CITY HOLDING CO Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CITY HOLDING CO has filed its Q1 2024 10-Q report detailing financial positions and changes.</b>

AI Summary

CITY HOLDING CO (CHCO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. CITY HOLDING CO filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial statement items such as Common Stock, Additional Paid In Capital, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income are detailed for various periods. The company's fiscal year ends on December 31st. The filing includes data related to Deposit Accounts, Debit Cards, and Fiduciary and Trust services.

Why It Matters

For investors and stakeholders tracking CITY HOLDING CO, this filing contains several important signals. This 10-Q provides an update on the company's financial health and performance for the first quarter of 2024, crucial for investors assessing current standing. The detailed breakdown of equity accounts and service-related data offers insights into the company's operational activities and capital structure.

Risk Assessment

Risk Level: low — CITY HOLDING CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for trends in deposit growth, debit card activity, and fiduciary services to gauge business momentum.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• CITY HOLDING CO (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• WV (location) — State of incorporation
• 25313 (postal_code) — Business address zip
• 3047691100 (phone_number) — Business phone

FAQ

Industry Context

CITY HOLDING CO operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

As a publicly traded company, CITY HOLDING CO is subject to SEC regulations and reporting requirements, including the filing of Form 10-Q.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and footnotes.
2. Compare Q1 2024 results with previous quarters and the same period last year.
3. Analyze trends in deposit accounts, debit card usage, and fiduciary services.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the first quarter of 2024, providing updated financial information compared to previous periods.

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value CHCO NASDAQ Global Select Mar

Filing Documents

• chco-20240331.htm (10-Q) — 2576KB
• exhibit31a03-31x2024.htm (EX-31.A) — 10KB
• exhibit31b03-31x2024.htm (EX-31.B) — 11KB
• exhibit32a03-31x2024.htm (EX-32.A) — 7KB
• exhibit32b03-31x2024.htm (EX-32.B) — 7KB
• chco-20240331_g1.jpg (GRAPHIC) — 12KB
• 0000726854-24-000135.txt (&nbsp;) — 13668KB
• chco-20240331.xsd (EX-101.SCH) — 43KB
• chco-20240331_cal.xml (EX-101.CAL) — 104KB
• chco-20240331_def.xml (EX-101.DEF) — 363KB
• chco-20240331_lab.xml (EX-101.LAB) — 724KB
• chco-20240331_pre.xml (EX-101.PRE) — 559KB
• chco-20240331_htm.xml (XML) — 3276KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 (as hereinafter defined) 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, 2023 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 in 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, includin

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 2 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 52 PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

Signatures

Signatures 55 Table of Contents

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements 1 Table of Contents Consolidated Balance Sheets (in thousands, except share amounts) (Unaudited) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 121,853 $ 123,033 Interest-bearing deposits in depository institutions 196,829 33,243 Cash and Cash Equivalents 318,682 156,276 Investment securities available for sale, at fair value (amortized cost $ 1,503,572 and $ 1,479,545 , net of allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023, respectively) 1,347,657 1,338,137 Other securities 30,681 30,966 Total Investment Securities 1,378,338 1,369,103 Gross loans 4,091,788 4,125,923 Allowance for credit losses ( 22,310 ) ( 22,745 ) Net Loans 4,069,478 4,103,178 Bank owned life insurance 118,875 118,122 Premises and equipment, net 71,623 72,146 Accrued interest receivable 21,759 20,290 Deferred tax assets, net 43,969 42,216 Goodwill and other intangible assets, net 161,832 162,568 Other assets 129,627 124,153 Total Assets $ 6,314,183 $ 6,168,052 Liabilities Deposits: Noninterest-bearing $ 1,359,072 $ 1,342,804 Interest-bearing: Demand deposits 1,330,268 1,291,011 Savings deposits 1,266,211 1,259,457 Time deposits 1,100,250 1,040,990 Total Deposits 5,055,801 4,934,262 Short-term borrowings: FHLB short-term advances — 25,000 Securities sold under agreements to repurchase 304,941 309,856 FHLB long-term advances 150,000 100,000 Other liabilities 121,210 121,868 Total Liabilities 5,631,952 5,490,986 Commitments and contingencies - see Note I Shareholders' Equity Preferred stock, par value $ 25 per share: 500,000 shares authorized; none issued — — Common stock, par value $ 2.50 per share: 50,000,000 shares authorized; 19,047,548 shares issued at March 31, 2024 and December 31, 2023, less 4,222,772 and 4,215,731 shares in treasury, respectively 47,619 47,619 Capital surplus 175,747 177,424 Retained earnings 799,024 780,2

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) March 31, 2024 Note A - Background and Basis of Presentation On March 10, 2023, the Company acquired 100 % of the outstanding common shares of Citizens Commerce Bancshares, Inc. ("Citizens") and its principal banking subsidiary, Citizens Commerce Bank. See Note C for additional information on the acquisition. The accompanying consolidated financial statements, which are unaudited, include all of the accounts of City Holding and its wholly-owned subsidiaries (collectively, the "Company"). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition

View Full Filing

View this 10-Q filing on SEC EDGAR