City Holding Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>City Holding Co. filed its 2023 10-K report detailing financial performance and structure.</b>

AI Summary

CITY HOLDING CO (CHCO) filed a Annual Report (10-K) with the SEC on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. City Holding Co. is classified under SIC code 6021 (National Commercial Banks). The company's principal business address is in Charleston, WV. The report includes data for fiscal years 2021, 2022, and 2023. Key financial statement elements like Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking CITY HOLDING CO, this filing contains several important signals. This 10-K provides a comprehensive overview of City Holding Co.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial data, including balance sheet items and historical trends, allows stakeholders to evaluate the company's stability and growth trajectory.

Risk Assessment

Risk Level: low — CITY HOLDING CO shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand City Holding Co.'s financial position and strategic outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-28 — Filing Date (Date of submission)
• 6021 — SIC Code (National Commercial Banks)

Key Players & Entities

• CITY HOLDING CO (company) — Filer name
• 25 GATEWATER ROAD (address) — Business and mailing address
• CHARLESTON (location) — City for business and mailing address
• WV (location) — State for business and mailing address
• 3047691100 (phone) — Business phone number

FAQ

Industry Context

City Holding Co. operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, City Holding Co. is subject to regulations from various financial authorities, including those overseeing banking operations and capital requirements.

What Investors Should Do

1. Analyze the balance sheet and income statement for the fiscal year 2023.
2. Review any disclosed risk factors related to the banking industry or the company's specific operations.
3. Compare key financial metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $2.50 — nge on Which Registered: Common Stock, $2.50 par value CHCO NASDAQ Global Select Mar
• $427 million — cember 31, 2023, City National reported $427 million of loans classified as "Commercial and
• $1.67 billion — cember 31, 2023, City National reported $1.67 billion of loans classified as "Commercial Real
• $206.2 million — fourplex rental properties and totaled $206.2 million as of December 31, 2023. Risk character
• $357.1 million — all lodging establishments and totaled $357.1 million as of December 31, 2023. Risk character
• $189.2 million — partment lending. The portfolio totaled $189.2 million as of December 31, 2023. Risk character
• $680.6 million — occupied commercial real estate totaled $680.6 million while nonresidential owner-occupied com
• $240.3 million — occupied commercial real estate totaled $240.3 million as of December 31, 2023. Risk character
• $1.4 billion — . At December 31, 2023, the Company had $1.4 billion of commercial loans classified as non-o
• $1.79 billion — cember 31, 2023, City National reported $1.79 billion of loans classified as "Residential Rea
• $167.2 million — cember 31, 2023, City National reported $167.2 million of loans classified as "Home Equity."
• $65.2 million — cember 31, 2023, City National reported $65.2 million of loans classified as "Consumer." DD
• $4.9 million — cember 31, 2023, City National reported $4.9 million of loans classified as "DDA Overdrafts.
• $367 m — f the bank's branches was approximately $367 million, or 17% of City National's outsta

Filing Documents

• chco-20231231.htm (10-K) — 3867KB
• exhibit14a12-31x2023.htm (EX-14.A) — 19KB
• exhibit19a12-31x2023.htm (EX-19.A) — 51KB
• exhibit2112-31x2023.htm (EX-21) — 9KB
• exhibit2312-31x2023.htm (EX-23) — 4KB
• exhibit31a12-31x2023.htm (EX-31.A) — 10KB
• exhibit31b12-31x2023.htm (EX-31.B) — 10KB
• exhibit32a12-31x2023.htm (EX-32.A) — 6KB
• exhibit32b12-31x2023.htm (EX-32.B) — 6KB
• exhibit97a12-31x2023.htm (EX-97.A) — 15KB
• chco-20231231_g1.jpg (GRAPHIC) — 12KB
• chco-20231231_g2.jpg (GRAPHIC) — 305KB
• chco-20231231_g3.jpg (GRAPHIC) — 152KB
• 0000726854-24-000040.txt (&nbsp;) — 18498KB
• chco-20231231.xsd (EX-101.SCH) — 87KB
• chco-20231231_cal.xml (EX-101.CAL) — 143KB
• chco-20231231_def.xml (EX-101.DEF) — 541KB
• chco-20231231_lab.xml (EX-101.LAB) — 1244KB
• chco-20231231_pre.xml (EX-101.PRE) — 897KB
• chco-20231231_htm.xml (XML) — 3010KB

Pages

PART I Pages Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 23

Cybersecurity

Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 25

Reserved

Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112 Item 9A.

Controls and Procedures

Controls and Procedures 112 Item 9B. Other Information 112

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112 Part III Item 10. Directors, Executive Officers and Corporate Governance 113 Item 11.

Executive Compensation

Executive Compensation 113 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 113 Item 13. Certain Relationships and Related Transactions and Director Independence 114 Item 14. Principal Accounting Fees and Services 114 Part IV Item 15. Exhibits, Financial Statement Schedules 115 Item 16. Form 10-K Summary 115 Exhibit Index 116

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K 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 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) 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 within our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, law

Business

Item 1. Business The principal products produced and services rendered by City National include: Commercial Banking - City National offers a full range of commercial banking services to corporations and other business customers. Loans are provided for a variety of business purposes, including financing for commercial and industrial projects, income producing commercial real estate, owner-occupied real estate and construction and land development. City National also provides deposit services for commercial customers, including treasury management, lockbox and other cash management services. City National provides merchant credit card services through an agreement with a third party vendor. Consumer Banking - City National provides banking services to consumers, including checking, savings and money market accounts as well as certificates of deposit and individual retirement accounts. In addition, City National provides consumers with installment and real estate loans and lines of credit. City National also offers credit cards through an agreement with a third party vendor. Mortgage Banking - City National provides mortgage banking services, including fixed and adjustable-rate mortgages, construction financing, land loans, production of conventional and government insured mortgages, secondary marketing and mortgage s

View Full Filing

View this 10-K filing on SEC EDGAR