City Holding Co. Files Q2 2024 10-Q

TL;DR

CHCO Q2 10-Q filed. Bank financials detailed.

AI Summary

City Holding Co. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details various financial metrics and operational aspects of the company, which operates as a national commercial bank.

Why It Matters

This filing provides investors and analysts with a detailed look at City Holding Co.'s financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• CITY HOLDING CO (company) — Filer
• 0000726854 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date
• WV (location) — State of Incorporation
• CHARLESTON (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• chco-20240630.htm (10-Q) — 3049KB
• exhibit31a06-30x2024.htm (EX-31.A) — 10KB
• exhibit31b06-30x2024.htm (EX-31.B) — 11KB
• exhibit32a06-30x2024.htm (EX-32.A) — 7KB
• exhibit32b06-30x2024.htm (EX-32.B) — 7KB
• chco-20240630_g1.jpg (GRAPHIC) — 12KB
• 0000726854-24-000168.txt ( ) — 14830KB
• chco-20240630.xsd (EX-101.SCH) — 43KB
• chco-20240630_cal.xml (EX-101.CAL) — 104KB
• chco-20240630_def.xml (EX-101.DEF) — 364KB
• chco-20240630_lab.xml (EX-101.LAB) — 726KB
• chco-20240630_pre.xml (EX-101.PRE) — 566KB
• chco-20240630_htm.xml (XML) — 3619KB

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 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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 39

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 57 PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 58

Exhibits

Item 6. Exhibits 59

Signatures

Signatures 60 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) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 141,168 $ 123,033 Interest-bearing deposits in depository institutions 76,818 33,243 Cash and Cash Equivalents 217,986 156,276 Investment securities available for sale, at fair value (amortized cost $ 1,613,536 and $ 1,479,545 , net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023, respectively) 1,456,685 1,338,137 Other securities 31,237 30,966 Total Investment Securities 1,487,922 1,369,103 Gross loans 4,112,873 4,125,923 Allowance for credit losses ( 22,688 ) ( 22,745 ) Net Loans 4,090,185 4,103,178 Bank owned life insurance 119,650 118,122 Premises and equipment, net 71,041 72,146 Accrued interest receivable 21,826 20,290 Deferred tax assets, net 43,602 42,216 Goodwill and other intangible assets, net 161,236 162,568 Other assets 127,947 124,153 Total Assets $ 6,341,395 $ 6,168,052 Liabilities Deposits: Noninterest-bearing $ 1,354,660 $ 1,342,804 Interest-bearing: Demand deposits 1,333,169 1,291,011 Savings deposits 1,233,834 1,259,457 Time deposits 1,145,617 1,040,990 Total Deposits 5,067,280 4,934,262 Short-term borrowings: FHLB short-term advances — 25,000 Securities sold under agreements to repurchase 322,668 309,856 FHLB long-term advances 150,000 100,000 Other liabilities 114,707 121,868 Total Liabilities 5,654,655 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 June 30, 2024 and December 31, 2023, less 4,346,473 and 4,215,731 shares in treasury, respectively 47,619 47,619 Capital surplus 174,834 177,424 Retained earnings 817,549 780,299

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) June 30, 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 f

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View this 10-Q filing on SEC EDGAR