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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 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

%

 

Contacts

David L. Bumgarner, Executive Vice President and Chief Financial Officer

(304) 769-1169

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