City Holding Co. Files Q3 2024 10-Q

TL;DR

CHCO Q3 10-Q filed. Bank's financials updated.

AI Summary

City Holding Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's activities in the national commercial banking sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for City Holding Co., crucial for understanding the bank's health and strategic direction.

Risk Assessment

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

Key Numbers

• Q3 2024 — Reporting Period (Financial performance for the third quarter of 2024 is detailed.)
• 20240930 — Report End Date (The financial data presented covers up to this date.)
• 20241106 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• CITY HOLDING CO (company) — Filer
• 0000726854 (company) — Central Index Key
• WV (location) — State of Incorporation
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value CHCO NASDAQ Global Select Mar
• $0.7 million — the acquisition date and resulted in a $0.7 million realized gain during the quarter ended

Filing Documents

• chco-20240930.htm (10-Q) — 3041KB
• exhibit31a09-30x2024.htm (EX-31.A) — 11KB
• exhibit31b09-30x2024.htm (EX-31.B) — 11KB
• exhibit32a09-30x2024.htm (EX-32.A) — 7KB
• exhibit32b09-30x2024.htm (EX-32.B) — 7KB
• chco-20240930_g1.jpg (GRAPHIC) — 12KB
• 0000726854-24-000204.txt ( ) — 14819KB
• chco-20240930.xsd (EX-101.SCH) — 43KB
• chco-20240930_cal.xml (EX-101.CAL) — 106KB
• chco-20240930_def.xml (EX-101.DEF) — 359KB
• chco-20240930_lab.xml (EX-101.LAB) — 726KB
• chco-20240930_pre.xml (EX-101.PRE) — 561KB
• chco-20240930_htm.xml (XML) — 3636KB

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 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 57

Other Information

Item 5. Other Information 57

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) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 161,333 $ 123,033 Interest-bearing deposits in depository institutions 132,616 33,243 Cash and Cash Equivalents 293,949 156,276 Investment securities available for sale, at fair value (amortized cost $ 1,573,131 and $ 1,479,545 , net of allowance for credit losses of $ 0 at September 30, 2024 and December 31, 2023, respectively) 1,462,795 1,338,137 Other securities 30,859 30,966 Total Investment Securities 1,493,654 1,369,103 Gross loans 4,157,830 4,125,923 Allowance for credit losses ( 21,832 ) ( 22,745 ) Net Loans 4,135,998 4,103,178 Bank owned life insurance 120,061 118,122 Premises and equipment, net 70,651 72,146 Accrued interest receivable 21,785 20,290 Deferred tax assets, net 33,497 42,216 Goodwill and other intangible assets, net 160,640 162,568 Other assets 104,079 124,153 Total Assets $ 6,434,314 $ 6,168,052 Liabilities Deposits: Noninterest-bearing $ 1,339,538 $ 1,342,804 Interest-bearing: Demand deposits 1,351,239 1,291,011 Savings deposits 1,208,828 1,259,457 Time deposits 1,203,046 1,040,990 Total Deposits 5,102,651 4,934,262 Short-term borrowings: FHLB short-term advances — 25,000 Securities sold under agreements to repurchase 339,153 309,856 FHLB long-term advances 150,000 100,000 Other liabilities 101,211 121,868 Total Liabilities 5,693,015 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 September 30, 2024 and December 31, 2023, less 4,345,423 and 4,215,731 shares in treasury, respectively 47,619 47,619 Capital surplus 175,602 177,424 Retained earnings 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) September 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 condit

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View this 10-Q filing on SEC EDGAR