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Share Name | Share Symbol | Market | Type |
---|---|---|---|
City Holding Company | NASDAQ:CHCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 114.61 | 45.85 | 182.22 | 0 | 09:09:56 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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West Virginia
|
55-0619957
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||||||||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
||||||||||
25 Gatewater Road,
|
Charleston,
|
West Virginia
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25313
|
||||||||
(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $2.50 par value | CHCO | NASDAQ Global Select Market |
Large Accelerated Filer |
x
|
Accelerated filer
|
o
|
||||||||
Non accelerated filer
|
o
|
Smaller reporting company
|
☐
|
||||||||
Emerging growth company
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☐
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Pages | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
(Unaudited) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 76,451 | $ | 88,658 | |||||||
Interest-bearing deposits in depository institutions | 176,267 | 51,486 | |||||||||
Cash and Cash Equivalents | 252,718 | 140,144 | |||||||||
Investment securities available for sale, at fair value | 1,157,399 | 810,106 | |||||||||
Investment securities held-to-maturity, at amortized cost (approximate fair value at September 30, 2020 and December 31, 2019 - $0 and $50,598, respectively)
|
— | 49,036 | |||||||||
Other securities | 26,548 | 28,490 | |||||||||
Total Investment Securities | 1,183,947 | 887,632 | |||||||||
Gross loans | 3,663,966 | 3,616,099 | |||||||||
Allowance for credit losses | (24,867) | (11,589) | |||||||||
Net Loans | 3,639,099 | 3,604,510 | |||||||||
Bank owned life insurance | 117,501 | 115,261 | |||||||||
Premises and equipment, net | 77,031 | 76,965 | |||||||||
Accrued interest receivable | 16,627 | 11,569 | |||||||||
Net deferred tax asset | — | 6,669 | |||||||||
Goodwill and other intangible assets, net | 119,004 | 120,241 | |||||||||
Other assets | 105,361 | 55,765 | |||||||||
Total Assets | $ | 5,511,288 | $ | 5,018,756 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 1,061,310 | $ | 805,087 | |||||||
Interest-bearing: | |||||||||||
Demand deposits | 940,791 | 896,465 | |||||||||
Savings deposits | 1,117,684 | 1,009,771 | |||||||||
Time deposits | 1,300,291 | 1,364,571 | |||||||||
Total Deposits | 4,420,076 | 4,075,894 | |||||||||
Short-term borrowings: | |||||||||||
Securities sold under agreements to repurchase | 279,866 | 211,255 | |||||||||
Long-term debt | — | 4,056 | |||||||||
Net deferred tax liability | 1,601 | — | |||||||||
Other liabilities | 118,386 | 69,568 | |||||||||
Total Liabilities | 4,819,929 | 4,360,773 | |||||||||
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; 19,047,548 shares issued at September 30, 2020 and December 31, 2019, less 3,199,421 and 2,744,109 shares in treasury, respectively
|
47,619 | 47,619 | |||||||||
Capital surplus | 170,526 | 170,309 | |||||||||
Retained earnings | 576,901 | 539,253 | |||||||||
Cost of common stock in treasury | (134,177) | (105,038) | |||||||||
Accumulated other comprehensive income: | |||||||||||
Unrealized gain on securities available-for-sale | 36,760 | 12,110 | |||||||||
Underfunded pension liability | (6,270) | (6,270) | |||||||||
Total Accumulated Other Comprehensive Income | 30,490 | 5,840 | |||||||||
Total Shareholders’ Equity | 691,359 | 657,983 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 5,511,288 | $ | 5,018,756 |
Interest Income | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Interest and fees on loans | $ | 35,761 | $ | 42,944 | $ | 114,813 | $ | 128,397 | |||||||||
Interest and dividends on investment securities: | |||||||||||||||||
Taxable | 6,266 | 6,044 | 17,855 | 17,465 | |||||||||||||
Tax-exempt | 1,132 | 722 | 2,659 | 2,257 | |||||||||||||
Interest on deposits in depository institutions | 72 | 271 | 432 | 1,034 | |||||||||||||
Total Interest Income | 43,231 | 49,981 | 135,759 | 149,153 | |||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 5,123 | 8,585 | 18,324 | 24,768 | |||||||||||||
Interest on short-term borrowings | 131 | 814 | 873 | 2,729 | |||||||||||||
Interest on long-term debt | — | 45 | 100 | 140 | |||||||||||||
Total Interest Expense | 5,254 | 9,444 | 19,297 | 27,637 | |||||||||||||
Net Interest Income | 37,977 | 40,537 | 116,462 | 121,516 | |||||||||||||
Provision for (recovery of) credit losses | 1,026 | 274 | 10,248 | (1,175) | |||||||||||||
Net Interest Income After Provision for (Recovery of) Credit Losses | 36,951 | 40,263 | 106,214 | 122,691 | |||||||||||||
Non-Interest Income | |||||||||||||||||
(Losses) gains on sale of investment securities, net | — | (40) | 56 | 69 | |||||||||||||
Unrealized gains (losses) recognized on equity securities still held | 461 | (214) | (1,698) | (27) | |||||||||||||
Service charges | 6,295 | 8,183 | 18,962 | 23,281 | |||||||||||||
Bankcard revenue | 6,065 | 5,440 | 17,068 | 15,931 | |||||||||||||
Trust and investment management fee income | 1,844 | 1,802 | 5,574 | 5,144 | |||||||||||||
Bank owned life insurance | 1,088 | 762 | 3,611 | 2,910 | |||||||||||||
Sale of VISA shares | — | — | 17,837 | — | |||||||||||||
Other income | 1,232 | 765 | 3,550 | 3,139 | |||||||||||||
Total Non-Interest Income | 16,985 | 16,698 | 64,960 | 50,447 | |||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | 15,361 | 15,210 | 46,085 | 46,220 | |||||||||||||
Occupancy related expense | 2,428 | 2,725 | 7,318 | 8,055 | |||||||||||||
Equipment and software related expense | 2,607 | 2,248 | 7,540 | 6,662 | |||||||||||||
FDIC insurance expense | 355 | — | 522 | 639 | |||||||||||||
Advertising | 462 | 861 | 2,238 | 2,650 | |||||||||||||
Bankcard expenses | 1,517 | 1,554 | 4,450 | 4,270 | |||||||||||||
Postage, delivery, and statement mailings | 513 | 659 | 1,721 | 1,828 | |||||||||||||
Office supplies | 396 | 382 | 1,143 | 1,167 | |||||||||||||
Legal and professional fees | 548 | 539 | 1,738 | 1,665 | |||||||||||||
Telecommunications | 547 | 569 | 1,589 | 1,892 | |||||||||||||
Repossessed asset losses (gains), net of expenses | 39 | (59) | 313 | 410 | |||||||||||||
Merger related costs | — | — | — | 797 | |||||||||||||
Other expenses | 3,939 | 3,709 | 11,992 | 12,326 | |||||||||||||
Total Non-Interest Expense | 28,712 | 28,397 | 86,649 | 88,581 | |||||||||||||
Income Before Income Taxes | 25,224 | 28,564 | 84,525 | 84,557 | |||||||||||||
Income tax expense | 5,098 | 6,193 | 17,151 | 17,816 | |||||||||||||
Net Income Available to Common Shareholders | $ | 20,126 | $ | 22,371 | $ | 67,374 | $ | 66,741 |
Average shares outstanding, basic | 15,950 | 16,271 | 16,065 | 16,350 | |||||||||||||
Effect of dilutive securities | 20 | 18 | 19 | 18 | |||||||||||||
Average shares outstanding, diluted | 15,970 | 16,289 | 16,084 | 16,368 | |||||||||||||
Basic earnings per common share | $ | 1.25 | $ | 1.36 | $ | 4.15 | $ | 4.05 | |||||||||
Diluted earnings per common share | $ | 1.25 | $ | 1.36 | $ | 4.15 | $ | 4.04 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Net income available to common shareholders | $ | 20,126 | $ | 22,371 | $ | 67,374 | $ | 66,741 | ||||||
Available-for-Sale Securities | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities arising during the period | (703) | 8,199 | 30,662 | 33,870 | ||||||||||
Reclassification adjustment for gains (losses) | — | 40 | (56) | (69) | ||||||||||
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | — | — | 1,562 | — | ||||||||||
Other comprehensive income before income taxes | (703) | 8,239 | 32,168 | 33,801 | ||||||||||
Tax effect | 164 | (1,932) | (7,518) | (7,924) | ||||||||||
Other comprehensive income, net of tax | (539) | 6,307 | 24,650 | 25,877 | ||||||||||
Comprehensive Income, Net of Tax | $ | 19,587 | $ | 28,678 | $ | 92,024 | $ | 92,618 |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||
Balance at June 30, 2019 | $ | 47,619 | $ | 169,374 | $ | 512,911 | $ | (98,084) | $ | 5,088 | $ | 636,908 | ||||||||
Net income | — | — | 22,371 | — | — | 22,371 | ||||||||||||||
Other comprehensive income | — | — | — | — | 6,307 | 6,307 | ||||||||||||||
Cash dividends declared ($0.57 per share)
|
— | — | (9,349) | — | — | (9,349) | ||||||||||||||
Stock-based compensation expense | — | 527 | — | — | — | 527 | ||||||||||||||
Exercise of 3,581 stock options
|
— | (107) | — | 268 | — | 161 | ||||||||||||||
Purchase of 98,724 treasury shares
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— | — | — | (7,322) | — | (7,322) | ||||||||||||||
Balance at September 30, 2019 | $ | 47,619 | $ | 169,794 | $ | 525,933 | $ | (105,138) | $ | 11,395 | $ | 649,603 |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at June 30, 2020 | $ | 47,619 | $ | 169,881 | $ | 565,804 | $ | (120,583) | $ | 31,029 | $ | 693,750 | ||||||||
Net income | — | — | 20,126 | — | — | 20,126 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (539) | (539) | ||||||||||||||
Cash dividends declared ($0.57 per share)
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— | — | (9,029) | — | — | (9,029) | ||||||||||||||
Stock-based compensation expense | — | 753 | — | — | — | 753 | ||||||||||||||
Restricted awards granted | — | (93) | — | 93 | — | — | ||||||||||||||
Exercise of 755 stock options
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— | (15) | — | 49 | — | 34 | ||||||||||||||
Purchase of 230,861 treasury shares
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— | — | — | (13,736) | — | (13,736) | ||||||||||||||
Balance at September 30, 2020 | $ | 47,619 | $ | 170,526 | $ | 576,901 | $ | (134,177) | $ | 30,490 | $ | 691,359 |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at December 31, 2018 | $ | 47,619 | $ | 169,555 | $ | 485,967 | $ | (87,895) | $ | (14,482) | $ | 600,764 | ||||||||
Net income | — | — | 66,741 | — | — | 66,741 | ||||||||||||||
Other comprehensive income | — | — | — | — | 25,877 | 25,877 | ||||||||||||||
Cash dividends declared ($1.63 per share)
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— | — | (26,775) | — | — | (26,775) | ||||||||||||||
Stock-based compensation expense | — | 1,901 | — | — | — | 1,901 | ||||||||||||||
Restricted awards granted | — | (1,557) | — | 1,557 | — | — | ||||||||||||||
Exercise of 11,721 stock options
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— | (105) | — | 631 | — | 526 | ||||||||||||||
Purchase of 260,674 treasury shares
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— | — | — | (19,431) | — | (19,431) | ||||||||||||||
Balance at September 30, 2019 | $ | 47,619 | $ | 169,794 | $ | 525,933 | $ | (105,138) | $ | 11,395 | $ | 649,603 |
Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||
Balance at December 31, 2019 | $ | 47,619 | $ | 170,309 | $ | 539,253 | $ | (105,038) | $ | 5,840 | $ | 657,983 | ||||||||
Adoption of ASU 2016-13 | — | — | (2,335) | — | — | (2,335) | ||||||||||||||
Net income | — | — | 67,374 | — | — | 67,374 | ||||||||||||||
Other comprehensive income | — | — | — | — | 24,650 | 24,650 | ||||||||||||||
Cash dividends declared ($1.71 per share)
|
— | — | (27,391) | — | — | (27,391) | ||||||||||||||
Stock-based compensation expense | — | 2,455 | — | — | — | 2,455 | ||||||||||||||
Restricted awards granted | — | (2,126) | — | 2,126 | — | — | ||||||||||||||
Exercise of 4,921 stock options
|
— | (112) | — | 335 | — | 223 | ||||||||||||||
Purchase of 491,998 treasury shares
|
— | — | — | (31,600) | — | (31,600) | ||||||||||||||
Balance at September 30, 2020 | $ | 47,619 | $ | 170,526 | $ | 576,901 | $ | (134,177) | $ | 30,490 | $ | 691,359 |
Nine months ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Net income | $ | 67,374 | $ | 66,741 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Accretion) and amortization, net | 2,911 | 521 | |||||||||
Provision for (recovery of) credit losses | 10,248 | (1,175) | |||||||||
Depreciation of premises and equipment | 4,285 | 3,736 | |||||||||
Deferred income tax expense | 1,035 | 2,906 | |||||||||
Net periodic employee benefit cost | 542 | 579 | |||||||||
Unrealized and realized investment securities losses (gains), net | 1,642 | (42) | |||||||||
Stock-compensation expense | 2,455 | 1,901 | |||||||||
Excess tax benefit from stock-compensation expense | (160) | (461) | |||||||||
Increase in value of bank-owned life insurance | (3,611) | (2,910) | |||||||||
Loans held for sale | |||||||||||
Loans originated for sale | (19,345) | (14,229) | |||||||||
Proceeds from the sale of loans originated for sale | 19,790 | 15,192 | |||||||||
Gain on sale of loans | (277) | (421) | |||||||||
Payments for other operating activities | (450) | — | |||||||||
Change in accrued interest receivable | (5,058) | (505) | |||||||||
Change in other assets | (14,550) | (1,585) | |||||||||
Change in other liabilities | 13,398 | 6,106 | |||||||||
Net Cash Provided by Operating Activities | 80,229 | 76,354 | |||||||||
Net (increase) decrease in loans | (45,316) | 5,332 | |||||||||
Securities available-for-sale | |||||||||||
Purchases | (393,932) | (170,396) | |||||||||
Proceeds from sales | 28,548 | 70,241 | |||||||||
Proceeds from maturities and calls | 96,021 | 55,237 | |||||||||
Securities held-to-maturity | |||||||||||
Proceeds from maturities and calls | — | 9,554 | |||||||||
Other investments | |||||||||||
Purchases | (2,173) | (10,366) | |||||||||
Proceeds from sales | 2,386 | 12,555 | |||||||||
Purchases of premises and equipment | (4,351) | (3,515) | |||||||||
Proceeds from bank-owned life insurance policies | 1,940 | 2,211 | |||||||||
Sale of Virginia Beach branch, net | — | (24,661) | |||||||||
Other investing activities | (233) | (4,522) | |||||||||
Net Cash Used in Investing Activities | (317,110) | (58,330) | |||||||||
Net increase in non-interest-bearing deposits | 256,223 | 17,188 | |||||||||
Net increase in interest-bearing deposits | 88,425 | 63,099 | |||||||||
Net increase (decrease) in short-term borrowings | 68,611 | (59,289) | |||||||||
Repayment of long-term debt | (4,124) | — | |||||||||
Purchases of treasury stock | (31,600) | (19,431) | |||||||||
Proceeds from exercise of stock options | 223 | 526 | |||||||||
Dividends paid | (27,651) | (26,257) | |||||||||
Other financing activities | (652) | (657) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 349,455 | (24,821) | |||||||||
Increase (Decrease) in Cash and Cash Equivalents | 112,574 | (6,797) | |||||||||
Cash and cash equivalents at beginning of period | 140,144 | 122,991 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 252,718 | $ | 116,194 |
Supplemental Cash Flow Information: | |||||||||||
Cash paid for interest | $ | 20,491 | $ | 27,884 | |||||||
Cash paid for income taxes | 21,975 | 12,500 |
As Reported Under | Pre-ASC 326 | Impact of ASC 326 | |||||||||
ASC 326 | Adoption | Adoption | |||||||||
Gross Loans | $ | 3,618,825 | $ | 3,616,099 | $ | 2,726 | |||||
Allowance for Credit Losses | (17,349) | (11,589) | (5,760) | ||||||||
Deferred Tax Assets, net | 7,380 | 6,669 | 711 | ||||||||
Shareholders' Equity | 655,648 | 657,983 | (2,335) |
Portfolio Segment | Measurement Method | ||||
Commercial and industrial | Migration | ||||
Commercial real estate: | |||||
1-4 family | Migration | ||||
Hotels | Migration | ||||
Multi-family | Migration | ||||
Non Residential Non-Owner Occupied | Migration | ||||
Non Residential Owner Occupied | Migration | ||||
Residential real estate | Vintage | ||||
Home equity | Vintage | ||||
Consumer | Vintage |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | — | $ | 500 | $ | 2 | $ | — | $ | 502 | ||||||||||
Obligations of states and | ||||||||||||||||||||||||||
political subdivisions | 255,677 | 8,369 | 744 | 263,302 | 112,393 | 4,800 | 6 | 117,187 | ||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. government agencies | 804,912 | 38,459 | 138 | 843,233 | 631,637 | 12,292 | 1,825 | 642,104 | ||||||||||||||||||
Private label | 10,375 | 1,002 | — | 11,377 | 10,896 | 589 | — | 11,485 | ||||||||||||||||||
Trust preferred securities | 4,554 | — | 662 | 3,892 | 4,781 | 27 | 347 | 4,461 | ||||||||||||||||||
Corporate securities | 31,515 | 1,859 | 20 | 33,354 | 31,669 | 500 | 43 | 32,126 | ||||||||||||||||||
Total Debt Securities | 1,107,033 | 49,689 | 1,564 | 1,155,158 | 791,876 | 18,210 | 2,221 | 807,865 | ||||||||||||||||||
Certificates of deposit held for investment | 2,241 | — | — | 2,241 | 2,241 | — | — | 2,241 | ||||||||||||||||||
Total Securities Available-for-Sale | $ | 1,109,274 | $ | 49,689 | $ | 1,564 | $ | 1,157,399 | $ | 794,117 | $ | 18,210 | $ | 2,221 | $ | 810,106 |
Securities held-to-maturity: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | 49,036 | $ | 1,562 | $ | — | $ | 50,598 | ||||||||||
Total Securities Held-to-Maturity | $ | — | $ | — | $ | — | $ | — | $ | 49,036 | $ | 1,562 | $ | — | $ | 50,598 |
September 30, 2020 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||
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 | $ | 55,480 | $ | 744 | $ | — | $ | — | $ | 55,480 | $ | 744 | ||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government agencies | 62,156 | 138 | 36 | — | 62,192 | 138 | ||||||||||||||
Trust preferred securities | — | — | 3,892 | 662 | 3,892 | 662 | ||||||||||||||
Corporate securities | 469 | 20 | — | — | 469 | 20 | ||||||||||||||
Total available-for-sale | $ | 118,105 | $ | 902 | $ | 3,928 | $ | 662 | $ | 122,033 | $ | 1,564 |
December 31, 2019 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||
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 | $ | 230 | $ | — | $ | 1,439 | $ | 6 | $ | 1,669 | $ | 6 | ||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government agencies | 123,289 | 1,247 | 34,746 | 578 | 158,035 | 1,825 | ||||||||||||||
Trust preferred securities | 4,200 | 347 | — | — | 4,200 | 347 | ||||||||||||||
Corporate securities | 11,248 | 43 | — | — | 11,248 | 43 | ||||||||||||||
Total available-for-sale | $ | 138,967 | $ | 1,637 | $ | 36,185 | $ | 584 | $ | 175,152 | $ | 2,221 |
Amortized Cost | Estimated Fair Value | |||||||
Available-for-Sale Debt Securities | ||||||||
Due in one year or less | $ | 2,261 | $ | 2,270 | ||||
Due after one year through five years | 16,269 | 16,817 | ||||||
Due after five years through ten years | 288,225 | 305,691 | ||||||
Due after ten years | 800,278 | 830,380 | ||||||
Total | $ | 1,107,033 | $ | 1,155,158 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Gross realized gains on securities sold | $ | — | $ | 116 | $ | 133 | $ | 226 | ||||||
Gross realized losses on securities sold | — | (156) | (77) | (157) | ||||||||||
Net investment security (losses) gains | $ | — | $ | (40) | $ | 56 | $ | 69 | ||||||
Gross unrealized gains recognized on equity securities still held | $ | 461 | $ | 14 | $ | 170 | $ | 255 | ||||||
Gross unrealized losses recognized on equity securities still held | — | (228) | (1,868) | (282) | ||||||||||
Net unrealized gains (losses) recognized on equity securities still held | $ | 461 | $ | (214) | $ | (1,698) | $ | (27) |
September 30, 2020 | December 31, 2019 | |||||||
Commercial and industrial | 383,980 | 308,015 | ||||||
1-4 Family | 114,071 | N/R | ||||||
Hotels | 295,989 | N/R | ||||||
Multi-family | 214,394 | N/R | ||||||
Non Residential Non-Owner Occupied | 628,814 | N/R | ||||||
Non Residential Owner Occupied | 211,433 | N/R | ||||||
Commercial real estate | 1,464,701 | 1,459,737 | ||||||
Residential real estate | 1,621,265 | 1,640,396 | ||||||
Home equity | 140,135 | 148,928 | ||||||
Consumer | 50,541 | 54,263 | ||||||
DDA overdrafts | 3,344 | 4,760 | ||||||
Gross loans | 3,663,966 | 3,616,099 | ||||||
Allowance for credit losses | (24,867) | (11,589) | ||||||
Net loans | $ | 3,639,099 | $ | 3,604,510 | ||||
Construction loans included in: | ||||||||
Residential real estate | $ | 28,947 | $ | 29,033 | ||||
Commercial real estate | 42,449 | 64,049 | ||||||
N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. |
Commercial and | Commercial | Residential | DDA | ||||||||||||||||||||
Industrial | Real Estate | Real Estate | Home Equity | Consumer | Overdrafts | Total | |||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Beginning balance | $ | 2,059 | $ | 2,606 | $ | 3,448 | $ | 1,187 | $ | 975 | $ | 1,314 | $ | 11,589 | |||||||||
Impact of adopting CECL | 1,715 | 3,254 | 2,139 | (598) | (810) | 60 | 5,760 | ||||||||||||||||
Charge-offs | (834) | (497) | (1,111) | (332) | (165) | (1,716) | (4,655) | ||||||||||||||||
Recoveries | 17 | 375 | 127 | 89 | 183 | 1,134 | 1,925 | ||||||||||||||||
Provision for credit losses | 802 | 5,265 | 3,677 | 323 | 77 | 104 | 10,248 | ||||||||||||||||
Ending balance | $ | 3,759 | $ | 11,003 | $ | 8,280 | $ | 669 | $ | 260 | $ | 896 | $ | 24,867 | |||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Beginning balance | $ | 4,060 | $ | 4,495 | $ | 4,116 | $ | 1,268 | $ | 319 | $ | 1,708 | $ | 15,966 | |||||||||
Charge-offs | (68) | (394) | (922) | (160) | (478) | (1,985) | (4,007) | ||||||||||||||||
Recoveries | 183 | 614 | 282 | — | 211 | 1,112 | 2,402 | ||||||||||||||||
(Recovery of) Provision
for credit losses |
(1,471) | (1,619) | 162 | 85 | 591 | 1,077 | (1,175) | ||||||||||||||||
Ending balance | $ | 2,704 | $ | 3,096 | $ | 3,638 | $ | 1,193 | $ | 643 | $ | 1,912 | $ | 13,186 | |||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Beginning balance | $ | 6,266 | $ | 10,090 | $ | 7,323 | $ | 647 | $ | 120 | $ | 753 | 25,199 | ||||||||||
Charge-offs | (757) | (75) | (252) | (126) | (74) | (554) | (1,838) | ||||||||||||||||
Recoveries | 3 | 44 | 24 | 33 | 42 | 334 | 480 | ||||||||||||||||
(Recovery of) Provision for credit losses | (1,753) | 944 | 1,185 | 115 | 172 | 363 | 1,026 | ||||||||||||||||
Ending balance | $ | 3,759 | $ | 11,003 | $ | 8,280 | $ | 669 | $ | 260 | $ | 896 | $ | 24,867 | |||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
Beginning balance | $ | 2,796 | $ | 3,469 | $ | 3,959 | $ | 1,211 | $ | 509 | $ | 1,851 | $ | 13,795 | |||||||||
Charge-offs | (17) | (216) | (291) | (43) | (182) | (772) | (1,521) | ||||||||||||||||
Recoveries | 43 | 7 | 157 | — | 68 | 363 | 638 | ||||||||||||||||
(Recovery of) Provision for credit losses | (118) | (164) | (187) | 25 | 248 | 470 | 274 | ||||||||||||||||
Ending balance | $ | 2,704 | $ | 3,096 | $ | 3,638 | $ | 1,193 | $ | 643 | $ | 1,912 | $ | 13,186 |
Non-accrual With No | Non-accrual With | Loans Past Due | |||||||||
Allowance for | Allowance for | Over 90 Days | |||||||||
Credit Losses | Credit Losses | Still Accruing | |||||||||
Commercial & Industrial | $ | 216 | $ | 512 | $ | 221 | |||||
1-4 Family | — | 2,242 | — | ||||||||
Hotels | — | 2,842 | — | ||||||||
Multi-family | — | — | — | ||||||||
Non Residential Non-Owner Occupied | — | 105 | — | ||||||||
Non Residential Owner Occupied | 2,540 | 750 | — | ||||||||
Commercial Real Estate | 2,540 | 5,939 | — | ||||||||
Residential Real Estate | — | 3,983 | 124 | ||||||||
Home Equity | — | 74 | — | ||||||||
Consumer | — | — | — | ||||||||
Total | $ | 2,756 | $ | 10,508 | $ | 345 |
Loans Past Due | ||||||||
Over 90 Days | ||||||||
Non-accrual | Still Accruing | |||||||
Commercial and industrial | $ | 1,182 | $ | 184 | ||||
Commercial real estate | 6,384 | — | ||||||
Residential real estate | 3,393 | 83 | ||||||
Home equity | 531 | — | ||||||
Consumer | — | — | ||||||
Total | $ | 11,490 | $ | 267 |
Secured by | ||||||||
Real Estate | Equipment | |||||||
Commercial and industrial | $ | 216 | $ | — | ||||
1-4 Family | — | — | ||||||
Hotels | 2,729 | — | ||||||
Multi-family | — | — | ||||||
Non Residential Non-Owner Occupied | — | — | ||||||
Non Residential Owner Occupied | 2,540 | — | ||||||
Commercial real estate | 5,269 | — | ||||||
Total | $ | 5,485 | $ | — |
Unpaid | |||||||||||
Recorded | Principal | Related | |||||||||
Investment | Balance | Allowance | |||||||||
With no related allowance recorded: | |||||||||||
Commercial and industrial | $ | 501 | $ | 501 | $ | — | |||||
Commercial real estate | 3,546 | 3,572 | — | ||||||||
Total | $ | 4,047 | $ | 4,073 | $ | — | |||||
With an allowance recorded: | |||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | |||||
Commercial real estate | 2,644 | 2,644 | 87 | ||||||||
Total | $ | 2,644 | $ | 2,644 | $ | 87 |
Three months ended September 30, 2019 | Nine months ended September 30, 2019 | |||||||||||||
Average | Interest | Average | Interest | |||||||||||
Recorded | Income | Recorded | Income | |||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||
With no related allowance recorded: | ||||||||||||||
Commercial and industrial | $ | 503 | — | $ | 570 | $ | — | |||||||
Commercial real estate | 3,540 | 3 | 4,558 | 41 | ||||||||||
Total | $ | 4,043 | $ | 3 | $ | 5,128 | $ | 41 | ||||||
With an allowance recorded: | ||||||||||||||
Commercial and industrial | $ | 100 | $ | — | $ | — | $ | — | ||||||
Commercial real estate | 5,648 | 30 | 4,800 | 136 | ||||||||||
Total | $ | 5,748 | $ | 30 | $ | 4,800 | $ | 136 |
30-59 | 60-89 | 90+ | Total | Current | Total | |||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | |||||||||||||||
Commercial and industrial | $ | 451 | $ | 20 | $ | 221 | $ | 692 | $ | 383,288 | $ | 383,980 | ||||||||
1-4 Family | 354 | — | — | 354 | 113,717 | 114,071 | ||||||||||||||
Hotels | — | — | — | — | 295,989 | 295,989 | ||||||||||||||
Multi-family | — | — | — | — | 214,394 | 214,394 | ||||||||||||||
Non Residential Non-Owner Occupied | — | 148 | — | 148 | 628,666 | 628,814 | ||||||||||||||
Non Residential Owner Occupied | 100 | — | — | 100 | 211,333 | 211,433 | ||||||||||||||
Commercial real estate | 454 | 148 | — | 602 | 1,464,099 | 1,464,701 | ||||||||||||||
Residential real estate | 4,370 | 658 | 124 | 5,152 | 1,616,113 | 1,621,265 | ||||||||||||||
Home Equity | 451 | 24 | — | 475 | 139,660 | 140,135 | ||||||||||||||
Consumer | 106 | 15 | — | 121 | 50,420 | 50,541 | ||||||||||||||
Overdrafts | 375 | 4 | — | 379 | 2,965 | 3,344 | ||||||||||||||
Total | $ | 6,207 | $ | 869 | $ | 345 | $ | 7,421 | $ | 3,656,545 | $ | 3,663,966 |
30-59 | 60-89 | 90+ | Total | Current | Total | |||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Loans | |||||||||||||||
Commercial and industrial | $ | 243 | $ | 31 | $ | 184 | $ | 458 | $ | 307,557 | $ | 308,015 | ||||||||
Commercial real estate | 1,514 | 66 | — | 1,580 | 1,458,157 | 1,459,737 | ||||||||||||||
Residential real estate | 5,758 | 1,643 | 83 | 7,484 | 1,632,912 | 1,640,396 | ||||||||||||||
Home equity | 840 | 116 | — | 956 | 147,972 | 148,928 | ||||||||||||||
Consumer | 156 | 32 | — | 188 | 54,075 | 54,263 | ||||||||||||||
Overdrafts | 644 | 86 | — | 730 | 4,030 | 4,760 | ||||||||||||||
Total | $ | 9,155 | $ | 1,974 | $ | 267 | $ | 11,396 | $ | 3,604,703 | $ | 3,616,099 |
Risk Rating | Description | ||||
Pass ratings: | |||||
(a) 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. | ||||
(b) 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 in this category generally have a low chance of loss to the bank. | ||||
(c) 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. | ||||
(d) 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. |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Total | |||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Pass | $ | 104,483 | $ | 71,222 | $ | 61,613 | $ | 32,056 | $ | 17,912 | $ | 10,944 | $ | 76,538 | $ | 374,768 | ||||||||||
Special mention | 83 | 43 | 14 | 60 | — | 437 | 414 | 1,051 | ||||||||||||||||||
Substandard | 158 | 1,584 | 1,075 | 760 | 323 | 2,177 | 2,084 | 8,161 | ||||||||||||||||||
Total | $ | 104,724 | $ | 72,849 | $ | 62,702 | $ | 32,876 | $ | 18,235 | $ | 13,558 | $ | 79,036 | $ | 383,980 |
Commercial real estate - | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Pass | $ | 229,396 | $ | 314,931 | $ | 183,421 | $ | 149,838 | $ | 161,976 | $ | 304,069 | $ | 27,339 | $ | 1,370,970 | ||||||||||
Special mention | 396 | 5,287 | 1,209 | 156 | 185 | 3,643 | — | 10,876 | ||||||||||||||||||
Substandard | 1,171 | 22,495 | 4,559 | 13,388 | 9,695 | 31,226 | 321 | 82,855 | ||||||||||||||||||
Total | $ | 230,963 | $ | 342,713 | $ | 189,189 | $ | 163,382 | $ | 171,856 | $ | 338,938 | $ | 27,660 | $ | 1,464,701 |
Commercial real estate - | ||||||||||||||||||||||||||
1-4 Family | ||||||||||||||||||||||||||
Pass | $ | 17,131 | $ | 19,426 | $ | 9,164 | $ | 7,563 | $ | 6,859 | $ | 35,406 | $ | 10,526 | $ | 106,075 | ||||||||||
Special mention | 171 | — | — | 24 | 162 | 957 | — | 1,314 | ||||||||||||||||||
Substandard | 120 | 363 | — | 943 | 105 | 5,151 | — | 6,682 | ||||||||||||||||||
Total | $ | 17,422 | $ | 19,789 | $ | 9,164 | $ | 8,530 | $ | 7,126 | $ | 41,514 | $ | 10,526 | $ | 114,071 |
Commercial real estate - | ||||||||||||||||||||||||||
Hotels | ||||||||||||||||||||||||||
Pass | $ | 23,983 | $ | 95,401 | $ | 26,376 | $ | 39,848 | $ | 21,521 | $ | 44,727 | $ | — | $ | 251,856 | ||||||||||
Substandard | 344 | 15,412 | — | 9,622 | 4,502 | 14,253 | — | 44,133 | ||||||||||||||||||
Total | $ | 24,327 | $ | 110,813 | $ | 26,376 | $ | 49,470 | $ | 26,023 | $ | 58,980 | $ | — | $ | 295,989 |
Commercial real estate - | ||||||||||||||||||||||||||
Multi-family | ||||||||||||||||||||||||||
Pass | $ | 69,894 | $ | 56,692 | $ | 2,815 | $ | 21,086 | $ | 32,657 | $ | 27,559 | $ | 1,153 | $ | 211,856 | ||||||||||
Special mention | — | 1,903 | 556 | — | — | — | — | 2,459 | ||||||||||||||||||
Substandard | — | — | — | — | — | 79 | — | 79 | ||||||||||||||||||
Total | $ | 69,894 | $ | 58,595 | $ | 3,371 | $ | 21,086 | $ | 32,657 | $ | 27,638 | $ | 1,153 | $ | 214,394 |
Revolving | ||||||||||||||||||||||||||
Term Loans | Loans | |||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Level | Amortized | |||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Total | |||||||||||||||||||
Commercial real estate - | ||||||||||||||||||||||||||
Non Residential Owner Occupied | ||||||||||||||||||||||||||
Pass | $ | 18,004 | $ | 28,295 | $ | 27,040 | $ | 25,954 | $ | 20,830 | $ | 54,016 | $ | 5,261 | $ | 179,400 | ||||||||||
Special mention | 208 | 2,873 | 56 | 89 | 23 | 2,537 | — | 5,786 | ||||||||||||||||||
Substandard | 117 | 5,334 | 3,393 | 2,758 | 3,884 | 10,600 | 161 | 26,247 | ||||||||||||||||||
Total | $ | 18,329 | $ | 36,502 | $ | 30,489 | $ | 28,801 | $ | 24,737 | $ | 67,153 | $ | 5,422 | $ | 211,433 |
Residential real estate | ||||||||||||||||||||||||||
Performing | $ | 323,949 | $ | 257,334 | $ | 197,654 | $ | 147,323 | $ | 114,310 | $ | 458,828 | $ | 117,884 | $ | 1,617,282 | ||||||||||
Non-performing | — | 201 | 44 | 122 | 146 | 1,544 | 1,926 | 3,983 | ||||||||||||||||||
Total | $ | 323,949 | $ | 257,535 | $ | 197,698 | $ | 147,445 | $ | 114,456 | $ | 460,372 | $ | 119,810 | $ | 1,621,265 |
Home equity | ||||||||||||||||||||||||||
Performing | $ | 7,765 | $ | 6,757 | $ | 6,363 | $ | 2,373 | $ | 1,828 | $ | 11,233 | $ | 103,742 | $ | 140,061 | ||||||||||
Non-performing | — | — | — | — | — | — | 74 | 74 | ||||||||||||||||||
Total | $ | 7,765 | $ | 6,757 | $ | 6,363 | $ | 2,373 | $ | 1,828 | $ | 11,233 | $ | 103,816 | $ | 140,135 |
Consumer | ||||||||||||||||||||||||||
Performing | $ | 13,561 | $ | 16,784 | $ | 10,371 | $ | 3,805 | $ | 2,055 | $ | 2,106 | $ | 1,859 | $ | 50,541 | ||||||||||
Non-performing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 13,561 | $ | 16,784 | $ | 10,371 | $ | 3,805 | $ | 2,055 | $ | 2,106 | $ | 1,859 | $ | 50,541 |
Commercial and Industrial | Commercial Real Estate | Total | |||||||||
Pass | $ | 276,847 | $ | 1,408,644 | $ | 1,685,491 | |||||
Special mention | 2,472 | 13,838 | 16,310 | ||||||||
Substandard | 28,696 | 37,255 | 65,951 | ||||||||
Total | $ | 308,015 | $ | 1,459,737 | $ | 1,767,752 |
Performing | Non-Performing | Total | |||||||||
Residential real estate | $ | 1,636,920 | $ | 3,476 | $ | 1,640,396 | |||||
Home equity | 148,397 | 531 | 148,928 | ||||||||
Consumer | 54,263 | — | 54,263 | ||||||||
Total | $ | 1,839,580 | $ | 4,007 | $ | 1,843,587 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||
Customer counterparties: | ||||||||||||||
Loan interest rate swap - assets | $ | 651,096 | $ | 62,404 | $ | 377,534 | $ | 16,094 | ||||||
Loan interest rate swap - liabilities | 4,272 | 283 | 189,803 | 3,214 | ||||||||||
Non-hedging interest rate derivatives:
|
||||||||||||||
Financial institution counterparties: | ||||||||||||||
Loan interest rate swap - assets | 4,272 | 283 | 189,803 | 3,214 | ||||||||||
Loan interest rate swap - liabilities | 655,743 | 62,602 | 382,566 | 16,133 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | ||||||||||||||
Other (expense) income - derivative assets | $ | (4,615) | $ | 6,824 | $ | 37,103 | $ | 9,073 | ||||||
Other expense (income) - derivative liabilities | 4,615 | (6,824) | (37,103) | (9,073) | ||||||||||
Other (income) expense - derivative liabilities | (20) | 38 | 163 | 192 |
Nine months ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Options | Weighted-Average Exercise Price | Options | Weighted-Average Exercise Price | |||||||||||
Outstanding at January 1 | 46,251 | $ | 52.74 | 57,972 | $ | 51.15 | ||||||||
Exercised | (4,921) | 45.17 | (11,721) | 44.87 | ||||||||||
Outstanding at September 30 | 41,330 | $ | 53.64 | 46,251 | $ | 52.74 | ||||||||
Exerciseable at September 30 | 21,459 | $ | 50.45 | 8,063 | $ | 44.48 |
Nine months ended September 30, | ||||||||
2020 | 2019 | |||||||
Proceeds from stock option exercises | $ | 223 | $ | 526 | ||||
Intrinsic value of stock options exercised | 93 | 368 | ||||||
Stock-based compensation expense associated with stock options | $ | 47 | $ | 92 | ||||
At period-end: | September 30, 2020 | |||||||
Unrecognized stock-based compensation expense associated with stock options | $ | 37 | ||||||
Weighted average period (in years) in which the above amount is expected to be | ||||||||
recognized | 1.0 |
Nine months ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Restricted Awards | Average Market Price at Grant | Restricted Awards | Average Market Price at Grant | |||||||||||
Outstanding at January 1 | 148,083 | $ | 62.62 | 152,692 | $ | 51.85 | ||||||||
Granted | 38,603 | 67.15 | 31,006 | 79.86 | ||||||||||
Vested | (29,775) | 47.72 | (45,007) | 39.81 | ||||||||||
Outstanding at September 30 | 156,911 | $ | 66.56 | 138,691 | $ | 61.98 |
Three months ended September 30 | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Stock-based compensation expense associated with restricted shares | $ | 708 | $ | 499 | $ | 2,018 | $ | 1,434 | ||||||
At period-end: | September 30, 2020 | |||||||||||||
Unrecognized stock-based compensation expense associated with restricted shares | $ | 5,592 | ||||||||||||
Weighted average period (in years) in which the above amount is expected to be recognized | 3.1 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Components of net periodic cost: | ||||||||||||||
Interest cost | $ | 112 | $ | 242 | $ | 336 | $ | 522 | ||||||
Expected return on plan assets | (203) | (370) | (611) | (798) | ||||||||||
Net amortization and deferral | 272 | 396 | 817 | 855 | ||||||||||
Net Periodic Pension Cost | $ | 181 | $ | 268 | $ | 542 | $ | 579 |
September 30, 2020 | December 31, 2019 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | 216,420 | $ | 214,715 | ||||
Commercial real estate | 53,911 | 56,941 | ||||||
Other commitments | 252,200 | 213,904 | ||||||
Standby letters of credit | 5,477 | 6,748 | ||||||
Commercial letters of credit | 771 | 1,249 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
Defined | Defined | ||||||||||||||||||||||
Benefit | Securities | Benefit | Securities | ||||||||||||||||||||
Pension | Available- | Pension | Available- | ||||||||||||||||||||
Plan | -for-Sale | Total | Plan | -for-Sale | Total | ||||||||||||||||||
2020 | |||||||||||||||||||||||
Beginning Balance | $ | (6,270) | $ | 37,299 | $ | 31,029 | $ | (6,270) | $ | 12,110 | $ | 5,840 | |||||||||||
Other comprehensive (loss) income before reclassifications | — | (539) | (539) | — | 23,497 | 23,497 | |||||||||||||||||
Amounts reclassified from other comprehensive income | — | — | — | — | (44) | (44) | |||||||||||||||||
Reclassification of unrealized gains on held-to-maturity
securities to available-for-sale |
— | — | — | — | 1,197 | 1,197 | |||||||||||||||||
— | (539) | (539) | — | 24,650 | 24,650 | ||||||||||||||||||
Ending Balance | $ | (6,270) | $ | 36,760 | $ | 30,490 | $ | (6,270) | $ | 36,760 | $ | 30,490 | |||||||||||
2019 | |||||||||||||||||||||||
Beginning Balance | $ | (5,871) | $ | 10,959 | $ | 5,088 | $ | (5,871) | $ | (8,611) | $ | (14,482) | |||||||||||
Other comprehensive income before reclassifications | — | 6,277 | 6,277 | — | 25,931 | 25,931 | |||||||||||||||||
Amounts reclassified from other comprehensive income | — | 30 | 30 | — | (54) | (54) | |||||||||||||||||
— | 6,307 | 6,307 | — | 25,877 | 25,877 | ||||||||||||||||||
Ending Balance | $ | (5,871) | $ | 17,266 | $ | 11,395 | $ | (5,871) | $ | 17,266 | $ | 11,395 |
Amounts reclassified from Other Comprehensive Income | |||||||||||||||||
Three months ended | Nine months ended | Affected line item | |||||||||||||||
September 30, | September 30, | in the Consolidated Statements | |||||||||||||||
2020 | 2019 | 2020 | 2019 | of Income | |||||||||||||
Securities available-for-sale: | |||||||||||||||||
Net securities (losses) gains reclassified into earnings | $ | — | $ | (40) | $ | 56 | $ | 69 | (Losses) gains on sale of investment securities, net | ||||||||
Related income tax expense (benefit) | — | 10 | (12) | (15) | Income tax expense | ||||||||||||
Net effect on accumulated other comprehensive income | $ | — | $ | (30) | $ | 44 | $ | 54 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Net income available to common shareholders | $ | 20,126 | $ | 22,371 | $ | 67,374 | $ | 66,741 | ||||||
Less: earnings allocated to participating securities | (198) | (192) | (658) | (567) | ||||||||||
Net earnings allocated to common shareholders | $ | 19,928 | $ | 22,179 | $ | 66,716 | $ | 66,174 | ||||||
Distributed earnings allocated to common stock | $ | 8,944 | $ | 9,213 | $ | 26,832 | $ | 26,346 | ||||||
Undistributed earnings allocated to common stock | 10,984 | 12,966 | 39,884 | 39,828 | ||||||||||
Net earnings allocated to common shareholders | $ | 19,928 | $ | 22,179 | $ | 66,716 | $ | 66,174 | ||||||
Average shares outstanding | 15,950 | 16,271 | 16,065 | 16,350 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock awards | 20 | 18 | 19 | 18 | ||||||||||
Shares for diluted earnings per share | 15,970 | 16,289 | 16,084 | 16,368 | ||||||||||
Basic earnings per share | $ | 1.25 | $ | 1.36 | $ | 4.15 | $ | 4.05 | ||||||
Diluted earnings per share | $ | 1.25 | $ | 1.36 | $ | 4.15 | $ | 4.04 |
Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||
September 30, 2020 | |||||||||||||||||
Recurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
Obligations of states and political subdivisions | $ | 263,302 | $ | — | $ | 263,302 | $ | — | |||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government agencies | 843,233 | — | 843,233 | — | |||||||||||||
Private label | 11,377 | — | 6,126 | 5,251 | |||||||||||||
Trust preferred securities | 3,892 | — | 3,892 | — | |||||||||||||
Corporate securities | 33,354 | — | 29,331 | 4,023 | |||||||||||||
Marketable equity securities | 10,936 | 5,955 | 4,981 | — | |||||||||||||
Certificates of deposit held for investment | 2,241 | — | 2,241 | — | |||||||||||||
Derivative assets | 62,687 | — | 62,687 | — | |||||||||||||
Financial Liabilities | |||||||||||||||||
Derivative liabilities | 63,020 | — | 63,020 | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
Loans individually evaluated | $ | 10,612 | $ | — | $ | — | $ | 10,612 | $ | (1,172) | |||||||
Non-Financial Assets | |||||||||||||||||
Other real estate owned | 2,080 | — | — | 2,080 | (267) | ||||||||||||
December 31, 2019 | |||||||||||||||||
Recurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
U.S. Government agencies | $ | 502 | $ | — | $ | 502 | $ | — | |||||||||
Obligations of states and political subdivisions | 117,187 | — | 117,187 | — | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government agencies | 642,104 | — | 642,104 | — | |||||||||||||
Private label | 11,485 | — | 5,841 | 5,644 | |||||||||||||
Trust preferred securities | 4,461 | — | 4,461 | — | |||||||||||||
Corporate securities | 32,126 | — | 28,064 | 4,062 | |||||||||||||
Marketable equity securities | 12,634 | 7,787 | 4,847 | — | |||||||||||||
Certificates of deposit held for investment | 2,241 | — | 2,241 | — | |||||||||||||
Derivative assets | 19,310 | — | 19,310 | — | |||||||||||||
Financial Liabilities | |||||||||||||||||
Derivative liabilities | 19,380 | — | 19,380 | — | |||||||||||||
Nonrecurring fair value measurements | |||||||||||||||||
Financial Assets | |||||||||||||||||
Impaired loans | $ | 8,925 | $ | — | $ | — | $ | 8,925 | $ | (87) | |||||||
Non-Financial Assets | |||||||||||||||||
Other real estate owned | 4,670 | — | — | 4,670 | (470) | ||||||||||||
Other assets | 100 | — | — | 100 | (297) |
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2020 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 252,718 | $ | 252,718 | $ | 252,718 | $ | — | $ | — | |||||||
Securities available-for-sale | 1,157,399 | 1,157,399 | — | 1,148,125 | 9,274 | ||||||||||||
Marketable equity securities | 10,936 | 10,936 | 5,955 | 4,981 | — | ||||||||||||
Net loans | 3,639,099 | 3,626,632 | — | — | 3,626,632 | ||||||||||||
Accrued interest receivable | 16,627 | 16,627 | 16,627 | — | — | ||||||||||||
Derivative assets | 62,687 | 62,687 | — | 62,687 | — | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 4,420,076 | 4,439,585 | 3,119,785 | 1,319,800 | — | ||||||||||||
Short-term debt | 279,866 | 279,866 | — | 279,866 | — | ||||||||||||
Accrued interest payable | 2,047 | 2,047 | 2,047 | — | — | ||||||||||||
Derivative liabilities | 63,020 | 63,020 | — | 63,020 | — | ||||||||||||
December 31, 2019 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 140,144 | $ | 140,144 | $ | 140,144 | $ | — | $ | — | |||||||
Securities available-for-sale | 810,106 | 810,106 | — | 800,400 | 9,706 | ||||||||||||
Securities held-to-maturity | 49,036 | 50,598 | — | 50,598 | — | ||||||||||||
Marketable equity securities | 12,634 | 12,634 | 7,787 | 4,847 | — | ||||||||||||
Net loans | 3,604,510 | 3,574,435 | — | — | 3,574,435 | ||||||||||||
Accrued interest receivable | 11,569 | 11,569 | 11,569 | — | — | ||||||||||||
Derivative assets | 19,310 | 19,310 | — | 19,310 | — | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 4,075,894 | 4,094,493 | 2,711,323 | 1,383,170 | — | ||||||||||||
Short-term debt | 211,255 | 211,255 | — | 211,255 | — | ||||||||||||
Long-term debt | 4,056 | 4,124 | — | 4,124 | — | ||||||||||||
Accrued interest payable | 2,849 | 2,849 | 2,849 | — | — | ||||||||||||
Derivative liabilities | 19,380 | 19,380 | — | 19,380 | — |
Portfolio Segment | Measurement Method | ||||
Commercial and industrial | Migration | ||||
Commercial real estate: | |||||
1-4 family | Migration | ||||
Hotels | Migration | ||||
Multi-family | Migration | ||||
Non Residential Non-Owner Occupied | Migration | ||||
Non Residential Owner Occupied | Migration | ||||
Residential real estate | Vintage | ||||
Home equity | Vintage | ||||
Consumer | Vintage |
Nine months ended September 30, | ||||||||
2020 | 2019 | |||||||
Net income available to common shareholders (in thousands)
|
$ | 67,374 | $ | 66,741 | ||||
Earnings per common share, basic | $ | 4.15 | $ | 4.05 | ||||
Earnings per common share, diluted | $ | 4.15 | $ | 4.04 | ||||
Dividend payout ratio | 41.2 | % | 40.3 | % | ||||
ROA* | 1.68 | % | 1.81 | % | ||||
ROE* | 12.9 | % | 14.1 | % | ||||
ROATCE* | 15.6 | % | 17.5 | % | ||||
Average equity to average assets ratio | 13.0 | % | 12.8 | % |
Three months ended September 30, | ||||||||
2020 | 2019 | |||||||
Net income available to common shareholders (in thousands)
|
$ | 20,126 | $ | 22,371 | ||||
Earnings per common share, basic | $ | 1.25 | $ | 1.36 | ||||
Earnings per common share, diluted | $ | 1.25 | $ | 1.36 | ||||
Dividend payout ratio | 45.7 | % | 41.9 | % | ||||
ROA* | 1.46 | % | 1.81 | % | ||||
ROE* | 11.5 | % | 13.8 | % | ||||
ROATCE* | 13.8 | % | 17.0 | % | ||||
Average equity to average assets ratio | 12.7 | % | 13.1 | % |
September 30, | December 31, | |||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||
Cash and cash equivalents | $ | 252.7 | $ | 140.1 | $ | 112.6 | 80.4 | % | ||||||
Investment securities | 1,183.9 | 887.6 | 296.3 | 33.4 | % | |||||||||
Gross loans | 3,664.0 | 3,616.1 | 47.9 | 1.3 | % | |||||||||
Net deferred tax (liability)/asset | (1.6) | 6.7 | (8.3) | (123.9) | % | |||||||||
Other assets | 105.4 | 55.8 | 49.6 | 88.9 | % | |||||||||
Total deposits | 4,420.1 | 4,075.9 | 344.2 | 8.4 | % | |||||||||
Customer repurchase agreements | 279.9 | 211.3 | 68.6 | 32.5 | % | |||||||||
Other liabilities | 118.4 | 69.6 | 48.8 | 70.1 | % |
Assets | Nine months ended September 30, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Average
Balance
|
Interest |
Yield/
Rate
|
Average
Balance
|
Interest |
Yield/
Rate
|
|||||||||||||||
Loan portfolio(1):
|
||||||||||||||||||||
Residential real estate(2)
|
$ | 1,776,903 | $ | 56,827 | 4.27 | % | $ | 1,792,013 | $ | 61,468 | 4.59 | % | ||||||||
Commercial, financial, and agriculture(2)
|
1,810,165 | 55,051 | 4.06 | 1,704,141 | 63,796 | 5.01 | ||||||||||||||
Installment loans to individuals(2),(3)
|
56,535 | 2,519 | 5.95 | 57,263 | 2,656 | 6.20 | ||||||||||||||
Previously securitized loans(4)
|
*** | 415 | *** | *** | 477 | *** | ||||||||||||||
Total loans | 3,643,603 | 114,812 | 4.21 | 3,553,417 | 128,397 | 4.83 | ||||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 861,853 | 17,855 | 2.77 | 751,600 | 17,464 | 3.11 | ||||||||||||||
Tax-exempt(5)
|
140,075 | 3,366 | 3.21 | 99,555 | 2,856 | 3.84 | ||||||||||||||
Total securities | 1,001,928 | 21,221 | 2.83 | 851,155 | 20,320 | 3.19 | ||||||||||||||
Deposits in depository institutions | 214,912 | 432 | 0.27 | 82,214 | 1,038 | 1.69 | ||||||||||||||
Total interest-earning assets | 4,860,443 | 136,465 | 3.75 | 4,486,786 | 149,755 | 4.46 | ||||||||||||||
Cash and due from banks | 76,936 | 65,433 | ||||||||||||||||||
Bank premises and equipment | 77,910 | 78,475 | ||||||||||||||||||
Goodwill and intangible assets | 119,678 | 121,780 | ||||||||||||||||||
Other assets | 218,695 | 191,231 | ||||||||||||||||||
Less: allowance for credit losses | (21,984) | (15,000) | ||||||||||||||||||
Total assets | $ | 5,331,678 | $ | 4,928,705 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 898,440 | $ | 833 | 0.12 | % | $ | 880,763 | $ | 2,796 | 0.42 | % | ||||||||
Savings deposits | 1,045,877 | 1,366 | 0.17 | 968,655 | 3,461 | 0.48 | ||||||||||||||
Time deposits(2)
|
1,347,013 | 16,125 | 1.60 | 1,370,934 | 18,511 | 1.81 | ||||||||||||||
Short-term borrowings | 242,173 | 873 | 0.48 | 208,004 | 2,729 | 1.75 | ||||||||||||||
Long-term debt | 1,109 | 100 | 12.04 | 4,053 | 140 | 4.62 | ||||||||||||||
Total interest-bearing liabilities | 3,534,612 | 19,297 | 0.73 | 3,432,409 | 27,637 | 1.08 | ||||||||||||||
Noninterest-bearing demand deposits | 1,004,144 | 811,411 | ||||||||||||||||||
Other liabilities | 98,393 | 54,356 | ||||||||||||||||||
Stockholders’ equity | 694,529 | 630,529 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,331,678 | $ | 4,928,705 | ||||||||||||||||
Net interest income | $ | 117,168 | $ | 122,118 | ||||||||||||||||
Net yield on earning assets | 3.22 | % | 3.64 | % |
Nine months ended September 30, 2020 vs. 2019 | |||||||||||
Interest-earning assets: |
Increase (Decrease)
Due to Change In:
|
||||||||||
Volume | Rate | Net | |||||||||
Loan portfolio | |||||||||||
Residential real estate | $ | (519) | $ | (4,122) | $ | (4,641) | |||||
Commercial, financial, and agriculture | 3,973 | (12,718) | (8,745) | ||||||||
Installment loans to individuals | (34) | (103) | (137) | ||||||||
Previously securitized loans | — | (62) | (62) | ||||||||
Total loans | 3,420 | (17,005) | (13,585) | ||||||||
Securities: | |||||||||||
Taxable | 2,564 | (2,173) | 391 | ||||||||
Tax-exempt(1)
|
1,163 | (653) | 510 | ||||||||
Total securities | 3,727 | (2,826) | 901 | ||||||||
Deposits in depository institutions | 1,677 | (2,283) | (606) | ||||||||
Total interest-earning assets | $ | 8,824 | $ | (22,114) | $ | (13,290) | |||||
Interest-bearing liabilities: | |||||||||||
Interest-bearing demand deposits | $ | 56 | $ | (2,019) | $ | (1,963) | |||||
Savings deposits | 276 | (2,371) | (2,095) | ||||||||
Time deposits | (323) | (2,063) | (2,386) | ||||||||
Short-term borrowings | 449 | (2,305) | (1,856) | ||||||||
Long-term debt | (102) | 62 | (40) | ||||||||
Total interest-bearing liabilities | $ | 356 | $ | (8,696) | $ | (8,340) | |||||
Net Interest Income | $ | 8,468 | $ | (13,418) | $ | (4,950) |
Assets | Three months ended September 30, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Average
Balance
|
Interest |
Yield/
Rate
|
Average
Balance
|
Interest |
Yield/
Rate
|
|||||||||||||||
Loan portfolio(1):
|
||||||||||||||||||||
Residential real estate(2)
|
$ | 1,766,796 | $ | 17,899 | 4.03 | % | $ | 1,794,068 | $ | 20,564 | 4.55 | % | ||||||||
Commercial, financial, and agriculture(2)
|
1,839,939 | 16,910 | 3.66 | 1,692,000 | 21,293 | 4.99 | ||||||||||||||
Installment loans to individuals(2),(3)
|
54,834 | 804 | 5.83 | 58,480 | 928 | 6.30 | ||||||||||||||
Previously securitized loans(4)
|
*** | 148 | *** | *** | 159 | *** | ||||||||||||||
Total loans | 3,661,569 | 35,761 | 3.89 | 3,544,548 | 42,944 | 4.81 | ||||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 877,623 | 6,266 | 2.84 | 790,207 | 6,044 | 3.03 | ||||||||||||||
Tax-exempt(5)
|
204,178 | 1,433 | 2.79 | 96,011 | 914 | 3.78 | ||||||||||||||
Total securities | 1,081,801 | 7,699 | 2.83 | 886,218 | 6,958 | 3.11 | ||||||||||||||
Deposits in depository institutions | 304,498 | 72 | 0.09 | 72,736 | 271 | 1.48 | ||||||||||||||
Total interest-earning assets | 5,047,868 | 43,532 | 3.43 | 4,503,502 | 50,173 | 4.42 | ||||||||||||||
Cash and due from banks | 80,505 | 67,106 | ||||||||||||||||||
Bank premises and equipment | 77,647 | 78,091 | ||||||||||||||||||
Goodwill and intangible assets | 119,267 | 121,124 | ||||||||||||||||||
Other assets | 229,667 | 188,206 | ||||||||||||||||||
Less: allowance for credit losses | (25,311) | (13,786) | ||||||||||||||||||
Total assets | $ | 5,529,643 | $ | 4,944,243 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 931,152 | $ | 187 | 0.08 | % | $ | 881,476 | $ | 954 | 0.43 | % | ||||||||
Savings deposits | 1,093,886 | 303 | 0.11 | 978,198 | 1,159 | 0.47 | ||||||||||||||
Time deposits(2)
|
1,322,423 | 4,633 | 1.39 | 1,360,409 | 6,472 | 1.89 | ||||||||||||||
Short-term borrowings | 260,518 | 131 | 0.20 | 187,301 | 814 | 1.72 | ||||||||||||||
Long-term debt | — | — | — | 4,054 | 45 | 4.40 | ||||||||||||||
Total interest-bearing liabilities | 3,607,979 | 5,254 | 0.58 | 3,411,438 | 9,444 | 1.10 | ||||||||||||||
Noninterest-bearing demand deposits | 1,114,822 | 825,029 | ||||||||||||||||||
Other liabilities | 104,084 | 58,857 | ||||||||||||||||||
Shareholders’ equity | 702,758 | 648,919 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,529,643 | $ | 4,944,243 | ||||||||||||||||
Net interest income | $ | 38,278 | $ | 40,729 | ||||||||||||||||
Net yield on earning assets | 3.02 | % | 3.59 | % |
Three months ended September 30, 2020 vs. 2019 | |||||||||||
Interest-earning assets: |
Increase (Decrease)
Due to Change In:
|
||||||||||
Volume | Rate | Net | |||||||||
Loan portfolio | |||||||||||
Residential real estate | $ | (312) | $ | (2,353) | $ | (2,665) | |||||
Commercial, financial, and agriculture | 1,857 | (6,240) | (4,383) | ||||||||
Installment loans to individuals | (58) | (66) | (124) | ||||||||
Previously securitized loans | — | (11) | (11) | ||||||||
Total loans | 1,487 | (8,670) | (7,183) | ||||||||
Securities: | |||||||||||
Taxable | 667 | (445) | 222 | ||||||||
Tax-exempt(1)
|
1,027 | (508) | 519 | ||||||||
Total securities | 1,694 | (953) | 741 | ||||||||
Deposits in depository institutions | 861 | (1,060) | (199) | ||||||||
Total interest-earning assets | $ | 4,042 | $ | (10,683) | $ | (6,641) | |||||
Interest-bearing liabilities: | |||||||||||
Interest-bearing demand deposits | $ | 54 | $ | (821) | $ | (767) | |||||
Savings deposits | 137 | (993) | (856) | ||||||||
Time deposits | (180) | (1,659) | (1,839) | ||||||||
Short-term borrowings | 317 | (1,000) | (683) | ||||||||
Long-term debt | (45) | — | (45) | ||||||||
Total interest-bearing liabilities | $ | 283 | $ | (4,473) | $ | (4,190) | |||||
Net Interest Income | $ | 3,759 | $ | (6,210) | $ | (2,451) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Net interest income (GAAP) | $ | 37,977 | $ | 40,537 | $ | 116,462 | $ | 121,516 | ||||||
Taxable equivalent adjustment | 301 | 192 | 706 | 602 | ||||||||||
Net interest income, fully taxable equivalent | $ | 38,278 | $ | 40,729 | $ | 117,168 | $ | 122,118 | ||||||
Less accretion income | (575) | (1,248) | (3,198) | (2,661) | ||||||||||
Net interest income excluding accretion income | $ | 37,703 | $ | 39,481 | $ | 113,970 | $ | 119,457 | ||||||
Equity to assets (GAAP) | 12.54 | % | 13.10 | % | ||||||||||
Effect of goodwill and other intangibles, net | (1.93) | (2.17) | ||||||||||||
Tangible common equity to tangible assets | 10.61 | % | 10.93 | % | ||||||||||
Return on tangible equity (GAAP) | 13.8 | % | 17.0 | % | 15.6 | % | 17.5 | % | ||||||
Impact of merger related expenses | — | — | — | 0.2 | ||||||||||
Impact of sale of VISA shares | — | — | (3.1) | — | ||||||||||
Return on tangible equity, excluding merger related expenses and sale of VISA shares | 13.8 | % | 17.0 | % | 12.5 | % | 17.7 | % | ||||||
Return on assets (GAAP) | 1.46 | % | 1.81 | % | 1.68 | % | 1.81 | % | ||||||
Impact of merger related expenses | — | — | — | 0.02 | ||||||||||
Impact of sale of VISA shares | — | — | (0.33) | — | ||||||||||
Return on assets, excluding merger related expenses and sale of VISA shares | 1.46 | % | 1.81 | % | 1.35 | % | 1.83 | % |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||
Commercial and industrial | 383,980 | 308,015 | 296,927 | ||||||||
1-4 Family | 114,071 | N/R | N/R | ||||||||
Hotels | 295,989 | N/R | N/R | ||||||||
Multi-family | 214,394 | N/R | N/R | ||||||||
Non Residential Non-Owner Occupied | 628,814 | N/R | N/R | ||||||||
Non Residential Owner Occupied | 211,433 | N/R | N/R | ||||||||
Commercial real estate | 1,464,701 | 1,459,737 | 1,431,983 | ||||||||
Residential real estate | 1,621,265 | 1,640,396 | 1,643,416 | ||||||||
Home equity | 140,135 | 148,928 | 150,808 | ||||||||
Consumer | 50,541 | 54,263 | 54,799 | ||||||||
DDA overdrafts | 3,344 | 4,760 | 4,638 | ||||||||
Total loans | $ | 3,663,966 | $ | 3,616,099 | $ | 3,582,571 | |||||
N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. |
Nine months ended September 30, |
Year ended
December 31,
|
||||||||||
2020 | 2019 | 2019 | |||||||||
Balance at beginning of period | $ | 11,589 | $ | 15,966 | $ | 15,966 | |||||
Charge-offs: | |||||||||||
Commercial and industrial | (834) | (68) | (261) | ||||||||
Commercial real estate | (497) | (394) | (1,358) | ||||||||
Residential real estate | (1,111) | (922) | (787) | ||||||||
Home equity | (332) | (160) | (294) | ||||||||
Consumer | (165) | (478) | (1,177) | ||||||||
DDA overdrafts | (1,716) | (1,985) | (2,777) | ||||||||
Total charge-offs | (4,655) | (4,007) | (6,654) | ||||||||
Recoveries: | |||||||||||
Commercial and industrial | 17 | 183 | 764 | ||||||||
Commercial real estate | 375 | 614 | 624 | ||||||||
Residential real estate | 127 | 282 | 369 | ||||||||
Home equity | 89 | — | — | ||||||||
Consumer | 183 | 211 | 265 | ||||||||
DDA overdrafts | 1,134 | 1,112 | 1,505 | ||||||||
Total recoveries | 1,925 | 2,402 | 3,527 | ||||||||
Net charge-offs | (2,730) | (1,605) | (3,127) | ||||||||
Impact of adopting CECL | 5,760 | — | — | ||||||||
Provision for (recovery of) credit losses | 10,248 | (1,175) | (1,250) | ||||||||
Balance at end of period | $ | 24,867 | $ | 13,186 | $ | 11,589 | |||||
As a Percent of Average Total Loans: | |||||||||||
Net charge-offs (annualized) | 0.10 | % | 0.06 | % | 0.09 | % | |||||
Provision for (recovery of) credit losses (annualized) | 0.38 | % | (0.04) | % | (0.04) | % | |||||
As a Percent of Non-Performing Loans: | |||||||||||
Allowance for credit losses | 182.70 | % | 84.26 | % | 98.57 | % | |||||
As a Percent of Total Loans: | |||||||||||
Allowance for credit losses | 0.68 | % | 0.37 | % | 0.32 | % |
As of September 30, | As of December 31, | ||||||||||
2020 | 2019 | 2019 | |||||||||
Commercial and industrial | $ | 3,759 | $ | 2,704 | $ | 2,059 | |||||
Commercial real estate | 11,003 | 3,096 | 2,606 | ||||||||
Residential real estate | 8,280 | 3,638 | 3,448 | ||||||||
Home equity | 669 | 1,193 | 1,187 | ||||||||
Consumer | 260 | 643 | 975 | ||||||||
DDA overdrafts | 896 | 1,912 | 1,314 | ||||||||
Allowance for Credit Losses | $ | 24,867 | $ | 13,186 | $ | 11,589 |
September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
Non-accrual loans with allowance for credit losses | $ | 10,508 | N/R | N/R | |||||||
Non-accrual loans with no allowance for credit losses | 2,756 | N/R | N/R | ||||||||
Total non-accrual loans | 13,264 | 15,197 | 11,490 | ||||||||
Accruing loans past due 90 days or more | 345 | 452 | 267 | ||||||||
Total non-performing loans | 13,609 | 15,649 | 11,757 | ||||||||
Other real estate owned ("OREO") | 2,080 | 2,326 | 4,670 | ||||||||
Total non-performing assets | $ | 15,689 | $ | 17,975 | $ | 16,427 | |||||
Non-performing loans (as a percent of loans and OREO) | 0.43 | % | 0.50 | % | 0.45 | % | |||||
Past-due loans | $ | 7,420 | $ | 10,207 | $ | 11,396 | |||||
Past-due loans (as a percentage of total loans) | 0.20 | % | 0.28 | % | 0.32 | % | |||||
N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. |
As of September 30, | December 31, | ||||||||||
2020 | 2019 | 2019 | |||||||||
Commercial and industrial | $ | — | $ | 83 | $ | — | |||||
1-4 Family | 123 | N/R | N/R | ||||||||
Hotels | 2,634 | N/R | N/R | ||||||||
Multi-family | 1,903 | N/R | N/R | ||||||||
Non Residential Non-Owner Occupied | — | N/R | N/R | ||||||||
Non Residential Owner Occupied | 234 | N/R | N/R | ||||||||
Commercial real estate | 4,894 | 8,100 | 4,973 | ||||||||
Residential real estate | 20,398 | 21,320 | 21,029 | ||||||||
Home equity | 2,100 | 3,034 | 3,628 | ||||||||
Consumer | 260 | — | — | ||||||||
Total TDRs | $ | 27,652 | $ | 32,537 | $ | 29,630 | |||||
N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP.
|
Nine months ended September 30, | ||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||
Net investment securities (losses) gains | $ | (1.6) | $ | — | $ | (1.6) | - | |||||||
Sale of VISA shares | 17.8 | — | 17.8 | 100.0 | ||||||||||
Non-interest income, excluding net investment securities gains and sale of VISA shares | 48.8 | 50.4 | (1.6) | (3.2) | ||||||||||
Merger related expenses | — | 0.8 | (0.8) | (100.0) | ||||||||||
Non-interest expense, excluding merger related expenses | 86.6 | 87.8 | (1.2) | (1.4) |
Three months ended September 30, | ||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||
Net investment securities gains | $ | 0.5 | $ | (0.3) | $ | 0.8 | 266.7 | % | ||||||
Non-interest income, excluding net investment securities gains | 16.5 | 17.0 | (0.5) | (2.9) | % | |||||||||
Non-interest expense | 28.7 | 28.4 | 0.3 | 1.1 | % |
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 | ||||||
September 30, 2020 | ||||||||
+400 | 4.25 | % | +18.7 | % | ||||
+300 | 3.25 | +19.1 | ||||||
+200 | 2.25 | +16.6 | ||||||
+100 | 1.25 | +10.5 | ||||||
December 31, 2019 | ||||||||
+300 | 4.75 | % | +3.8% | |||||
+200 | 3.75 | +4.8 | ||||||
+100 | 2.75 | +3.7 | ||||||
-50 | 1.25 | -3.9 | ||||||
-100 | 0.75 | -10 | ||||||
September 30, 2020 | Actual | Minimum Required - Basel III | Required to be Considered Well Capitalized | |||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||
CET I Capital | ||||||||||||||||||||
City Holding Company | $ | 548,269 | 15.9 | % | $ | 240,984 | 7.0 | % | $ | 233,771 | 6.5 | % | ||||||||
City National Bank | 494,474 | 14.5 | % | 239,336 | 7.0 | % | 222,241 | 6.5 | % | |||||||||||
Tier I Capital | ||||||||||||||||||||
City Holding Company | 548,269 | 15.9 | % | 292,624 | 8.5 | % | 275,410 | 8.0 | % | |||||||||||
City National Bank | 494,474 | 14.5 | % | 290,623 | 8.5 | % | 273,527 | 8.0 | % | |||||||||||
Total Capital | ||||||||||||||||||||
City Holding Company | 568,153 | 16.5 | % | 361,476 | 10.5 | % | 344,263 | 10.0 | % | |||||||||||
City National Bank | 514,359 | 15.0 | % | 359,005 | 10.5 | % | 341,909 | 10.0 | % | |||||||||||
Tier I Leverage Ratio | ||||||||||||||||||||
City Holding Company | 548,269 | 10.2 | % | 215,174 | 4.0 | % | 268,967 | 5.0 | % | |||||||||||
City National Bank | 494,474 | 9.3 | % | 212,268 | 4.0 | % | 265,335 | 5.0 | % | |||||||||||
December 31, 2019 | Actual | Minimum Required - Basel III | Required to be Considered Well Capitalized | |||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||
CET I Capital | ||||||||||||||||||||
City Holding Company | $ | 532,640 | 16.0 | % | $ | 232,358 | 7.0 | % | $ | 215,761 | 6.5 | % | ||||||||
City National Bank | 459,006 | 13.9 | % | 230,808 | 7.0 | % | 214,322 | 6.5 | % | |||||||||||
Tier I Capital | ||||||||||||||||||||
City Holding Company | 536,640 | 16.2 | % | 282,150 | 8.5 | % | 265,552 | 8.0 | % | |||||||||||
City National Bank | 459,006 | 13.9 | % | 280,267 | 8.5 | % | 263,781 | 8.0 | % | |||||||||||
Total Capital | ||||||||||||||||||||
City Holding Company | 548,291 | 16.5 | % | 348,538 | 10.5 | % | 331,941 | 10.0 | % | |||||||||||
City National Bank | 470,656 | 14.3 | % | 346,213 | 10.5 | % | 329,726 | 10.0 | % | |||||||||||
Tier I Leverage Ratio | ||||||||||||||||||||
City Holding Company | 536,640 | 11.0 | % | 195,558 | 4.0 | % | 244,448 | 5.0 | % | |||||||||||
City National Bank | 459,006 | 9.5 | % | 193,074 | 4.0 | % | 241,342 | 5.0 | % | |||||||||||
Total Number | Maximum Number | |||||||||||||
of Shares Purchased | of Shares that May | |||||||||||||
as Part of Publicly | Yet Be Purchased | |||||||||||||
Total Number of | Average Price | Announced Plans | Under the Plans | |||||||||||
Period | Shares Purchased | Paid per Share | or Programs | or Programs | ||||||||||
July 1 - July 31, 2020 | 48,053 | $ | 62.49 | 569,864 | 430,136 | |||||||||
August 1 - August 31, 2020 | 17,877 | 64.50 | 587,741 | 412,259 | ||||||||||
September 1 - September 30, 2020 | 164,931 | 58.08 | 752,672 | 247,328 |
Agreement and Plan of Merger, dated November 14, 2011, by and among Virginia Savings Bancorp, Inc., Virginia Savings Bank, F.S.B., City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated November 14, 2011, and filed with the Securities and Exchange Commission on November 14, 2011).
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Agreement and Plan of Merger, dated August 2, 2012, by and among Community Financial Corporation, Community Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated August 7, 2012, and filed with the Securities and Exchange Commission on August 7, 2012).
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Agreement and Plan of Merger, dated July 11, 2018, by and among Poage Bankshares, Inc., Town Square Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018).
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Agreement and Plan of Merger, dated July 11, 2018, by and among Farmers Deposit Bancorp, Inc., Farmers Deposit Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018).
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3(a) |
Articles of Incorporation of City Holding Company (attached to, and incorporated by reference from, Amendment No. 1 to City Holding Company’s Registration Statement on Form S-4, Registration No. 2-86250, filed November 4, 1983 with the Securities and Exchange Commission).
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||||||||||
3(b) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated March 6, 1984 (attached to, and incorporated by reference from, City Holding Company's Form 8-K Report dated March 7, 1984, and filed with the Securities and Exchange Commission on March 22, 1984).
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3(c) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated March 4, 1986 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1986, filed March 31, 1987 with the Securities and Exchange Commission).
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3(d) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated September 29, 1987 (attached to and incorporated by reference from, City Holding Company's Registration Statement on Form S-4, Registration No. 33-23295, filed with the Securities and Exchange Commission on August 3, 1988).
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3(e) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated May 6, 1991 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1991, filed March 17, 1992 with the Securities and Exchange Commission).
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3(f) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated May 7, 1991 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1991, filed March 17, 1992 with the Securities and Exchange Commission).
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3(g) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated August 1, 1994 (attached to, and incorporated by reference from, City Holding Company's Form 10-Q Quarterly Report for the quarter ended September 30, 1994, filed November 14, 1994 with the Securities and Exchange Commission).
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3(h) |
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated December 9, 1998 (attached to, and incorporated by reference from, City Holding Company’s Form 10-K Annual Report for the year ended December 31, 1998, filed March 31, 1999 with the Securities and Exchange Commission).
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Articles of Amendment to the Articles of Incorporation of City Holding Company, dated June 13, 2001 (attached to, and incorporated by reference from, City Holding Company’s Registration Statement on Form 8-A, filed June 22, 2001 with the Securities and Exchange Commission).
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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 | ||||||||
Executive Vice President, Chief Financial Officer and Principal Accounting Officer | ||||||||
(Principal Financial Officer) |
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