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City Holding Company Announces Second Quarter Results

City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $5.9 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $22.1 million and diluted earnings of $1.41 per share for the quarter ended June 30, 2021. For the second quarter of 2021, the Company achieved a return on assets of 1.49% and a return on tangible equity of 15.2%.

Charles R. (“Skip”) Hageboeck, the President and Chief Executive Officer of City, commented: “As the impacts of the COVID-19 pandemic continue to diminish and economic activity continues to rebound to customary levels, City’s financial performance also trended upward in the second quarter of 2021. Net interest income increased $0.4 million from the quarter ended March 31, 2021 and noninterest income improved significantly ($2.8 million or 19.3%) as compared to the quarter ended June 30, 2020. Net interest income improved as a portion of our excess liquidity was used to purchase investment securities and improve interest income and interest bearing deposits continue to migrate to lower rate or noninterest-bearing deposit options. Debit card usage by our customers continued to hit new highs in the second quarter of 2021 as we saw our bankcard revenues increase almost 23% compared to the quarter ended June 30, 2020.”

“As the economic outlook improved during the second quarter of 2021 and unemployment forecasts improved, City was able to release $2.0 million of its allowance for credit losses at June 30, 2021. Asset quality remains impeccable with nonperforming assets at historical low levels and both past dues and troubled debt restructurings are below December 31, 2020 levels. Loan deferrals have also declined to very low levels at June 30, 2021 with commercial loan deferrals at $92 million, or 5% of total commercial balances. Hotel and lodging customers comprise essentially all of these deferrals and based on current occupancy levels, we expect these deferrals to continue to decline. Residential mortgages deferrals are now less than 0.1% of total residential real estate balances at June 30, 2021.”

“While loan growth continues to be difficult, we were able to grow commercial loan balances, net of government-sponsored Paycheck Protection Program (“PPP”) loans administered by the Small Business Administration (“SBA”), approximately 2.5% on an annualized basis during the second quarter of 2021. As of June 30, 2021, approximately $50 million of PPP loans were outstanding with 95% of the PPP loans originated in 2020 having been forgiven.”

Net Interest Income

The Company’s net interest income increased from $37.5 million during the first quarter of 2021 to $37.9 million during the second quarter of 2021. During the second quarter of 2021, the Company’s tax equivalent net interest income increased $0.4 million, or 1.0%, from $37.9 million for the first quarter of 2021 to $38.3 million for the second quarter of 2021. Lower rates paid on deposits (11 basis points) and lower time deposit balances ($54.2 million) increased net interest income by $0.7 million and $0.1 million, respectively. Additionally, primarily on the strength of higher balances ($105.5 million), investment securities contributed $0.7 million in additional net interest income as compared to the quarter ended March 31, 2021. These increases were partially offset by lower loan balances ($44.6 million) and decreased loan yields (11 basis points) that decreased net interest income by $0.6 million and $0.4 million, respectively. The Company’s reported net interest margin decreased from 2.91% for the first quarter of 2021 to 2.81% for the second quarter of 2021. Excluding the favorable impact of the accretion from fair value adjustments, the net interest margin would have been 2.76% for the quarter ended June 30, 2021 and 2.87% for the quarter ended March 31, 2021.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.39% at March 31, 2021 to 0.32% at June 30, 2021. Total nonperforming assets decreased from $14.0 million at March 31, 2021 to $11.4 million at June 30, 2021. Total past due loans increased from $6.6 million, or 0.19% of total loans outstanding, at March 31, 2021 to $7.6 million, or 0.22% of total loans outstanding, at June 30, 2021.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses (“ACL”), the Company recorded a recovery of credit losses of $2.0 million in the second quarter of 2021, compared to a provision for credit losses of $1.3 million for the comparable period in 2020 and a recovery of credit losses of $0.4 million for the first quarter of 2021. 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 partial adjustments to other qualitative and other factors, the Company partially recovered a portion of the provision for credit losses incurred in the quarter ended March 31, 2020.

Non-interest Income

Non-interest income was $17.4 million for the second quarter of 2021 as compared to $14.6 million for the second quarter of 2020. During the second quarter of 2021, the Company reported $0.4 million of unrealized fair value gains on the Company’s equity securities compared to $0.2 million of unrealized fair value gains on the Company’s equity securities in the second quarter of 2020. Exclusive of these gains, non-interest income increased from $14.4 million for the second quarter of 2020 to $17.0 million for the second quarter of 2021. This increase was primarily due to higher bankcard revenue ($1.3 million, or 22.6%) and service charges ($1.0 million, or 19.2%). For the second consecutive quarter, bankcard revenues of $7.2 million for the quarter ended June 30, 2021 established a new quarterly high for the Company as customer spending via their debit cards continued to increase.

Non-interest Expenses

Non-interest expenses increased $1.1 million (3.9%), from $28.5 million in the second quarter of 2020 to $29.6 million in the second quarter of 2021. This increase was largely due to increased salary and employee benefits of $0.7 million, bankcard expenses of $0.2 million, and FDIC insurance expense of $0.2 million. Salary and employee benefits increased due to an uptick in health insurance and customary salary increases. Bankcard expenses increased due to higher activity, while the increase in FDIC insurance expense reflects a credit utilized in the quarter ended June 30, 2020.

Balance Sheet Trends

Loans decreased $17.3 million from March 31, 2021 to June 30, 2021, to $3.53 billion. PPP loans decreased $13.3 million from March 31, 2021, as loans forgiven of $21 million were partially offset by the Company’s participation in the second round of the PPP lending. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans decreased $4.3 million, (0.1%), from March 31, 2021 to $3.48 billion at June 30, 2021. Residential real estate loans decreased $11.8 million (0.8%); home equity loans decreased $2.4 million (1.8%); and consumer loans decreased $2.0 million (4.3%). These decreases were partially offset by increases in commercial real estate loans ($10.6 million or 0.7%) and commercial and industrial loans ($0.4 million or 0.1%) (excluding PPP loans).

Total average depository balances increased $187.6 million, or 4.0%, from the quarter ended March 31, 2021 to the quarter ended June 30, 2021. Average noninterest-bearing demand deposit balances increased $113.4 million, average savings deposit balances increased $66.8 million, and average interest-bearing demand deposit balances increased $61.6 million. We believe that these increases were largely attributable to the third round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (approximately $180 million received late in the quarter ended March 31, 2021) and proceeds from PPP loans (approximately $50 million). These increases were partially offset by a decrease in time deposit balances of $54.2 million.

Income Tax Expense

The Company’s effective income tax rate for the second quarter of 2021 was 20.3% compared to 19.5% for the year ended December 31, 2020, and 20.6% for the quarter ended June 30, 2020.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 73.5% and the loan to asset ratio was 59.8% at June 30, 2021. The Company maintained investment securities totaling 23.1% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 61.8% of assets at June 30, 2021. Time deposits fund 19.5% of assets at June 30, 2021, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.

The Company continues to be strongly capitalized with tangible equity of $578 million at June 30, 2021. Due primarily to the influx of deposits and unrealized security losses during the six months ended June 30, 2021, the Company’s tangible equity ratio decreased modestly from 10.3% at December 31, 2020 to 10.0% at June 30, 2021. At June 30, 2021, City National Bank’s Leverage Ratio was 8.80%, its Common Equity Tier I ratio was 14.82%, its Tier I Capital ratio was 14.82%, and its Total Risk-Based Capital ratio was 15.30%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On June 30, 2021, the Board of Directors of the Company approved a quarterly cash dividend of $0.58 per share payable July 30, 2021, to shareholders of record as of July 15, 2021. During the quarter ended June 30, 2021, the Company repurchased 217,000 common shares at a weighted average price of $78.75 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of June 30, 2021, the Company could repurchase 783,000 additional shares under the current program.

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 loan 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 June 30, 2021 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary June 30, 2021 results and will adjust the amounts if necessary.
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
 

Three Months Ended

 

 

 

Six Months Ended

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

 

 

June 30,

2021

 

June 30,

2020

 
Earnings
Net Interest Income (fully taxable equivalent)

$

38,257

 

$

37,871

 

$

38,514

 

$

38,278

 

$

38,287

 

$

76,128

 

$

78,892

 

Net Income available to common shareholders

 

22,148

 

 

19,814

 

 

22,222

 

 

20,126

 

 

18,251

 

 

41,962

 

 

47,249

 

 
Per Share Data
Earnings per share available to common shareholders:
Basic

$

1.41

 

$

1.25

 

$

1.40

 

$

1.25

 

$

1.12

 

$

2.66

 

$

2.90

 

Diluted

 

1.41

 

 

1.25

 

 

1.40

 

 

1.25

 

 

1.12

 

 

2.66

 

 

2.90

 

Weighted average number of shares (in thousands):
Basic

 

15,573

 

 

15,656

 

 

15,708

 

 

15,950

 

 

16,081

 

 

15,614

 

 

16,123

 

Diluted

 

15,594

 

 

15,687

 

 

15,733

 

 

15,970

 

 

16,097

 

 

15,640

 

 

16,142

 

Period-end number of shares (in thousands)

 

15,527

 

 

15,724

 

 

15,768

 

 

15,848

 

 

16,077

 

 

15,527

 

 

16,077

 

Cash dividends declared

$

0.58

 

$

0.58

 

$

0.58

 

$

0.57

 

$

0.57

 

$

1.16

 

$

1.14

 

Book value per share (period-end)

$

44.79

 

$

43.99

 

$

44.47

 

$

43.62

 

$

43.15

 

$

44.79

 

$

43.15

 

Tangible book value per share (period-end)

 

37.20

 

 

36.47

 

 

36.94

 

 

36.11

 

 

35.72

 

 

37.20

 

 

35.72

 

Market data:
High closing price

$

83.85

 

$

87.41

 

$

70.77

 

$

67.98

 

$

71.19

 

$

87.41

 

$

82.40

 

Low closing price

 

74.44

 

 

69.05

 

 

56.98

 

 

55.37

 

 

55.18

 

 

69.05

 

 

55.18

 

Period-end closing price

 

75.24

 

 

81.78

 

 

69.55

 

 

57.61

 

 

65.17

 

 

75.24

 

 

65.17

 

Average daily volume (in thousands)

 

61

 

 

63

 

 

56

 

 

67

 

 

89

 

 

62

 

 

79

 

Treasury share activity:
Treasury shares repurchased (in thousands)

 

217

 

 

75

 

 

81

 

 

231

 

 

79

 

 

292

 

 

261

 

Average treasury share repurchase price

$

78.75

 

$

76.71

 

$

60.32

 

$

59.49

 

$

61.75

 

$

78.22

 

$

68.41

 

 
Key Ratios (percent)
Return on average assets

 

1.49

%

 

1.38

%

 

1.59

%

 

1.46

%

 

1.35

%

 

1.44

%

 

1.81

%

Return on average tangible equity

 

15.2

%

 

13.5

%

 

15.3

%

 

13.8

%

 

12.6

%

 

14.3

%

 

16.6

%

Yield on interest earning assets

 

3.00

%

 

3.17

%

 

3.32

%

 

3.43

%

 

3.64

%

 

3.08

%

 

3.92

%

Cost of interest bearing liabilities

 

0.27

%

 

0.37

%

 

0.47

%

 

0.58

%

 

0.71

%

 

0.32

%

 

0.81

%

Net Interest Margin

 

2.81

%

 

2.91

%

 

2.99

%

 

3.02

%

 

3.13

%

 

2.86

%

 

3.33

%

Non-interest income as a percent of total revenue

 

31.0

%

 

30.4

%

 

30.7

%

 

30.3

%

 

27.4

%

 

30.9

%

 

37.9

%

Efficiency Ratio

 

52.8

%

 

54.3

%

 

51.0

%

 

51.6

%

 

53.3

%

 

53.5

%

 

51.4

%

Price/Earnings Ratio (a)

 

13.35

 

 

16.30

 

 

12.41

 

 

11.53

 

 

14.50

 

 

14.13

 

 

11.23

 

 
Capital (period-end)
Average Shareholders' Equity to Average Assets

 

11.81

%

 

12.30

%

 

12.46

%

 

12.71

%

 

12.91

%

Tangible equity to tangible assets

 

9.98

%

 

9.93

%

 

10.33

%

 

10.61

%

 

10.62

%

Consolidated City Holding Company risk based capital ratios (b):
CET I

 

16.40

%

 

16.76

%

 

16.18

%

 

15.93

%

 

16.10

%

Tier I

 

16.40

%

 

16.76

%

 

16.18

%

 

15.93

%

 

16.10

%

Total

 

16.88

%

 

17.33

%

 

16.75

%

 

16.50

%

 

16.69

%

Leverage

 

9.70

%

 

10.06

%

 

10.22

%

 

10.19

%

 

10.45

%

City National Bank risk based capital ratios (b):
CET I

 

14.82

%

 

14.75

%

 

14.10

%

 

14.46

%

 

14.55

%

Tier I

 

14.82

%

 

14.75

%

 

14.10

%

 

14.46

%

 

14.55

%

Total

 

15.30

%

 

15.33

%

 

14.68

%

 

15.04

%

 

15.15

%

Leverage

 

8.80

%

 

8.91

%

 

8.97

%

 

9.32

%

 

9.29

%

 
Other (period-end)
Branches

 

94

 

 

94

 

 

94

 

 

94

 

 

94

 

FTE

 

912

 

 

916

 

 

926

 

 

925

 

 

911

 

 
Assets per FTE (in thousands)

$

6,477

 

$

6,434

 

$

6,219

 

$

5,984

 

$

6,058

 

Deposits per FTE (in thousands)

 

5,271

 

 

5,236

 

 

5,024

 

 

4,799

 

 

4,834

 

 
 
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).
(b) June 30, 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 Six Months Ended
June 30,

2021
March 31,

2021
December 31,

2020
September 30,

2020
June 30,

2020
June 30,

2021
June 30,

2020
 
Interest Income
Interest and fees on loans

$

33,114

 

$

34,324

 

$

35,685

 

$

35,761

$

37,718

 

$

67,438

 

$

79,053

 

Interest on investment securities:
Taxable

 

5,932

 

 

5,242

 

 

5,500

 

 

6,266

 

 

5,718

 

 

11,174

 

 

11,589

 

Tax-exempt

 

1,291

 

 

1,253

 

 

1,254

 

 

1,132

 

 

821

 

 

2,544

 

 

1,528

 

Interest on deposits in depository institutions

 

162

 

 

118

 

 

60

 

 

72

 

 

55

 

 

280

 

 

360

 

Total Interest Income

 

40,499

 

 

40,937

 

 

42,499

 

 

43,231

 

 

44,312

 

 

81,436

 

 

92,530

 

 
Interest Expense
Interest on deposits

 

2,460

 

 

3,280

 

 

4,198

 

 

5,123

 

 

5,963

 

 

5,740

 

 

13,201

 

Interest on short-term borrowings

 

125

 

 

117

 

 

120

 

 

131

 

 

279

 

 

242

 

 

743

 

Interest on long-term debt

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

100

 

Total Interest Expense

 

2,585

 

 

3,397

 

 

4,318

 

 

5,254

 

 

6,242

 

 

5,982

 

 

14,044

 

Net Interest Income

 

37,914

 

 

37,540

 

 

38,181

 

 

37,977

 

 

38,070

 

 

75,454

 

 

78,486

 

(Recovery of) provision for credit losses

 

(2,000

)

 

(440

)

 

474

 

 

1,026

 

 

1,250

 

 

(2,440

)

 

9,222

 

Net Interest Income After (Recovery of) Provision for Credit Losses

 

39,914

 

 

37,980

 

 

37,707

 

 

36,951

 

 

36,820

 

 

77,894

 

 

69,264

 

 
Non-Interest Income
Net gains (losses) on sale of investment securities

 

29

 

 

283

 

 

6

 

 

-

 

 

(6

)

 

312

 

 

56

 

Unrealized gains (losses) recognized on equity securities still held

 

410

 

 

(51

)

 

835

 

 

461

 

 

242

 

 

359

 

 

(2,159

)

Service charges

 

5,895

 

 

5,881

 

 

6,771

 

 

6,295

 

 

4,945

 

 

11,776

 

 

12,667

 

Bankcard revenue

 

7,221

 

 

6,213

 

 

5,991

 

 

6,065

 

 

5,888

 

 

13,434

 

 

11,003

 

Trust and investment management fee income

 

2,012

 

 

2,033

 

 

2,162

 

 

1,844

 

 

1,931

 

 

4,045

 

 

3,730

 

Bank owned life insurance

 

940

 

 

1,460

 

 

813

 

 

1,088

 

 

848

 

 

2,400

 

 

2,523

 

Sale of VISA shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

17,837

 

Other income

 

941

 

 

811

 

 

1,143

 

 

1,232

 

 

783

 

 

1,752

 

 

2,318

 

Total Non-Interest Income

 

17,448

 

 

16,630

 

 

17,721

 

 

16,985

 

 

14,631

 

 

34,078

 

 

47,975

 

 
Non-Interest Expense
Salaries and employee benefits

 

15,559

 

 

15,671

 

 

15,989

 

 

15,361

 

 

14,873

 

 

31,230

 

 

30,724

 

Occupancy related expense

 

2,525

 

 

2,622

 

 

2,447

 

 

2,428

 

 

2,402

 

 

5,147

 

 

4,890

 

Equipment and software related expense

 

2,655

 

 

2,544

 

 

2,660

 

 

2,607

 

 

2,504

 

 

5,199

 

 

4,933

 

FDIC insurance expense

 

382

 

 

405

 

 

363

 

 

355

 

 

167

 

 

787

 

 

167

 

Advertising

 

824

 

 

881

 

 

538

 

 

462

 

 

933

 

 

1,705

 

 

1,776

 

Bankcard expenses

 

1,746

 

 

1,584

 

 

1,443

 

 

1,517

 

 

1,498

 

 

3,330

 

 

2,933

 

Postage, delivery, and statement mailings

 

568

 

 

592

 

 

546

 

 

513

 

 

592

 

 

1,160

 

 

1,208

 

Office supplies

 

371

 

 

392

 

 

413

 

 

396

 

 

353

 

 

763

 

 

747

 

Legal and professional fees

 

589

 

 

675

 

 

438

 

 

548

 

 

589

 

 

1,264

 

 

1,190

 

Telecommunications

 

676

 

 

690

 

 

540

 

 

547

 

 

531

 

 

1,366

 

 

1,042

 

Repossessed asset losses (gains), net of expenses

 

1

 

 

79

 

 

(68

)

 

39

 

 

76

 

 

80

 

 

274

 

Other expenses

 

3,678

 

 

3,674

 

 

3,332

 

 

3,939

 

 

3,950

 

 

7,352

 

 

8,052

 

Total Non-Interest Expense

 

29,574

 

 

29,809

 

 

28,641

 

 

28,712

 

 

28,468

 

 

59,383

 

 

57,936

 

Income Before Income Taxes

 

27,788

 

 

24,801

 

 

26,787

 

 

25,224

 

 

22,983

 

 

52,589

 

 

59,303

 

Income tax expense

 

5,640

 

 

4,987

 

 

4,565

 

 

5,098

 

 

4,732

 

 

10,627

 

 

12,054

 

Net Income Available to Common Shareholders

$

22,148

 

$

19,814

 

$

22,222

 

$

20,126

 

$

18,251

 

$

41,962

 

$

47,249

 

 
Distributed earnings allocated to common shareholders

$

8,921

 

$

9,037

 

$

9,053

 

$

8,944

 

$

9,073

 

$

17,845

 

$

18,147

 

Undistributed earnings allocated to common shareholders

 

13,021

 

 

10,598

 

 

12,947

 

 

10,984

 

 

8,998

 

 

23,732

 

 

28,639

 

Net earnings allocated to common shareholders

$

21,942

 

$

19,635

 

$

22,000

 

$

19,928

 

$

18,071

 

$

41,577

 

$

46,786

 

 
Average common shares outstanding

 

15,573

 

 

15,656

 

 

15,708

 

 

15,950

 

 

16,081

 

 

15,614

 

 

16,123

 

Shares for diluted earnings per share

 

15,594

 

 

15,687

 

 

15,733

 

 

15,970

 

 

16,097

 

 

15,640

 

 

16,142

 

 
Basic earnings per common share

$

1.41

 

$

1.25

 

$

1.40

 

$

1.25

 

$

1.12

 

$

2.66

 

$

2.90

 

Diluted earnings per common share

$

1.41

 

$

1.25

 

$

1.40

 

$

1.25

 

$

1.12

 

$

2.66

 

$

2.90

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)

(Unaudited)

 

(Unaudited)

 

 

 

(Unaudited)

 

(Unaudited)

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 
Assets
Cash and due from banks

$

97,523

 

$

97,709

 

$

77,412

 

$

76,451

 

$

87,658

 

Interest-bearing deposits in depository institutions

 

512,367

 

 

659,090

 

 

451,247

 

 

176,267

 

 

285,596

 

Cash and cash equivalents

 

609,890

 

 

756,799

 

 

528,659

 

 

252,718

 

 

373,254

 

 
Investment securities available-for-sale, at fair value

 

1,340,681

 

 

1,185,245

 

 

1,178,789

 

 

1,157,399

 

 

1,055,185

 

Other securities

 

24,548

 

 

27,182

 

 

27,372

 

 

26,548

 

 

26,144

 

Total investment securities

 

1,365,229

 

 

1,212,427

 

 

1,206,161

 

 

1,183,947

 

 

1,081,329

 

 
Gross loans

 

3,529,416

 

 

3,546,723

 

 

3,622,119

 

 

3,663,966

 

 

3,665,596

 

Allowance for credit losses

 

(20,016

)

 

(24,076

)

 

(24,549

)

 

(24,867

)

 

(25,199

)

Net loans

 

3,509,400

 

 

3,522,647

 

 

3,597,570

 

 

3,639,099

 

 

3,640,397

 

 
Bank owned life insurance

 

119,491

 

 

118,976

 

 

118,243

 

 

117,501

 

 

116,746

 

Premises and equipment, net

 

76,263

 

 

76,529

 

 

76,925

 

 

77,031

 

 

77,991

 

Accrued interest receivable

 

15,967

 

 

16,231

 

 

15,793

 

 

16,627

 

 

14,200

 

Net deferred tax assets

 

-

 

 

1,395

 

 

-

 

 

-

 

 

-

 

Intangible assets

 

117,857

 

 

118,224

 

 

118,592

 

 

119,004

 

 

119,417

 

Other assets

 

89,958

 

 

71,142

 

 

96,697

 

 

105,361

 

 

105,438

 

Total Assets

$

5,904,055

 

$

5,894,370

 

$

5,758,640

 

$

5,511,288

 

$

5,528,772

 

 
Liabilities
Deposits:
Noninterest-bearing

$

1,279,932

 

$

1,244,175

 

$

1,176,990

 

$

1,061,310

 

$

1,079,469

 

Interest-bearing:
Demand deposits

 

1,070,004

 

 

1,077,749

 

 

1,027,201

 

 

940,791

 

 

921,761

 

Savings deposits

 

1,301,219

 

 

1,265,038

 

 

1,188,003

 

 

1,117,684

 

 

1,067,254

 

Time deposits

 

1,153,391

 

 

1,209,873

 

 

1,260,022

 

 

1,300,291

 

 

1,342,631

 

Total deposits

 

4,804,546

 

 

4,796,835

 

 

4,652,216

 

 

4,420,076

 

 

4,411,115

 

Short-term borrowings
Customer repurchase agreements

 

311,316

 

 

316,003

 

 

295,956

 

 

279,866

 

 

282,676

 

Net deferred tax liabilities

 

2,310

 

 

-

 

 

3,202

 

 

1,601

 

 

2,598

 

Other liabilities

 

90,407

 

 

89,847

 

 

106,160

 

 

118,386

 

 

138,633

 

Total Liabilities

 

5,208,579

 

 

5,202,685

 

 

5,057,534

 

 

4,819,929

 

 

4,835,022

 

 
Stockholders' Equity
Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

169,674

 

 

170,526

 

 

171,304

 

 

170,526

 

 

169,881

 

Retained earnings

 

613,553

 

 

600,396

 

 

589,988

 

 

576,901

 

 

565,804

 

Cost of common stock in treasury

 

(157,936

)

 

(142,484

)

 

(139,038

)

 

(134,177

)

 

(120,583

)

Accumulated other comprehensive income:
Unrealized gain on securities available-for-sale

 

28,227

 

 

21,289

 

 

36,894

 

 

36,760

 

 

37,299

 

Underfunded pension liability

 

(5,661

)

 

(5,661

)

 

(5,661

)

 

(6,270

)

 

(6,270

)

Total Accumulated Other Comprehensive Income

 

22,566

 

 

15,628

 

 

31,233

 

 

30,490

 

 

31,029

 

Total Stockholders' Equity

 

695,476

 

 

691,685

 

 

701,106

 

 

691,359

 

 

693,750

 

Total Liabilities and Stockholders' Equity

$

5,904,055

 

$

5,894,370

 

$

5,758,640

 

$

5,511,288

 

$

5,528,772

 

 
Regulatory Capital
Total CET 1 capital

$

561,317

 

$

563,523

 

$

557,641

 

$

548,269

 

$

548,972

 

Total tier 1 capital

 

561,317

 

 

563,523

 

 

557,641

 

 

548,269

 

 

548,972

 

Total risk-based capital

 

577,543

 

 

582,816

 

 

577,292

 

 

568,153

 

 

569,213

 

Total risk-weighted assets

 

3,421,764

 

 

3,362,595

 

 

3,446,774

 

 

3,442,629

 

 

3,410,589

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
 
 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 
Commercial and industrial

$

358,583

$

371,195

$

372,989

$

383,980

$

369,122

 
1-4 Family

 

108,079

 

 

108,131

 

 

109,812

 

 

114,071

 

 

123,814

 

Hotels

 

290,119

 

 

293,176

 

 

294,464

 

 

295,989

 

 

295,179

 

Multi-family

 

212,715

 

 

212,561

 

 

215,671

 

 

214,394

 

 

204,580

 

Non Residential Non-Owner Occupied

 

653,264

 

 

649,683

 

 

641,351

 

 

628,814

 

 

628,628

 

Non Residential Owner Occupied

 

209,100

 

 

199,130

 

 

213,484

 

 

211,433

 

 

215,472

 

Commercial real estate (1)

 

1,473,277

 

 

1,462,681

 

 

1,474,782

 

 

1,464,701

 

 

1,467,673

 

 
Residential real estate (2)

 

1,521,102

 

 

1,532,907

 

 

1,587,694

 

 

1,621,265

 

 

1,631,151

 

Home equity

 

127,608

 

 

130,009

 

 

136,469

 

 

140,135

 

 

142,672

 

Consumer

 

45,184

 

 

47,224

 

 

47,688

 

 

50,541

 

 

52,278

 

DDA overdrafts

 

3,662

 

 

2,707

 

 

2,497

 

 

3,344

 

 

2,700

 

Gross Loans

$

3,529,416

 

$

3,546,723

 

$

3,622,119

 

$

3,663,966

 

$

3,665,596

 

 
Construction loans included in:
(1) - Commercial real estate loans

$

43,904

 

$

39,101

 

$

40,449

 

$

42,449

 

$

42,092

 

(2) - Residential real estate loans

 

20,838

 

 

22,129

 

 

27,078

 

 

28,947

 

 

28,252

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
 
Three Months Ended Six Months Ended
June 30,

2021
March 31,

2021
December 31,

2020
September 30,

2020
June 30,

2020
June 30,

2021
June 30,

2020
Allowance for Credit Losses
Balance at beginning of period

$

24,076

 

$

24,549

 

$

24,867

 

$

25,199

 

$

24,393

 

$

24,549

 

$

11,589

 

 
Charge-offs:
Commercial and industrial

 

(211

)

 

(34

)

 

(9

)

 

(757

)

 

-

 

 

(245

)

 

(77

)

Commercial real estate

 

(1,718

)

 

(1

)

 

(616

)

 

(75

)

 

(39

)

 

(1,719

)

 

(422

)

Residential real estate

 

(86

)

 

(93

)

 

(139

)

 

(252

)

 

(376

)

 

(179

)

 

(859

)

Home equity

 

(8

)

 

(64

)

 

(88

)

 

(126

)

 

(161

)

 

(72

)

 

(206

)

Consumer

 

(79

)

 

(147

)

 

(27

)

 

(74

)

 

(36

)

 

(226

)

 

(91

)

DDA overdrafts

 

(430

)

 

(453

)

 

(629

)

 

(554

)

 

(459

)

 

(883

)

 

(1,162

)

Total charge-offs

 

(2,532

)

 

(792

)

 

(1,508

)

 

(1,838

)

 

(1,071

)

 

(3,324

)

 

(2,817

)

 
Recoveries:
Commercial and industrial

 

25

 

 

46

 

 

74

 

 

3

 

 

5

 

 

71

 

 

14

 

Commercial real estate

 

15

 

 

164

 

 

150

 

 

44

 

 

128

 

 

179

 

 

331

 

Residential real estate

 

17

 

 

74

 

 

57

 

 

24

 

 

8

 

 

91

 

 

103

 

Home equity

 

3

 

 

23

 

 

47

 

 

33

 

 

9

 

 

26

 

 

56

 

Consumer

 

104

 

 

39

 

 

55

 

 

42

 

 

128

 

 

143

 

 

141

 

DDA overdrafts

 

308

 

 

413

 

 

333

 

 

334

 

 

349

 

 

721

 

 

800

 

Total recoveries

 

472

 

 

759

 

 

716

 

 

480

 

 

627

 

 

1,231

 

 

1,445

 

 
Net charge-offs

 

(2,060

)

 

(33

)

 

(792

)

 

(1,358

)

 

(444

)

 

(2,093

)

 

(1,372

)

(Recovery of) provision for credit losses

 

(2,000

)

 

(440

)

 

474

 

 

1,026

 

 

1,250

 

 

(2,440

)

 

9,222

 

Impact of Adopting ASC 326

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

5,760

 

Balance at end of period

$

20,016

 

$

24,076

 

$

24,549

 

$

24,867

 

$

25,199

 

$

20,016

 

$

25,199

 

 
Loans outstanding

$

3,529,416

 

$

3,546,723

 

$

3,622,119

 

$

3,663,966

 

$

3,665,596

 

Allowance as a percent of loans outstanding

 

0.57

%

 

0.68

%

 

0.68

%

 

0.68

%

 

0.69

%

Allowance as a percent of non-performing loans

 

199.3

%

 

194.5

%

 

200.7

%

 

182.7

%

 

185.1

%

 
Average loans outstanding

$

3,541,165

 

$

3,585,790

 

$

3,635,673

 

$

3,661,569

 

$

3,660,174

 

$

3,563,356

 

$

3,634,522

 

Net charge-offs (annualized) as a percent of average loans outstanding

 

0.23

%

 

0.00

%

 

0.09

%

 

0.15

%

 

0.05

%

 

0.12

%

 

0.08

%

 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
 
June 30,

2021
March 31,

2021
December 31,

2020
September 30,

2020
June 30,

2020
Nonaccrual Loans
Residential real estate

$

2,482

 

$

3,004

 

$

2,968

 

$

3,983

 

$

3,477

 

Home equity

 

81

 

 

88

 

 

95

 

 

74

 

 

265

 

Commercial and industrial

 

820

 

 

1,200

 

 

768

 

 

728

 

 

1,087

 

Commercial real estate

 

6,383

 

 

7,792

 

 

8,401

 

 

8,479

 

 

8,715

 

Consumer

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total nonaccrual loans

 

9,766

 

 

12,084

 

 

12,232

 

 

13,264

 

 

13,544

 

Accruing loans past due 90 days or more

 

278

 

 

295

 

 

-

 

 

345

 

 

68

 

Total non-performing loans

 

10,044

 

 

12,379

 

 

12,232

 

 

13,609

 

 

13,612

 

Other real estate owned

 

1,309

 

 

1,625

 

 

1,650

 

 

2,080

 

 

3,997

 

Total non-performing assets

$

11,353

 

$

14,004

 

$

13,882

 

$

15,689

 

$

17,609

 

 
Non-performing assets as a percent of loans and other real estate owned

 

0.32

%

 

0.39

%

 

0.38

%

 

0.43

%

 

0.48

%

 
Past Due Loans
Residential real estate

$

5,453

 

$

4,092

 

$

5,993

 

$

5,153

 

$

5,261

 

Home equity

 

523

 

 

449

 

 

575

 

 

474

 

 

393

 

Commercial and industrial

 

721

 

 

1,358

 

 

1,241

 

 

691

 

 

160

 

Commercial real estate

 

498

 

 

508

 

 

625

 

 

602

 

 

917

 

Consumer

 

12

 

 

10

 

 

113

 

 

121

 

 

67

 

DDA overdrafts

 

417

 

 

212

 

 

341

 

 

379

 

 

273

 

Total past due loans

$

7,624

 

$

6,629

 

$

8,888

 

$

7,420

 

$

7,071

 

 
Total past due loans as a percent of loans outstanding

 

0.22

%

 

0.19

%

 

0.25

%

 

0.20

%

 

0.19

%

 
Troubled Debt Restructurings ("TDRs")
Residential real estate

$

17,788

 

$

18,572

 

$

19,226

 

$

20,398

 

$

20,631

 

Home equity

 

1,920

 

 

1,956

 

 

2,001

 

 

2,100

 

 

2,138

 

Commercial and industrial

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Commercial real estate

 

3,076

 

 

4,615

 

 

4,638

 

 

4,894

 

 

4,915

 

Consumer

 

203

 

 

211

 

 

277

 

 

260

 

 

185

 

Total TDRs

$

22,987

 

$

25,354

 

$

26,142

 

$

27,652

 

$

27,869

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
 

Three Months Ended

June 30, 2021

 

March 31, 2021

 

June 30, 2020

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

Balance

 

Interest

 

Rate

 

Balance

 

Interest

 

Rate

 

Balance

 

Interest

 

Rate

 
Assets:
Loan portfolio (1):
Residential real estate (2)

$

1,652,165

 

$

16,135

3.92

%

$

1,696,064

 

$

16,853

4.03

%

$

1,785,631

 

$

19,048

4.29

%

Commercial, financial, and agriculture (2)

 

1,839,478

 

 

16,158

 

3.52

%

 

1,838,928

 

 

16,542

 

3.65

%

 

1,818,344

 

 

17,665

 

3.91

%

Installment loans to individuals (2), (3)

 

49,522

 

 

713

 

5.77

%

 

50,798

 

 

713

 

5.69

%

 

56,199

 

 

852

 

6.10

%

Previously securitized loans (4) ***

 

109

 

*** ***

 

215

 

*** ***

 

152

 

***
Total loans

 

3,541,165

 

 

33,115

 

3.75

%

 

3,585,790

 

 

34,323

 

3.88

%

 

3,660,174

 

 

37,717

 

4.14

%

Securities:
Taxable

 

1,046,008

 

 

5,932

 

2.27

%

 

945,177

 

 

5,242

 

2.25

%

 

896,997

 

 

5,718

 

2.56

%

Tax-exempt (5)

 

244,233

 

 

1,633

 

2.68

%

 

239,589

 

 

1,585

 

2.68

%

 

120,751

 

 

1,039

 

3.46

%

Total securities

 

1,290,241

 

 

7,565

 

2.35

%

 

1,184,766

 

 

6,827

 

2.34

%

 

1,017,748

 

 

6,757

 

2.67

%

Deposits in depository institutions

 

628,158

 

 

162

 

0.10

%

 

513,469

 

 

118

 

0.09

%

 

236,320

 

 

55

 

0.09

%

Total interest-earning assets

 

5,459,564

 

 

40,842

 

3.00

%

 

5,284,025

 

 

41,268

 

3.17

%

 

4,914,242

 

 

44,529

 

3.64

%

Cash and due from banks

 

92,243

 

 

79,683

 

 

79,501

 

Premises and equipment, net

 

76,660

 

 

76,837

 

 

78,717

 

Goodwill and intangible assets

 

118,088

 

 

118,453

 

 

119,681

 

Other assets

 

206,709

 

 

217,453

 

 

230,423

 

Less: Allowance for credit losses

 

(23,701

)

 

(24,909

)

 

(24,700

)

Total assets

$

5,929,563

 

$

5,751,542

 

$

5,397,864

 

 
Liabilities:
Interest-bearing demand deposits

$

1,069,896

 

$

122

 

0.05

%

$

1,008,283

 

$

124

 

0.05

%

$

893,832

 

$

178

 

0.08

%

Savings deposits

 

1,287,966

 

 

163

 

0.05

%

 

1,221,169

 

 

183

 

0.06

%

 

1,037,387

 

 

363

 

0.14

%

Time deposits (2)

 

1,181,953

 

 

2,175

 

0.74

%

 

1,236,197

 

 

2,973

 

0.98

%

 

1,353,619

 

 

5,422

 

1.61

%

Short-term borrowings

 

305,134

 

 

125

 

0.16

%

 

290,766

 

 

117

 

0.16

%

 

256,790

 

 

279

 

0.44

%

Long-term debt

 

-

 

 

-

 

-

 

 

-

 

 

-

 

-

 

 

-

 

 

-

 

-

 

Total interest-bearing liabilities

 

3,844,949

 

 

2,585

 

0.27

%

 

3,756,415

 

 

3,397

 

0.37

%

 

3,541,628

 

 

6,242

 

0.71

%

Noninterest-bearing demand deposits

 

1,311,340

 

 

1,197,910

 

 

1,044,009

 

Other liabilities

 

72,940

 

 

89,695

 

 

115,110

 

Stockholders' equity

 

700,334

 

 

707,522

 

 

697,117

 

Total liabilities and
stockholders' equity

$

5,929,563

 

$

5,751,542

 

$

5,397,864

 

Net interest income

$

38,257

 

$

37,871

 

$

38,287

 

Net yield on earning assets

2.81

%

2.91

%

3.13

%

 
(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

$

488

 

$

835

 

$

609

 

 
(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

$

211

 

$

106

 

$

194

 

Commercial, financial, and agriculture

 

365

 

 

325

 

 

651

 

Installment loans to individuals

 

23

 

 

28

 

 

37

 

Time deposits

 

48

 

 

48

 

 

155

 

$

647

 

$

507

 

$

1,037

 

 
(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)
 

Six Months Ended

June 30, 2021

 

June 30, 2020

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

Balance

 

Interest

 

Rate

 

Balance

 

Interest

 

Rate

 
Assets:
Loan portfolio (1):
Residential real estate (2)

$

1,675,222

 

$

32,987

3.97

%

$

1,785,795

 

$

38,930

4.38

%

Commercial, financial, and agriculture (2)

 

1,837,947

 

 

32,701

 

3.59

%

 

1,791,510

 

 

38,141

 

4.28

%

Installment loans to individuals (2), (3)

 

50,187

 

 

1,426

 

5.73

%

 

57,217

 

 

1,715

 

6.03

%

Previously securitized loans (4) ***

 

324

 

*** ***

 

267

 

***
Total loans

 

3,563,356

 

 

67,438

 

3.82

%

 

3,634,522

 

 

79,053

 

4.37

%

Securities:
Taxable

 

995,871

 

 

11,174

 

2.26

%

 

853,882

 

 

11,589

 

2.73

%

Tax-exempt (5)

 

241,924

 

 

3,220

 

2.68

%

 

107,671

 

 

1,934

 

3.61

%

Total securities

 

1,237,795

 

 

14,394

 

2.35

%

 

961,553

 

 

13,523

 

2.83

%

Deposits in depository institutions

 

571,130

 

 

280

 

0.10

%

 

169,626

 

 

360

 

0.43

%

Total interest-earning assets

 

5,372,281

 

 

82,112

 

3.08

%

 

4,765,701

 

 

92,936

 

3.92

%

Cash and due from banks

 

85,998

 

 

75,132

 

Premises and equipment, net

 

76,748

 

 

78,042

 

Goodwill and intangible assets

 

118,270

 

 

119,886

 

Other assets

 

212,051

 

 

213,147

 

Less: Allowance for credit losses

 

(24,302

)

 

(20,303

)

Total assets

$

5,841,046

 

$

5,231,605

 

 
Liabilities:
Interest-bearing demand deposits

$

1,039,260

 

$

246

 

0.05

%

$

881,904

 

$

647

 

0.15

%

Savings deposits

 

1,254,752

 

 

346

 

0.06

%

 

1,021,608

 

 

1,063

 

0.21

%

Time deposits (2)

 

1,208,925

 

 

5,149

 

0.86

%

 

1,359,442

 

 

11,491

 

1.70

%

Short-term borrowings

 

297,990

 

 

243

 

0.16

%

 

232,900

 

 

743

 

0.64

%

Long-term debt

 

-

 

 

-

 

-

 

 

1,670

 

 

100

 

12.04

%

Total interest-bearing liabilities

 

3,800,927

 

 

5,984

 

0.32

%

 

3,497,524

 

 

14,044

 

0.81

%

Noninterest-bearing demand deposits

 

1,254,938

 

 

948,196

 

Other liabilities

 

81,273

 

 

95,516

 

Stockholders' equity

 

703,908

 

 

690,369

 

Total liabilities and
stockholders' equity

$

5,841,046

 

$

5,231,605

 

Net interest income

$

76,128

 

$

78,892

 

Net yield on earning assets

2.86

%

3.33

%

 
(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

$

1,323

 

$

725

 

 
 
(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

$

317

 

$

345

 

Commercial, financial, and agriculture

 

690

 

 

1,891

 

Installment loans to individuals

 

51

 

 

76

 

Time deposits

 

97

 

 

311

 

$

1,155

 

$

2,623

 

 
(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

 

 

 

Six Months Ended

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

 

 

June 30,

2021

 

June 30,

2020

Net Interest Income/Margin
Net interest income ("GAAP")

$

37,914

 

$

37,540

 

$

38,181

 

$

37,977

 

$

38,070

 

$

75,454

 

$

78,486

 

Taxable equivalent adjustment

 

343

 

 

331

 

 

333

 

 

301

 

 

217

 

 

674

 

 

406

 

Net interest income, fully taxable equivalent

$

38,257

 

$

37,871

 

$

38,514

 

$

38,278

 

$

38,287

 

$

76,128

 

$

78,892

 

 
Average interest earning assets

$

5,459,564

 

$

5,284,025

 

$

5,125,874

 

$

5,047,868

 

$

4,914,242

 

$

5,372,281

 

$

4,765,701

 

 
Net Interest Margin

 

2.81

%

 

2.91

%

 

2.99

%

 

3.02

%

 

3.13

%

 

2.86

%

 

3.33

%

Accretion related to fair value adjustments

 

-0.05

%

 

-0.04

%

 

-0.05

%

 

-0.05

%

 

-0.08

%

 

-0.04

%

 

-0.11

%

Net Interest Margin (excluding accretion)

 

2.76

%

 

2.87

%

 

2.94

%

 

2.97

%

 

3.05

%

 

2.81

%

 

3.22

%

 
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")

 

11.78

%

 

11.74

%

 

12.18

%

 

12.54

%

 

12.55

%

Effect of goodwill and other intangibles, net

 

-1.80

%

 

-1.81

%

 

-1.85

%

 

-1.93

%

 

-1.93

%

Tangible common equity to tangible assets

 

9.98

%

 

9.93

%

 

10.33

%

 

10.61

%

 

10.62

%

 
Return on Tangible Equity
Return on tangible equity ("GAAP")

 

15.2

%

 

13.5

%

 

15.3

%

 

13.8

%

 

12.6

%

 

14.3

%

 

16.6

%

Impact of sale of VISA shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

-4.8

%

Return on tangible equity, excluding sale of VISA shares

 

15.2

%

 

13.5

%

 

15.3

%

 

13.8

%

 

12.6

%

 

14.3

%

 

11.8

%

 
Return on Assets
Return on assets ("GAAP")

 

1.49

%

 

1.38

%

 

1.59

%

 

1.46

%

 

1.35

%

 

1.44

%

 

1.81

%

Impact of sale of VISA shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

0.01

%

 

-0.52

%

Return on assets, excluding sale of VISA shares

 

1.49

%

 

1.38

%

 

1.59

%

 

1.46

%

 

1.35

%

 

1.44

%

 

1.29

%

 

 

Contacts

Charles R. Hageboeck, Chief Executive Officer and President

(304) 769-1102

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