-exempt
(1)
|
(336 | ) | 31 | (305 | ) | |||||||
Total securities
|
(2,118 | ) | (536 | ) | (2,654 | ) | ||||||
Federal funds sold
|
(2 | ) | 1 | (1 | ) | |||||||
Total interest-earning assets
|
$ | 265 | $ | (2,493 | ) | $ | (2,228 | ) | ||||
Interest-bearing liabilities:
|
||||||||||||
Interest-bearing demand deposits
|
$ | 60 | $ | (240 | ) | $ | (180 | ) | ||||
Savings deposits
|
110 | (324 | ) | (214 | ) | |||||||
Time deposits
|
(552 | ) | (4,520 | ) | (5,072 | ) | ||||||
Short-term borrowings
|
(4 | ) | (6 | ) | (10 | ) | ||||||
Long-term debt
|
- | 25 | 25 | |||||||||
Total interest-bearing liabilities
|
$ | (386 | ) | $ | (5,065 | ) | $ | (5,451 | ) | |||
Net Interest Income
|
$ | 651 | $ | 2,572 | $ | 3,223 |
(1)
|
Fully federal taxable equivalent using a tax rate of approximately 35%.
|
Three months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loan portfolio
(1)
:
|
||||||||||||||||||||||||
Residential real estate
|
$ | 1,140,910 | $ | 13,000 | 4.53 | % | $ | 1,046,155 | $ | 12,054 | 4.57 | % | ||||||||||||
Commercial, financial, and agriculture
|
880,243 | 10,069 | 4.55 | 825,353 | 9,575 | 4.60 | ||||||||||||||||||
Installment loans to individuals
(2)
|
49,111 | 782 | 6.33 | 45,461 | 906 | 7.91 | ||||||||||||||||||
Previously securitized loans
(3)
|
- | 781 | - | 277 | 791 | 1132.93 | ||||||||||||||||||
Total loans
|
2,070,264 | 24,632 | 4.73 | 1,917,246 | 23,326 | 4.83 | ||||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
372,877 | 3,438 | 3.67 | 399,468 | 4,639 | 4.61 | ||||||||||||||||||
Tax-exempt
(4)
|
36,761 | 532 | 5.76 | 42,249 | 604 | 5.67 | ||||||||||||||||||
Total securities
|
409,638 | 3,970 | 3.86 | 441,717 | 5,243 | 4.71 | ||||||||||||||||||
Deposits in depository institutions
|
7,063 | - | - | 7,497 | - | - | ||||||||||||||||||
Federal funds sold
|
35,487 | 15 | 0.17 | 32,204 | 13 | 0.16 | ||||||||||||||||||
Total interest-earning assets
|
2,522,452 | 28,617 | 4.51 | 2,398,664 | 28,582 | 4.73 | ||||||||||||||||||
Cash and due from banks
|
80,335 | 61,387 | ||||||||||||||||||||||
Bank premises and equipment
|
72,640 | 64,900 | ||||||||||||||||||||||
Other assets
|
232,793 | 206,943 | ||||||||||||||||||||||
Less: allowance for loan losses
|
(19,889 | ) | (20,496 | ) | ||||||||||||||||||||
Total assets
|
$ | 2,888,331 | $ | $ | 2,711,398 | $ | ||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 539,189 | $ | 180 | 0.13 | % | $ | 496,866 | $ | 224 | 0.18 | % | ||||||||||||
Savings deposits
|
497,208 | 204 | 0.16 | 427,391 | 260 | 0.24 | ||||||||||||||||||
Time deposits
|
931,369 | 2,928 | 1.25 | 913,040 | 4,066 | 1.77 | ||||||||||||||||||
Short-term borrowings
|
122,955 | 79 | 0.26 | 132,487 | 90 | 0.27 | ||||||||||||||||||
Long-term debt
|
16,495 | 166 | 4.00 | 16,495 | 159 | 3.82 | ||||||||||||||||||
Total interest-bearing liabilities
|
2,107,216 | 3,557 | 0.67 | 1,986,279 | 4,799 | 0.96 | ||||||||||||||||||
Noninterest-bearing demand deposits
|
418,584 | 383,736 | ||||||||||||||||||||||
Other liabilities
|
35,461 | 25,054 | ||||||||||||||||||||||
Stockholders’ equity
|
327,070 | 316,329 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,888,331 | $ | 2,711,398 | ||||||||||||||||||||
Net interest income
|
$ | 25,060 | $ | 23,783 | ||||||||||||||||||||
Net yield on earning assets
|
3.95 | % | 3.93 | % |
(1)
|
For purposes of this table, non-accruing loans have been included in average balances and loan fees, which are immaterial, have been included in interest income.
|
(2)
|
Includes the Company’s consumer and DDA overdrafts loan categories.
|
(3)
|
Effective January 1, 2012, the carrying value of the Company’s previously securitized loans was reduced to $0.
|
(4)
|
Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 35%.
|
Three months ended September 30,
|
||||||||||||
2012 vs. 2011
|
||||||||||||
Increase (Decrease)
|
||||||||||||
Due to Change In:
|
||||||||||||
Volume
|
Rate
|
Net
|
||||||||||
Interest-earning assets:
|
||||||||||||
Loan portfolio
|
||||||||||||
Residential real estate
|
$ | 1,089 | $ | (143 | ) | $ | 946 | |||||
Commercial, financial, and agriculture
|
635 | (141 | ) | 494 | ||||||||
Installment loans to individual
|
73 | (197 | ) | (124 | ) | |||||||
Previously securitized loans
|
(789 | ) | 779 | (10 | ) | |||||||
Total loans
|
1,008 | 298 | 1,306 | |||||||||
Securities:
|
||||||||||||
Taxable
|
(308 | ) | (893 | ) | (1,201 | ) | ||||||
Tax-exempt
(1)
|
(78 | ) | 6 | (72 | ) | |||||||
Total securities
|
(386 | ) | (887 | ) | (1,273 | ) | ||||||
Federal funds sold
|
1 | 1 | 2 | |||||||||
Total interest-earning assets
|
$ | 623 | $ | (588 | ) | $ | 35 | |||||
Interest-bearing liabilities:
|
||||||||||||
Interest-bearing demand deposits
|
$ | 19 | $ | (63 | ) | $ | (44 | ) | ||||
Savings deposits
|
42 | (98 | ) | (56 | ) | |||||||
Time deposits
|
81 | (1,219 | ) | (1,138 | ) | |||||||
Short-term borrowings
|
(6 | ) | (5 | ) | (11 | ) | ||||||
Long-term debt
|
- | 7 | 7 | |||||||||
Total interest-bearing liabilities
|
$ | 136 | $ | (1,378 | ) | $ | (1,242 | ) | ||||
Net Interest Income
|
$ | 487 | $ | 790 | $ | 1,277 |
(1)
|
Fully federal taxable equivalent using a tax rate of approximately 35%.
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
Residential real estate
|
$ | 1,008,305 | $ | 929,788 | $ | 916,122 | ||||||
Home equity – junior liens
|
143,058 | 141,797 | 142,028 | |||||||||
Commercial and industrial
|
105,027 | 130,899 | 119,377 | |||||||||
Commercial real estate
|
787,887 | 732,146 | 708,558 | |||||||||
Consumer
|
38,285 | 35,845 | 36,575 | |||||||||
DDA overdrafts
|
2,670 | 2,628 | 2,924 | |||||||||
Previously securitized loans
|
- | - | 214 | |||||||||
Total loans
|
$ | 2,085,232 | $ | 1,973,103 | $ | 1,925,798 |
Year ended
|
||||||||||||
Nine months ended September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
Balance at beginning of period
|
$ | 19,409 | $ | 18,224 | $ | 18,224 | ||||||
Charge-offs:
|
||||||||||||
Commercial and industrial
|
126 | 275 | 522 | |||||||||
Commercial real estate
|
2,860 | 341 | 1,989 | |||||||||
Residential real estate
|
746 | 1,191 | 1,367 | |||||||||
Home equity
|
989 | 614 | 1,089 | |||||||||
Consumer
|
148 | 133 | 164 | |||||||||
DDA overdrafts
|
1,128 | 1,318 | 1,712 | |||||||||
Total charge-offs
|
5,997 | 3,872 | 6,843 | |||||||||
Recoveries:
|
||||||||||||
Commercial and industrial
|
13 | 8 | 23 | |||||||||
Commercial real estate
|
99 | 1,982 | 1,981 | |||||||||
Residential real estate
|
15 | 19 | 29 | |||||||||
Home equity
|
12 | 6 | 7 | |||||||||
Consumer
|
90 | 107 | 136 | |||||||||
DDA overdrafts
|
745 | 1,002 | 1,252 | |||||||||
Total recoveries
|
974 | 3,124 | 3,428 | |||||||||
Net charge-offs
|
5,023 | 748 | 3,415 | |||||||||
Provision for loan losses
|
4,600 | 2,372 | 4,600 | |||||||||
Balance at end of period
|
$ | 18,986 | $ | 19,848 | $ | 19,409 | ||||||
As a Percent of Average Total Loans:
|
||||||||||||
Net charge-offs (annualized)
|
0.33 | % | 0.05 | % | 0.18 | % | ||||||
Provision for loan losses (annualized)
|
0.30 | % | 0.17 | % | 0.24 | % | ||||||
As a Percent of Non-Performing Loans:
|
||||||||||||
Allowance for loan losses
|
82.61 | % | 87.27 | % | 87.76 | % |
As of September 30,
|
As of December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
Non-accrual loans
|
$ | 22,586 | $ | 22,423 | $ | 21,952 | ||||||
Accruing loans past due 90 days or more
|
397 | 320 | 166 | |||||||||
Total non-performing loans
|
22,983 | 22,743 | 22,118 | |||||||||
Total other real estate owned
|
9,017 | 8,273 | 7,948 | |||||||||
Total non-performing assets
|
$ | 32,000 | $ | 31,016 | $ | 30,066 |
As of September 30,
|
As of December 31,
|
|||||||||||
(In thousands)
|
2012
|
2011
|
2011
|
|||||||||
Impaired loans with a valuation allowance
|
$ | 9,779 | $ | 20,378 | $ | 19,200 | ||||||
Impaired loans with no valuation allowance
|
13,204 | 2,427 | 2,918 | |||||||||
Total impaired loans
|
$ | 22,983 | $ | 22,805 | $ | 22,118 | ||||||
Allowance for loan losses allocated to impaired loans
|
$ | 1,204 | $ | 4,836 | $ | 3,488 |
As of September 30,
|
As of December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
Commercial and industrial
|
$ | 521 | $ | 565 | $ | 590 | ||||||
Commercial real estate
|
10,590 | 12,071 | 11,666 | |||||||||
Residential real estate
|
3,815 | 3,721 | 3,591 | |||||||||
Home equity
|
3,046 | 2,570 | 2,773 | |||||||||
Consumer
|
105 | 92 | 88 | |||||||||
DDA overdrafts
|
909 | 829 | 701 | |||||||||
Allowance for Loan Losses
|
$ | 18,986 | $ | 19,848 | $ | 19,409 |
Immediate Basis Point Change in Interest Rates
|
Implied Federal Funds Rate Associated with Change in Interest Rates
|
Estimated Increase (Decrease) in Net Income Over 12 Months
|
Estimated Increase (Decrease) in Economic Value of Equity
|
|||||||||||
September 30, 2012
:
|
||||||||||||||
+400 | 4.25 | % | +14.4 | % | +13.7 | % | ||||||||
+300 | 3.25 | +9.5 | +10.9 | |||||||||||
+200 | 2.25 | +4.9 | +6.7 | |||||||||||
+100 | 1.25 | +0.3 | +2.2 | |||||||||||
December 31, 2011:
|
||||||||||||||
+400 | 4.25 | % | +16.0 | % | +20.3 | % | ||||||||
+300 | 3.25 | +10.4 | +16.4 | |||||||||||
+200 | 2.25 | +5.6 | +11.2 | |||||||||||
+100 | 1.25 | +0.8 | +5.1 |
Actual
|
||||||||||||||||
Well-
|
September 30,
|
December 31,
|
||||||||||||||
Minimum
|
Capitalized
|
2012
|
2011
|
|||||||||||||
City Holding:
|
||||||||||||||||
Total
|
8.0 | % | 10.0 | % | 13.8 | % | 14.1 | % | ||||||||
Tier I Risk-based
|
4.0 | 6.0 | 12.9 | 13.1 | ||||||||||||
Tier I Leverage
|
4.0 | 5.0 | 9.7 | 10.2 | ||||||||||||
City National Bank:
|
||||||||||||||||
Total
|
8.0 | % | 10.0 | % | 12.9 | % | 13.0 | % | ||||||||
Tier I Risk-based
|
4.0 | 6.0 | 12.0 | 12.0 | ||||||||||||
Tier I Leverage
|
4.0 | 5.0 | 9.0 | 9.3 |
City Holding Company
|
|
(Registrant)
|
|
/s/ Charles R. Hageboeck
|
|
Charles R. Hageboeck
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ David L. Bumgarner
|
|
David L. Bumgarner
|
|
Senior Vice President, Chief Financial Officer and Principal Accounting Officer
|
|
(Principal Financial Officer)
|
|
1 Year City Chart |
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