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     104  0 Kommentare City Holding Company Announces Annual Earnings

    City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.0 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $88.1 million and record diluted earnings of $5.66 per share for the year ended December 31, 2021.

    Net Interest Income

    The Company’s net interest income increased from $154.6 million for the year ended December 31, 2020 to $155.6 million for the year ended December 31, 2021. The Company’s tax equivalent net interest income increased $1.2 million, or 0.8%, from $155.7 million for the year ended December 31, 2020 to $156.9 million for the year ended December 31, 2021. The Company recognized $4.0 million of loan fees associated with PPP loans during 2021 as compared to $1.6 million during 2020. However, lower loan yields (which fell 29 basis points) decreased net interest income by $10.0 million. Additionally, lower average loan balances ($95.6 million) lowered net interest income by $4.2 million and a decrease in accretion from fair value adjustments decreased interest income by $1.7 million. Higher investment balances (which increased $262.2 million) increased net interest income by $7.2 million, while investment yields (which decreased by 45 basis points) decreased net interest income by $6.0 million. Lower rates paid on interest bearing liabilities (40 basis points) and lower average time deposit balances (down $172.3 million) increased net interest income by $11.7 million and $2.6 million, respectively. The Company’s reported net interest margin declined from 3.16% for the year ended December 31, 2020 to 2.89% for the year ended December 31, 2021. Excluding the favorable impact of the accretion from the fair value adjustments, the net interest margin would have been 2.85% for the year ended December 31, 2021 and 3.08% for the year ended December 31, 2020.

    The Company’s net interest income increased from $39.5 million during the third quarter of 2021 to $40.6 million during the fourth quarter of 2021. During the fourth quarter of 2021, the Company’s tax equivalent net interest income increased $1.1 million, or 2.8%, to $40.9 million from $39.8 million during the third quarter of 2021. An increase in loan yields (which increased 16 basis points), largely due to interest recoveries on a loan that previously had been classified as a nonperforming loan, increased net interest income by $1.4 million, and lower rates paid on time deposits (which decreased 7 basis points) increased overall net interest income by $0.2 million. These increases were partially offset by lower investment yields (17 basis points) which lowered net interest income by $0.6 million. The Company’s reported net interest margin increased from 2.89% for the third quarter of 2021 to 2.94% for the fourth quarter of 2021. Excluding the favorable impact of the accretion from fair value adjustments, the net interest margin would have been 2.91% for the quarter ended December 31, 2021 and 2.86% for the quarter ended September 30, 2021.

    Credit Quality

    The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.38% at December 31, 2020 to 0.21% at December 31, 2021. Total nonperforming assets decreased from $13.9 million at December 31, 2020 to $7.6 million at December 31, 2021. Total past due loans decreased from $8.9 million, or 0.25% of total loans outstanding, at December 31, 2020 to $6.8 million, or 0.19% of total loans outstanding, at December 31, 2021.

    As a result of the Company’s quarterly analysis of the adequacy of the ACL, the Company did not record a provision for credit losses in the fourth quarter of 2021 and a recovery of credit losses of $3.2 million for the year ended December 31, 2021, compared to a provision for credit losses of $0.5 million and $10.7 million for the comparable periods in 2020. The determination of the Company’s allowance for credit losses is largely dependent on expected unemployment ranges. Due to improvements in the outlook for unemployment ranges utilized by the Company and adjustments to other qualitative and other factors, during 2021 the Company partially recovered a portion of the provision for credit losses incurred in the quarter ended March 31, 2020 related to the COVID-19 pandemic.

    Non-interest Income

    Non-interest income was $69.6 million for 2021 as compared to $82.7 million for 2020. During 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605 shares) in a cash transaction that resulted in a pre-tax gain of $17.8 million, or $0.84 diluted per share on an after-tax basis. Additionally, the Company reported $0.3 million of realized security gains on the sale of investment securities and $0.5 million of unrealized fair value gains on the Company’s equity securities during 2021 compared to $0.9 million of unrealized fair value losses on the Company’s equity securities during 2020. Exclusive of these items, non-interest income increased from $65.6 million for the year ended December 31, 2020 to $68.8 million for the year ended December 31, 2021. This increase was largely attributable to an increase of $3.9 million, or 17.0%, in bankcard revenues and a $0.7 million, or 8.8%, increase in trust and investment management fee income. These increases were partially offset by a decrease of $0.7 million, or 15.0%, in other income and a decrease of $0.5 million in bank owned life insurance due to lower death benefit proceeds received during 2021 compared to 2020.

    Non-interest income was $17.6 million during the quarter ended December 31, 2021 as compared to $17.7 million during the quarter ended December 31, 2020. During the fourth quarter of 2021, the Company reported $0.1 million of unrealized fair value gains on the Company’s equity securities compared to $0.8 million of unrealized fair value gains on the Company’s equity securities during the fourth quarter of 2020. Exclusive of these unrealized fair value gains, non-interest income increased from $16.9 million for the fourth quarter of 2020 to $17.6 million for the fourth quarter of 2021. This increase was largely attributable to higher bankcard revenues ($0.8 million, or 12.9%) and service charges ($0.3 million, or 4.2%). These increases were partially offset by a decrease in other income ($0.3 million).

    Non-interest Expenses

    Non-interest expenses increased from $115.3 million for 2020 to $117.2 million for 2021. This increase was primarily due to an increase in telecommunication expenses ($0.7 million), FDIC insurance expense ($0.7 million), bankcard expenses ($0.6 million), occupancy related expenses ($0.3 million), advertising expenses ($0.3 million), and equipment and software related expense ($0.3 million). These increases were partially offset by a decrease in other expenses ($0.6 million) and repossessed asset gains ($0.3 million).

    Non-interest expenses remained level at $28.6 million for both the quarter ended December 31, 2020 and the quarter ended December 31, 2021. A decrease in salaries and employee benefits expense of $0.7 million was essentially offset by increases in other expenses ($0.2 million), telecommunication expense ($0.2 million), and bankcard expenses ($0.1 million).

    Balance Sheet Trends

    Loans decreased $78.3 million (2.2%) from December 31, 2020 to $3.54 billion at December 31, 2021. PPP loans decreased $48.9 million from $55.4 million at December 31, 2020 to $6.6 million at December 31, 2021. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans decreased $29.4 million, (0.8%), from December 31, 2020 to $3.54 billion at December 31, 2021. Residential real estate loans decreased $38.7 million (2.4%); home equity loans decreased $14.1 million (10.4%); and consumer loans decreased $6.8 million (14.2%). These decreases were partially offset by increases in commercial and industrial loans ($22.1 million, or 7.5%) (excluding PPP loans).

    Total average depository balances for the year ended December 31, 2021 increased $486.5 million, or 11.2%, as compared to the year ended December 31, 2020. Average noninterest bearing demand deposits increased $280.0 million, average savings deposits increased $219.5 million, and average interest bearing demand deposits increased $159.3 million. These increases were partially offset by a decrease in average time deposits of $172.3 million. From December 31, 2020, to December 31, 2021, total demand deposit account households increased 2.6% and total demand deposit accounts increased 2.5%.

    Income Tax Expense

    The Company’s effective income tax rate for the quarter and year ended December 31, 2021 was 21.1% and 20.8%, respectively, compared to 17.0% and 19.5% for the comparable periods in 2020.

    Capitalization and Liquidity

    The Company’s loan to deposit ratio was 72.0% and the loan to asset ratio was 59.0% at December 31, 2021. The Company maintained investment securities totaling 23.9% of assets as of the same date. Because interest rates remain extremely low, at December 31, 2021 the company maintained significant cash and cash equivalent assets which totaled 10.5% of assets. The Company’s deposit mix is weighted toward checking and saving accounts that fund 64.2% of assets at December 31, 2021. Time deposits fund 17.8% of assets at December 31, 2021, but very few of these deposits are in accounts that have balances of more than $250,000.

    The Company continues to be strongly capitalized with tangible equity of $564 million at December 31, 2021. Due to the continued influx of deposits during 2021, the Company’s tangible equity ratio decreased from 10.3% at December 31, 2020 to 9.6% at December 31, 2021. At December 31, 2021, City National Bank’s Leverage Ratio was 8.45%, its Common Equity Tier I ratio was 14.35%, its Tier I Capital ratio was 14.35%, and its Total Risk-Based Capital ratio was 14.78%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

    On November 19, 2021, the Board approved a quarterly cash dividend of $0.60 cents per share payable January 31, 2022, to shareholders of record as of January 14, 2022. This represents a 3.45% increase from the $0.58 per share dividend paid on October 29, 2021. During the year ended December 31, 2021, the Company repurchased 760,000 common shares at a weighted average price of $77.21 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of December 31, 2021, the Company could repurchase approximately 315,000 shares under the current plan.

    City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.

    Forward-Looking Information

    This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its December 31, 2021 Form 10-K. The Company will continue to evaluate the impact of any subsequent events on the preliminary December 31, 2021 results and will adjust the amounts if necessary.

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Financial Highlights
    (Unaudited)
     
    Three Months Ended Twelve Months Ended
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
     
    Earnings
    Net Interest Income (fully taxable equivalent)

    $

    40,956

     

    $

    39,822

     

    $

    38,257

     

    $

    37,871

     

    $

    38,514

     

    $

    156,906

     

    $

    155,683

     

    Net Income available to common shareholders

     

    23,386

     

     

    22,732

     

     

    22,148

     

     

    19,814

     

     

    22,222

     

     

    88,080

     

     

    89,595

     

     

     

     

     

     

     

    Per Share Data

     

     

     

     

     

     

    Earnings per share available to common shareholders:

     

     

     

     

     

     

    Basic

    $

    1.54

     

    $

    1.47

     

    $

    1.41

     

    $

    1.25

     

    $

    1.40

     

    $

    5.67

     

    $

    5.55

     

    Diluted

     

    1.54

     

     

    1.47

     

     

    1.41

     

     

    1.25

     

     

    1.40

     

     

    5.66

     

     

    5.55

     

    Weighted average number of shares (in thousands):

     

     

     

     

     

     

    Basic

     

    15,026

     

     

    15,279

     

     

    15,573

     

     

    15,656

     

     

    15,708

     

     

    15,381

     

     

    15,975

     

    Diluted

     

    15,056

     

     

    15,302

     

     

    15,594

     

     

    15,687

     

     

    15,733

     

     

    15,407

     

     

    15,995

     

    Period-end number of shares (in thousands)

     

    15,062

     

     

    15,192

     

     

    15,527

     

     

    15,724

     

     

    15,768

     

     

    15,062

     

     

    15,768

     

    Cash dividends declared

    $

    0.60

     

    $

    0.58

     

    $

    0.58

     

    $

    0.58

     

    $

    0.58

     

    $

    2.34

     

    $

    2.29

     

    Book value per share (period-end)

    $

    45.22

     

    $

    44.58

     

    $

    44.79

     

    $

    43.99

     

    $

    44.47

     

    $

    45.22

     

    $

    44.47

     

    Tangible book value per share (period-end)

     

    37.44

     

     

    36.85

     

     

    37.20

     

     

    36.47

     

     

    36.94

     

     

    37.44

     

     

    36.94

     

    Market data:

     

     

     

     

     

     

    High closing price

    $

    83.14

     

    $

    79.99

     

    $

    83.85

     

    $

    87.41

     

    $

    70.77

     

    $

    87.41

     

    $

    82.40

     

    Low closing price

     

    76.52

     

     

    72.29

     

     

    74.44

     

     

    69.05

     

     

    56.98

     

     

    69.05

     

     

    55.18

     

    Period-end closing price

     

    81.79

     

     

    77.91

     

     

    75.24

     

     

    81.78

     

     

    69.55

     

     

    81.79

     

     

    69.55

     

    Average daily volume (in thousands)

     

    52

     

     

    53

     

     

    61

     

     

    63

     

     

    56

     

     

    57

     

     

    70

     

    Treasury share activity:

     

     

     

     

     

     

    Treasury shares repurchased (in thousands)

     

    131

     

     

    337

     

     

    217

     

     

    75

     

     

    81

     

     

    760

     

     

    573

     

    Average treasury share repurchase price

    $

    78.93

     

    $

    75.65

     

    $

    78.75

     

    $

    76.71

     

    $

    60.32

     

    $

    77.21

     

    $

    63.68

     

     
    Key Ratios (percent)
    Return on average assets

     

    1.56

    %

     

    1.53

    %

     

    1.49

    %

     

    1.38

    %

     

    1.59

    %

     

    1.49

    %

     

    1.66

    %

    Return on average tangible equity

     

    16.7

    %

     

    15.7

    %

     

    15.2

    %

     

    13.5

    %

     

    15.3

    %

     

    15.3

    %

     

    15.6

    %

    Yield on interest earning assets

     

    3.08

    %

     

    3.04

    %

     

    3.00

    %

     

    3.17

    %

     

    3.32

    %

     

    3.07

    %

     

    3.64

    %

    Cost of interest bearing liabilities

     

    0.19

    %

     

    0.22

    %

     

    0.27

    %

     

    0.37

    %

     

    0.47

    %

     

    0.26

    %

     

    0.66

    %

    Net Interest Margin

     

    2.94

    %

     

    2.89

    %

     

    2.81

    %

     

    2.91

    %

     

    2.99

    %

     

    2.89

    %

     

    3.16

    %

    Non-interest income as a percent of total revenue

     

    30.2

    %

     

    31.1

    %

     

    31.0

    %

     

    30.4

    %

     

    30.7

    %

     

    30.8

    %

     

    34.8

    %

    Efficiency Ratio

     

    48.3

    %

     

    50.0

    %

     

    52.8

    %

     

    54.3

    %

     

    51.0

    %

     

    51.3

    %

     

    51.3

    %

    Price/Earnings Ratio (a)

     

    13.27

     

     

    13.22

     

     

    13.35

     

     

    16.30

     

     

    12.41

     

     

    14.42

     

     

    12.52

     

     
    Capital (period-end)
    Average Shareholders' Equity to Average Assets

     

    11.25

    %

     

    11.69

    %

     

    11.81

    %

     

    12.30

    %

     

    12.46

    %

    Tangible equity to tangible assets

     

    9.58

    %

     

    9.59

    %

     

    9.98

    %

     

    9.93

    %

     

    10.33

    %

    Consolidated City Holding Company risk based capital ratios (b):
    CET I

     

    16.08

    %

     

    16.11

    %

     

    16.40

    %

     

    16.76

    %

     

    16.18

    %

    Tier I

     

    16.08

    %

     

    16.11

    %

     

    16.40

    %

     

    16.76

    %

     

    16.18

    %

    Total

     

    16.51

    %

     

    16.56

    %

     

    16.88

    %

     

    17.33

    %

     

    16.75

    %

    Leverage

     

    9.44

    %

     

    9.46

    %

     

    9.70

    %

     

    10.06

    %

     

    10.22

    %

    City National Bank risk based capital ratios (b):
    CET I

     

    14.35

    %

     

    14.76

    %

     

    14.82

    %

     

    14.75

    %

     

    14.10

    %

    Tier I

     

    14.35

    %

     

    14.76

    %

     

    14.82

    %

     

    14.75

    %

     

    14.10

    %

    Total

     

    14.78

    %

     

    15.21

    %

     

    15.30

    %

     

    15.33

    %

     

    14.68

    %

    Leverage

     

    8.45

    %

     

    8.73

    %

     

    8.80

    %

     

    8.91

    %

     

    8.97

    %

     
    Other (period-end)
    Branches

     

    94

     

     

    94

     

     

    94

     

     

    94

     

     

    94

     

    FTE

     

    905

     

     

    921

     

     

    912

     

     

    916

     

     

    926

     

     
    Assets per FTE (in thousands)

    $

    6,637

     

    $

    6,463

     

    $

    6,477

     

    $

    6,434

     

    $

    6,219

     

    Deposits per FTE (in thousands)

     

    5,445

     

     

    5,308

     

     

    5,271

     

     

    5,236

     

     

    5,024

     

     
     
    (a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).
    (b) December 31, 2021 risk-based capital ratios are estimated.
    CITY HOLDING COMPANY AND SUBSIDIARIES
    Consolidated Statements of Income
    (Unaudited) ($ in 000s, except per share data)
     
    Three Months Ended Twelve Months Ended
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
     
    Interest Income
    Interest and fees on loans

    $

    35,277

     

    $

    33,961

     

    $

    33,114

     

    $

    34,324

     

    $

    35,685

     

    $

    136,676

     

    $

    150,498

     

    Interest on investment securities:

     

     

     

     

     

     

     

    Taxable

     

    5,753

     

     

    6,144

     

     

    5,932

     

     

    5,242

     

     

    5,500

     

     

    23,071

     

     

    23,355

     

    Tax-exempt

     

    1,226

     

     

    1,257

     

     

    1,291

     

     

    1,253

     

     

    1,254

     

     

    5,027

     

     

    3,914

     

    Interest on deposits in depository institutions

     

    217

     

     

    196

     

     

    162

     

     

    118

     

     

    60

     

     

    693

     

     

    492

     

    Total Interest Income

     

    42,473

     

     

    41,558

     

     

    40,499

     

     

    40,937

     

     

    42,499

     

     

    165,467

     

     

    178,259

     

     

     

     

     

     

     

     

    Interest Expense

     

     

     

     

     

     

     

    Interest on deposits

     

    1,710

     

     

    1,955

     

     

    2,460

     

     

    3,280

     

     

    4,198

     

     

    9,405

     

     

    22,522

     

    Interest on short-term borrowings

     

    132

     

     

    115

     

     

    125

     

     

    117

     

     

    120

     

     

    489

     

     

    993

     

    Interest on long-term debt

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    100

     

    Total Interest Expense

     

    1,842

     

     

    2,070

     

     

    2,585

     

     

    3,397

     

     

    4,318

     

     

    9,894

     

     

    23,615

     

    Net Interest Income

     

    40,631

     

     

    39,488

     

     

    37,914

     

     

    37,540

     

     

    38,181

     

     

    155,573

     

     

    154,644

     

    (Recovery of) provision for credit losses

     

    -

     

     

    (725

    )

     

    (2,000

    )

     

    (440

    )

     

    474

     

     

    (3,165

    )

     

    10,722

     

    Net Interest Income After (Recovery of) Provision for Credit Losses

     

    40,631

     

     

    40,213

     

     

    39,914

     

     

    37,980

     

     

    37,707

     

     

    158,738

     

     

    143,922

     

     

     

     

     

     

     

     

    Non-Interest Income

     

     

     

     

     

     

     

    Net gains on sale of investment securities

     

    -

     

     

    -

     

     

    29

     

     

    283

     

     

    6

     

     

    312

     

     

    62

     

    Unrealized gains (losses) recognized on equity securities still held

     

    52

     

     

    93

     

     

    410

     

     

    (51

    )

     

    835

     

     

    504

     

     

    (863

    )

    Service charges

     

    7,057

     

     

    6,706

     

     

    5,895

     

     

    5,881

     

     

    6,771

     

     

    25,539

     

     

    25,733

     

    Bankcard revenue

     

    6,762

     

     

    6,791

     

     

    7,221

     

     

    6,213

     

     

    5,991

     

     

    26,987

     

     

    23,059

     

    Trust and investment management fee income

     

    2,198

     

     

    2,172

     

     

    2,012

     

     

    2,033

     

     

    2,162

     

     

    8,415

     

     

    7,736

     

    Bank owned life insurance

     

    748

     

     

    747

     

     

    940

     

     

    1,460

     

     

    813

     

     

    3,895

     

     

    4,424

     

    Sale of VISA shares

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    17,837

     

    Other income

     

    799

     

     

    1,438

     

     

    941

     

     

    811

     

     

    1,143

     

     

    3,989

     

     

    4,692

     

    Total Non-Interest Income

     

    17,616

     

     

    17,947

     

     

    17,448

     

     

    16,630

     

     

    17,721

     

     

    69,641

     

     

    82,680

     

     

     

     

     

     

     

     

    Non-Interest Expense

     

     

     

     

     

     

     

    Salaries and employee benefits

     

    15,299

     

     

    15,321

     

     

    15,559

     

     

    15,671

     

     

    15,989

     

     

    61,850

     

     

    62,074

     

    Occupancy related expense

     

    2,429

     

     

    2,507

     

     

    2,525

     

     

    2,622

     

     

    2,447

     

     

    10,083

     

     

    9,765

     

    Equipment and software related expense

     

    2,733

     

     

    2,554

     

     

    2,655

     

     

    2,544

     

     

    2,660

     

     

    10,486

     

     

    10,200

     

    FDIC insurance expense

     

    400

     

     

    396

     

     

    382

     

     

    405

     

     

    363

     

     

    1,583

     

     

    884

     

    Advertising

     

    582

     

     

    804

     

     

    824

     

     

    881

     

     

    538

     

     

    3,091

     

     

    2,776

     

    Bankcard expenses

     

    1,576

     

     

    1,549

     

     

    1,746

     

     

    1,584

     

     

    1,443

     

     

    6,455

     

     

    5,893

     

    Postage, delivery, and statement mailings

     

    590

     

     

    573

     

     

    568

     

     

    592

     

     

    546

     

     

    2,323

     

     

    2,268

     

    Office supplies

     

    378

     

     

    406

     

     

    371

     

     

    392

     

     

    413

     

     

    1,547

     

     

    1,556

     

    Legal and professional fees

     

    405

     

     

    610

     

     

    589

     

     

    675

     

     

    438

     

     

    2,279

     

     

    2,176

     

    Telecommunications

     

    702

     

     

    790

     

     

    676

     

     

    690

     

     

    540

     

     

    2,858

     

     

    2,129

     

    Repossessed asset (gains) losses, net of expenses

     

    (29

    )

     

    (108

    )

     

    1

     

     

    79

     

     

    (68

    )

     

    (57

    )

     

    245

     

    Other expenses

     

    3,559

     

     

    3,776

     

     

    3,678

     

     

    3,674

     

     

    3,332

     

     

    14,687

     

     

    15,324

     

    Total Non-Interest Expense

     

    28,624

     

     

    29,178

     

     

    29,574

     

     

    29,809

     

     

    28,641

     

     

    117,185

     

     

    115,290

     

    Income Before Income Taxes

     

    29,623

     

     

    28,982

     

     

    27,788

     

     

    24,801

     

     

    26,787

     

     

    111,194

     

     

    111,312

     

    Income tax expense

     

    6,237

     

     

    6,250

     

     

    5,640

     

     

    4,987

     

     

    4,565

     

     

    23,114

     

     

    21,717

     

    Net Income Available to Common Shareholders

    $

    23,386

     

    $

    22,732

     

    $

    22,148

     

    $

    19,814

     

    $

    22,222

     

    $

    88,080

     

    $

    89,595

     

     

     

     

     

     

     

     

    Distributed earnings allocated to common shareholders

    $

    8,949

     

    $

    8,726

     

    $

    8,921

     

    $

    9,037

     

    $

    9,053

     

    $

    34,901

     

    $

    35,745

     

    Undistributed earnings allocated to common shareholders

     

    14,211

     

     

    13,786

     

     

    13,021

     

     

    10,598

     

     

    12,947

     

     

    52,336

     

     

    52,963

     

    Net earnings allocated to common shareholders

    $

    23,160

     

    $

    22,512

     

    $

    21,942

     

    $

    19,635

     

    $

    22,000

     

    $

    87,237

     

    $

    88,708

     

     

     

     

     

     

     

     

    Average common shares outstanding

     

    15,026

     

     

    15,279

     

     

    15,573

     

     

    15,656

     

     

    15,708

     

     

    15,381

     

     

    15,975

     

    Shares for diluted earnings per share

     

    15,056

     

     

    15,302

     

     

    15,594

     

     

    15,687

     

     

    15,733

     

     

    15,407

     

     

    15,995

     

     

     

     

     

     

     

     

    Basic earnings per common share

    $

    1.54

     

    $

    1.47

     

    $

    1.41

     

    $

    1.25

     

    $

    1.40

     

    $

    5.67

     

    $

    5.55

     

    Diluted earnings per common share

    $

    1.54

     

    $

    1.47

     

    $

    1.41

     

    $

    1.25

     

    $

    1.40

     

    $

    5.66

     

    $

    5.55

     

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Consolidated Balance Sheets
    ($ in 000s)
    (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
     
    Assets
    Cash and due from banks

    $

    101,804

     

    $

    103,841

     

    $

    97,523

     

    $

    97,709

     

    $

    77,412

     

    Interest-bearing deposits in depository institutions

     

    532,827

     

     

    535,708

     

     

    512,367

     

     

    659,090

     

     

    451,247

     

    Cash and cash equivalents

     

    634,631

     

     

    639,549

     

     

    609,890

     

     

    756,799

     

     

    528,659

     

     
    Investment securities available-for-sale, at fair value

     

    1,408,165

     

     

    1,372,077

     

     

    1,339,436

     

     

    1,183,253

     

     

    1,176,797

     

    Other securities

     

    25,531

     

     

    25,497

     

     

    25,793

     

     

    29,174

     

     

    29,364

     

    Total investment securities

     

    1,433,696

     

     

    1,397,574

     

     

    1,365,229

     

     

    1,212,427

     

     

    1,206,161

     

     
    Gross loans

     

    3,543,814

     

     

    3,521,925

     

     

    3,529,416

     

     

    3,546,723

     

     

    3,622,119

     

    Allowance for credit losses

     

    (18,166

    )

     

    (18,751

    )

     

    (20,016

    )

     

    (24,076

    )

     

    (24,549

    )

    Net loans

     

    3,525,648

     

     

    3,503,174

     

     

    3,509,400

     

     

    3,522,647

     

     

    3,597,570

     

     
    Bank owned life insurance

     

    120,978

     

     

    120,238

     

     

    119,491

     

     

    118,976

     

     

    118,243

     

    Premises and equipment, net

     

    74,071

     

     

    75,156

     

     

    76,263

     

     

    76,529

     

     

    76,925

     

    Accrued interest receivable

     

    15,627

     

     

    16,224

     

     

    15,967

     

     

    16,231

     

     

    15,793

     

    Net deferred tax assets

     

    63

     

     

    90

     

     

    -

     

     

    1,395

     

     

    -

     

    Intangible assets

     

    117,121

     

     

    117,489

     

     

    117,857

     

     

    118,224

     

     

    118,592

     

    Other assets

     

    81,860

     

     

    82,419

     

     

    89,958

     

     

    71,142

     

     

    96,697

     

    Total Assets

    $

    6,003,695

     

    $

    5,951,913

     

    $

    5,904,055

     

    $

    5,894,370

     

    $

    5,758,640

     

     
    Liabilities
    Deposits:
    Noninterest-bearing

    $

    1,373,125

     

    $

    1,311,464

     

    $

    1,279,932

     

    $

    1,244,175

     

    $

    1,176,990

     

    Interest-bearing:
    Demand deposits

     

    1,135,848

     

     

    1,139,033

     

     

    1,070,004

     

     

    1,077,749

     

     

    1,027,201

     

    Savings deposits

     

    1,347,448

     

     

    1,332,910

     

     

    1,301,219

     

     

    1,265,038

     

     

    1,188,003

     

    Time deposits

     

    1,068,915

     

     

    1,104,069

     

     

    1,153,391

     

     

    1,209,873

     

     

    1,260,022

     

    Total deposits

     

    4,925,336

     

     

    4,887,476

     

     

    4,804,546

     

     

    4,796,835

     

     

    4,652,216

     

    Short-term borrowings
    Customer repurchase agreements

     

    312,458

     

     

    296,642

     

     

    311,316

     

     

    316,003

     

     

    295,956

     

    Net deferred tax liabilities

     

    -

     

     

    -

     

     

    2,310

     

     

    -

     

     

    3,202

     

    Other liabilities

     

    84,796

     

     

    90,499

     

     

    90,407

     

     

    89,847

     

     

    106,160

     

    Total Liabilities

     

    5,322,590

     

     

    5,274,617

     

     

    5,208,579

     

     

    5,202,685

     

     

    5,057,534

     

     
    Stockholders' Equity
    Preferred stock

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Common stock

     

    47,619

     

     

    47,619

     

     

    47,619

     

     

    47,619

     

     

    47,619

     

    Capital surplus

     

    170,942

     

     

    170,300

     

     

    169,674

     

     

    170,526

     

     

    171,304

     

    Retained earnings

     

    641,826

     

     

    627,463

     

     

    613,553

     

     

    600,396

     

     

    589,988

     

    Cost of common stock in treasury

     

    (193,542

    )

     

    (183,303

    )

     

    (157,936

    )

     

    (142,484

    )

     

    (139,038

    )

    Accumulated other comprehensive income:
    Unrealized gain on securities available-for-sale

     

    17,745

     

     

    20,878

     

     

    28,227

     

     

    21,289

     

     

    36,894

     

    Underfunded pension liability

     

    (3,485

    )

     

    (5,661

    )

     

    (5,661

    )

     

    (5,661

    )

     

    (5,661

    )

    Total Accumulated Other Comprehensive Income

     

    14,260

     

     

    15,217

     

     

    22,566

     

     

    15,628

     

     

    31,233

     

    Total Stockholders' Equity

     

    681,105

     

     

    677,296

     

     

    695,476

     

     

    691,685

     

     

    701,106

     

    Total Liabilities and Stockholders' Equity

    $

    6,003,695

     

    $

    5,951,913

     

    $

    5,904,055

     

    $

    5,894,370

     

    $

    5,758,640

     

     
    Regulatory Capital
    Total CET 1 capital

    $

    555,532

     

    $

    550,426

     

    $

    561,317

     

    $

    563,523

     

    $

    557,641

     

    Total tier 1 capital

     

    555,532

     

     

    550,426

     

     

    561,317

     

     

    563,523

     

     

    557,641

     

    Total risk-based capital

     

    570,336

     

     

    565,712

     

     

    577,543

     

     

    582,816

     

     

    577,292

     

    Total risk-weighted assets

     

    3,453,893

     

     

    3,417,020

     

     

    3,421,764

     

     

    3,362,595

     

     

    3,446,774

     

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Loan Portfolio
    (Unaudited) ($ in 000s)
     
     
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
     
    Commercial and industrial

    $

    346,184

    $

    353,046

    $

    358,583

    $

    371,195

    $

    372,989

     
    1-4 Family

     

    107,873

     

    108,913

     

    108,079

     

    108,131

     

    109,812

    Hotels

     

    311,315

     

    297,341

     

    290,119

     

    293,176

     

    294,464

    Multi-family

     

    215,677

     

    215,307

     

    212,715

     

    212,561

     

    215,671

    Non Residential Non-Owner Occupied

     

    639,818

     

    664,365

     

    653,264

     

    649,683

     

    641,351

    Non Residential Owner Occupied

     

    204,233

     

    205,579

     

    209,100

     

    199,130

     

    213,484

    Commercial real estate (1)

     

    1,478,916

     

    1,491,505

     

    1,473,277

     

    1,462,681

     

    1,474,782

     
    Residential real estate (2)

     

    1,548,965

     

    1,506,572

     

    1,521,102

     

    1,532,907

     

    1,587,694

    Home equity

     

    122,345

     

    124,806

     

    127,608

     

    130,009

     

    136,469

    Consumer

     

    40,901

     

    43,296

     

    45,184

     

    47,224

     

    47,688

    DDA overdrafts

     

    6,503

     

    2,700

     

    3,662

     

    2,707

     

    2,497

    Gross Loans

    $

    3,543,814

    $

    3,521,925

    $

    3,529,416

    $

    3,546,723

    $

    3,622,119

     
    Construction loans included in:
    (1) - Commercial real estate loans

    $

    11,783

    $

    19,360

    $

    43,904

    $

    39,101

    $

    40,449

    (2) - Residential real estate loans

     

    17,252

     

    19,059

     

    20,838

     

    22,129

     

    27,078

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Asset Quality Information
    (Unaudited) ($ in 000s)
     
    Three Months Ended Twelve Months Ended
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
    Allowance for Credit Losses
    Balance at beginning of period

    $

    18,751

     

    $

    20,016

     

    $

    24,076

     

    $

    24,549

     

    $

    24,867

     

    $

    24,549

     

    $

    11,589

     

     
    Charge-offs:
    Commercial and industrial

     

    -

     

     

    -

     

     

    (211

    )

     

    (34

    )

     

    (9

    )

     

    (245

    )

     

    (843

    )

    Commercial real estate

     

    (276

    )

     

    (392

    )

     

    (1,718

    )

     

    (1

    )

     

    (616

    )

     

    (2,387

    )

     

    (1,113

    )

    Residential real estate

     

    (68

    )

     

    (18

    )

     

    (86

    )

     

    (93

    )

     

    (139

    )

     

    (265

    )

     

    (1,250

    )

    Home equity

     

    (58

    )

     

    (47

    )

     

    (8

    )

     

    (64

    )

     

    (88

    )

     

    (177

    )

     

    (420

    )

    Consumer

     

    (13

    )

     

    (3

    )

     

    (79

    )

     

    (147

    )

     

    (27

    )

     

    (242

    )

     

    (192

    )

    DDA overdrafts

     

    (635

    )

     

    (633

    )

     

    (430

    )

     

    (453

    )

     

    (629

    )

     

    (2,151

    )

     

    (2,345

    )

    Total charge-offs

     

    (1,050

    )

     

    (1,093

    )

     

    (2,532

    )

     

    (792

    )

     

    (1,508

    )

     

    (5,467

    )

     

    (6,163

    )

     
    Recoveries:
    Commercial and industrial

     

    31

     

     

    69

     

     

    25

     

     

    46

     

     

    74

     

     

    171

     

     

    91

     

    Commercial real estate

     

    27

     

     

    18

     

     

    15

     

     

    164

     

     

    150

     

     

    224

     

     

    525

     

    Residential real estate

     

    7

     

     

    29

     

     

    17

     

     

    74

     

     

    57

     

     

    127

     

     

    184

     

    Home equity

     

    6

     

     

    58

     

     

    3

     

     

    23

     

     

    47

     

     

    90

     

     

    136

     

    Consumer

     

    40

     

     

    72

     

     

    104

     

     

    39

     

     

    55

     

     

    255

     

     

    238

     

    DDA overdrafts

     

    354

     

     

    307

     

     

    308

     

     

    413

     

     

    333

     

     

    1,382

     

     

    1,467

     

    Total recoveries

     

    465

     

     

    553

     

     

    472

     

     

    759

     

     

    716

     

     

    2,249

     

     

    2,641

     

     
    Net charge-offs

     

    (585

    )

     

    (540

    )

     

    (2,060

    )

     

    (33

    )

     

    (792

    )

     

    (3,218

    )

     

    (3,522

    )

    (Recovery of) provision for credit losses

     

    -

     

     

    (725

    )

     

    (2,000

    )

     

    (440

    )

     

    474

     

     

    (3,165

    )

     

    10,722

     

    Impact of Adopting ASC 326

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    5,760

     

    Balance at end of period

    $

    18,166

     

    $

    18,751

     

    $

    20,016

     

    $

    24,076

     

    $

    24,549

     

    $

    18,166

     

    $

    24,549

     

     
    Loans outstanding

    $

    3,543,814

     

    $

    3,521,925

     

    $

    3,529,416

     

    $

    3,546,723

     

    $

    3,622,119

     

    Allowance as a percent of loans outstanding

     

    0.51

    %

     

    0.53

    %

     

    0.57

    %

     

    0.68

    %

     

    0.68

    %

    Allowance as a percent of non-performing loans

     

    290.1

    %

     

    243.1

    %

     

    199.3

    %

     

    194.5

    %

     

    200.7

    %

     
    Average loans outstanding

    $

    3,522,272

     

    $

    3,535,497

     

    $

    3,541,165

     

    $

    3,585,790

     

    $

    3,635,673

     

    $

    3,545,978

     

    $

    3,641,610

     

    Net charge-offs (annualized) as a percent of average loans outstanding

     

    0.07

    %

     

    0.06

    %

     

    0.23

    %

     

    0.00

    %

     

    0.09

    %

     

    0.09

    %

     

    0.10

    %

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Asset Quality Information, continued
    (Unaudited) ($ in 000s)
     
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
    Nonaccrual Loans
    Residential real estate

    $

    2,809

     

    $

    3,634

     

    $

    2,482

     

    $

    3,004

     

    $

    2,968

     

    Home equity

     

    40

     

     

    67

     

     

    81

     

     

    88

     

     

    95

     

    Commercial and industrial

     

    996

     

     

    531

     

     

    820

     

     

    1,200

     

     

    768

     

    Commercial real estate

     

    2,373

     

     

    3,355

     

     

    6,383

     

     

    7,792

     

     

    8,401

     

    Consumer

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Total nonaccrual loans

     

    6,218

     

     

    7,587

     

     

    9,766

     

     

    12,084

     

     

    12,232

     

    Accruing loans past due 90 days or more

     

    43

     

     

    127

     

     

    278

     

     

    295

     

     

    -

     

    Total non-performing loans

     

    6,261

     

     

    7,714

     

     

    10,044

     

     

    12,379

     

     

    12,232

     

    Other real estate owned

     

    1,319

     

     

    1,335

     

     

    1,309

     

     

    1,625

     

     

    1,650

     

    Total non-performing assets

    $

    7,580

     

    $

    9,049

     

    $

    11,353

     

    $

    14,004

     

    $

    13,882

     

     
    Non-performing assets as a percent of loans and other real estate owned

     

    0.21

    %

     

    0.26

    %

     

    0.32

    %

     

    0.39

    %

     

    0.38

    %

     
    Past Due Loans
    Residential real estate

    $

    5,321

     

    $

    5,258

     

    $

    5,453

     

    $

    4,092

     

    $

    5,993

     

    Home equity

     

    618

     

     

    688

     

     

    523

     

     

    449

     

     

    575

     

    Commercial and industrial

     

    336

     

     

    455

     

     

    721

     

     

    1,358

     

     

    1,241

     

    Commercial real estate

     

    22

     

     

    441

     

     

    498

     

     

    508

     

     

    625

     

    Consumer

     

    60

     

     

    35

     

     

    12

     

     

    10

     

     

    113

     

    DDA overdrafts

     

    489

     

     

    390

     

     

    417

     

     

    212

     

     

    341

     

    Total past due loans

    $

    6,846

     

    $

    7,267

     

    $

    7,624

     

    $

    6,629

     

    $

    8,888

     

     
    Total past due loans as a percent of loans outstanding

     

    0.19

    %

     

    0.21

    %

     

    0.22

    %

     

    0.19

    %

     

    0.25

    %

     
    Troubled Debt Restructurings ("TDRs")
    Residential real estate

    $

    16,943

     

    $

    16,910

     

    $

    17,788

     

    $

    18,572

     

    $

    19,226

     

    Home equity

     

    1,784

     

     

    1,822

     

     

    1,920

     

     

    1,956

     

     

    2,001

     

    Commercial and industrial

     

    414

     

     

    430

     

     

    -

     

     

    -

     

     

    -

     

    Commercial real estate

     

    1,914

     

     

    1,937

     

     

    3,076

     

     

    4,615

     

     

    4,638

     

    Consumer

     

    225

     

     

    221

     

     

    203

     

     

    211

     

     

    277

     

    Total TDRs

    $

    21,280

     

    $

    21,320

     

    $

    22,987

     

    $

    25,354

     

    $

    26,142

     

    CITY HOLDING COMPANY AND SUBSIDIARIES
    Consolidated Average Balance Sheets, Yields, and Rates
    (Unaudited) ($ in 000s)
     
    Three Months Ended
    December 31, 2021 September 30, 2021 December 31, 2020
    Average Yield/ Average Yield/ Average Yield/
    Balance Interest Rate Balance Interest Rate Balance Interest Rate
     
    Assets:
    Loan portfolio (1):
    Residential real estate (2)

    $

    1,645,167

     

    $

    15,692

    3.78

    %

    $

    1,648,921

     

    $

    15,813

    3.80

    %

    $

    1,744,952

     

    $

    17,623

    4.02

    %

    Commercial, financial, and agriculture (2)

     

    1,831,461

     

     

    18,740

    4.06

    %

     

    1,836,604

     

     

    17,344

    3.75

    %

     

    1,837,044

     

     

    17,077

    3.70

    %

    Installment loans to individuals (2), (3)

     

    45,644

     

     

    691

    6.01

    %

     

    49,972

     

     

    714

    5.67

    %

     

    53,677

     

     

    800

    5.93

    %

    Previously securitized loans (4) ***

     

    154

    *** ***

     

    91

    *** ***

     

    184

    ***
    Total loans

     

    3,522,272

     

     

    35,277

    3.97

    %

     

    3,535,497

     

     

    33,962

    3.81

    %

     

    3,635,673

     

     

    35,684

    3.90

    %

    Securities:
    Taxable

     

    1,171,340

     

     

    5,753

    1.95

    %

     

    1,136,519

     

     

    6,144

    2.14

    %

     

    976,897

     

     

    5,500

    2.24

    %

    Tax-exempt (5)

     

    239,096

     

     

    1,551

    2.57

    %

     

    245,551

     

     

    1,590

    2.57

    %

     

    238,198

     

     

    1,587

    2.65

    %

    Total securities

     

    1,410,436

     

     

    7,304

    2.05

    %

     

    1,382,070

     

     

    7,734

    2.22

    %

     

    1,215,095

     

     

    7,087

    2.32

    %

    Deposits in depository institutions

     

    588,678

     

     

    217

    0.15

    %

     

    544,843

     

     

    196

    0.14

    %

     

    275,106

     

     

    60

    0.09

    %

    Total interest-earning assets

     

    5,521,386

     

     

    42,798

    3.08

    %

     

    5,462,410

     

     

    41,892

    3.04

    %

     

    5,125,874

     

     

    42,831

    3.32

    %

    Cash and due from banks

     

    98,111

     

     

    101,058

     

     

    73,900

     

    Premises and equipment, net

     

    74,847

     

     

    75,956

     

     

    76,956

     

    Goodwill and intangible assets

     

    117,349

     

     

    117,719

     

     

    118,855

     

    Other assets

     

    216,780

     

     

    220,420

     

     

    231,309

     

    Less: Allowance for credit losses

     

    (18,756

    )

     

    (20,407

    )

     

    (25,112

    )

    Total assets

    $

    6,009,717

     

    $

    5,957,156

     

    $

    5,601,782

     

     
    Liabilities:
    Interest-bearing demand deposits

    $

    1,113,693

     

    $

    131

    0.05

    %

    $

    1,093,243

     

    $

    127

    0.05

    %

    $

    953,604

     

    $

    171

    0.07

    %

    Savings deposits

     

    1,338,747

     

     

    173

    0.05

    %

     

    1,315,462

     

     

    169

    0.05

    %

     

    1,148,717

     

     

    225

    0.08

    %

    Time deposits (2)

     

    1,087,280

     

     

    1,406

    0.51

    %

     

    1,126,553

     

     

    1,659

    0.58

    %

     

    1,278,698

     

     

    3,801

    1.18

    %

    Short-term borrowings

     

    314,937

     

     

    132

    0.17

    %

     

    282,722

     

     

    115

    0.16

    %

     

    287,059

     

     

    120

    0.17

    %

    Total interest-bearing liabilities

     

    3,854,657

     

     

    1,842

    0.19

    %

     

    3,817,980

     

     

    2,070

    0.22

    %

     

    3,668,078

     

     

    4,317

    0.47

    %

    Noninterest-bearing demand deposits

     

    1,394,599

     

     

    1,356,745

     

     

    1,130,084

     

    Other liabilities

     

    84,071

     

     

    86,263

     

     

    105,445

     

    Stockholders' equity

     

    676,390

     

     

    696,168

     

     

    698,175

     

    Total liabilities and
    stockholders' equity

    $

    6,009,717

     

    $

    5,957,156

     

    $

    5,601,782

     

    Net interest income

    $

    40,956

    $

    39,822

    $

    38,514

    Net yield on earning assets

    2.94

    %

    2.89

    %

    2.99

    %

     
    (1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income:
     
    Loan fees, net

    $

    1,106

    $

    1,120

    $

    962

     
    (2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:
     
    Residential real estate

    $

    149

    $

    154

    $

    153

    Commercial, financial, and agriculture

     

    243

     

    265

     

    304

    Installment loans to individuals

     

    15

     

    21

     

    29

    Time deposits

     

    48

     

    48

     

    155

    $

    455

    $

    488

    $

    641

     
    (3) Includes the Company’s consumer and DDA overdrafts loan categories.
    (4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0.
    (5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
    CITY HOLDING COMPANY AND SUBSIDIARIES
    Consolidated Average Balance Sheets, Yields, and Rates
    (Unaudited) ($ in 000s)
     
    Twelve Months Ended
    December 31, 2021 December 31, 2020
    Average Yield/ Average Yield/
    Balance Interest Rate Balance Interest Rate
     
    Assets:
    Loan portfolio (1):
    Residential real estate (2)

    $

    1,658,710

     

    $

    64,492

    3.89

    %

    $

    1,768,789

     

    $

    74,452

    4.21

    %

    Commercial, financial, and agriculture (2)

     

    1,838,560

     

     

    68,784

    3.74

    %

     

    1,816,658

     

     

    72,128

    3.97

    %

    Installment loans to individuals (2), (3)

     

    48,708

     

     

    2,831

    5.81

    %

     

    56,163

     

     

    3,319

    5.91

    %

    Previously securitized loans (4) ***

     

    568

    *** ***

     

    599

    ***
    Total loans

     

    3,545,978

     

     

    136,675

    3.85

    %

     

    3,641,610

     

     

    150,498

    4.13

    %

    Securities:
    Taxable

     

    1,075,550

     

     

    23,071

    2.15

    %

     

    890,771

     

     

    23,355

    2.62

    %

    Tax-exempt (5)

     

    242,125

     

     

    6,362

    2.63

    %

     

    164,740

     

     

    4,954

    3.01

    %

    Total securities

     

    1,317,675

     

     

    29,433

    2.23

    %

     

    1,055,511

     

     

    28,309

    2.68

    %

    Deposits in depository institutions

     

    568,928

     

     

    693

    0.12

    %

     

    230,043

     

     

    492

    0.21

    %

    Total interest-earning assets

     

    5,432,581

     

     

    166,801

    3.07

    %

     

    4,927,164

     

     

    179,299

    3.64

    %

    Cash and due from banks

     

    92,847

     

     

    76,173

     

    Premises and equipment, net

     

    76,069

     

     

    77,670

     

    Goodwill and intangible assets

     

    117,899

     

     

    119,471

     

    Other assets

     

    216,493

     

     

    221,864

     

    Less: Allowance for credit losses

     

    (21,922

    )

     

    (22,770

    )

    Total assets

    $

    5,913,967

     

    $

    5,399,572

     

     
    Liabilities:
    Interest-bearing demand deposits

    $

    1,071,628

     

    $

    504

    0.05

    %

    $

    912,306

     

    $

    1,005

    0.11

    %

    Savings deposits

     

    1,291,225

     

     

    689

    0.05

    %

     

    1,071,727

     

     

    1,591

    0.15

    %

    Time deposits (2)

     

    1,157,502

     

     

    8,213

    0.71

    %

     

    1,329,841

     

     

    19,927

    1.50

    %

    Short-term borrowings

     

    298,413

     

     

    489

    0.16

    %

     

    253,456

     

     

    993

    0.39

    %

    Long-term debt

     

    -

     

     

    -

    -

     

     

    830

     

     

    100

    12.05

    %

    Total interest-bearing liabilities

     

    3,818,768

     

     

    9,895

    0.26

    %

     

    3,568,160

     

     

    23,616

    0.66

    %

    Noninterest-bearing demand deposits

     

    1,315,801

     

     

    1,035,801

     

    Other liabilities

     

    84,377

     

     

    100,166

     

    Stockholders' equity

     

    695,021

     

     

    695,445

     

    Total liabilities and
    stockholders' equity

    $

    5,913,967

     

    $

    5,399,572

     

    Net interest income

    $

    156,906

    $

    155,683

    Net yield on earning assets

    2.89

    %

    3.16

    %

     
    (1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income:
     
    Loan fees, net

    $

    3,550

    $

    1,842

    (2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:
     
    Residential real estate

    $

    620

    $

    630

    Commercial, financial, and agriculture

     

    1,198

     

    2,445

    Installment loans to individuals

     

    87

     

    143

    Time deposits

     

    193

     

    622

    $

    2,098

    $

    3,840

     
    (3) Includes the Company’s consumer and DDA overdrafts loan categories.
    (4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0.
    (5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
    CITY HOLDING COMPANY AND SUBSIDIARIES
    Non-GAAP Reconciliations
    (Unaudited) ($ in 000s, except per share data)
     
    Three Months Ended Twelve Months Ended
    December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
    Net Interest Income/Margin
    Net interest income ("GAAP")

    $

    40,631

     

    $

    39,488

     

    $

    37,914

     

    $

    37,540

     

    $

    38,181

     

    $

    155,573

     

    $

    154,644

     

    Taxable equivalent adjustment

     

    325

     

     

    334

     

     

    343

     

     

    331

     

     

    333

     

     

    1,333

     

     

    1,039

     

    Net interest income, fully taxable equivalent

    $

    40,956

     

    $

    39,822

     

    $

    38,257

     

    $

    37,871

     

    $

    38,514

     

    $

    156,906

     

    $

    155,683

     

     
    Average interest earning assets

    $

    5,521,386

     

    $

    5,462,410

     

    $

    5,459,564

     

    $

    5,284,025

     

    $

    5,125,874

     

    $

    5,432,581

     

    $

    4,927,164

     

     
    Net Interest Margin

     

    2.94

    %

     

    2.89

    %

     

    2.81

    %

     

    2.91

    %

     

    2.99

    %

     

    2.89

    %

     

    3.16

    %

    Accretion related to fair value adjustments

     

    -0.03

    %

     

    -0.04

    %

     

    -0.05

    %

     

    -0.04

    %

     

    -0.05

    %

     

    -0.04

    %

     

    -0.08

    %

    Net Interest Margin (excluding accretion)

     

    2.91

    %

     

    2.85

    %

     

    2.76

    %

     

    2.87

    %

     

    2.94

    %

     

    2.85

    %

     

    3.08

    %

     
    Tangible Equity Ratio (period end)
    Equity to assets ("GAAP")

     

    11.34

    %

     

    11.37

    %

     

    11.78

    %

     

    11.74

    %

     

    12.18

    %

    Effect of goodwill and other intangibles, net

     

    -1.76

    %

     

    -1.78

    %

     

    -1.80

    %

     

    -1.81

    %

     

    -1.85

    %

    Tangible common equity to tangible assets

     

    9.58

    %

     

    9.59

    %

     

    9.98

    %

     

    9.93

    %

     

    10.33

    %

     
    Return on Tangible Equity
    Return on tangible equity ("GAAP")

     

    16.7

    %

     

    15.7

    %

     

    15.2

    %

     

    13.5

    %

     

    15.3

    %

     

    15.3

    %

     

    15.6

    %

    Impact of sale of VISA shares

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -2.4

    %

    Return on tangible equity, excluding sale of VISA shares

     

    16.7

    %

     

    15.7

    %

     

    15.2

    %

     

    13.5

    %

     

    15.3

    %

     

    15.3

    %

     

    13.2

    %

     
    Return on Assets
    Return on assets ("GAAP")

     

    1.56

    %

     

    1.53

    %

     

    1.49

    %

     

    1.38

    %

     

    1.59

    %

     

    1.49

    %

     

    1.66

    %

    Impact of sale of VISA shares

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -0.24

    %

    Return on assets, excluding sale of VISA shares

     

    1.56

    %

     

    1.53

    %

     

    1.49

    %

     

    1.38

    %

     

    1.59

    %

     

    1.49

    %

     

    1.41

    %

     



    Business Wire (engl.)
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    City Holding Company Announces Annual Earnings City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.0 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $88.1 million and record diluted earnings of $5.66 per share for the year ended …