CHARLESTON, W.Va., April 26 /PRNewswire-FirstCall/ -- City Holding
Company, “the Company” (Nasdaq: CHCO), a $2.6 billion bank holding company headquartered
in Charleston, today announced net
income per diluted share for the first quarter of $0.58 compared to $0.69 per diluted share in the first quarter of
2009. Net income for the first quarter of 2010 was
$9.3 million compared to $10.9 million in the first quarter of 2009.
For the first quarter of 2010, the Company achieved a return
on assets of 1.42%, a return on tangible equity of 14.6%, a net
interest margin of 4.14%, and an efficiency ratio of 54.9%.
This compares with a return on assets of 1.70%, a return on
equity of 19.1%, a net interest margin of 4.46%, and an efficiency
ratio of 47.7% for the comparable period of 2009.
City’s CEO Charles Hageboeck
stated that, “As the U.S. economy continues to recover, City’s
results continue to be quite favorable compared to our peers in the
banking industry. Our asset quality continues to improve with
net charge-offs, non-performing assets, and past due loans all
improving as compared to December 31,
2009. This continued improvement is due to the
relative stability of the markets we do business within and our
disciplined lending model. While West Virginia’s unemployment
rate of 9.5% approximates the national unemployment rate of 9.7%
for February 2010, West Virginia‘s
foreclosure rate for January 2010 of
0.08% is well below the national average of 0.24%. City’s
most significant asset quality problems continue to be non-owner
occupied residential construction at The Greenbrier Resort in
White Sulphur Springs, West
Virginia and real estate in the Eastern Panhandle of
West Virginia, a distant part of
the Washington DC metropolitan
area. These properties account for approximately 66% of
City’s nonperforming assets at March 31,
2010. During the second quarter of 2010, a
Greenbrier property held in the
Company’s loan portfolio sold at a value that approximated the
Company’s recorded value in such property.
“City continues to maintain healthy capital, strong liquidity,
and a stable core-deposit franchise, with an asset sensitive
balance sheet that is poised to benefit from future interest rate
increases. We remain well prepared to build our company’s
future while our competitors struggle to work through liquidity and
asset quality issues. Our quarterly dividend of 34 cents per share has been maintained while many
of our peers have eliminated or significantly reduced dividends to
shareholders. City remains one of the most profitable and best
capitalized publicly traded banks in the U.S. and is well
positioned to assist our shareholders and customers through the
current difficult economic environment,” Hageboeck concluded.
Net Interest Income
The Company’s tax equivalent net interest income decreased
$1.2 million, or 4.9%, from
$25.0 million during the first
quarter of 2009 to $23.8 million
during the first quarter of 2010. This decline is due to a
decrease in interest income associated with the gain from the sale
of interest rate floors. During the third and fourth
quarters of 2008, the Company sold $450
million of interest rate floors. The $16.7 million gain from sales of these interest
rate floors is being recognized over the remaining lives of the
various hedged loans – primarily prime-based commercial and home
equity loans. During the first quarter of 2010, the Company
recognized $1.5 million of interest
income compared to $2.9 million of
interest income recognized in the first quarter of 2009 from the
interest rate floors. The Company’s reported net interest
margin decreased from 4.46% for the quarter ended March 31, 2009 to 4.14% for the quarter ended
March 31, 2010.
Credit Quality
The Company’s ratio of non-performing assets to total loans and
other real estate owned decreased from 1.43% at December 31, 2009 to 1.39% at March 31, 2010. The Company’s ratio of
non-performing assets to total loans and other real estate owned
compares very favorably to peers. The Company’s non-performing
asset ratio of 1.39% at March 31,
2010 is only 25% of the 5.57% non-performing asset ratio
reported by the Company’s peer group (bank holding companies with
total assets between $1 and $5
billion) as of the most recently reported quarter ended
December 31, 2009.
Past due loans decreased modestly from $8.5 million at December
31, 2009 to $7.2 million or
0.40% of total loans outstanding at March
31, 2010. Past due commercial, financial, and
agriculture loans were $0.5 million
or 0.07% of loans outstanding at March 31,
2010; past due residential real estate loans were
$3.8 million or 0.64% of loans
outstanding at March 31, 2010; and
past due home equity loans were $1.8
million or 0.46% of loans outstanding at March 31, 2010.
The Company had net charge-offs of $0.8
million for the first quarter of 2010. Net charge-offs on
commercial and residential loans were $0.4 and $0.4
million, respectively, for the first quarter. In
addition, net charge-offs for depository accounts were $0.1 million for the first quarter of 2010.
While charge-offs on depository accounts are appropriately
taken against the ALLL, the revenue associated with depository
accounts is reflected in service charges.
At March 31, 2010, the Allowance
for Loan Losses (“ALLL”) was $19.0
million or 1.05% of total loans outstanding and 133% of
non-performing loans compared to $22.0
million or 1.23% of loans outstanding and 107% of
non-performing loans at March 31,
2009, and $18.7 million or
1.04% of loans outstanding and 133% of non-performing loans at
December 31, 2009.
As a result of the Company’s quarterly analysis of the adequacy
of the ALLL, the Company recorded a provision for loan losses of
$1.1 million in the first quarter of
2010 compared to $1.7 million for the
comparable period in 2009. The provision for loan losses
recorded during the first quarter of 2010 reflects the decrease in
commercial charge-offs during the quarter. Changes in the
amount of the provision and related allowance are based on the
Company’s detailed systematic methodology and are directionally
consistent with changes in the composition and quality of the
Company’s loan portfolio. The Company believes its methodology for
determining the adequacy of its ALLL adequately provides for
probable losses inherent in the loan portfolio and produces a
provision and allowance for loan losses that is directionally
consistent with changes in asset quality and loss experience.
Impairment Losses
During the first quarter of 2010, the Company recorded
$1.7 million of credit-related net
investment impairment losses. The charges deemed to be other
than temporary were related to pooled bank trust preferreds
($0.8 million credit-related net
impairment losses) with a remaining book value of $6.8 million at March 31,
2010, single issuer bank trust preferreds ($0.6 million credit-related net impairment
losses) with a remaining book value of $87.2
million at March 31, 2010, and
community bank and bank holding company equity positions
($0.3 million credit-related net
impairment losses) with remaining book value of $5.4 million at March 31,
2010. The credit-related net impairment charges
related to the pooled bank trust preferred securities and single
issuer bank trust preferred securities (Cascade Capital Trust I
issued by Cascade Financial Corporation of Everett, Washington) were based on the
Company’s quarterly reviews of its investment securities for
indications of losses considered to be other than temporary.
Based on management’s assessment of the securities the
Company owns, the seniority position of the securities within the
pools, the level of defaults and deferred payments within the
pools, and a review of the financial strength of the banks within
the respective pools, management concluded that credit-related net
impairment charges of $0.8 million
and $0.6 million on the pooled bank
trust preferred securities and single issuer bank trust preferred
securities, respectively, were appropriate for the quarter ended
March 31, 2010. The
credit-related net impairment charges of $0.3 million related to the Company’s equity
position in First United Corporation of Oakland, Maryland. The Company impaired
this equity position due to the length of time and extent to which
the market value of this security has been below the Company’s cost
basis in this equity security.
Non-interest Income
Exclusive of net other-than-temporary investment impairment
losses, non-interest income decreased $0.7
million to $13.8 million in the first quarter of 2010 as
compared to $14.5 million in the
first quarter of 2009. Insurance commissions revenues
decreased $0.5 million, or 27.7%,
from $1.9 million during the first
quarter of 2009 to $1.4 million
during the first quarter of 2010 due to decreased contingency
payments. Additionally, service charges from depository
accounts decreased $0.2 million, or
2.0%, to $10.2 million in the first
quarter of 2010.
Non-interest Expenses
Non-interest expenses increased $1.7
million from $18.8 million in
the first quarter of 2009 to $20.5
million in the first quarter of 2010. Insurance and
regulatory expense increased $0.8
million, or 215.7%, from the quarter ended March 31, 2009 primarily as a result of the
Company fully utilizing its FDIC credits and increases in the
assessment rates during 2009. In addition, repossessed asset
losses increased $0.8 million
primarily due to the write down of a foreclosed property located in
the northern panhandle of West
Virginia. This write-down was due to the results of an
updated appraisal obtained on this property. The Company
continually reevaluates the recorded value of properties that it
has repossessed by obtaining updated appraisals on at least an
annual basis. As a result of this write down, this foreclosed
property is now valued at approximately one-half of its original
cost.
Balance Sheet Trends
As compared to December 31, 2009,
loans have increased $9.4 million
(0.5%) at March 31, 2010 due to
increases in commercial loans of $9.2
million (1.2%) and residential real estate loans of
$1.8 million (0.3%). These
decreases were partially offset by decreases in installment loans
of $0.6 million (1.5%) and previously
securitized loans of $0.6 million
(33.0%).
Total average depository balances increased $24.9 million, or 1.2%, from the quarter ended
December 31, 2009 to the quarter
ended March 31, 2010. This
growth was primarily in interest-bearing deposits and
noninterest-bearing deposits, which have increased $21.6 million and $10.1
million, respectively. These increases were partially
offset by a decrease of $10.0 in time
deposits.
Income Tax Expense
The Company’s effective income tax rate for the first quarter of
2010 was 33.4% compared to 32.5% for the year ended December 31, 2009, and 34.6% for the quarter
ended March 31, 2009. The
effective rate is based upon the Company’s expected tax rate for
the year ending December 31,
2010.
Capitalization and Liquidity
One of the Company’s strengths is that it is highly profitable
while maintaining strong liquidity and capital. With respect
to liquidity, the Company’s loan to deposit ratio was 81.8% and the
loan to asset ratio was 67.8% at March 31,
2010. The Company maintained investment securities
totaling 20.9% of assets as of this date. Further, the
Company’s deposit mix is weighted heavily toward checking and
saving accounts that fund 45.4% of assets at March 31, 2010. Time deposits fund 37.5% of
assets at March 31, 2010, but very
few of these deposits are in accounts that have balances of more
than $150,000, reflecting the core
retail orientation of the Company.
The Company is also strongly capitalized. The Company’s tangible
equity ratio remained at 9.8% at both March
31, 2010 and December 31,
2009. At March 31, 2010,
City National Bank’s Leverage Ratio is 8.82%, its Tier I Capital
ratio is 11.80%, and its Total Risk-Based Capital ratio is 12.80%.
These regulatory capital ratios are significantly above
levels required to be considered “well capitalized,” which is the
highest possible regulatory designation. Further, the Company
has not achieved strong bank capital through the excessive issuance
of trust preferred debt by the bank holding company or by
participation in the Troubled Asset Relief Program (“TARP”).
On March 31, 2010, the Board
approved a quarterly cash dividend to 34
cents per share payable April 30,
2010, to shareholders of record as of April 15, 2010. During the quarter ended
March 31, 2010, the Company
repurchased 84,015 common shares at a weighted average price of
$31.01 as part of a one million share
repurchase plan authorized by the Board of Directors in
October 2009.
City Holding Company is the parent company of City National Bank
of West Virginia. City
National operates 67 branches across West
Virginia, Eastern Kentucky
and Southern 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. Such
information involves risks and uncertainties that could result in
the Company's actual results differing from those projected in the
forward-looking statements. Important factors that could cause
actual results to differ materially from those discussed in such
forward-looking statements include, but are not limited to, (1) the
Company may incur additional loan loss provision due to negative
credit quality trends in the future that may lead to a
deterioration of asset quality; (2) the Company may incur increased
charge-offs in the future; (3) the Company may experience increases
in the default rates on previously securitized loans that would
result in impairment losses or lower the yield on such loans; (4)
the Company may not continue to benefit from strong recovery
efforts on previously securitized loans resulting in improved
yields on these assets; (5) the Company could have adverse
legal actions of a material nature; (6) the Company may face
competitive loss of customers; (7) the Company may be unable to
manage its expense levels; (8) the Company may have difficulty
retaining key employees; (9) changes in the interest rate
environment may have results on the Company’s operations materially
different from those anticipated by the Company’s market risk
management functions; (10) changes in general economic conditions
and increased competition could adversely affect the Company’s
operating results; (11) changes in other regulations and government
policies affecting bank holding companies and their subsidiaries,
including changes in monetary policies, could negatively impact the
Company’s operating results; (12) the Company may experience
difficulties growing loan and deposit balances; (13) the current
economic environment poses significant challenges for us and could
adversely affect our financial condition and results of
operations; (14) continued 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 resulting in either actual losses or other than
temporary impairments on such investments; and (15)
the United States
government’s plan to purchase large amounts of illiquid,
mortgage-backed and other securities from financial institutions
may not be effective and/or it may not be available to us.
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.
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Financial Highlights
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Percent
|
|
|
2010
|
2009
|
Change
|
|
|
|
|
|
|
Earnings ($000s, except per share
data):
|
|
|
|
|
Net Interest
Income (FTE)
|
$
23,746
|
$
24,974
|
(4.92)%
|
|
Net Income
available to common shareholders
|
9,313
|
10,924
|
(14.75)%
|
|
Earnings per Basic
Share
|
0.59
|
0.69
|
(14.49)%
|
|
Earnings per
Diluted Share
|
0.58
|
0.69
|
(15.94)%
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios (percent):
|
|
|
|
|
Return on Average
Assets
|
1.42%
|
1.70%
|
(16.68)%
|
|
Return on Average
Tangible Equity
|
14.57%
|
19.10%
|
(23.69)%
|
|
Net Interest
Margin
|
4.14%
|
4.46%
|
(7.13)%
|
|
Efficiency
Ratio
|
54.87%
|
47.67%
|
13.82%
|
|
Average
Shareholders' Equity to Average Assets
|
11.87%
|
11.12%
|
6.72%
|
|
|
|
|
|
|
Consolidated Risk Based Capital Ratios
(a):
|
|
|
|
|
Tier I
|
13.67%
|
12.33%
|
10.87%
|
|
Total
|
14.65%
|
13.49%
|
8.60%
|
|
|
|
|
|
|
Tangible Equity to Tangible
Assets
|
9.79%
|
8.99%
|
8.98%
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Data:
|
|
|
|
|
Cash Dividends
Declared per Share
|
$
0.34
|
$
0.34
|
-
|
|
Book Value per
Share
|
19.71
|
17.87
|
10.29%
|
|
Tangible Book
Value per Share
|
16.11
|
14.27
|
12.93%
|
|
Market Value per
Share:
|
|
|
|
|
High
|
34.92
|
33.41
|
4.52%
|
|
Low
|
30.37
|
20.88
|
45.45%
|
|
End of
Period
|
34.29
|
26.68
|
28.52%
|
|
|
|
|
|
|
Price/Earnings
Ratio (b)
|
14.53
|
9.67
|
50.31%
|
|
|
|
|
|
|
|
|
|
|
|
(a) March 31, 2010 risk-based capital
ratios are estimated
|
|
(b) March 31, 2010 price/earnings
ratio computed based on annualized first quarter 2010
earnings
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Financial Highlights
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value and Market Price Range per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Price
|
|
|
Book Value per
Share
|
Range per
Share
|
|
|
March
31
|
June
30
|
September
30
|
December
31
|
Low
|
High
|
|
|
|
|
|
|
|
|
|
2006
|
$
16.17
|
$ 16.17
|
$
16.99
|
$
17.46
|
$
34.53
|
$ 41.87
|
|
2007
|
17.62
|
17.40
|
17.68
|
18.14
|
31.16
|
41.54
|
|
2008
|
18.92
|
18.72
|
17.61
|
17.58
|
29.08
|
42.88
|
|
2009
|
17.69
|
18.24
|
18.95
|
19.40
|
20.88
|
34.34
|
|
2010
|
19.71
|
|
|
|
30.37
|
34.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Basic
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March
31
|
June
30
|
September
30
|
December
31
|
Year-to-Date
|
|
|
|
|
|
|
|
|
|
|
2006
|
$
0.71
|
$
0.78
|
$
0.78
|
$
0.74
|
$
3.00
|
|
|
2007
|
0.76
|
0.72
|
0.76
|
0.78
|
3.02
|
|
|
2008
|
0.81
|
0.83
|
(0.16)
|
0.26
|
1.74
|
|
|
2009
|
0.69
|
0.64
|
0.66
|
0.70
|
2.69
|
|
|
2010
|
0.59
|
|
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Diluted
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March
31
|
June
30
|
September
30
|
December
31
|
Year-to-Date
|
|
|
|
|
|
|
|
|
|
|
2006
|
$
0.71
|
$
0.77
|
$
0.77
|
$
0.74
|
$
2.99
|
|
|
2007
|
0.76
|
0.72
|
0.76
|
0.78
|
3.01
|
|
|
2008
|
0.80
|
0.83
|
(0.16)
|
0.26
|
1.74
|
|
|
2009
|
0.69
|
0.64
|
0.66
|
0.70
|
2.68
|
|
|
2010
|
0.58
|
|
|
|
0.58
|
|
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Consolidated Statements of
Income
|
|
(Unaudited) ($ in 000s, except per
share data)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
Interest and fees
on loans
|
$
24,854
|
|
$
28,058
|
|
Interest on
investment securities:
|
|
|
|
|
Taxable
|
5,611
|
|
6,062
|
|
Tax-exempt
|
470
|
|
409
|
|
Interest on
deposits in depository institutions
|
-
|
|
5
|
|
Total Interest
Income
|
30,935
|
|
34,534
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
Interest on
deposits
|
7,184
|
|
9,373
|
|
Interest on
short-term borrowings
|
100
|
|
153
|
|
Interest on
long-term debt
|
160
|
|
254
|
|
Total Interest
Expense
|
7,444
|
|
9,780
|
|
Net Interest
Income
|
23,491
|
|
24,754
|
|
Provision for loan losses
|
1,080
|
|
1,650
|
|
Net Interest
Income After Provision for Loan Losses
|
22,411
|
|
23,104
|
|
|
|
|
|
|
Non-Interest Income
|
|
|
|
|
Total investment
securities impairment losses
|
(3,203)
|
|
(2,157)
|
|
Noncredit
impairment losses recognized in other comprehensive
income
|
1,552
|
|
-
|
|
Net investment
securities impairment losses
|
(1,651)
|
|
(2,157)
|
|
Gain on sale of
investment securities
|
-
|
|
82
|
|
Service
charges
|
10,228
|
|
10,435
|
|
Insurance
commissions
|
1,397
|
|
1,933
|
|
Trust and
investment management fee income
|
862
|
|
707
|
|
Bank owned life
insurance
|
728
|
|
732
|
|
Other
income
|
548
|
|
701
|
|
Total Non-Interest
Income
|
12,112
|
|
12,433
|
|
|
|
|
|
|
Non-Interest Expense
|
|
|
|
|
Salaries and
employee benefits
|
9,749
|
|
9,583
|
|
Occupancy and
equipment
|
2,045
|
|
1,909
|
|
Depreciation
|
1,218
|
|
1,211
|
|
Professional
fees
|
363
|
|
453
|
|
Postage, delivery,
and statement mailings
|
609
|
|
718
|
|
Advertising
|
913
|
|
863
|
|
Telecommunications
|
451
|
|
420
|
|
Bankcard
expenses
|
476
|
|
648
|
|
Insurance and
regulatory
|
1,187
|
|
376
|
|
Office
supplies
|
493
|
|
531
|
|
Repossessed asset
losses, net of expenses
|
946
|
|
129
|
|
Other
expenses
|
2,101
|
|
1,993
|
|
Total Non-Interest
Expense
|
20,551
|
|
18,834
|
|
Income Before
Income Taxes
|
13,972
|
|
16,703
|
|
Income tax expense
|
4,659
|
|
5,779
|
|
Net Income
Available to Common Shareholders
|
$
9,313
|
|
$
10,924
|
|
|
|
|
|
|
Basic earnings per common
share
|
$
0.59
|
|
$
0.69
|
|
Diluted earnings per common
share
|
$
0.58
|
|
$
0.69
|
|
Average Common Shares
Outstanding:
|
|
|
|
|
Basic
|
15,793
|
|
15,921
|
|
Diluted
|
15,851
|
|
15,933
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Consolidated Statements of Changes in
Stockholders' Equity
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
|
Balance at January 1
|
$
307,735
|
$
284,296
|
|
|
|
|
|
Net
income
|
9,313
|
10,924
|
|
Other
comprehensive income:
|
|
|
|
Change in
unrealized gain (loss) on securities available-for-sale
|
3,136
|
(2,616)
|
|
Change in
underfunded pension liability
|
-
|
-
|
|
Change in
unrealized (loss) on interest rate floors
|
(912)
|
(1,786)
|
|
Cash dividends
declared ($0.34/share)
|
(5,373)
|
(5,410)
|
|
Issuance of stock
award shares, net
|
371
|
275
|
|
Exercise of 200
stock options
|
3
|
-
|
|
Exercise of 300
stock options
|
-
|
3
|
|
Purchase of 84,015
common shares of treasury
|
(2,605)
|
-
|
|
Purchase of 49,363
common shares of treasury
|
-
|
(1,242)
|
|
Balance at March 31
|
$
311,668
|
$
284,444
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Condensed Consolidated Quarterly
Statements of Income
|
|
(Unaudited) ($ in 000s, except per
share data)
|
|
|
|
|
Quarter
Ended
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Interest income
|
$
30,935
|
$
31,887
|
$
32,651
|
$
32,964
|
$
34,534
|
|
Taxable equivalent
adjustment
|
255
|
234
|
236
|
219
|
220
|
|
Interest income (FTE)
|
31,190
|
32,121
|
32,887
|
33,183
|
34,754
|
|
Interest expense
|
7,444
|
8,302
|
8,995
|
9,526
|
9,780
|
|
Net interest income
|
23,746
|
23,819
|
23,892
|
23,657
|
24,974
|
|
Provision for loan losses
|
1,080
|
1,575
|
1,675
|
2,150
|
1,650
|
|
Net interest income after
provision
|
|
|
|
|
|
|
for loan
losses
|
22,666
|
22,244
|
22,217
|
21,507
|
23,324
|
|
|
|
|
|
|
|
|
Noninterest income
|
12,112
|
12,923
|
12,340
|
14,287
|
12,433
|
|
Noninterest expense
|
20,551
|
19,216
|
18,802
|
20,336
|
18,834
|
|
Income before income taxes
|
14,227
|
15,951
|
15,755
|
15,458
|
16,923
|
|
Income tax expense
|
4,659
|
4,639
|
5,022
|
5,093
|
5,779
|
|
Taxable equivalent
adjustment
|
255
|
234
|
236
|
219
|
220
|
|
Net income available to common
shareholders
|
$
9,313
|
$
11,078
|
$
10,497
|
$
10,146
|
$
10,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$
0.59
|
$
0.70
|
$
0.66
|
$
0.64
|
$
0.69
|
|
Diluted earnings per common
share
|
0.58
|
0.70
|
0.66
|
0.64
|
0.69
|
|
Cash dividends declared per
share
|
0.34
|
0.34
|
0.34
|
0.34
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Share
(000s):
|
|
|
|
|
|
|
Outstanding
|
15,793
|
15,838
|
15,893
|
15,908
|
15,921
|
|
Diluted
|
15,851
|
15,897
|
15,952
|
15,949
|
15,933
|
|
|
|
|
|
|
|
|
Net Interest Margin
|
4.14%
|
4.07%
|
4.09%
|
4.12%
|
4.46%
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Non-Interest Income and Non-Interest
Expense
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
Quarter
Ended
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
Service
charges
|
$
10,228
|
$
11,628
|
$
11,689
|
$
11,261
|
$
10,435
|
|
Insurance
commissions
|
1,397
|
1,110
|
1,208
|
1,325
|
1,933
|
|
Trust and
investment management fee income
|
862
|
549
|
590
|
497
|
707
|
|
Bank owned life
insurance
|
728
|
753
|
794
|
992
|
732
|
|
Other
income
|
548
|
320
|
379
|
544
|
701
|
|
Subtotal
|
13,763
|
14,360
|
14,660
|
14,619
|
14,508
|
|
Investment
securities (losses)
|
-
|
(1,437)
|
(2,320)
|
(332)
|
(2,075)
|
|
Total Non-Interest
Income
|
$
13,763
|
$
12,923
|
$
12,340
|
$
14,287
|
$
12,433
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
Salaries and
employee benefits
|
$
9,749
|
$
8,523
|
$
9,623
|
$
9,797
|
$
9,583
|
|
Occupancy and
equipment
|
2,045
|
1,947
|
1,953
|
1,880
|
1,909
|
|
Depreciation
|
1,218
|
1,180
|
1,171
|
1,184
|
1,211
|
|
Professional
fees
|
363
|
439
|
216
|
397
|
453
|
|
Postage, delivery,
and statement mailings
|
609
|
573
|
611
|
698
|
718
|
|
Advertising
|
913
|
830
|
883
|
927
|
863
|
|
Telecommunications
|
451
|
455
|
476
|
514
|
420
|
|
Bankcard
expenses
|
476
|
570
|
695
|
686
|
648
|
|
Insurance and
regulatory
|
1,187
|
1,014
|
411
|
1,578
|
376
|
|
Office
supplies
|
493
|
484
|
520
|
470
|
531
|
|
Repossessed asset
losses, net of expenses
|
946
|
321
|
136
|
86
|
129
|
|
Other
expenses
|
2,101
|
2,880
|
2,107
|
2,119
|
1,993
|
|
Total Non-Interest
Expense
|
$
20,551
|
$
19,216
|
$
18,802
|
$
20,336
|
$
18,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees (Full Time
Equivalent)
|
815
|
809
|
814
|
831
|
830
|
|
Branch Locations
|
67
|
67
|
68
|
69
|
69
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Consolidated Balance
Sheets
|
|
($ in 000s)
|
|
|
March
31
|
December
31
|
|
|
2010
|
2009
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Cash and due from banks
|
$
43,309
|
$
59,116
|
|
Interest-bearing deposits in
depository institutions
|
5,055
|
3,519
|
|
Cash and cash
equivalents
|
48,364
|
62,635
|
|
|
|
|
|
Investment securities
available-for-sale, at fair value
|
528,325
|
485,767
|
|
Investment securities
held-to-maturity, at amortized cost
|
27,244
|
28,164
|
|
Total investment
securities
|
555,569
|
513,931
|
|
|
|
|
|
Gross loans
|
1,801,840
|
1,792,434
|
|
Allowance for loan losses
|
(18,982)
|
(18,687)
|
|
Net
loans
|
1,782,858
|
1,773,747
|
|
|
|
|
|
Bank owned life insurance
|
74,116
|
73,388
|
|
Premises and equipment
|
64,188
|
64,193
|
|
Accrued interest receivable
|
8,623
|
7,969
|
|
Net deferred tax assets
|
28,331
|
29,480
|
|
Intangible assets
|
56,900
|
57,010
|
|
Other assets
|
39,219
|
40,121
|
|
Total
Assets
|
$
2,658,168
|
$
2,622,474
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits:
|
|
|
|
Noninterest-bearing
|
$
337,180
|
$
328,440
|
|
Interest-bearing:
|
|
|
|
Demand
deposits
|
477,722
|
457,293
|
|
Savings
deposits
|
391,383
|
379,893
|
|
Time
deposits
|
996,214
|
998,096
|
|
Total
deposits
|
2,202,499
|
2,163,722
|
|
Short-term borrowings
|
107,783
|
118,329
|
|
Long-term debt
|
16,937
|
16,959
|
|
Other liabilities
|
19,281
|
15,729
|
|
Total
Liabilities
|
2,346,500
|
2,314,739
|
|
|
|
|
|
Stockholders' 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;
|
|
|
|
18,499,282 shares issued
at March 31, 2010 and December 31, 2009
|
|
|
|
less 2,686,427 and
2,616,161 shares in treasury, respectively
|
46,249
|
46,249
|
|
Capital surplus
|
101,699
|
101,750
|
|
Retained earnings
|
257,107
|
253,167
|
|
Cost of common stock in
treasury
|
(93,057)
|
(90,877)
|
|
Accumulated other comprehensive
(loss):
|
|
|
|
Unrealized
gain/(loss) on securities available-for-sale
|
1,256
|
(1,880)
|
|
Unrealized gain on
derivative instruments
|
2,151
|
3,063
|
|
Underfunded
pension liability
|
(3,737)
|
(3,737)
|
|
Total Accumulated
Other Comprehensive (Loss)
|
(330)
|
(2,554)
|
|
Total
Stockholders' Equity
|
311,668
|
307,735
|
|
Total Liabilities
and Stockholders' Equity
|
$
2,658,168
|
$
2,622,474
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Investment Portfolio
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
|
|
Other Than
|
|
|
|
|
|
|
|
|
Temporary
Credit
|
|
|
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
|
Charges
through
|
|
Unrealized
Gains
|
|
|
|
|
Original
Cost
|
|
March 31,
2010
|
|
(Losses)
|
|
Carrying
Value
|
|
|
|
|
|
|
|
|
|
|
Mortgage Backed Securities
|
280,790
|
|
-
|
|
8,902
|
|
289,692
|
|
Municipal Bonds
|
54,460
|
|
-
|
|
710
|
|
55,170
|
|
Pooled Bank Trust
Preferreds
|
29,615
|
|
(18,223)
|
|
(4,576)
|
|
6,817
|
|
Single Issuer Bank Trust
Preferreds,
|
|
|
|
|
|
|
|
|
Subdebt of
Financial Institutions, and
|
|
|
|
|
|
|
|
|
Bank Holding
Company Preferred Stocks
|
106,986
|
|
(1,638)
|
|
36
|
|
105,384
|
|
Money Markets and Mutual
Funds
|
80,173
|
|
-
|
|
(10)
|
|
80,164
|
|
Federal Reserve Bank and FHLB
stock
|
12,942
|
|
-
|
|
-
|
|
12,942
|
|
Community Bank Equity
Positions
|
10,089
|
|
(1,749)
|
|
(2,939)
|
|
5,401
|
|
Total
Investments
|
$
575,055
|
|
$
(21,610)
|
|
$
2,124
|
|
$
555,569
|
|
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Loan Portfolio
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Residential real estate
|
$ 597,429
|
$
595,678
|
$
590,653
|
$ 596,925
|
$ 599,692
|
|
Home equity
|
398,443
|
398,752
|
396,648
|
392,751
|
389,453
|
|
Commercial, financial, and
agriculture
|
761,223
|
752,052
|
762,194
|
747,886
|
753,234
|
|
Installment loans to
individuals
|
43,597
|
44,239
|
45,309
|
45,550
|
45,175
|
|
Previously securitized
loans
|
1,148
|
1,713
|
2,580
|
3,223
|
3,754
|
|
Gross
Loans
|
$ 1,801,840
|
$ 1,792,434
|
$
1,797,384
|
$ 1,786,335
|
$ 1,791,308
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Previously Securitized
Loans
|
|
(Unaudited) ($ in
millions)
|
|
|
|
Annualized
|
Effective
|
|
|
December
31
|
Interest
|
Annualized
|
|
Year
Ended:
|
Balance
(a)
|
Income
(a)
|
Yield
(a)
|
|
|
|
|
|
|
2009
|
$
1.7
|
$
5.6
|
108%
|
|
2010
|
0.9
|
2.9
|
219%
|
|
2011
|
0.7
|
1.7
|
219%
|
|
2012
|
0.5
|
1.3
|
219%
|
|
2013
|
0.3
|
0.8
|
219%
|
|
|
|
a - 2008 and 2009 amounts are
based on actual results. 2010 amounts are based on actual
results through March 31, 2010 and estimated amounts for the
remainder of the year. 2011, 2012, and 2013 amounts are based
on estimated amounts.
Note: The amounts reflected in
the table above require management to make significant assumptions
based on estimated future default, prepayment, and discount rates.
Actual performance could be significantly different from that
assumed, which could result in the actual results being materially
different from the amounts estimated above.
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Consolidated Average Balance Sheets,
Yields, and Rates
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
|
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Loan portfolio:
|
|
|
|
|
|
|
|
Residential real
estate
|
$
592,935
|
$
7,895
|
5.40%
|
$
603,767
|
$
8,781
|
5.90%
|
|
Home
equity
|
397,690
|
5,358
|
5.46%
|
386,653
|
6,143
|
6.44%
|
|
Commercial,
financial, and agriculture
|
753,548
|
9,910
|
5.33%
|
756,201
|
10,875
|
5.83%
|
|
Installment loans
to individuals
|
47,520
|
913
|
7.79%
|
47,566
|
1,118
|
9.53%
|
|
Previously
securitized loans
|
1,441
|
779
|
219.24%
|
3,867
|
1,141
|
119.66%
|
|
Total loans
|
1,793,134
|
24,855
|
5.62%
|
1,798,054
|
28,058
|
6.33%
|
|
Securities:
|
|
|
|
|
|
|
|
Taxable
|
477,632
|
5,611
|
4.76%
|
430,734
|
6,062
|
5.71%
|
|
Tax-exempt
|
49,635
|
724
|
5.92%
|
37,558
|
629
|
6.79%
|
|
Total
securities
|
527,267
|
6,335
|
4.87%
|
468,292
|
6,691
|
5.79%
|
|
Deposits in depository
institutions
|
4,773
|
-
|
0.00%
|
4,826
|
5
|
0.42%
|
|
Total
interest-earning assets
|
2,325,174
|
31,190
|
5.44%
|
2,271,172
|
34,754
|
6.21%
|
|
Cash and due from banks
|
54,639
|
|
|
52,410
|
|
|
|
Bank premises and equipment
|
64,116
|
|
|
60,813
|
|
|
|
Other assets
|
207,817
|
|
|
211,000
|
|
|
|
Less:
Allowance for loan losses
|
(19,108)
|
|
|
(22,564)
|
|
|
|
Total
assets
|
$
2,632,638
|
|
|
$
2,572,831
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
456,969
|
350
|
0.31%
|
416,695
|
463
|
0.45%
|
|
Savings deposits
|
381,900
|
282
|
0.30%
|
360,740
|
507
|
0.57%
|
|
Time deposits
|
999,661
|
6,552
|
2.66%
|
982,947
|
8,403
|
3.47%
|
|
Short-term borrowings
|
110,163
|
100
|
0.37%
|
147,510
|
153
|
0.42%
|
|
Long-term debt
|
16,944
|
160
|
3.83%
|
19,032
|
254
|
5.41%
|
|
Total interest-bearing
liabilities
|
1,965,637
|
7,444
|
1.54%
|
1,926,924
|
9,780
|
2.06%
|
|
Noninterest-bearing demand
deposits
|
341,132
|
|
|
324,333
|
|
|
|
Other liabilities
|
13,343
|
|
|
35,392
|
|
|
|
Stockholders' equity
|
312,526
|
|
|
286,182
|
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
stockholders'
equity
|
$
2,632,638
|
|
|
$
2,572,831
|
|
|
|
Net interest
income
|
|
$
23,746
|
|
|
$
24,974
|
|
|
Net yield on
earning assets
|
|
|
4.14%
|
|
|
4.46%
|
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Analysis of Risk-Based
Capital
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
(a)
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Tier I Capital:
|
|
|
|
|
|
|
Stockholders'
equity
|
$
311,668
|
$
307,735
|
$
303,973
|
$
294,584
|
$
284,444
|
|
Goodwill and other
intangibles
|
(56,705)
|
(56,810)
|
(56,928)
|
(57,046)
|
(57,165)
|
|
Accumulated other
comprehensive loss (income)
|
330
|
2,554
|
(330)
|
5,970
|
10,844
|
|
Qualifying trust
preferred stock
|
16,000
|
16,000
|
16,000
|
16,000
|
16,000
|
|
Unrealized Loss on
AFS securities
|
(2,950)
|
(3,531)
|
(2,355)
|
(4,146)
|
(4,111)
|
|
Excess deferred
tax assets
|
(3,827)
|
(3,412)
|
(10,105)
|
(14,804)
|
(15,796)
|
|
Total tier I capital
|
$
264,516
|
$
262,536
|
$
250,255
|
$
240,558
|
$
234,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based Capital:
|
|
|
|
|
|
|
Tier I
capital
|
$
264,516
|
$
262,536
|
$
250,255
|
$
240,558
|
$
234,215
|
|
Qualifying
allowance for loan losses
|
18,982
|
18,687
|
19,655
|
20,975
|
21,980
|
|
Total risk-based capital
|
$
283,498
|
$
281,223
|
$
269,910
|
$
261,533
|
$
256,195
|
|
|
|
|
|
|
|
|
Net risk-weighted assets
|
$
1,935,071
|
$
1,926,824
|
$
1,919,093
|
$
1,910,831
|
$
1,899,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
Average
stockholders' equity to average assets
|
11.87%
|
11.70%
|
11.33%
|
11.00%
|
11.12%
|
|
Tangible capital
ratio
|
9.79%
|
9.77%
|
9.62%
|
9.11%
|
8.87%
|
|
Risk-based capital
ratios:
|
|
|
|
|
|
|
Tier I
capital
|
13.67%
|
13.63%
|
13.04%
|
12.59%
|
12.33%
|
|
Total risk-based
capital
|
14.65%
|
14.60%
|
14.06%
|
13.69%
|
13.49%
|
|
Leverage
capital
|
10.28%
|
10.23%
|
9.79%
|
9.47%
|
9.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) March 31, 2010 risk-based
capital ratios are estimated
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Intangibles
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
As of and for the
Quarter Ended
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Intangibles, net
|
$
56,900
|
$
57,010
|
$
57,127
|
$
57,244
|
$
57,362
|
|
Intangibles amortization
expense
|
110
|
117
|
117
|
118
|
117
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Summary of Loan Loss
Experience
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
Quarter
Ended
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
18,687
|
$
19,655
|
$
20,975
|
$
21,980
|
$
22,254
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
Commercial,
financial, and agricultural
|
361
|
1,821
|
2,117
|
2,332
|
1,479
|
|
Real
estate-mortgage
|
423
|
448
|
567
|
507
|
394
|
|
Installment loans
to individuals
|
26
|
87
|
36
|
73
|
69
|
|
Overdraft deposit
accounts
|
550
|
737
|
795
|
690
|
664
|
|
Total
charge-offs
|
1,360
|
3,093
|
3,515
|
3,602
|
2,606
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
Commercial,
financial, and agricultural
|
9
|
88
|
27
|
91
|
29
|
|
Real
estate-mortgage
|
23
|
31
|
19
|
(9)
|
81
|
|
Installment loans
to individuals
|
50
|
37
|
95
|
35
|
55
|
|
Overdraft deposit
accounts
|
493
|
394
|
379
|
330
|
517
|
|
Total
recoveries
|
575
|
550
|
520
|
447
|
682
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
785
|
2,543
|
2,995
|
3,155
|
1,924
|
|
Provision for loan losses
|
1,080
|
1,575
|
1,675
|
2,150
|
1,650
|
|
Balance at end of
period
|
$
18,982
|
$
18,687
|
$
19,655
|
$
20,975
|
$
21,980
|
|
|
|
|
|
|
|
|
Loans outstanding
|
$
1,801,840
|
$
1,792,434
|
$
1,797,384
|
$
1,786,335
|
$
1,791,308
|
|
Average loans outstanding
|
1,793,134
|
1,792,759
|
1,803,611
|
1,794,022
|
1,798,054
|
|
Allowance as a percent of loans
outstanding
|
1.05%
|
1.04%
|
1.09%
|
1.17%
|
1.23%
|
|
Allowance as a percent of
non-performing loans
|
132.62%
|
133.06%
|
118.88%
|
96.80%
|
107.44%
|
|
Net
charge-offs (annualized) as a percent of average loans
outstanding
|
0.18%
|
0.57%
|
0.66%
|
0.70%
|
0.43%
|
|
Net
charge-offs, excluding overdraft deposit accounts, (annualized) as
a percent of average loans outstanding
|
0.16%
|
0.49%
|
0.57%
|
0.62%
|
0.40%
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Summary of Non-Performing
Assets
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
14,008
|
$
13,583
|
$
16,423
|
$
20,956
|
$
20,007
|
|
Accruing loans past due 90 days or
more
|
305
|
382
|
98
|
680
|
386
|
|
Previously securitized loans past due
90 days or more
|
-
|
79
|
12
|
32
|
64
|
|
Total
non-performing loans
|
14,313
|
14,044
|
16,533
|
21,668
|
20,457
|
|
Other real estate owned, excluding
property associated
|
|
|
|
|
|
|
with previously
securitized loans
|
10,800
|
11,729
|
12,323
|
9,840
|
6,686
|
|
Other real estate owned associated
with previously
|
|
|
|
|
|
|
securitized
loans
|
-
|
-
|
-
|
189
|
374
|
|
Other real estate
owned
|
10,800
|
11,729
|
12,323
|
10,029
|
7,060
|
|
Total
non-performing assets
|
$
25,113
|
$
25,773
|
$
28,856
|
$
31,697
|
$
27,517
|
|
|
|
|
|
|
|
|
Non-performing assets as a percent of
loans and
|
|
|
|
|
|
|
other real estate
owned
|
1.39%
|
1.43%
|
1.59%
|
1.76%
|
1.53%
|
|
|
|
|
|
|
|
CITY HOLDING COMPANY AND
SUBSIDIARIES
|
|
Summary of Total Past Due
Loans
|
|
(Unaudited) ($ in 000s)
|
|
|
|
|
March
31
|
December
31
|
September
30
|
June
30
|
March
31
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Residential real estate
|
$
3,850
|
$
3,830
|
$
3,167
|
$
5,029
|
$
5,882
|
|
Home equity
|
1,818
|
2,396
|
1,718
|
2,019
|
1,454
|
|
Commercial, financial, and
agriculture
|
498
|
601
|
545
|
1,754
|
2,044
|
|
Installment loans to
individuals
|
133
|
172
|
185
|
118
|
192
|
|
Previously securitized
loans
|
539
|
1,023
|
1,054
|
878
|
818
|
|
Overdraft deposit accounts
|
326
|
461
|
510
|
526
|
410
|
|
Total past due
loans
|
$
7,164
|
$
8,483
|
$
7,179
|
$
10,324
|
$
10,800
|
|
|
|
|
|
|
|
SOURCE City Holding Company