0000726854false00007268542024-07-232024-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): July 23, 2024

a92019chcodivimage1a02.jpg
CITY HOLDING COMPANY
(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-11733

West Virginia55-0619957
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)
 
25 Gatewater Road, Cross Lanes, West Virginia 25313
(Address of Principal Executive Offices, Including Zip Code)
 
304-769-1100
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Stock $2.50 Par ValueCHCONASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

-1-


Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On July 23, 2024, City Holding Company ("the Company") issued a news release, attached as Exhibit 99.1, announcing the Company's earnings results for the second quarter ended June 30, 2024. Furnished as Exhibit 99.1 and incorporated herein by reference is the news release issued by the Company.


Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits
News Release issued July 23, 2024


Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

Dated: July 23, 2024
City Holding Company
By:/s/ David L. Bumgarner
David L. Bumgarner
Executive Vice President & Chief Financial Officer

-2-








NEWS RELEASE

For Immediate Release
July 23, 2024

For Further Information Contact:
David L. Bumgarner, Executive Vice President and Chief Financial Officer
(304) 769-1169

City Holding Company Announces Quarterly Results

Charleston, West Virginia – City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.3 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $29.1 million and diluted earnings of $1.96 per share for the quarter ended June 30, 2024. For the second quarter of 2024, the Company achieved a return on assets of 1.85% and a return on tangible equity of 22.2%.

Net Interest Income

The Company’s net interest income increased approximately $0.2 million, or 0.4%, from $54.4 million during the first quarter of 2024 to $54.6 million during the second quarter of 2024. The Company’s tax equivalent net interest income increased $0.2 million, or 0.4%, from $54.6 million for the first quarter of 2024 to $54.8 million for the second quarter of 2024. Due to an increase in average investment balances ($99.9 million) and an increase in the yield on investments (26 basis points), net interest income increased $1.0 million and $0.9 million respectively. Additionally, an increase in the average balance of deposits in depository institutions ($23.9 million) increased net interest income by $0.3 million and an increase in the yield on loans (2 basis points) increased net interest income by $0.2 million. These increases were largely offset by an increase in the cost of interest bearing liabilities (16 basis points) and an increase in the average balance of interest bearing liabilities ($118.6 million) which lowered net interest income by $1.5 million and $0.8 million respectively. The Company’s reported net interest margin decreased from 3.95% for the first quarter of 2024 to 3.87% for the second quarter of 2024.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.28%, or $11.5 million, at March 31, 2024 to 0.25%, or $10.2 million, at June 30, 2024. Total past due loans increased from $6.7 million, or 0.16% of total loans outstanding, at March 31, 2024, to $10.9 million, or 0.26% of total loans outstanding at June 30, 2024.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a provision for credit losses of $0.5 million in the second quarter of 2024, compared to a provision for credit losses of $0.4 million for the comparable period in 2023, and a recovery of credit losses of $0.2 million for the first quarter of 2024. The provision for credit losses in the second quarter was primarily due to an increase in the loss rate for residential real estate loans.



Non-interest Income

Non-interest income was $18.9 million during the quarter ended June 30, 2024, as compared to $20.3 million during the quarter ended June 30, 2023. During the second quarter of 2024, the Company reported $0.4 million of unrealized fair value gains on the Company’s equity securities as compared to $0.3 million of unrealized fair value losses on the Company’s equity securities during the second quarter of 2023.

Exclusive of these items, non-interest income decreased $2.0 million, or 9.9%, from $20.6 million for the second quarter of 2023 to $18.6 million for the second quarter of 2024. This decrease was largely attributable to a decrease of $2.4 million in bank owned life insurance due to lower death benefit proceeds. This decrease was partially offset by an increase of $0.4 million, or 18.1%, in trust and investment management fee income.

Non-interest Expenses

Non-interest expenses increased $2.0 million, or 5.8%, from $34.8 million in the second quarter of 2023 to $36.8 million in the second quarter of 2024. This increase was largely due to an increase in other expenses of $0.9 million and bankcard expenses of $0.6 million. In addition, salaries and employee benefits increased $0.3 million, and equipment and software related expenses increased $0.2 million.

Balance Sheet Trends

Loans increased $21.1 million (0.5%) from March 31, 2024 to $4.11 billion at June 30, 2024. Residential real estate loans increased $10.5 million (0.6%), home equity loans increased $8.3 million (4.9%), and commercial real estate loans increased $2.7 million (0.2%).

Period-end deposit balances increased $11.5 million from March 31, 2024, to June 30, 2024. Total average depository balances increased $101.7 million, or 2.1%, from the quarter ended March 31, 2024 to the quarter ended June 30, 2024. Average time deposits increased $52.0 million, average interest-bearing demand deposits increased $36.5 million, and average noninterest bearing deposits increased $19.1 million. These increases were partially offset by a decrease of $5.9 million in average savings deposits.

Income Tax Expense

The Company’s effective income tax rate for the second quarter of 2024 was 19.7% compared to 20.1% for the year ended December 31, 2023, and 19.4%, for the quarter ended June 30, 2023.

Capitalization and Liquidity

The Company’s gross loan to deposit ratio was 81.2% and its gross loan to asset ratio was 64.9% at June 30, 2024. The Company maintained investment securities totaling 23.5% 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, 2024. Time deposits fund 18.1% of assets at June 30, 2024, with only 13.9% of time deposits having balances of more than $250,000, reflecting the core retail orientation of the Company.

City Holding Company is the parent company of City National Bank of West Virginia (“City National”). City National has borrowing facilities with the Federal Reserve Bank and the Federal Home Loan Bank that can be accessed as necessary to fund operations and to provide contingency funding. These borrowing facilities are collateralized by various loans held on City National’s balance sheet. As of June 30, 2024, City National had the capacity to borrow an additional $1.6 billion from these existing borrowing facilities. In addition, approximately $710 million of City National’s investment securities


were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $780 million of City National’s investment securities unpledged at June 30, 2024.

The Company continues to be strongly capitalized with tangible equity of $526 million at June 30, 2024. The Company’s tangible equity ratio decreased slightly from 8.6% at December 31, 2023 to 8.5% at June 30, 2024. At June 30, 2024, City National’s Leverage Ratio was 9.7%, its Common Equity Tier I ratio was 15.2%, its Tier I Capital ratio was 15.2%, and its Total Risk-Based Capital ratio was 15.7%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On May 29, 2024, the Board of Directors of the Company approved a quarterly cash dividend of $0.715 per share payable July 31, 2024, to shareholders of record as of July 15, 2024. During the quarter ended June 30, 2024, the Company repurchased 142,000 common shares at a weighted average price of $100.24 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of June 30, 2024, the Company could repurchase 821,000 additional shares under the current program.

City National operates 97 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, 2023 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) 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; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) 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,


2024 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary June 30, 2024 results and will adjust the amounts if necessary.




CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2024202420232023202320242023
Earnings
Net Interest Income (fully taxable equivalent)$54,847 $54,647 $54,889 $55,855 $55,757 $109,495 $109,524 
Net Income available to common shareholders29,115 29,523 27,452 29,839 32,733 58,638 57,074 
Per Share Data
Earnings per share available to common shareholders:
   Basic$1.96 $1.98 $1.84 $1.98 $2.16 $3.95 $3.80 
   Diluted1.96 1.97 1.84 1.98 2.16 3.94 3.79 
Weighted average number of shares (in thousands):
   Basic14,695 14,795 14,758 14,922 14,994 14,721 14,897 
   Diluted14,710 14,819 14,785 14,945 15,012 14,740 14,919 
Period-end number of shares (in thousands)14,701 14,825 14,832 14,901 15,007 14,701 15,007 
Cash dividends declared$0.72 $0.72 $0.72 $0.72 $0.65 $1.43 $1.30 
Book value per share (period-end)46.71 46.02 45.65 40.94 42.39 46.71 42.39 
Tangible book value per share (period-end)35.75 35.10 34.69 29.98 31.50 35.75 31.50 
Market data:
   High closing price$106.43 $111.40 $115.77 $99.49 $97.92 $111.40 $100.27 
   Low closing price98.35 99.28 87.43 87.51 83.57 98.35 83.57 
   Period-end closing price106.25 104.22 110.26 90.35 89.99 106.25 89.99 
   Average daily volume (in
   thousands)		57 63 62 62 80 60 82 
Treasury share activity:
      Treasury shares repurchased
     (in thousands)		142 36 70 109 269 179 488 
      Average treasury share repurchase price
$100.24 $100.24 $90.61 $89.33 $88.93 $100.24 $90.35 
Key Ratios (percent)
Return on average assets1.85 %1.92 %1.78 %1.94 %2.12 %1.89 %1.89 %
Return on average tangible equity22.2 %22.7 %23.5 %24.1 %27.4 %22.4 %23.7 %
Yield on interest earning assets5.38 %5.33 %5.23 %5.08 %4.87 %5.36 %4.76 %
Cost of interest bearing liabilities2.06 %1.90 %1.70 %1.46 %1.22 %1.98 %1.05 %


Net Interest Margin3.87 %3.95 %3.98 %4.03 %4.00 %3.91 %4.02 %
Non-interest income as a percent of total revenue25.3 %25.0 %25.6 %24.6 %27.1 %25.3 %26.0 %
Efficiency Ratio49.3 %48.5 %47.4 %46.4 %44.6 %48.9 %45.2 %
Price/Earnings Ratio (a)13.53 13.17 14.95 11.40 10.40 13.46 11.85 
Capital (period-end)
Average Shareholders' Equity to Average Assets10.90 %11.09 %10.27 %10.73 %10.38 %
Tangible equity to tangible assets8.50 %8.46 %8.57 %7.55 %7.90 %
Consolidated City Holding Company risk based capital ratios (b):
   CET I16.10 %16.15 %15.70 %15.36 %15.47 %
   Tier I16.10 %16.15 %15.70 %15.36 %15.47 %
   Total16.64 %16.69 %16.23 %15.89 %16.01 %
   Leverage10.30 %10.45 %10.23 %10.05 %9.80 %
City National Bank risk based capital ratios (b):
   CET I15.17 %14.60 %13.79 %14.73 %14.82 %
   Tier I15.17 %14.60 %13.79 %14.73 %14.82 %
   Total15.72 %15.14 %14.32 %15.27 %15.36 %
   Leverage9.68 %9.42 %8.94 %9.61 %9.36 %
Other (period-end)
Branches97 97 98 99 99 
FTE948 953 957 966 963 
   Assets per FTE (in thousands)$6,689 $6,625 $6,447 $6,291 $6,383 
   Deposits per FTE (in thousands)5,345 5,304 5,157 5,120 5,208 
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) June 30, 2024 risk-based capital ratios are estimated.




CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2024202420232023202320242023
Interest Income
   Interest and fees on loans$59,285 $59,128 $57,755 $55,582 $52,352 $118,413 $99,356 
   Interest on investment securities:
     Taxable13,947 12,040 12,336 12,432 11,794 25,987 23,567 
     Tax-exempt838 830 832 910 950 1,668 2,112 
   Interest on deposits in depository institutions
1,920 1,570 941 1,265 2,585 3,490 4,176 
Total Interest Income75,990 73,568 71,864 70,189 67,681 149,558 129,211 
Interest Expense
   Interest on deposits15,897 14,097 12,479 10,551 8,567 29,994 14,257 
   Interest on short-term borrowings
3,900 3,621 3,693 2,990 2,963 7,521 5,344 
Interest on FHLB long-term advances
1,568 1,423 1,026 1,034 649 2,991 649 
Total Interest Expense21,365 19,141 17,198 14,575 12,179 40,506 20,250 
Net Interest Income54,625 54,427 54,666 55,614 55,502 109,052 108,961 
Provision for (recovery of) credit losses500 (180)(300)200 425 320 3,343 
Net Interest Income After Provision for (Recovery of) Credit Losses54,125 54,607 54,966 55,414 55,077 108,732 105,618 
Non-Interest Income
Net (losses) gains on sale of investment securities— (1)(4,951)(730)— (1)773 
Unrealized gains (losses) recognized on securities still held364 (152)365 — (294)212 67 
   Service charges6,980 7,035 7,158 7,124 6,906 14,015 13,469 
   Bankcard revenue7,245 6,800 7,109 7,058 7,190 14,045 13,793 
   Trust and investment management fee income
2,762 2,623 2,563 2,409 2,339 5,385 4,591 
   Bank owned life insurance775 927 1,218 807 3,208 1,702 4,012 
   Other income785 716 774 742 952 1,501 2,278 
Total Non-Interest Income18,911 17,948 14,236 17,410 20,301 36,859 38,983 
Non-Interest Expense
   Salaries and employee benefits18,751 18,878 18,772 18,289 18,429 37,629 36,102 
   Occupancy related expense2,856 2,840 2,917 2,950 2,811 5,696 5,451 
   Equipment and software related expense
3,130 2,929 2,824 2,830 2,883 6,059 5,975 
   FDIC insurance expense718 711 868 919 690 1,429 1,135 
   Advertising972 867 588 790 974 1,839 1,734 


   Bankcard expenses2,290 2,039 2,014 2,188 1,736 4,329 3,245 
   Postage, delivery, and statement mailings
714 666 615 668 596 1,380 1,243 
   Office supplies432 453 477 457 591 885 1,011 
   Legal and professional fees551 482 478 529 558 1,033 1,028 
   Telecommunications624 600 614 568 623 1,224 1,229 
   Repossessed asset losses (gains), net of expenses6 229 (50)40 22 235 38 
   Other expenses5,728 5,206 4,992 4,800 4,848 10,934 15,193 
Total Non-Interest Expense36,772 35,900 35,109 35,028 34,761 72,672 73,384 
Income Before Income Taxes36,264 36,655 34,093 37,796 40,617 72,919 71,217 
   Income tax expense7,149 7,132 6,641 7,957 7,884 14,281 14,143 
Net Income Available to Common Shareholders$29,115 $29,523 $27,452 $29,839 $32,733 $58,638 $57,074 
Distributed earnings allocated to common shareholders$10,418 $10,505 $10,508 $10,554 $9,668 $20,835 $19,336 
Undistributed earnings allocated to common shareholders18,439 18,757 16,696 19,004 22,774 37,284 37,233 
Net earnings allocated to common shareholders$28,857 $29,262 $27,204 $29,558 $32,442 $58,119 $56,569 
Average common shares outstanding14,695 14,795 14,758 14,922 14,994 14,721 14,897 
Shares for diluted earnings per share14,710 14,819 14,785 14,945 15,012 14,740 14,919 
Basic earnings per common share$1.96 $1.98 $1.84 $1.98 $2.16 $3.95 $3.80 
Diluted earnings per common share$1.96 $1.97 $1.84 $1.98 $2.16 $3.94 $3.79 



CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
June 30,March 31,December 31,September 30,June 30,
20242024202320232023
Assets
Cash and due from banks$141,168 $121,853 $123,033 $67,402 $69,622 
Interest-bearing deposits in depository institutions76,818 196,829 33,243 43,314 161,659 
Cash and cash equivalents217,986 318,682 156,276 110,716 231,281 
Investment securities available-for-sale, at fair value1,456,685 1,347,657 1,338,137 1,358,219 1,419,933 
Other securities31,237 30,681 30,966 29,022 29,262 
Total investment securities1,487,922 1,378,338 1,369,103 1,387,241 1,449,195 
Gross loans4,112,873 4,091,788 4,125,923 4,007,482 3,922,142 
Allowance for credit losses(22,688)(22,310)(22,745)(23,128)(22,751)
Net loans4,090,185 4,069,478 4,103,178 3,984,354 3,899,391 
Bank owned life insurance119,650 118,875 118,122 117,979 117,173 
Premises and equipment, net71,041 71,623 72,146 72,682 73,118 
Accrued interest receivable21,826 21,759 20,290 19,223 17,973 
Net deferred tax assets43,602 43,969 42,216 58,811 46,944 
Intangible assets161,236 161,832 162,568 163,461 163,426 
Other assets127,947 129,627 124,153 161,659 148,333 
Total Assets$6,341,395 $6,314,183 $6,168,052 $6,076,126 $6,146,834 
Liabilities
Deposits:
   Noninterest-bearing$1,354,660 $1,359,072 $1,342,804 $1,333,474 $1,373,106 
   Interest-bearing:
   Demand deposits1,333,169 1,330,268 1,291,011 1,319,783 1,337,445 
   Savings deposits1,233,834 1,266,211 1,259,457 1,282,642 1,343,571 
   Time deposits1,145,617 1,100,250 1,040,990 1,009,235 960,941 
Total deposits5,067,280 5,055,801 4,934,262 4,945,134 5,015,063 
Short-term borrowings
FHLB short-term advances
— — 25,000 — — 
   Customer repurchase agreements322,668 304,941 309,856 278,671 271,714 
FHLB long-term advances150,000 150,000 100,000 100,000 100,000 
Other liabilities114,707 121,210 121,868 142,187 123,865 
Total Liabilities5,654,655 5,631,952 5,490,986 5,465,992 5,510,642 


Stockholders' Equity
Preferred stock— — — — — 
Common stock47,619 47,619 47,619 47,619 47,619 
Capital surplus174,834 175,747 177,424 177,113 176,746 
Retained earnings817,549 799,024 780,299 763,425 744,248 
Cost of common stock in treasury(230,944)(218,555)(217,737)(211,430)(201,973)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale(119,737)(119,023)(107,958)(163,171)(127,026)
Underfunded pension liability
(2,581)(2,581)(2,581)(3,422)(3,422)
Total Accumulated Other Comprehensive Loss(122,318)(121,604)(110,539)(166,593)(130,448)
Total Stockholders' Equity686,740 682,231 677,066 610,134 636,192 
Total Liabilities and Stockholders' Equity$6,341,395 $6,314,183 $6,168,052 $6,076,126 $6,146,834 
Regulatory Capital
Total CET 1 capital$650,108 $644,235 $627,579 $615,798 $605,661 
Total tier 1 capital650,108 644,235 627,579 615,798 605,661 
Total risk-based capital671,959 665,707 648,646 637,245 626,730 
Total risk-weighted assets4,037,614 3,989,171 3,996,688 4,009,798 3,913,870 




CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
June 30,March 31,December 31,September 30,June 30,
20242024202320232023
Commercial and industrial$408,312 $407,770 $426,950 $424,647 $417,847 
1-4 Family195,992 202,378 206,237 197,081 184,919 
Hotels370,954 354,929 357,142 321,236 324,745 
Multi-family190,390 186,555 189,165 192,329 191,483 
Non Residential Non-Owner Occupied668,330 682,609 680,590 651,498 612,703 
Non Residential Owner Occupied235,993 232,440 240,328 222,544 222,852 
Commercial real estate (1)
1,661,659 1,658,911 1,673,462 1,584,688 1,536,702 
Residential real estate (2)
1,797,260 1,786,764 1,788,150 1,768,358 1,746,618 
Home equity179,607 171,292 167,201 159,630 151,012 
Consumer62,352 63,556 65,246 65,586 65,201 
DDA overdrafts3,683 3,495 4,914 4,573 4,762 
Gross Loans$4,112,873 $4,091,788 $4,125,923 $4,007,482 $3,922,142 
Construction loans included in:
(1) - Commercial real estate loans$2,233 $6,651 $2,459 $2,533 $3,361 
(2) - Residential real estate loans9,766 19,709 23,066 20,056 20,470 



CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)

Three Months EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2024202420232023202320242023
Allowance for Loan Losses
Balance at beginning of period$22,310 $22,745 $23,128 $22,751 $22,724 $22,745 $17,108 
Charge-offs:
Commercial and industrial(61)(306)(84)— (69)(367)(69)
Commercial real estate(40)(31)(5)(256)(117)(71)(120)
Residential real estate(286)(19)(68)(88)(20)(305)(52)
Home equity(121)(27)(21)(112)(200)(148)(267)
Consumer(20)(115)(6)(10)(109)(135)(171)
DDA overdrafts(373)(356)(416)(422)(357)(729)(807)
Total charge-offs(901)(854)(600)(888)(872)(1,755)(1,486)
Recoveries:
Commercial and industrial38 25 70 597 86 63 169 
Commercial real estate165 11 17 74 28 176 186 
Residential real estate179 49 4 28 5 228 15 
Home equity38 9 13 18 12 47 16 
Consumer24 98 45 27 28 122 51 
DDA overdrafts335 407 368 321 315 742 713 
Total recoveries779 599 517 1,065 474 1,378 1,150 
Net charge-offs(122)(255)(83)177 (398)(377)(336)
Provision for (recovery of) credit losses500 (180)(300)200 425 320 3,343 
PCD Loan Reserves— — — — — — 2,811 
Adoption of ASU 2022-02— — — — — — (175)
Balance at end of period$22,688 $22,310 $22,745 $23,128 $22,751 $22,688 $22,751 
Loans outstanding$4,112,873$4,091,788$4,125,923$4,007,482$3,922,142
Allowance as a percent of loans outstanding0.55 %0.55 %0.55 %0.58 %0.58 %
Allowance as a percent of non-performing loans236.8 %206.8 %290.6 %440.1 %405.5 %
Average loans outstanding$4,092,464 $4,092,529 $4,045,889 $3,956,871 $3,896,284 $4,092,497 $3,798,781 
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding0.01 %0.02 %0.01 %(0.02)%0.04 %0.02 %0.02 %






CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, Continued
(Unaudited) ($ in 000s)
June 30,March 31,December 31,September 30,June 30,
20242024202320232023
Nonaccrual Loans
Residential real estate$3,214 $3,452 $2,849 $2,839 $2,774 
Home equity63 121 111 75 24 
Commercial and industrial3,135 3,405 2,211 716 741 
Commercial real estate3,118 3,807 2,387 1,355 1,821 
Consumer— 1 — 1 36 
   Total nonaccrual loans9,530 10,786 7,558 4,986 5,396 
Accruing loans past due 90 days or more50 — 270 269 215 
   Total non-performing loans9,580 10,786 7,828 5,255 5,611 
Other real estate owned629 752 731 720 874 
   Total non-performing assets$10,209 $11,538 $8,559 $5,975 $6,485 
Non-performing assets as a percent of loans and other real estate owned0.25 %0.28 %0.21 %0.15 %0.17 %
Past Due Loans
Residential real estate$7,991 $5,035 $8,059 $6,247 $5,884 
Home equity819 1,028 1,235 1,278 784 
Commercial and industrial1,087 26 435 568 142 
Commercial real estate565 138 715 1,478 238 
Consumer97 75 129 84 57 
DDA overdrafts327 406 364 398 341 
   Total past due loans$10,886 $6,708 $10,937 $10,053 $7,446 
Total past due loans as a percent of loans outstanding0.26 %0.16 %0.27 %0.25 %0.19 %





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

Three Months Ended
June 30, 2024March 31, 2024June 30, 2023
AverageYield/AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$1,969,769 $24,763 5.06 %$1,953,647 $24,148 4.97 %$1,894,269 $21,702 4.60 %
Commercial, financial, and agriculture (2)
2,055,263 33,524 6.56 %2,070,054 33,980 6.60 %1,933,238 29,754 6.17 %
Installment loans to individuals (2), (3)
67,432 998 5.95 %68,828 999 5.84 %68,777 898 5.24 %
Total loans4,092,464 59,285 5.83 %4,092,529 59,127 5.81 %3,896,284 52,354 5.39 %
Securities:
Taxable1,302,197 13,947 4.31 %1,200,310 12,040 4.03 %1,301,063 11,794 3.64 %
Tax-exempt (4)
158,894 1,060 2.68 %160,847 1,051 2.63 %174,410 1,203 2.77 %
Total securities1,461,091 15,007 4.13 %1,361,157 13,091 3.87 %1,475,473 12,997 3.53 %
Deposits in depository institutions139,852 1,920 5.52 %115,953 1,570 5.45 %223,671 2,585 4.64 %
Total interest-earning assets5,693,407 76,212 5.38 %5,569,639 73,788 5.33 %5,595,428 67,936 4.87 %
Cash and due from banks103,004 98,966 72,342 
Premises and equipment, net71,491 71,954 73,450 
Goodwill and intangible assets161,607 162,257 163,847 
Other assets316,440 306,278 313,925 
Less: Allowance for loan losses(22,694)(23,142)(23,046)
       Total assets$6,323,255 $6,185,952 $6,195,946 
Liabilities:
Interest-bearing demand deposits$1,320,402 $3,845 1.17 %$1,283,868 $3,439 1.08 %$1,328,520 $2,773 0.84 %
Savings deposits1,248,330 2,232 0.72 %1,254,253 2,273 0.73 %1,365,894 1,942 0.57 %
Time deposits (2)
1,125,036 9,820 3.51 %1,073,083 8,385 3.14 %962,299 3,852 1.61 %
Short-term borrowings336,434 3,900 4.66 %313,623 3,621 4.64 %294,255 2,963 4.04 %
FHLB long-term advances150,000 1,568 4.20 %136,813 1,423 4.18 %65,934 649 3.95 %
   Total interest-bearing liabilities4,180,202 21,365 2.06 %4,061,640 19,141 1.90 %4,016,902 12,179 1.22 %
Noninterest-bearing demand deposits1,341,642 1,322,540 1,419,771 
Other liabilities112,301 115,589 116,083 
Stockholders' equity689,110 686,183 643,190 
Total liabilities and
stockholders' equity$6,323,255 $6,185,952 $6,195,946 
Net interest income$54,847 $54,647 $55,757 
Net yield on earning assets3.87 %3.95 %4.00 %
(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$60 $133 $393 


(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$72 $45 $78 
Commercial, financial, and agriculture683 1,065 709 
Installment loans to individuals6 6 8 
Time deposits21 63 154 
$782 $1,179 $949 
(3) Includes the Company’s consumer and DDA overdrafts loan categories.
(4) 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, 2024June 30, 2023
AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$1,962,337 $48,912 5.01 %$1,869,375 $41,707 4.50 %
Commercial, financial, and agriculture (2)
2,062,016 67,504 6.58 %1,866,177 56,001 6.05 %
Installment loans to individuals (2), (3)
68,144 1,997 5.89 %63,229 1,648 5.26 %
Total loans4,092,497 118,413 5.82 %3,798,781 99,356 5.27 %
Securities:
Taxable1,251,253 25,987 4.18 %1,312,118 23,567 3.62 %
Tax-exempt (4)
159,871 2,111 2.66 %188,984 2,674 2.85 %
Total securities1,411,124 28,098 4.00 %1,501,102 26,241 3.53 %
Deposits in depository institutions127,902 3,490 5.49 %192,027 4,176 4.39 %
Total interest-earning assets5,631,523 150,001 5.36 %5,491,910 129,773 4.77 %
Cash and due from banks100,985 70,170 
Premises and equipment, net71,723 72,441 
Goodwill and intangible assets161,932 144,305 
Other assets311,358 320,646 
Less: Allowance for loan losses(22,918)(20,608)
       Total assets$6,254,603 $6,078,864 
Liabilities:
Interest-bearing demand deposits$1,302,135 $7,284 1.12 %$1,282,009 $4,513 0.71 %
Savings deposits1,251,292 4,505 0.72 %1,371,077 3,290 0.48 %
Time deposits (2)
1,099,059 18,205 3.33 %932,606 6,453 1.40 %
Short-term borrowings325,028 7,521 4.65 %288,092 5,344 3.74 %
FHLB long-term advances143,407 2,991 4.19 %33,149 649 3.95 %
   Total interest-bearing liabilities4,120,921 40,506 1.98 %3,906,933 20,249 1.05 %
Noninterest-bearing demand deposits1,332,091 1,420,221 
Other liabilities113,945 122,709 
Stockholders' equity687,646 629,001 
Total liabilities and
Stockholders' equity$6,254,603 $6,078,864 
Net interest income$109,495 $109,524 
Net yield on earning assets3.91 %4.02 %
(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 (includes PPP fees)$193 $911 


(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$118 $117 
Commercial, financial, and agriculture1,747 855 
Installment loans to individuals12 11 
Time deposits84 164 
$1,961 $1,147 
(3) Includes the Company’s consumer and DDA overdrafts loan categories.
(4) 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 EndedSix Months Ended
June 30,March 31,December 31,September 30,June 30,June 30,June 30,
2024202420232023202320242023
Net Interest Income/Margin
Net interest income ("GAAP")$54,625 $54,427 $54,666 $55,614 $55,502 $109,052 $108,961 
Taxable equivalent adjustment222 220 223 243 255 443 563 
Net interest income, fully taxable equivalent
$54,847 $54,647 $54,889 $55,857 $55,757 $109,495 $109,524 
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")10.83 %10.81 %10.98 %10.04 %10.35 %
Effect of goodwill and other intangibles, net(2.33)(2.35)(2.41)(2.49)(2.45)
Tangible common equity to tangible assets
8.5 %8.46 %8.57 %7.55 %7.90 %


Commercial Loan Information (period end)
Commercial SectorTotal % of Total LoansAverage DSCAverage LTV
Natural Gas Extraction$26,230 1.16%3.71NA
Natural Gas Distribution12,8000.575.46NA
Masonry Contractors49,5382.191.0484%
Sheet Metal Work Manufacturing31,4441.391.2268%
Beer & Ale Merchant Wholesalers26,8941.193.28NA
Gasoline Stations with Convenience Stores42,3301.884.7665%
Lessors of Residential Builidings & Dwellings445,17619.721.8966%
1-4 Family235,03210.412.9767%
Multi-Family173,5747.691.8464%
Lessors of Nonresidential Buildings608,93326.981.7065%
Office Buildings125,9225.581.6462%
Lessors of Mini-Warehouses & Self-Storage Units50,9412.261.4361%
Assisted Living Facilities27,1841.201.3861%
Hotels & Motels401,09617.771.4563%
Average BalanceMedian Balance
Commercial Loans$449 $93 
Commercial Real Estate Loans514121




CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
June 30, 2024
March 31, 2024
Noninterest-Bearing Demand Deposits17 %16 %
Interest-Bearing Deposits
   Demand Deposits13 %12 %
   Savings Deposits12 %12 %
   Time Deposits16 %15 %
Total Deposits14 %14 %
The amounts listed above represent management's best estimate as of the respective period shown of uninsured deposits (either with balances above $250,000 or not collateralized by investment securities).

CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Net Growth in DDA Accounts
YearNew DDA AccountsNet Number of New AccountsPercentage
202416,4232,8491.1 %
2023*31,7454,7681.9 %
202228,4424,5441.9 %
202132,8008,8603.8 %
202030,3606,7403.0 %
201932,0403,7171.7 %
2018*30,4004,3102.2 %
201728,5252,7111.4 %
* - amounts exclude accounts added in connection with the acquisitions of Poage Bankshares, Inc. (2018), Farmers Deposit Bancorp, Inc.(2018) and Citizens Commerce Bancshares, Inc. (2023).

v3.24.2
Document and Entity Information Document
Jul. 23, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 23, 2024
Entity Registrant Name CITY HOLDING COMPANY
Entity Central Index Key 0000726854
Amendment Flag false
Entity Incorporation, State or Country Code WV
Entity File Number 0-11733
Entity Tax Identification Number 55-0619957
Entity Address, Address Line One 25 Gatewater Road
Entity Address, City or Town Cross Lanes
Entity Address, State or Province WV
Entity Address, Postal Zip Code 25313
City Area Code 304
Local Phone Number 769-1100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock $2.50 Par Value
Trading Symbol CHCO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
City (NASDAQ:CHCO)
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