City Holding Company, “the Company” (NASDAQ:CHCO), a $3.7
billion bank holding company headquartered in Charleston, today
announced record net income of $54.1 million, or $3.53 per diluted
share, for the year ended December 31, 2015. City’s net income
increased $1.1 million from 2014 due primarily to the gain
recognized from the sale of its insurance operations,
“CityInsurance”, effective January 1, 2015. For 2015, the Company
achieved a return on assets of 1.52%, a return on tangible equity
of 15.8%, a net interest margin of 3.76%, and an efficiency ratio
of 53.7%.
For the fourth quarter of 2015 the Company reported net income
of $13.5 million, or $0.88 per diluted share. The Company achieved
a return on assets of 1.48%, a return on tangible equity of 15.5%,
a net interest margin of 3.62%, and an efficiency ratio of 48.6% in
the fourth quarter of 2015.
Net Interest Income
The Company’s tax equivalent net interest income decreased $2.4
million, or 2.0%, from $118.2 million in 2014 to $115.8 million in
2015. This decrease is due primarily to a decrease of 25 basis
points in the yield on interest-earning assets from 4.39% in 2014
to 4.14% in 2015. During 2015, the Company continued to originate a
significant portion of its commercial loans based on WSJ Prime or
LIBOR and has elected to maintain fixed rate investment security
balances below 15% of total assets. The Company believes that these
measures will position its balance sheet to benefit from an
increasing rate environment. The Company’s reported net interest
margin decreased from 3.98% for the year ended December 31, 2014 to
3.76% for the year ended December 31, 2015. Excluding the favorable
impact of the accretion from fair value adjustments on recent
acquisitions, the net interest margin would have been 3.54% for the
year ended December 31, 2015 and 3.75% for the year ended December
31, 2014. The decrease was primarily caused by loan yields
compressing from 4.27% for the year ended December 31, 2014 to
4.05% for the year ended December 31, 2015.
During the fourth quarter of 2015, the Company’s tax equivalent
net interest income increased $1.4 million, or 4.9%, to $29.4
million from $28.0 million during the third quarter of 2015. This
increase was largely due to City’s acquisition of three branches in
Lexington, KY, from American Founders Bank, Inc. (“AFB”) in
November 2015. In addition, strong originations of residential real
estate loans and investment purchases also contributed to the
increase. The Company’s reported net interest margin remained
stable at 3.62% for both the third quarter of 2015 and the fourth
quarter of 2015. Excluding the favorable impact of the accretion
from the fair value adjustments ($1.6 million for the quarter ended
December 31, 2015 and $1.1 million for the quarter ended September
30, 2015), the net interest margin would have been 3.42% for the
quarter ended December 31, 2015 and 3.48% for the quarter ended
September 30, 2015.
Credit Quality
The Company’s ratio of nonperforming assets to total loans and
other real estate owned decreased from 0.90% at December 31, 2014
to 0.83% at December 31, 2015. Total non-performing assets
increased modestly from $23.9 million at December 31, 2014 to $24.0
million at December 31, 2015. Excluded from these ratios and
balances are purchased credit-impaired loans which continue to
perform in accordance with the estimated expectations. Such loans
would be considered nonperforming loans if any such loan’s
performance deteriorates below the initial expectations. Total past
due loans decreased from $10.7 million, or 0.40% of total loans
outstanding, at December 31, 2014 to $9.2 million, or 0.32% of
total loans outstanding, at December 31, 2015. Acquired past due
loans represent approximately 18% of total past due loans and have
declined $14.8 million, or 90%, since March 31, 2013.
As a result of the Company’s quarterly analysis of the adequacy
of the Allowance for Loan Losses (“ALLL”), the Company recorded a
provision for loan losses of $2.8 million in the fourth quarter of
2015 and $7.0 million for the year ended December 31, 2015 compared
to $0.4 million and $4.1 million of the comparable periods in 2014.
The provision for loan losses recorded in 2015 reflects the impact
of several factors, including difficulties encountered by a certain
commercial borrower of the Company engaged in the mining and energy
sectors (per the North American Industry Classification System
(NAICS)) which filed for bankruptcy during 2015, the modest growth
in the loan portfolio, and changes in the quality of the portfolio.
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.
Non-interest Income
During 2015, the Company realized investment gains of $2.1
million from the call of trust preferred securities which
represented a partial recovery of impairment charges previously
recognized. In addition, the Company sold its insurance operations,
CityInsurance, effective January 1, 2015, which resulted in a
pre-tax gain of $11.1 million. Exclusive of these gains,
non-interest income decreased $3.6 million to $54.0 million for the
year ended December 31, 2015 as compared to $57.6 million for the
year ended December 31, 2014. This decrease was primarily
attributable to the sale of CityInsurance which had insurance
commission revenues of $6.0 million in 2014. Additionally, service
charges decreased $0.3 million, or 1.0%, from $26.6 million in 2014
to $26.3 million in 2015. These decreases were partially offset by
an increase in other income of $1.0 million primarily due to
mortgage banking activities, an increase of $0.8 million, or 5.5%,
in bankcard revenues to $15.9 million, and an increase of $0.5
million, or 11.1%, in trust revenues to $5.1 million.
Exclusive of net investment securities gains, total non-interest
income decreased $0.4 million from $14.5 million for the fourth
quarter of 2014 to $14.1 million for the fourth quarter of 2015.
This decrease was due to the sale of CityInsurance which had
insurance commission revenues of $1.2 million in the fourth quarter
of 2014. This decrease was partially offset by an increase in other
income of $0.2 million, an increase of $0.2 million in trust
revenues, and a $0.2 million increase in bankcard revenues.
Non-interest Expenses
During 2015, the Company recognized $0.6 million of acquisition
and integration expenses associated with the completed acquisition
of three branches from AFB. Excluding acquisition related expenses,
noninterest expenses decreased $2.7 million from $95.0 million for
the year ended December 31, 2014 to $92.3 million for the year
ended December 31, 2015. Salaries and employee benefits decreased
$3.9 million from 2014 largely as a result of the sale of
CityInsurance and an overall reduction of retail branch staff.
Additionally, advertising expenses decreased $0.8 million from
2014. These decreases were partially offset by increases in other
expenses of $1.3 million and repossessed asset losses of $0.7
million. Other expenses increased primarily as a result of the
previously disclosed write down of the Company’s partnership
investment in Mountaineer Capital LP of $1.45 million in 2015.
Exclusive of acquisition and integration related expenses of
$0.3 million, total non-interest expenses decreased $2.2 million,
from $23.0 million for the fourth quarter of 2014 to $20.8 million.
This decrease was due to a decrease in salaries and employee
benefits ($1.2 million) due primarily to the sale of CityInsurance
and lower health insurance expenses, other expenses ($0.6 million),
and advertising expenses ($0.5 million).
Balance Sheet Trends
Loans increased $211.3 million (8.0%) from December 31, 2014 to
$2.86 billion at December 31, 2015 primarily due to the acquisition
of three branches from AFB ($114.4 million). Excluding the
acquisition of the three branches from AFB, loans increased $96.9
million (3.7%) from December 31, 2014 to $2.75 billion at December
31, 2015. Increases in residential real estate loans of $81.2
million (6.3%) and commercial real estate loans of $47.9 million
(4.7%) were partially offset by decreases in commercial and
industrial (“C&I”) loans ($23.8 million), home equity loans
($4.8 million), and consumer loans of ($4.2 million).
Total average depository balances increased $146.7 million, or
5.2%, from the quarter ended December 31, 2014 to the quarter ended
December 31, 2015. This growth was partially attributable to
deposits acquired from the three branches acquired from AFB ($74.8
million). Exclusive of this contribution, the Company had increases
in savings deposits ($63.0 million), noninterest-bearing demand
deposits ($37.6 million), and interest-bearing demand deposits
($23.2 million) which were partially offset by a decrease in time
deposits ($51.9 million).
Income Tax Expense
The Company’s effective income tax rate for the year ended
December 31, 2015 was 34.4% compared to 31.4% for the year ended
December 31, 2014. During the years ended December 31, 2015 and
December 31, 2014, the Company reduced income tax expense by $0.6
million and $1.8 million, respectively, due to the recognition of
previously unrecognized tax positions. In addition, as previously
noted, the Company sold CityInsurance in the first quarter of 2015.
As a result of differences between the book and tax basis of the
assets that were sold, the Company’s income tax expense increased
by $1.1 million. Exclusive of these items, the Company’s tax rate
from operations was 33.6% and 33.8% for the year ended December 31,
2015 and December 31, 2014, respectively.
The Company’s effective income tax rate for the quarter ended
December 31, 2015 was 30.0% compared to 29.1% for the quarter ended
December 31, 2014. During the quarters ended December 31, 2015, and
December 31, 2014, the Company reduced income tax expense by $0.6
million and $1.0 million, respectively, due to the recognition of
previously unrecognized tax positions resulting from the close of
the statute of limitations for previous tax years. Exclusive of
these items, the Company’s tax rate from operations was 33.6% and
33.8% for the quarters ended December 31, 2015 and December 31,
2014, respectively.
Capitalization and Liquidity
The Company’s loan to deposit ratio was 92.8% and the loan to
asset ratio was 77.1% at December 31, 2015. The Company maintained
investment securities totaling 12.7% of assets as of this date.
Further, the Company’s deposit mix is weighted heavily toward
checking and saving accounts that fund 55.7% of assets at December
31, 2015. Time deposits fund 27.4% of assets at December 31, 2015,
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. The Company’s
tangible equity ratio was 9.3% at December 31, 2015 compared to
9.4% at December 31, 2014. At December 31, 2015, City National
Bank’s Leverage Ratio is 8.14%, its Common Equity Tier I ratio is
10.53%, its Tier I Capital ratio is 11.48%, and its Total
Risk-Based Capital ratio is 12.28%. These regulatory capital ratios
are significantly above levels required to be considered “well
capitalized,” which is the highest possible regulatory capital
designation.
On December 16, 2015, the Board approved a quarterly cash
dividend of $0.42 cents per share payable January 29, 2016, to
shareholders of record as of January 15, 2016. During the year
ended December 31, 2015, the Company repurchased 150,000 common
shares at a weighted average price of $46.91 as part of a one
million share repurchase plan authorized by the Board of Directors
in September 2014. As of December 31, 2015, the Company could
repurchase approximately 633,000 shares under the current plan.
As previously reported, effective December 31, 2015, Philip L.
McLaughlin resigned as Chairman of the Board of Directors of City
Holding Company. The Company’s Board elected C. Dallas Kayser to
succeed Mr. McLaughlin as Chairman of the Board.
City Holding Company is the parent company of City National Bank
of West Virginia. City National operates 85 branches across West
Virginia, Virginia, Kentucky, 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. Such information
involves risks and uncertainties that could result in the Company's
actual results differing materially 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 could have adverse legal
actions of a material nature; (4) the Company may face competitive
loss of customers; (5) the Company may be unable to manage its
expense levels; (6) the Company may have difficulty retaining key
employees; (7) 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; (8)
changes in general economic conditions and increased competition
could adversely affect the Company’s operating results; (9) 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;
(10) the Company may experience difficulties growing loan and
deposit balances; (11) the current economic environment poses
significant challenges for us and could adversely affect our
financial condition and results of operations; (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 resulting in either
actual losses or other than temporary impairments on such
investments; (13) the effects of the Wall Street Reform and
Consumer Protection Act (the “Dodd-Frank Act”) and the regulations
promulgated and to be promulgated thereunder, which may subject the
Company and its subsidiaries to a variety of new and more stringent
legal and regulatory requirements which adversely affect their
respective businesses; (14) the impact of new minimum capital
thresholds established as a part of the implementation of Basel
III; and (15) other risk factors relating to the banking industry
or the Company as detailed from time to time in the Company’s
reports filed with the Securities and Exchange Commission,
including those risk factors included in the disclosures under the
heading “ITEM 1A Risk Factors” of the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2014.
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
December 31, 2015 Form 10-K. The Company will continue to evaluate
the impact of any subsequent events on the preliminary December 31,
2015 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES Financial
Highlights (Unaudited)
Three Months Ended December 31, Percent
2015 2014 Change
Earnings ($000s, except per share data): Net Interest Income (FTE)
$ 29,391 $ 29,405 (0.05 )% Net Income available to common
shareholders 13,515 14,530 (6.99 )% Earnings per Basic Share 0.88
0.95 (7.42 )% Earnings per Diluted Share 0.88 0.95 (7.00 )%
Key Ratios (percent): Return on Average
Assets 1.48 % 1.69 % (12.05 )% Return on Average Tangible Equity
15.49 % 18.26 % (15.14 )% Net Interest Margin 3.62 % 3.89 % (6.90
)% Efficiency Ratio 48.55 % 52.14 % (6.89 )% Average Shareholders'
Equity to Average Assets 11.65 % 11.40 % 2.21 % Consolidated
Risk Based Capital Ratios (a): CET I 13.65 %
*
N/A Tier I 14.28 % 13.36 % 6.89 % Total 15.10 % 14.19 % 6.41 %
Tangible Equity to Tangible Assets 9.34 % 9.35 % (0.05 )%
Common Stock Data: Cash
Dividends Declared per Share $ 0.42 $ 0.40 5.00 % Book Value per
Share 27.61 25.79 7.06 % Tangible Book Value per Share 22.36 20.90
6.99 % Market Value per Share: High 51.12 46.95 8.88 % Low 43.85
41.88 4.70 % End of Period 45.64 46.53 (1.91 )%
Price/Earnings Ratio (b) 12.94 12.22 5.95 %
Twelve Months Ended December 31, Percent
2015 2014 Change
Earnings ($000s, except per share data): Net Interest Income
(FTE) $ 115,856 $ 118,221 (2.00 )% Net Income available to common
shareholders 54,097 52,962 2.14 % Earnings per Basic Share 3.54
3.40 3.96 % Earnings per Diluted Share 3.53 3.38 4.21 %
Key Ratios (percent): Return on Average
Assets 1.52 % 1.56 % (2.44 )% Return on Average Tangible Equity
15.77 % 16.49 % (4.33 )% Net Interest Margin 3.76 % 3.98 % (5.69 )%
Efficiency Ratio (c) 53.67 % 53.72 % (0.09 )% Average Shareholders'
Equity to Average Assets 11.64 % 11.63 % 0.12 %
Common Stock Data: Cash Dividends Declared per
Share $ 1.68 $ 1.60 5.00 % Market Value per Share: High 51.73 46.95
10.18 % Low 41.76 41.20 1.36 % Price/Earnings Ratio (b)
12.91 13.68 (5.65 )% (a) December 31, 2015 risk-based
capital ratios are estimated. (b) December 31, 2015 price/earnings
ratio computed based on annualized fourth quarter 2015 earnings.
(c) The December 31, 2015 YTD efficiency ratio calculation excludes
the gain on sale of insurance division. (*) Basel III CET 1 ratio
requirements are effective beginning January 1, 2015 and are not
required for prior periods.
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
2011 $ 20.39 $ 20.58 $ 20.86 $ 21.05 $ 26.06 $ 37.22 2012
21.46 21.63 22.14 22.47 30.96 37.16 2013 23.36 23.52 24.03 24.61
36.07 49.21 2014 25.05 25.45 25.52 25.85 41.20 46.95 2015 26.63
26.92 27.34 27.61 43.85 51.12
Earnings
per Basic Share
Quarter Ended
March 31 June 30 September 30
December 31 Year-to-Date 2011 $
0.62 $ 0.65 $ 0.77 $ 0.65 $ 2.68 2012 0.68 0.50 0.71 0.73 2.63 2013
0.51 0.83 0.89 0.84 3.07 2014 0.87 0.81 0.76 0.95 3.40 2015 1.18
0.78 0.69 0.88 3.54
Earnings per
Diluted Share
Quarter Ended
March 31 June 30 September 30
December 31 Year-to-Date 2011 $
0.62 $ 0.64 $ 0.76 $ 0.65 $ 2.67 2012 0.67 0.50 0.71 0.73 2.61 2013
0.51 0.82 0.88 0.83 3.04 2014 0.86 0.80 0.76 0.95 3.38 2015 1.17
0.78 0.69 0.88 3.53
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
Three Months Ended December 31, 2015
2014 Interest Income Interest and fees on
loans $ 29,032 $ 29,011 Interest on investment securities: Taxable
2,856 2,969 Tax-exempt 334 302
Total Interest
Income 32,222 32,282
Interest Expense Interest on
deposits 2,760 2,792 Interest on short-term borrowings 91 96
Interest on long-term debt 159 153
Total Interest
Expense 3,010 3,041
Net Interest Income
29,212 29,241 Provision for loan losses 2,813 384
Net Interest Income After Provision for Loan Losses 26,399
28,857
Non-Interest Income Gains on sale of
investment securities - 184 Service charges 6,893 6,750 Bankcard
revenue 3,923 3,744 Insurance commissions - 1,238 Trust and
investment management fee income 1,547 1,363 Bank owned life
insurance 898 778 Other income 813 612
Total
Non-Interest Income 14,074 14,669
Non-Interest
Expense Salaries and employee benefits 11,296 12,489 Occupancy
and equipment 2,583 2,449 Depreciation 1,539 1,534 FDIC insurance
expense 443 448 Advertising 264 726 Bankcard expenses 778 948
Postage, delivery, and statement mailings 532 549 Office supplies
273 360 Legal and professional fees 662 552 Telecommunications 409
522 Repossessed asset losses, net of expenses 217 27 Merger related
expenses 315 - Other expenses 1,854 2,431
Total
Non-Interest Expense 21,165 23,035
Income
Before Income Taxes 19,308 20,491 Income tax expense
5,793 5,961
Net Income Available to Common
Shareholders $ 13,515 $ 14,530 Distributed earnings
allocated to common shareholders $ 6,303 $ 5,996 Undistributed
earnings allocated to common shareholders 7,059 8,378
Net earnings allocated to common shareholders $ 13,362 $ 14,374
Average common shares outstanding 15,158 15,096 Effect of
dilutive securities: Employee stock options and warrants 17
86 Shares for diluted earnings per share 15,175
15,182 Basic earnings per common share $ 0.88 $ 0.95
Diluted earnings per common share $ 0.88 $ 0.95 Dividends declared
per common share $ 0.42 $ 0.40 Comprehensive Income $ 13,134
$ 13,292
CITY HOLDING COMPANY AND
SUBSIDIARIES Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
Twelve months ended December 31, 2015
2014 Interest Income Interest and fees on
loans $ 115,107 $ 116,658 Interest on investment securities:
Taxable 10,830 11,766 Tax-exempt 1,137 1,142
Total
Interest Income 127,074 129,566
Interest Expense
Interest on deposits 10,886 11,012 Interest on short-term
borrowings 327 342 Interest on long-term debt 617 606
Total Interest Expense 11,830 11,960
Net
Interest Income 115,244 117,606 Provision for loan losses
6,988 4,054
Net Interest Income After Provision
for Loan Losses 108,256 113,552
Non-Interest
Income Gains on sale of investment securities 2,130 1,156
Service charges 26,316 26,583 Bankcard revenue 15,894 15,063
Insurance commissions - 5,978 Trust and investment management fee
income 5,124 4,614 Bank owned life insurance 3,374 3,070 Gain on
sale of insurance division 11,084 - Other income 3,284
2,258
Total Non-Interest Income 67,206 58,722
Non-Interest Expense Salaries and employee benefits 47,847
51,749 Occupancy and equipment 10,277 9,990 Depreciation 6,088
6,087 FDIC insurance expense 1,794 1,647 Advertising 2,446 3,274
Bankcard expenses 3,262 3,555 Postage, delivery, and statement
mailings 2,123 2,211 Office supplies 1,350 1,595 Legal and
professional fees 2,391 2,049 Telecommunications 1,765 1,876
Repossessed asset losses, net of expenses 1,264 579 Merger related
expenses 598 - Other expenses 11,746 10,429
Total
Non-Interest Expense 92,951 95,041
Income
Before Income Taxes 82,511 77,233 Income tax expense
28,414 24,271
Net Income Available to Common
Shareholders $ 54,097 $ 52,962 Distributed earnings
allocated to common shareholders $ 25,212 $ 23,984 Undistributed
earnings allocated to common shareholders 28,272
28,416 Net earnings allocated to common shareholders $ 53,484 $
52,400 Average common shares outstanding 15,123 15,403
Effect of dilutive securities: Employee stock options and warrants
48 85 Shares for diluted earnings per share
15,171 15,488 Basic earnings per common share $ 3.54
$ 3.40 Diluted earnings per common share $ 3.53 $ 3.38 Dividends
declared per common share $ 1.68 $ 1.60 Comprehensive Income
$ 54,315 $ 53,793
CITY HOLDING COMPANY AND
SUBSIDIARIES Consolidated Statements of Changes in
Stockholders' Equity (Unaudited) ($ in 000s)
Three Months Ended December 31, 2015
December 31, 2014 Balance at October 1
$ 418,767 $ 391,673 Net income 13,515 14,530 Other
comprehensive income: Change in unrealized gain (loss) on
securities available-for-sale (862 ) 1,232 Change in underfunded
pension liability 481 (2,470 ) Cash dividends declared
($0.42/share) and ($0.40/share), respectively (6,376 ) (6,040 )
Issuance of stock award shares, net 363 326 Exercise of 9,750 stock
options 330 - Exercise of 1,000 stock options - 26 Purchase of
150,385 common shares of treasury (7,055 ) - Purchase of 193,943
common shares of treasury - (8,424 )
Balance at December 31 $ 419,163 $ 390,853
Twelve Months Ended December
31, 2015 December 31, 2014
Balance at January 1 $ 390,853 $ 387,623 Net income
54,097 52,962 Other comprehensive income: Change in unrealized gain
(loss) on securities available-for-sale (263 ) 3,301 Change in
underfunded pension liability 481 (2,470 ) Cash dividends declared
($1.68/share) and ($1.60/share), respectively (25,618 ) (24,721 )
Issuance of stock award shares, net 1,793 1,535 Exercise of 81,500
stock options 2,979 - Exercise of 20,000 stock options - 580
Exercise of 61,796 warrants 1,896 - Purchase of 150,385 common
shares of treasury (7,055 )
-
Purchase of 650,799 common shares of treasury -
(27,957 )
Balance at December 31 $ 419,163
$ 390,853
CITY HOLDING
COMPANY AND SUBSIDIARIES Condensed Consolidated Quarterly
Statements of Income (Unaudited) ($ in 000s, except per
share data)
Quarter Ended
December 31 September 30 June 30 March
31 December 31 2015
2015 2015
2015 2014 Interest
income $ 32,222 $ 30,768 $ 31,720 $ 32,364 $ 32,282 Taxable
equivalent adjustment 179 147
144 142 164
Interest income (FTE) 32,401 30,915 31,864 32,506 32,446
Interest expense 3,010 2,910
2,937 2,973
3,041 Net interest income 29,391 28,005 28,927 29,533 29,405
Provision for loan losses 2,813 451
2,836 888
384 Net interest income after provision for loan
losses 26,578 27,554 26,091 28,645 29,021 Noninterest income
14,074 13,706 15,405 24,021 14,669 Noninterest expense
21,165 25,377 23,244
23,165 23,035
Income before income taxes 19,487 15,883 18,252 29,501 20,655
Income tax expense 5,793 5,129 6,125 11,367 5,961 Taxable
equivalent adjustment 179 147
144 142 164
Net income $ 13,515 $ 10,607 $
11,983 $ 17,992 $ 14,530
Distributed earnings allocated to common shareholders
$ 6,303 $ 6,362 $ 6,344 $ 6,315 $ 5,996 Undistributed earnings
allocated to common shareholders 7,059
4,125 5,505 11,468
8,378 Net earnings allocated to common
shareholders $ 13,362 $ 10,487 $ 11,849
$ 17,783 $ 14,374 Average
common shares outstanding 15,158 15,178 15,104 15,067 15,096
Effect of dilutive securities: Employee stock options and warrants
17 20 23
82 86 Shares for
diluted earnings per share 15,175
15,198 15,127 15,149
15,182 Basic earnings per common
share $ 0.88 $ 0.69 $ 0.78 $ 1.18 $ 0.95 Diluted earnings per
common share 0.88 0.69 0.78 1.17 0.95 Cash dividends
declared per share 0.42 0.42 0.42 0.42 0.40
Net
Interest Margin 3.62 % 3.62 % 3.82 % 3.99 % 3.89 % Interest
Income from Accretion Related to Fair Value Adjustments Recorded as
a Result of Acquisition $ 1,572 $ 1,056 $ 1,607 $ 2,450 $ 1,307
Net Interest Margin (excluding accretion) 3.42 % 3.48 % 3.60
% 3.66 % 3.71 %
CITY HOLDING COMPANY AND SUBSIDIARIES Non-Interest Income
and Non-Interest Expense (Unaudited) ($ in 000s)
Quarter Ended
December 31 September 30 June 30 March
31 December 31 2015 2015
2015 2015 2014
Non-Interest Income: Service charges $ 6,893 $ 6,907 $ 6,589
$ 5,927 $ 6,750 Bankcard revenue 3,923 3,895 4,002 4,074 3,744
Insurance commissions - - - - 1,238 Trust and investment management
fee income 1,547 1,176 1,201 1,200 1,363 Bank owned life insurance
898 929 783 764 778 Gain on sale of insurance division - - - 11,084
- Other income 813 799 714
958 612
Subtotal 14,074 13,706
13,289 24,007 14,485 Gains on sale of investment securities
- - 2,116 14
184
Total Non-Interest Income $ 14,074 $
13,706 $ 15,405 $ 24,021 $ 14,669
Non-Interest Expense: Salaries and employee benefits $
11,296 $ 12,179 $ 12,193 $ 12,179 $ 12,489 Occupancy and equipment
2,583 2,575 2,529 2,590 2,449 Depreciation 1,539 1,522 1,516 1,511
1,534 FDIC insurance expense 443 456 445 450 448 Advertising 264
777 701 704 726 Bankcard expenses 778 785 829 870 948 Postage,
delivery and statement mailings 532 523 507 561 549 Office supplies
273 384 347 346 360 Legal and professional fees 662 620 542 567 552
Telecommunications 409 418 463 475 522
Repossessed asset losses, net of
expenses
217 492 335 220 27 Merger related expenses 315 175 108 - - Other
expenses 1,854 4,471 2,729
2,692 2,431
Total Non-Interest
Expense $ 21,165 $ 25,377 $ 23,244 $
23,165 $ 23,035
Employees (Full Time
Equivalent) 853 828 844 845 889 Branch Locations 85 82 82 82 82
CITY
HOLDING COMPANY AND SUBSIDIARIES Consolidated Balance
Sheets ($ in 000s) December 31, 2015
December 31, 2014 (Unaudited) Assets
Cash and due from banks $ 58,829 $ 138,503 Interest-bearing
deposits in depository institutions 11,284
9,725
Cash and cash equivalents 70,113 148,228
Investment securities available-for-sale, at fair value
369,466 254,043 Investment securities held-to-maturity, at
amortized cost 88,937 90,786 Other securities 12,915
9,857
Total investment securities
471,318 354,686 Gross loans 2,863,327 2,652,066 Allowance
for loan losses (20,044 ) (20,150 )
Net
loans 2,843,283 2,631,916 Bank owned life insurance
97,919 95,116 Premises and equipment, net 77,271 77,988 Accrued
interest receivable 7,432 6,826 Net deferred tax assets 30,781
36,766 Intangible assets 79,792 74,198 Other assets 34,144
35,909
Total Assets $ 3,712,053
$ 3,461,633
Liabilities
Deposits: Noninterest-bearing $ 621,073 $ 545,465 Interest-bearing:
Demand deposits 679,735 639,932 Savings deposits 765,611 660,727
Time deposits 1,017,556 1,026,663
Total deposits 3,083,975 2,872,787 Short-term
borrowings Federal Funds purchased 13,000 - Customer repurchase
agreements 141,869 134,931 Long-term debt 16,495 16,495 Other
liabilities 37,551 46,567
Total Liabilities 3,292,890 3,070,780
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 December 31, 2015 and December 31, 2014 less
3,319,067 and 3,345,590 shares in treasury, respectively 46,249
46,249 Capital surplus 106,269 107,370 Retained earnings 390,690
362,211 Cost of common stock in treasury (120,104 ) (120,818 )
Accumulated other comprehensive loss: Unrealized gain on securities
available-for-sale 927 1,190 Underfunded pension liability
(4,868 ) (5,349 )
Total Accumulated Other
Comprehensive Loss (3,941 ) (4,159 )
Total Stockholders' Equity 419,163
390,853
Total Liabilities and Stockholders'
Equity $ 3,712,053 $ 3,461,633
CITY HOLDING COMPANY AND SUBSIDIARIES
Investment Portfolio (Unaudited) ($ in 000s)
Original Cost
Credit-Related
Net Investment
Impairment
Losses through
December 31,
2015
Unrealized Gains
(Losses)
Carrying Value US Government Agencies $ 5 $ - $ - $ 5
Mortgage Backed Securities 374,092 - 273 374,365 Municipal Bonds
49,725 - 972 50,697 Pooled Bank Trust Preferreds 18,381 (16,571 )
35 1,845 Single Issuer Bank Trust Preferreds, Subdebt of Financial
Institutions, and Bank Holding Company Preferred Stocks 27,548 (15
) (827 ) 26,706 Money Markets and Mutual Funds 1,525 - (13 ) 1,512
Federal Reserve Bank and FHLB stock 12,915 - - 12,915 Community
Bank Equity Positions 3,715 (1,584 ) 1,142
3,273
Total Investments $ 487,906 $ (18,170 )
$ 1,582 $ 471,318
CITY
HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio
(Unaudited) ($ in 000s) December 31
September 30 June 30 March 31 December
31 2015 2015 2015
2015 2014 Residential real estate (1) $
1,383,133 $ 1,358,083 $ 1,325,453 $ 1,303,258 $ 1,294,576 Home
equity - junior liens 147,036 144,748 143,772 143,670 145,604
Commercial and industrial 165,887 124,495 142,065 132,127 140,548
Commercial real estate (2) 1,127,827 1,029,103 1,032,333 1,011,777
1,028,831 Consumer 36,083 36,751 37,555 38,436 39,705 DDA
overdrafts 3,361 3,258 3,279
3,203 2,802
Gross Loans $
2,863,327 $ 2,696,438 $ 2,684,457 $ 2,632,471
$ 2,652,066 Construction loans included in: (1) -
Residential real estate loans $ 13,135 $ 14,765 $ 15,412 $ 17,459 $
22,992 (2) - Commercial real estate loans $ 12,599 $ 11,970 $ 4,043
$ 30,554 $ 28,652
CITY HOLDING COMPANY AND
SUBSIDIARIES Acquisition Activity - Accretion
(Unaudited) ($ in 000s) The following table
presents the actual and forecasted accretion related to the fair
value adjustments on net interest income recorded as a result of
the Virginia Savings Bancorp ("Virginia Savings"), Community
Financial Corporation ("Community") and American Founders Bank,
Inc. ("AFB") acquisitions.
Virginia Savings
Community AFB Loan Certificates of
Loan Certificates of Loan Certificates
of Year Ended: Accretion(a)
Deposit(a) Accretion(a)
Deposit(a) Accretion(a)
Deposit(a) Total 1Q 2015 $ 123 $ 129 $
2,158 $ 40 $ - $ - $ 2,450 2Q 2015 189 129 1,249 40 - - 1,607 3Q
2015 245 129 642 40 - - 1,056 4Q 2015 138 129 1,226 40 28 11 1,572
2016 299 497 1,183 43 286 52 2,360 2017 161 - 939 4 256 11 1,371
2018 99 - 712 - 234 - 1,045 a - 2015 amounts are based on
actual results. 2016, 2017 and 2018 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 December 31, 2015 2014
Average Yield/ Average Yield/
Balance Interest Rate Balance
Interest Rate Assets: Loan portfolio
(1): Residential real estate (2) $ 1,518,581 $ 14,763 3.86 % $
1,426,501 $ 14,107 3.92 % Commercial, financial, and agriculture
(2) 1,230,907 13,034 4.20 % 1,169,045 13,074 4.44 % Installment
loans to individuals (2), (3) 39,865 750 7.46 % 43,561 1,272 11.59
% Previously securitized loans (4) *** 485 *** ***
558 *** Total loans 2,789,354 29,032 4.13 % 2,639,106 29,011 4.36 %
Securities: Taxable 387,048 2,856 2.93 % 322,871 2,969 3.65 %
Tax-exempt (5) 37,818 513 5.38 %
30,775 466 6.01 % Total securities 424,866 3,369 3.15
% 353,646 3,435 3.85 % Deposits in depository institutions 9,562 -
- 9,948 - - Federal funds sold - - -
- -
-
Total interest-earning assets 3,223,782 32,401 3.99 %
3,002,700 32,446 4.29 % Cash and due from banks 117,290 138,946
Bank premises and equipment 75,729 78,740 Other assets 248,693
246,507 Less: Allowance for loan losses (21,101 )
(21,010 )
Total assets $
3,644,393 $ 3,445,883
Liabilities: Interest-bearing demand deposits
$
650,523
$
126 0.08 %
$
619,736
$
136 0.09 % Savings deposits 732,129 192 0.10 % 642,938 187 0.12 %
Time deposits (2) 1,004,296 2,442 0.96 % 1,030,010 2,468 0.95 %
Short-term borrowings 165,996 91 0.22 % 150,205 98 0.26 % Long-term
debt 16,495 159 3.82 % 16,495
152 3.66 %
Total interest-bearing liabilities
2,569,439 3,010 0.46 % 2,459,384 3,041 0.49 % Noninterest-bearing
demand deposits 609,350 556,937 Other liabilities 41,151 36,896
Stockholders' equity 424,453
392,666
Total liabilities and
stockholders' equity $ 3,644,393 $
3,445,883
Net interest income $
29,391 $ 29,405
Net yield on earning
assets 3.62 % 3.89 %
(1) For purposes of this table,
non-accruing loans have been included in average balances and loan
fees, which are immaterial, have been included in interest
income.
(2) Included in the above table are the following amounts (in
thousands) for the accretion of the fair value adjustments related
to the acquisitions of Virginia Savings Bancorp ("Virginia
Savings"), Community Financial Corporation ("Community") and
American Founders Banks, Inc. ("AFB"): Three Months Ended
December 31, 2015 Virginia Savings Community AFB Total Residential
real estate $ 78 $ 109 $ 9 $ 196 Commercial, financial, and
agriculture 36 1,093 17 1,146 Installment loans to individuals 24
24 2 50 Time deposits 129 40 11
180 $ 267 $ 1,266 $ 39 $ 1,572
Three Months Ended December 31, 2014 Virginia Savings
Community Total Residential real estate $ 66 $ 94 $ 160 Commercial,
financial, and agriculture 80 751 831 Installment loans to
individuals 41 88 129 Time deposits 135 52
187 $ 322 $ 985 $ 1,307
(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 $0. (5)
Computed on a fully federal tax-equivalent basis assuming a tax
rate of approximately 35%.
CITY HOLDING COMPANY
AND SUBSIDIARIES Consolidated Average Balance Sheets,
Yields, and Rates (Unaudited) ($ in 000s)
Twelve Months Ended December 31, 2015 2014
Average Yield/ Average Yield/
Balance Interest Rate Balance
Interest Rate Assets: Loan portfolio
(1): Residential real estate (2) $ 1,474,631 $ 57,692 3.91 % $
1,384,677 $ 55,627 4.02 % Commercial, financial, and agriculture
(2) 1,175,707 51,660 4.39 % 1,163,449 54,288 4.67 % Installment
loans to individuals (2), (3) 40,966 3,959 9.66 % 45,470 4,556
10.02 % Previously securitized loans (4) *** 1,796 *** ***
2,187 *** Total loans 2,691,304 115,107 4.28 % 2,593,597
116,658 4.50 % Securities: Taxable 352,296 10,830 3.07 % 337,440
11,766 3.49 % Tax-exempt (5) 31,389 1,749
5.57 % 28,464 1,757 6.17 % Total
securities 383,685 12,579 3.28 % 365,904 13,523 3.70 % Deposits in
depository institutions 9,733 - - 9,205 - - Federal funds sold
- -
-
- -
-
Total interest-earning assets 3,084,722 127,686 4.14 %
2,968,706 130,181 4.39 % Cash and due from banks 180,965 130,183
Bank premises and equipment 76,136 80,459 Other assets 243,905
246,618 Less: Allowance for loan losses (20,995 )
(21,148 )
Total assets $
3,564,733 $ 3,404,818
Liabilities: Interest-bearing demand deposits
$
644,961
$
505 0.08 %
$
614,489
$
615 0.10 % Savings deposits 706,926 712 0.10 % 632,510 784 0.12 %
Time deposits (2) 1,005,232 9,669 0.96 % 1,046,925 9,613 0.92 %
Short-term borrowings 145,199 327 0.23 % 133,769 342 0.26 %
Long-term debt 16,495 617 3.74 %
16,495 606 3.67 %
Total interest-bearing
liabilities 2,518,813 11,830 0.47 % 2,444,188 11,960 0.49 %
Noninterest-bearing demand deposits 590,424 531,061 Other
liabilities 40,445 33,629 Stockholders' equity 415,051
395,940
Total
liabilities and stockholders' equity $ 3,564,733
$ 3,404,818
Net interest
income $ 115,856 $ 118,221
Net
yield on earning assets 3.76 %
3.98 %
(1) For purposes of this table,
non-accruing loans have been included in average balances and loan
fees, which are immaterial, have been included in interest
income.
(2) Included in the above table are the following amounts
(in thousands) for the accretion of the fair value adjustments
related to the acquisitions of Virginia Savings Bancorp ("Virginia
Savings"), Community Financial Corporation ("Community") and
American Founders Banks, Inc. ("AFB"): Twelve Months Ended
December 31, 2015 Virginia Savings Community AFB Total Residential
real estate $ 324 $ 560 $ 9 $ 893 Commercial, financial, and
agriculture 273 4,540 17 4,830 Installment loans to individuals 98
175 2 275 Time deposits 516 160 11
687 $ 1,211 $ 5,435 $ 39 $ 6,685
Twelve Months Ended December 31, 2014 Virginia
Savings Community Total Residential real estate $ 427 $ 457 $ 884
Commercial, financial, and agriculture 504 3,900 4,404 Installment
loans to individuals 154 561 715 Time deposits 535
250 785 $ 1,620 $ 5,168 $ 6,788
(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 $0. (5) Computed on a fully federal tax-equivalent basis
assuming a tax rate of approximately 35%.
CITY HOLDING COMPANY AND SUBSIDIARIES
Analysis of Risk-Based Capital (Unaudited) ($ in
000s) December 31 September 30 June
30 March 31 December 31
2015 (a)
2015 2015
2015 2014
Tier I Capital: Stockholders' equity $ 419,163 $ 418,767 $
411,240 $ 405,075 $ 390,853 Goodwill and other intangibles (77,484
) (69,103 ) (69,153 ) (69,227 ) (74,011 ) Accumulated other
comprehensive loss 3,941 3,560 4,892 3,253 4,159 Qualifying trust
preferred stock 16,000 16,000 16,000 16,000 16,000 Excess deferred
tax assets - - -
(1,564 ) (3,838 ) Total tier I
capital $ 361,620 $ 369,224 $ 362,979 $ 353,537 $ 333,163
Qualifying trust preferred stock (16,000 ) $ (16,000
) $ (16,000 ) $ (16,000 )
*
Total CET I capital $ 345,620 $ 353,224
$ 346,979 $ 337,537
*
Total Risk-Based Capital: Tier I capital $
361,620 $ 369,224 $ 362,979 $ 353,537 $ 333,163 Qualifying
allowance for loan losses 20,044 20,941 20,809 20,179 20,150
Unrealized gain on securities 516 447
600 704
560 Total risk-based capital $ 382,180
$ 390,612 $ 384,388 $ 374,420
$ 353,873 Net risk-weighted assets $ 2,531,647
$ 2,449,191 $ 2,448,848 $ 2,404,331 $ 2,493,078
Ratios: Average stockholders' equity to average
assets 11.65 % 11.90 % 11.54 % 11.48 % 11.40 % Tangible capital
ratio 9.34 % 10.14 % 9.89 % 9.60 % 9.35 % Risk-based capital
ratios: CET 1 capital 13.65 % 14.42 % 14.17 % 14.04 %
*
Tier I capital 14.28 % 15.08 % 14.82 % 14.70 % 13.36 % Total
risk-based capital 15.10 % 15.95 % 15.70 % 15.57 % 14.19 % Leverage
capital 10.15 % 10.71 % 10.38 % 10.23 % 9.89 % (a)
December 31, 2015 risk-based capital ratios are estimated. (*)
Basel III CET 1 ratio requirements are effective beginning January
1, 2015 and are not required for prior periods.
CITY HOLDING COMPANY AND SUBSIDIARIES
Intangibles (Unaudited) ($ in 000s) As of
and for the Quarter Ended December 31 September
30 June 30 March 31 December 31
2015 2015
2015 2015
2014 Intangibles, net $ 79,792 $ 70,653 $
70,779 $ 70,964 $ 74,198 Intangibles amortization expense 151 126
185 214 236
CITY HOLDING COMPANY AND SUBSIDIARIES Summary of Loan
Loss Experience (Unaudited) ($ in 000s)
Quarter Ended December 31 September 30 June
30 March 31 December 31 2015
2015 2015
2015 2014
Balance at beginning of period $ 20,941 $ 20,809 $ 20,179 $
20,150 $ 20,487
Charge-offs: Commercial and
industrial (3,148 ) 89 (1,898 ) (94 ) 7 Commercial real estate (303
) (1 ) 61 (337 ) (260 ) Residential real estate (386 ) (229 ) (272
) (257 ) (414 ) Home equity (76 ) (128 ) (17 ) (91 ) (21 ) Consumer
(39 ) (28 ) (69 ) (74 ) (17 ) DDA overdrafts (376 )
(414 ) (313 ) (311 )
(363 )
Total charge-offs (4,328 ) (711 ) (2,508 )
(1,164 ) (1,068 )
Recoveries: Commercial and
industrial 2 45 9 18 4 Commercial real estate 317 18 23 8 19
Residential real estate 69 66 54 10 96 Home equity - - - - -
Consumer 32 75 51 28 32 DDA overdrafts 198
188 165 241
196
Total recoveries 618 392 302 305
347
Net charge-offs (3,710 ) (319 ) (2,206 ) (859 ) (721 )
Provision for (recovery of) acquired loans 32 (24 ) 299 246 148
Provision for loan losses 2,781 475
2,537 642
236
Balance at end of period $ 20,044
$ 20,941 $ 20,809 $ 20,179
$ 20,150 Loans outstanding $ 2,863,327
$ 2,696,438 $ 2,684,457 $
2,632,471 $ 2,652,066 Average loans
outstanding 2,789,354 2,679,429
2,658,484 2,636,400
2,639,106 Allowance as a percent of loans
outstanding 0.70 % 0.78 % 0.78 %
0.77 % 0.76 % Allowance as a percent of
non-performing loans 114.91 % 95.81 %
130.98 % 121.81 % 128.10 % Net
charge-offs (annualized) as a percent of average loans outstanding
0.53 % 0.05 % 0.33 %
0.13 % 0.11 % Net charge-offs, excluding
overdraft deposit accounts, (annualized) as a percent of average
loans outstanding 0.51 % 0.01 %
0.31 % 0.12 % 0.08 %
CITY HOLDING COMPANY AND SUBSIDIARIES
Summary of Non-Performing Assets (Unaudited) ($ in
000s) December 31 September 30 June
30 March 31 December 31 2015
2015 2015
2015 2014
Nonaccrual loans $ 16,949 $ 21,407 $ 15,623 $ 16,182 $
15,307 Accruing loans past due 90 days or more 494
449 264 384
423
Total non-performing loans
17,443 21,856 15,887 16,566 15,730
Other real estate owned
6,519 6,026 6,729
8,771 8,180
Total non-performing assets $ 23,962 $ 27,882
$ 22,616 $ 25,337 $
23,910 Non-performing assets as a percent of loans
and other real estate owned 0.83 % 1.03 % 0.84 % 0.96 % 0.90 %
CITY HOLDING COMPANY AND SUBSIDIARIES
Summary of Troubled Debt Restructurings (Unaudited) ($ in
000s) December 31 September 30 June
30 March 31 December 31 2015
2015 2015
2015 2014
Residential real estate $ 17,987 $ 18,154 $ 19,021 $ 19,067
$ 18,492 Home equity - junior liens 2,693 2,746 2,662 2,741 2,688
Commercial and industrial 58 62 66 70 73 Commercial real estate 529
1,921 1,872 1,894 2,263 Consumer - -
- -
-
Total $ 21,267 $ 22,883
$ 23,621 $ 23,772 $ 23,516
CITY HOLDING COMPANY AND SUBSIDIARIES
Summary of Total Past Due Loans (Unaudited) ($ in
000s) Originated December 31 September 30
June 30 March 31 December 31
2015 2015
2015 2015
2014 Residential real estate $ 5,871 $ 4,813 $
4,107 $ 4,326 $ 5,164 Home equity - junior liens 393 548 393 543
746 Commercial and industrial 62 4 600 113 310 Commercial real
estate 779 1,183 536 299 479 Consumer 106 89 82 122 197 DDA
overdrafts 313 330
327 215 318
Total past due loans $ 7,524 $ 6,967
$ 6,045 $ 5,618 $ 7,214
Acquired December 31 September 30
June 30 March 31 December 31
2015 2015
2015 2015
2014 Residential real estate $ 739 $ 709 $
1,163 $ 1,792 $ 714 Home equity - junior liens 13 10 5 86 2
Commercial and industrial 97 351 14 490 143 Commercial real estate
701 2,439 2,179 2,018 2,372 Consumer 90 129 175 150 221 DDA
overdrafts - - -
- -
Total past
due loans $ 1,640 $ 3,638 $ 3,536
$ 4,536 $ 3,452
Total December 31 September 30 June 30
March 31 December 31 2015
2015 2015
2015 2014
Residential real estate $ 6,610 $ 5,522 $ 5,270 $ 6,118 $ 5,878
Home equity - junior liens 406 558 398 629 748 Commercial and
industrial 159 355 614 603 453 Commercial real estate 1,480 3,622
2,715 2,317 2,851 Consumer 196 218 257 272 418 DDA overdrafts
313 330 327
215 318
Total past due
loans $ 9,164 $ 10,605 $ 9,581
$ 10,154 $ 10,666 Total
past due loans as a percent of loans outstanding 0.32 % 0.39 % 0.36
% 0.39 % 0.40 %
CITY HOLDING
COMPANY AND SUBSIDIARIES Summary of Purchased Credit
Impaired Loans (Unaudited) ($ in 000s)
Virginia Savings Acquisition December 31 September
30 June 30 March 31 December 31
2015 2015 2015
2015 2014 Contractual required
principal and interest
$ 1,965
$ 2,149
$ 2,376
$ 2,419
$ 2,407
Carrying value 1,707 1,861 1,984 1,979 1,964
Community
Acquisition December 31 September 30 June
30 March 31 December 31 2015
2015 2015 2015
2014 Contractual required principal and interest
$16,362
$17,834
$18,546
$20,189
$23,277
Carrying value 12,899 13,400 13,958 14,627 15,365
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160125006307/en/
City Holding CompanyCharles R. Hageboeck, 304-769-1102Chief
Executive Officer and President
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