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City Holding Company Announces Quarterly Results

City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.1 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $29.9 million and diluted earnings of $1.98 per share for the quarter ended September 30, 2023. For the third quarter of 2023, the Company achieved a return on assets of 1.94% and a return on tangible equity of 24.1%.

Net Interest Income

The Company’s net interest income increased approximately $0.1 million, or 0.2%, from $55.5 million during the second quarter of 2023 to $55.6 million during the third quarter of 2023. The Company’s tax equivalent net interest income increased $0.1 million, or 0.2%, from $55.8 million for the second quarter of 2023 to $55.9 million for the third quarter of 2023. Due to recent increases in the Federal Funds rate, net interest income increased by $2.6 million due to an increase in loan yields (net of loan fees and accretion) of 22 basis points and by $0.8 million due to an increase in the yield on investment securities of 19 basis points. In addition, net interest income increased $0.8 million due to an increase in balances of loans of $60.6 million from the quarter ended June 30, 2023. These increases were partially offset by an increase in the cost of interest bearing liabilities (26 basis points) which decreased net interest income by $2.4 million and lower balances of deposits in depository institutions of $133.1 million that lowered net interest income by $1.6 million. The Company’s reported net interest margin increased from 4.00% for the second quarter of 2023 to 4.03% for the third quarter of 2023.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned declined slightly from 0.17%, or $6.5 million, at June 30, 2023 to 0.15%, or $6.0 million, at September 30, 2023. Total past due loans increased from $7.4 million, or 0.19% of total loans outstanding, at June 30, 2023, to $10.1 million, or 0.25% of total loans outstanding at September 30, 2023.

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 $0.2 million in the third quarter of 2023, compared to a provision for credit losses of $0.7 million for the comparable period in 2022, and a provision for credit losses of $0.4 million for the second quarter of 2023. The provision for credit losses in the third quarter was primarily the result of the downgrade of a commercial loan and loan growth partially offset by net recoveries during the quarter.

Non-interest Income

Non-interest income was $17.4 million during the quarter ended September 30, 2023, as compared to $18.2 million during the quarter ended September 30, 2022. During the third quarter of 2023, the Company reported $0.7 million of realized security losses.

Exclusive of the realized security loss, non-interest income decreased $0.1 million, or 0.6%, from $18.2 million for the third quarter of 2022 to $18.1 million for the third quarter of 2023. This decrease was largely attributable to a decrease of $0.4 million, or 4.8%, in service fees that was partially offset by an increase of $0.3 million, or 11.6%, in trust and investment management fee income.

Non-interest Expenses

Non-interest expenses increased $3.5 million, or 11.2%, from $31.5 million in the third quarter of 2022 to $35.0 million in the third quarter of 2023. This increase was largely due to an increase in other expenses of $1.2 million and an increase in salaries and employee benefits of $0.9 million due to the acquisition of Citizens ($0.5 million) and salary adjustments. In addition, bankcard expenses increased $0.8 million and FDIC insurance expenses increased $0.5 million.

Balance Sheet Trends

Gross loans increased $85.3 million (2.2%) from June 30, 2023 to $4.01 billion at September 30, 2023. Commercial real estate loans increased $48.0 million (3.1%) and residential real estate loans increased $21.7 million (1.2%) during the quarter ended September 30, 2023. In addition, home equity loans increased $8.6 million (5.7%) and commercial and industrial loans increased $6.8 million (1.6%).

Period-end deposit balances decreased $69.9 million from June 30, 2023, to September 30, 2023. Total average depository balances decreased $116.8 million, or 2.3%, from the quarter ended June 30, 2023 to the quarter ended September 30, 2023. Average noninterest-bearing demand deposit balances decreased $60.5 million, average savings deposit balances decreased $51.4 million, and interest-bearing demand deposit balances decreased $27.6 million. These decreases were partially offset by an increase in average time balances of $22.7 million.

Income Tax Expense

The Company’s effective income tax rate for the third quarter of 2023 was 21.1% compared to 19.8% for the year ended December 31, 2022 and 21.3% for the quarter ended September 30, 2022.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 81.0% and its loan to asset ratio was 66.0% at September 30, 2023. The Company maintained investment securities totaling 22.8% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 64.8% of assets at September 30, 2023. Time deposits fund 16.6% of assets at September 30, 2023, with only 11.7% 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. As of September 30, 2023, City National had the capacity to borrow an additional $1.8 billion from these existing borrowing facilities. In addition, $764.7 million of City National’s investment securities were unpledged at September 30, 2023.

The Company continues to be strongly capitalized with tangible equity of $447 million at September 30, 2023. The Company’s tangible equity ratio decreased slightly from 8.0% at December 31, 2022 to 7.6% at September 30, 2023. At September 30, 2023, City National’s Leverage Ratio was 9.6%, its Common Equity Tier I ratio was 14.7%, its Tier I Capital ratio was 14.7%, and its Total Risk-Based Capital ratio was 15.3%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On September 27, 2023, the Board of Directors of the Company approved a quarterly cash dividend of $0.715 per share payable October 31, 2023, to shareholders of record as of October 13, 2023. This represents a 10.0% increase from the $0.65 per share dividend paid on July 31, 2023. During the quarter ended September 30, 2023, the Company repurchased 109,000 common shares at a weighted average price of $89.33 per share as part of a one million share repurchase plan authorized by the Board of Directors in May 2022. As of September 30, 2023, the Company could repurchase 220,000 additional shares under the current program.

City National operates 99 branches across West Virginia, Kentucky, Virginia, and Ohio. On October 20, 2023, City National closed one of the two branches located in Nicholasville, Kentucky due to the proximity (less than one mile) from an existing City National branch.

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, 2022 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 September 30, 2023 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary September 30, 2023 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
 

Three Months Ended

 

Nine Months Ended

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 

September 30,

2023

September 30,

2022

 
Earnings
Net Interest Income (fully taxable equivalent)

$

55,855

 

$

55,757

 

$

53,767

 

$

52,381

 

$

49,108

 

$

165,379

 

$

128,961

 

Net Income available to common shareholders

 

29,839

 

 

32,733

 

 

24,341

 

 

30,672

 

 

27,374

 

 

86,913

 

 

71,408

 

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

$

1.98

 

$

2.16

 

$

1.63

 

$

2.06

 

$

1.84

 

$

5.78

 

$

4.75

 

Diluted

 

1.98

 

 

2.16

 

 

1.63

 

 

2.05

 

 

1.83

 

 

5.77

 

 

4.75

 

Weighted average number of shares (in thousands):
Basic

 

14,922

 

 

14,994

 

 

14,818

 

 

14,756

 

 

14,776

 

 

14,906

 

 

14,878

 

Diluted

 

14,945

 

 

15,012

 

 

14,844

 

 

14,785

 

 

14,800

 

 

14,928

 

 

14,901

 

Period-end number of shares (in thousands)

 

14,901

 

 

15,007

 

 

15,260

 

 

14,788

 

 

14,856

 

 

14,901

 

 

14,856

 

Cash dividends declared

$

0.72

 

$

0.65

 

$

0.65

 

$

0.65

 

$

0.65

 

$

2.02

 

$

1.85

 

Book value per share (period-end)

$

40.94

 

$

42.39

 

$

42.66

 

$

39.08

 

$

36.91

 

$

40.94

 

$

36.91

 

Tangible book value per share (period-end)

 

29.98

 

 

31.50

 

 

31.91

 

 

31.25

 

 

29.09

 

 

29.98

 

 

29.09

 

Market data:
High closing price

$

99.49

 

$

97.92

 

$

100.27

 

$

101.94

 

$

90.24

 

$

100.27

 

$

90.24

 

Low closing price

 

87.51

 

 

83.57

 

 

89.17

 

 

89.32

 

 

78.40

 

 

83.57

 

 

73.88

 

Period-end closing price

 

90.35

 

 

89.99

 

 

90.88

 

 

93.09

 

 

88.69

 

 

90.35

 

 

88.69

 

Average daily volume (in thousands)

 

62

 

 

80

 

 

84

 

 

75

 

 

58

 

 

76

 

 

68

 

Treasury share activity:
Treasury shares repurchased (in thousands)

 

109

 

 

269

 

 

218

 

 

69

 

 

9

 

 

597

 

 

255

 

Average treasury share repurchase price

$

89.33

 

$

88.93

 

$

92.10

 

$

93.12

 

$

80.24

 

$

90.16

 

$

78.36

 

 
Key Ratios (percent)
Return on average assets

 

1.94

%

 

2.12

%

 

1.63

%

 

2.08

%

 

1.83

%

 

1.91

%

 

1.59

%

Return on average tangible equity

 

24.1

%

 

27.4

%

 

19.9

%

 

27.3

%

 

21.8

%

 

23.9

%

 

18.3

%

Yield on interest earning assets

 

5.08

%

 

4.87

%

 

4.66

%

 

4.23

%

 

3.72

%

 

4.87

%

 

3.27

%

Cost of interest bearing liabilities

 

1.46

%

 

1.22

%

 

0.86

%

 

0.48

%

 

0.21

%

 

1.18

%

 

0.18

%

Net Interest Margin

 

4.03

%

 

4.00

%

 

4.05

%

 

3.89

%

 

3.57

%

 

4.02

%

 

3.14

%

Non-interest income as a percent of total revenue

 

24.6

%

 

27.1

%

 

24.7

%

 

26.5

%

 

27.2

%

 

25.5

%

 

29.5

%

Efficiency Ratio

 

46.4

%

 

44.6

%

 

45.7

%

 

45.3

%

 

46.3

%

 

45.6

%

 

49.2

%

Price/Earnings Ratio (a)

 

11.40

 

 

10.40

 

 

13.95

 

 

11.30

 

 

12.08

 

 

11.73

 

 

13.99

 

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

 

10.73

%

 

10.38

%

 

10.31

%

 

9.57

%

 

10.32

%

Tangible equity to tangible assets

 

7.55

%

 

7.90

%

 

8.05

%

 

8.02

%

 

7.41

%

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

 

15.36

%

 

15.47

%

 

15.64

%

 

16.23

%

 

15.82

%

Tier I

 

15.36

%

 

15.47

%

 

15.64

%

 

16.23

%

 

15.82

%

Total

 

15.89

%

 

16.01

%

 

16.18

%

 

16.62

%

 

16.22

%

Leverage

 

10.05

%

 

9.80

%

 

10.20

%

 

10.01

%

 

9.74

%

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

 

14.73

%

 

14.82

%

 

14.08

%

 

13.88

%

 

14.68

%

Tier I

 

14.73

%

 

14.82

%

 

14.08

%

 

13.88

%

 

14.68

%

Total

 

15.27

%

 

15.36

%

 

14.63

%

 

14.28

%

 

15.07

%

Leverage

 

9.61

%

 

9.36

%

 

9.18

%

 

8.55

%

 

9.05

%

 
Other (period-end)
Branches

 

99

 

 

99

 

 

99

 

 

94

 

 

94

 

FTE

 

966

 

 

963

 

 

958

 

 

909

 

 

903

 

 
Assets per FTE (in thousands)

$

6,291

 

$

6,383

 

$

6,483

 

$

6,467

 

$

6,588

 

Deposits per FTE (in thousands)

 

5,120

 

 

5,208

 

 

5,362

 

 

5,357

 

 

5,492

 

 
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) September 30, 2023 risk-based capital ratios are estimated.
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
 

Three Months Ended

 

Nine Months Ended

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 

September 30,

2023

September 30,

2022

 
Interest Income
Interest and fees on loans

$

55,582

 

$

52,352

 

$

47,004

$

42,963

 

$

38,493

 

$

154,939

$

103,575

 

Interest on investment securities:
Taxable

 

12,432

 

 

11,794

 

 

11,773

 

11,119

 

 

9,556

 

 

35,999

 

23,327

 

Tax-exempt

 

910

 

 

950

 

 

1,162

 

1,262

 

 

1,228

 

 

3,022

 

3,650

 

Interest on deposits in depository institutions

 

1,265

 

 

2,585

 

 

1,591

 

1,244

 

 

1,530

 

 

5,440

 

2,549

 

Total Interest Income

 

70,189

 

 

67,681

 

 

61,530

 

56,588

 

 

50,807

 

 

199,400

 

133,101

 

 
Interest Expense
Interest on deposits

 

10,551

 

 

8,567

 

 

5,690

 

3,010

 

 

1,585

 

 

24,808

 

4,433

 

Interest on short-term borrowings

 

2,990

 

 

2,963

 

 

2,381

 

1,533

 

 

440

 

 

8,334

 

677

 

Interest on long-term debt

 

1,034

 

 

649

 

 

-

 

-

 

 

-

 

 

1,683

 

-

 

Total Interest Expense

 

14,575

 

 

12,179

 

 

8,071

 

4,543

 

 

2,025

 

 

34,825

 

5,110

 

Net Interest Income

 

55,614

 

 

55,502

 

 

53,459

 

52,045

 

 

48,782

 

 

164,575

 

127,991

 

Provision for (Recovery of) credit losses

 

200

 

 

425

 

 

2,918

 

500

 

 

730

 

 

3,543

 

(26

)

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

 

55,414

 

 

55,077

 

 

50,541

 

51,545

 

 

48,052

 

 

161,032

 

128,017

 

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

 

(730

)

 

-

 

 

773

 

4

 

 

-

 

 

43

 

-

 

Unrealized (losses) gains recognized on equity securities still held

 

-

 

 

(294

)

 

361

 

(262

)

 

1

 

 

67

 

(1,322

)

Service charges

 

7,124

 

 

6,906

 

 

6,563

 

7,056

 

 

7,487

 

 

20,593

 

21,281

 

Bankcard revenue

 

7,058

 

 

7,190

 

 

6,603

 

6,791

 

 

7,052

 

 

20,851

 

20,558

 

Trust and investment management fee income

 

2,409

 

 

2,339

 

 

2,252

 

2,343

 

 

2,158

 

 

7,000

 

6,455

 

Bank owned life insurance

 

807

 

 

3,208

 

 

804

 

1,813

 

 

754

 

 

4,819

 

3,746

 

Other income

 

742

 

 

952

 

 

1,326

 

791

 

 

792

 

 

3,020

 

2,825

 

Total Non-Interest Income

 

17,410

 

 

20,301

 

 

18,682

 

18,536

 

 

18,244

 

 

56,393

 

53,543

 

 
Non-Interest Expense
Salaries and employee benefits

 

18,289

 

 

18,429

 

 

17,673

 

17,148

 

 

17,398

 

 

54,391

 

49,386

 

Occupancy related expense

 

2,950

 

 

2,811

 

 

2,640

 

2,725

 

 

2,664

 

 

8,401

 

7,993

 

Equipment and software related expense

 

2,830

 

 

2,883

 

 

3,092

 

3,341

 

 

2,949

 

 

8,805

 

8,452

 

FDIC insurance expense

 

919

 

 

690

 

 

445

 

413

 

 

416

 

 

2,054

 

1,259

 

Advertising

 

790

 

 

974

 

 

760

 

802

 

 

854

 

 

2,524

 

2,603

 

Bankcard expenses

 

2,188

 

 

1,736

 

 

1,509

 

1,356

 

 

1,405

 

 

5,433

 

4,676

 

Postage, delivery, and statement mailings

 

668

 

 

596

 

 

647

 

597

 

 

578

 

 

1,911

 

1,765

 

Office supplies

 

457

 

 

591

 

 

420

 

441

 

 

466

 

 

1,468

 

1,303

 

Legal and professional fees

 

529

 

 

558

 

 

470

 

610

 

 

532

 

 

1,557

 

1,584

 

Telecommunications

 

568

 

 

623

 

 

606

 

627

 

 

651

 

 

1,797

 

1,988

 

Repossessed asset losses (gains), net of expenses

 

40

 

 

22

 

 

16

 

54

 

 

(3

)

 

78

 

4

 

Merger related expenses

 

2

 

 

-

 

 

5,645

 

268

 

 

-

 

 

5,647

 

-

 

Other expenses

 

4,798

 

 

4,848

 

 

4,700

 

4,203

 

 

3,591

 

 

14,346

 

10,701

 

Total Non-Interest Expense

 

35,028

 

 

34,761

 

 

38,623

 

32,585

 

 

31,501

 

 

108,412

 

91,714

 

Income Before Income Taxes

 

37,796

 

 

40,617

 

 

30,600

 

37,496

 

 

34,795

 

 

109,013

 

89,846

 

Income tax expense

 

7,957

 

 

7,884

 

 

6,259

 

6,824

 

 

7,421

 

 

22,100

 

18,438

 

Net Income Available to Common Shareholders

$

29,839

 

$

32,733

 

$

24,341

$

30,672

 

$

27,374

 

$

86,913

$

71,408

 

 
Distributed earnings allocated to common shareholders

$

10,554

 

$

9,668

 

$

9,833

$

9,521

 

$

9,564

 

$

29,744

$

27,220

 

Undistributed earnings allocated to common shareholders

 

19,004

 

 

22,774

 

 

14,294

 

20,857

 

 

17,555

 

 

56,356

 

43,509

 

Net earnings allocated to common shareholders

$

29,558

 

$

32,442

 

$

24,127

$

30,378

 

$

27,119

 

$

86,100

$

70,729

 

 
Average common shares outstanding

 

14,922

 

 

14,994

 

 

14,818

 

14,756

 

 

14,776

 

 

14,906

 

14,878

 

Shares for diluted earnings per share

 

14,945

 

 

15,012

 

 

14,844

 

14,785

 

 

14,800

 

 

14,928

 

14,901

 

 
Basic earnings per common share

$

1.98

 

$

2.16

 

$

1.63

$

2.06

 

$

1.84

 

$

5.78

$

4.75

 

Diluted earnings per common share

$

1.98

 

$

2.16

 

$

1.63

$

2.05

 

$

1.83

 

$

5.77

$

4.75

 

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

(Unaudited)

(Unaudited)

(Unaudited)

 

(Unaudited)

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 
Assets
Cash and due from banks

$

62,085

 

$

66,350

 

$

69,804

 

$

68,333

 

$

65,051

 

Interest-bearing deposits in depository institutions

 

48,631

 

 

164,931

 

 

233,006

 

 

131,667

 

 

233,302

 

Cash and cash equivalents

 

110,716

 

 

231,281

 

 

302,810

 

 

200,000

 

 

298,353

 

 
Investment securities available-for-sale, at fair value

 

1,358,219

 

 

1,419,933

 

 

1,456,259

 

 

1,505,520

 

 

1,489,392

 

Other securities

 

29,022

 

 

29,262

 

 

24,728

 

 

23,807

 

 

24,372

 

Total investment securities

 

1,387,241

 

 

1,449,195

 

 

1,480,987

 

 

1,529,327

 

 

1,513,764

 

 
Gross loans

 

4,007,482

 

 

3,922,142

 

 

3,894,686

 

 

3,646,258

 

 

3,628,752

 

Allowance for credit losses

 

(23,128

)

 

(22,751

)

 

(22,724

)

 

(17,108

)

 

(17,011

)

Net loans

 

3,984,354

 

 

3,899,391

 

 

3,871,962

 

 

3,629,150

 

 

3,611,741

 

 
Bank owned life insurance

 

117,979

 

 

117,173

 

 

124,238

 

 

120,674

 

 

121,283

 

Premises and equipment, net

 

72,682

 

 

73,118

 

 

73,430

 

 

70,786

 

 

71,686

 

Accrued interest receivable

 

19,223

 

 

17,973

 

 

18,395

 

 

18,287

 

 

17,256

 

Net deferred tax assets

 

58,811

 

 

46,944

 

 

42,146

 

 

44,884

 

 

49,888

 

Goodwill and intangible assets

 

163,461

 

 

163,426

 

 

164,099

 

 

115,735

 

 

116,081

 

Other assets

 

161,659

 

 

148,333

 

 

132,715

 

 

149,263

 

 

147,716

 

Total Assets

$

6,076,126

 

$

6,146,834

 

$

6,210,782

 

$

5,878,106

 

$

5,947,768

 

 
Liabilities
Deposits:
Noninterest-bearing

$

1,333,474

 

$

1,373,106

 

$

1,420,990

 

$

1,351,415

 

$

1,429,281

 

Interest-bearing:
Demand deposits

 

1,319,783

 

 

1,337,445

 

 

1,356,017

 

 

1,233,482

 

 

1,160,970

 

Savings deposits

 

1,282,642

 

 

1,343,571

 

 

1,397,523

 

 

1,396,869

 

 

1,427,785

 

Time deposits

 

1,009,235

 

 

960,941

 

 

962,235

 

 

888,100

 

 

939,769

 

Total deposits

 

4,945,134

 

 

5,015,063

 

 

5,136,765

 

 

4,869,866

 

 

4,957,805

 

Short-term borrowings
Customer repurchase agreements

 

278,671

 

 

271,714

 

 

293,256

 

 

290,964

 

 

304,807

 

Long-term debt

 

100,000

 

 

100,000

 

 

-

 

 

-

 

 

-

 

Other liabilities

 

142,187

 

 

123,865

 

 

129,711

 

 

139,424

 

 

136,868

 

Total Liabilities

 

5,465,992

 

 

5,510,642

 

 

5,559,732

 

 

5,300,254

 

 

5,399,480

 

 
Stockholders' Equity
Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

177,113

 

 

176,746

 

 

177,529

 

 

170,980

 

 

170,138

 

Retained earnings

 

763,425

 

 

744,248

 

 

721,727

 

 

706,696

 

 

685,657

 

Cost of common stock in treasury

 

(211,430

)

 

(201,973

)

 

(179,436

)

 

(215,955

)

 

(209,644

)

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

 

(163,171

)

 

(127,026

)

 

(112,967

)

 

(128,066

)

 

(141,997

)

Underfunded pension liability

 

(3,422

)

 

(3,422

)

 

(3,422

)

 

(3,422

)

 

(3,485

)

Total Accumulated Other Comprehensive (Loss) Income

 

(166,593

)

 

(130,448

)

 

(116,389

)

 

(131,488

)

 

(145,482

)

Total Stockholders' Equity

 

610,134

 

 

636,192

 

 

651,050

 

 

577,852

 

 

548,288

 

Total Liabilities and Stockholders' Equity

$

6,076,126

 

$

6,146,834

 

$

6,210,782

 

$

5,878,106

 

$

5,947,768

 

 
Regulatory Capital
Total CET 1 capital

$

615,798

 

$

605,661

 

$

606,675

 

$

598,068

 

$

582,213

 

Total tier 1 capital

 

615,798

 

 

605,661

 

 

606,675

 

 

598,068

 

 

582,213

 

Total risk-based capital

 

637,245

 

 

626,730

 

 

627,718

 

 

612,654

 

 

596,708

 

Total risk-weighted assets

 

4,009,798

 

 

3,913,870

 

 

3,878,994

 

 

3,685,207

 

 

3,679,511

 

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

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 
Commercial and industrial

$

424,647

$

417,847

$

390,861

$

373,890

$

375,735

 
1-4 Family

 

135,226

 

123,701

 

119,017

 

116,192

 

109,710

Hotels

 

321,236

 

324,745

 

327,554

 

340,404

 

355,001

Multi-family

 

192,329

 

191,483

 

195,042

 

174,786

 

186,440

Non Residential Non-Owner Occupied

 

713,353

 

673,921

 

679,782

 

585,964

 

569,369

Non Residential Owner Occupied

 

222,544

 

222,852

 

223,096

 

174,961

 

177,673

Commercial real estate (1)

 

1,584,688

 

1,536,702

 

1,544,491

 

1,392,307

 

1,398,193

 
Residential real estate (2)

 

1,768,358

 

1,746,618

 

1,737,604

 

1,693,523

 

1,678,770

Home equity

 

159,630

 

151,012

 

151,341

 

134,317

 

130,837

Consumer

 

65,586

 

65,201

 

66,994

 

48,806

 

41,902

DDA overdrafts

 

4,573

 

4,762

 

3,395

 

3,415

 

3,315

Gross Loans

$

4,007,482

$

3,922,142

$

3,894,686

$

3,646,258

$

3,628,752

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

$

2,533

$

3,361

$

4,715

$

4,130

$

4,125

(2) - Residential real estate loans

 

20,056

 

20,470

 

25,224

 

21,122

 

19,333

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

Three Months Ended

 

Nine Months Ended

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 

September 30,

2023

September 30,

2022

Allowance for Credit Losses
Balance at beginning of period

$

22,751

 

$

22,724

 

$

17,108

 

$

17,011

 

$

17,015

 

$

17,108

 

$

18,166

 

 
Charge-offs:
Commercial and industrial

 

-

 

 

(69

)

 

-

 

 

(120

)

 

(408

)

 

(69

)

 

(442

)

Commercial real estate

 

(256

)

 

(117

)

 

(3

)

 

(31

)

 

-

 

 

(376

)

 

(24

)

Residential real estate

 

(88

)

 

(20

)

 

(32

)

 

(66

)

 

(93

)

 

(140

)

 

(199

)

Home equity

 

(112

)

 

(200

)

 

(67

)

 

(189

)

 

(71

)

 

(379

)

 

(90

)

Consumer

 

(10

)

 

(109

)

 

(62

)

 

(15

)

 

(16

)

 

(181

)

 

(48

)

DDA overdrafts

 

(422

)

 

(357

)

 

(450

)

 

(670

)

 

(719

)

 

(1,229

)

 

(1,954

)

Total charge-offs

 

(888

)

 

(872

)

 

(614

)

 

(1,091

)

 

(1,307

)

 

(2,374

)

 

(2,757

)

 
Recoveries:
Commercial and industrial

 

597

 

 

86

 

 

83

 

 

94

 

 

149

 

 

766

 

 

240

 

Commercial real estate

 

74

 

 

28

 

 

158

 

 

120

 

 

9

 

 

260

 

 

87

 

Residential real estate

 

28

 

 

5

 

 

10

 

 

49

 

 

1

 

 

43

 

 

50

 

Home equity

 

18

 

 

12

 

 

4

 

 

34

 

 

2

 

 

34

 

 

22

 

Consumer

 

27

 

 

28

 

 

23

 

 

31

 

 

29

 

 

78

 

 

76

 

DDA overdrafts

 

321

 

 

315

 

 

398

 

 

360

 

 

383

 

 

1,034

 

 

1,153

 

Total recoveries

 

1,065

 

 

474

 

 

676

 

 

688

 

 

573

 

 

2,215

 

 

1,628

 

 
Net recoveries (charge-offs)

 

177

 

 

(398

)

 

62

 

 

(403

)

 

(734

)

 

(159

)

 

(1,129

)

Provision for (recovery of) credit losses

 

200

 

 

425

 

 

2,918

 

 

500

 

 

730

 

 

3,543

 

 

(26

)

PCD Loan Reserves

 

-

 

 

-

 

 

2,811

 

 

-

 

 

-

 

 

2,811

 

 

-

 

Adoption of ASU 2022-02

 

-

 

 

-

 

 

(175

)

 

-

 

 

-

 

 

(175

)

 

-

 

Balance at end of period

$

23,128

 

$

22,751

 

$

22,724

 

$

17,108

 

$

17,011

 

$

23,128

 

$

17,011

 

 
Loans outstanding

$

4,007,482

 

$

3,922,142

 

$

3,894,686

 

$

3,646,258

 

$

3,628,752

 

Allowance as a percent of loans outstanding

 

0.58

%

 

0.58

%

 

0.58

%

 

0.47

%

 

0.47

%

Allowance as a percent of non-performing loans

 

440.1

%

 

405.5

%

 

400.1

%

 

317.3

%

 

320.5

%

 
Average loans outstanding

$

3,956,871

 

$

3,896,284

 

$

3,700,194

 

$

3,648,996

 

$

3,596,523

 

$

3,852,057

 

$

3,561,463

 

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

 

(0.02

)%

 

0.04

%

 

(0.01

)%

 

0.04

%

 

0.08

%

 

0.01

%

 

0.04

%

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

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

Nonaccrual Loans
Residential real estate

$

2,839

 

$

2,774

 

$

2,700

 

$

1,969

 

$

2,089

 

Home equity

 

75

 

 

24

 

 

35

 

 

55

 

 

140

 

Commercial and industrial

 

716

 

 

741

 

 

994

 

 

1,015

 

 

785

 

Commercial real estate

 

1,355

 

 

1,821

 

 

1,931

 

 

2,166

 

 

2,293

 

Consumer

 

1

 

 

36

 

 

19

 

 

-

 

 

-

 

Total nonaccrual loans

 

4,986

 

 

5,396

 

 

5,679

 

 

5,205

 

 

5,307

 

Accruing loans past due 90 days or more

 

269

 

 

215

 

 

-

 

 

187

 

 

-

 

Total non-performing loans

 

5,255

 

 

5,611

 

 

5,679

 

 

5,392

 

 

5,307

 

Other real estate owned

 

720

 

 

874

 

 

843

 

 

909

 

 

1,071

 

Total non-performing assets

$

5,975

 

$

6,485

 

$

6,522

 

$

6,301

 

$

6,378

 

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

 

0.15

%

 

0.17

%

 

0.17

%

 

0.17

%

 

0.18

%

 
Past Due Loans
Residential real estate

$

6,247

 

$

5,884

 

$

4,783

 

$

7,091

 

$

3,452

 

Home equity

 

1,278

 

 

784

 

 

551

 

 

650

 

 

521

 

Commercial and industrial

 

568

 

 

142

 

 

98

 

 

234

 

 

221

 

Commercial real estate

 

1,478

 

 

238

 

 

148

 

 

710

 

 

221

 

Consumer

 

84

 

 

57

 

 

3

 

 

100

 

 

27

 

DDA overdrafts

 

398

 

 

341

 

 

276

 

 

391

 

 

561

 

Total past due loans

$

10,053

 

$

7,446

 

$

5,859

 

$

9,176

 

$

5,003

 

 
Total past due loans as a percent of loans outstanding

 

0.25

%

 

0.19

%

 

0.15

%

 

0.25

%

 

0.14

%

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

September 30, 2023

June 30, 2023

September 30, 2022

Average Yield/ Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate Balance Interest Rate
 
Assets:
Loan portfolio (1):
Residential real estate (2)

$

1,910,876

 

$

22,702

4.71

%

$

1,894,269

 

$

21,702

4.60

%

$

1,792,365

 

$

17,718

3.92

%

Commercial, financial, and agriculture (2)

 

1,975,463

 

 

31,743

6.38

%

 

1,933,238

 

 

29,754

6.17

%

 

1,759,567

 

 

20,092

4.53

%

Installment loans to individuals (2), (3)

 

70,532

 

 

1,138

6.40

%

 

68,777

 

 

898

5.24

%

 

44,591

 

 

683

6.08

%

Total loans

 

3,956,871

 

 

55,583

5.57

%

 

3,896,284

 

 

52,354

5.39

%

 

3,596,523

 

 

38,493

4.25

%

Securities:
Taxable

 

1,277,265

 

 

12,432

3.86

%

 

1,301,063

 

 

11,794

3.64

%

 

1,359,207

 

 

9,557

2.79

%

Tax-exempt (4)

 

170,806

 

 

1,152

2.68

%

 

174,410

 

 

1,203

2.77

%

 

215,219

 

 

1,555

2.87

%

Total securities

 

1,448,071

 

 

13,584

3.72

%

 

1,475,473

 

 

12,997

3.53

%

 

1,574,426

 

 

11,112

2.80

%

Deposits in depository institutions

 

90,994

 

 

1,265

5.52

%

 

224,064

 

 

2,585

4.63

%

 

289,460

 

 

1,529

2.10

%

Total interest-earning assets

 

5,495,936

 

 

70,432

5.08

%

 

5,595,821

 

 

67,936

4.87

%

 

5,460,409

 

 

51,134

3.72

%

Cash and due from banks

 

69,348

 

 

71,949

 

 

81,202

 

Premises and equipment, net

 

73,004

 

 

73,450

 

 

72,196

 

Goodwill and intangible assets

 

163,602

 

 

163,847

 

 

116,297

 

Other assets

 

332,551

 

 

313,925

 

 

278,527

 

Less: Allowance for credit losses

 

(23,558

)

 

(23,046

)

 

(17,224

)

Total assets

$

6,110,883

 

$

6,195,946

 

$

5,991,407

 

 
Liabilities:
Interest-bearing demand deposits

$

1,300,936

 

$

3,068

0.94

%

$

1,328,520

 

$

2,773

0.84

%

$

1,151,122

 

$

272

0.09

%

Savings deposits

 

1,314,484

 

 

2,319

0.70

%

 

1,365,894

 

 

1,942

0.57

%

 

1,431,591

 

 

358

0.10

%

Time deposits (2)

 

985,038

 

 

5,163

2.08

%

 

962,299

 

 

3,852

1.61

%

 

964,447

 

 

956

0.39

%

Customer repurchase agreements

 

272,558

 

 

2,990

4.35

%

 

294,255

 

 

2,963

4.04

%

 

270,310

 

 

440

0.65

%

Long-term debt

 

100,000

 

 

1,035

4.11

%

 

65,934

 

 

649

3.95

%

 

-

 

 

-

-

 

Total interest-bearing liabilities

 

3,973,016

 

 

14,575

1.46

%

 

4,016,902

 

 

12,179

1.22

%

 

3,817,470

 

 

2,026

0.21

%

Noninterest-bearing demand deposits

 

1,359,268

 

 

1,419,771

 

 

1,455,123

 

Other liabilities

 

123,137

 

 

116,083

 

 

100,303

 

Stockholders' equity

 

655,462

 

 

643,190

 

 

618,511

 

Total liabilities and
stockholders' equity

$

6,110,883

 

$

6,195,946

 

$

5,991,407

 

Net interest income

$

55,857

$

55,757

$

49,108

Net yield on earning assets

4.03

%

4.00

%

3.57

%

 
(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

$

254

$

393

$

308

 
(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

$

47

$

78

$

64

Commercial, financial, and agriculture

 

720

 

709

 

103

Installment loans to individuals

 

4

 

8

 

7

Time deposits

 

240

 

154

 

21

$

1,011

$

949

$

195

 
(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)
 
Nine Months Ended
September 30, 2023 September 30, 2022
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
 
Assets:
Loan portfolio (1):
Residential real estate (2)

$

1,882,397

 

$

64,410

4.57

%

$

1,728,557

 

$

49,610

3.84

%

Commercial, financial, and agriculture (2)

 

1,904,001

 

 

87,745

6.16

%

 

1,788,784

 

 

52,044

3.89

%

Installment loans to individuals (2), (3)

 

65,659

 

 

2,784

5.67

%

 

44,122

 

 

1,921

5.82

%

Total loans

 

3,852,057

 

 

154,939

5.38

%

 

3,561,463

 

 

103,575

3.89

%

Securities:
Taxable

 

1,300,373

 

 

35,999

3.70

%

 

1,279,086

 

 

23,327

2.44

%

Tax-exempt (4)

 

182,858

 

 

3,826

2.80

%

 

221,035

 

 

4,620

2.79

%

Total securities

 

1,483,231

 

 

39,825

3.59

%

 

1,500,121

 

 

27,947

2.49

%

Deposits in depository institutions

 

166,379

 

 

5,440

4.37

%

 

422,714

 

 

2,549

0.81

%

Total interest-earning assets

 

5,501,667

 

 

200,204

4.87

%

 

5,484,298

 

 

134,071

3.27

%

Cash and due from banks

 

69,735

 

 

95,105

 

Premises and equipment, net

 

72,631

 

 

72,964

 

Goodwill and intangible assets

 

150,808

 

 

116,643

 

Other assets

 

324,658

 

 

251,071

 

Less: Allowance for credit losses

 

(21,602

)

 

(17,807

)

Total assets

$

6,097,897

 

$

6,002,274

 

 
Liabilities:
Interest-bearing demand deposits

$

1,288,387

 

$

7,582

0.79

%

$

1,149,899

 

$

550

0.06

%

Savings deposits

 

1,352,005

 

 

5,610

0.55

%

 

1,415,563

 

 

715

0.07

%

Time deposits (2)

 

950,276

 

 

11,616

1.63

%

 

1,005,356

 

 

3,168

0.42

%

Customer repurchase agreements

 

282,857

 

 

8,334

3.94

%

 

278,211

 

 

677

0.33

%

Long-term debt

 

55,678

 

 

1,683

4.04

%

 

-

 

 

-

-

 

Total interest-bearing liabilities

 

3,929,203

 

 

34,825

1.18

%

 

3,849,029

 

 

5,110

0.18

%

Noninterest-bearing demand deposits

 

1,407,922

 

 

1,429,887

 

Other liabilities

 

122,854

 

 

86,585

 

Stockholders' equity

 

637,918

 

 

636,773

 

Total liabilities and
stockholders' equity

$

6,097,897

 

$

6,002,274

 

Net interest income

$

165,379

$

128,961

Net yield on earning assets

4.02

%

3.14

%

 
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income:
 
Loan fees, net

$

1,165

$

609

 
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:
 
Residential real estate

$

165

$

231

Commercial, financial, and agriculture

 

1,575

 

507

Installment loans to individuals

 

15

 

41

Time deposits

 

403

 

62

$

2,158

$

841

 
(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 Ended Nine Months Ended

September 30,

2023

June 30,

2023

March 31,

2023

December 31,

2022

September 30,

2022

 

September 30,

2023

September 30,

2022

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

$

55,614

 

$

55,502

 

$

53,459

 

$

52,045

 

$

48,782

 

$

164,575

 

$

127,991

 

Taxable equivalent adjustment

 

243

 

 

255

 

 

308

 

 

336

 

 

326

 

 

804

 

 

970

 

Net interest income, fully taxable equivalent

$

55,857

 

$

55,757

 

$

53,767

 

$

52,381

 

$

49,108

 

$

165,379

 

$

128,961

 

 
Average interest earning assets

$

5,495,936

 

$

5,595,821

 

$

5,387,326

 

$

5,338,507

 

$

5,460,409

 

$

5,501,667

 

$

5,484,298

 

 
Net Interest Margin

 

4.03

%

 

4.00

%

 

4.05

%

 

3.89

%

 

3.57

%

 

4.02

%

 

3.14

%

Accretion related to fair value adjustments

 

(0.07

)%

 

(0.07

)%

 

(0.02

)%

 

(0.02

)%

 

(0.01

)%

 

(0.05

)%

 

(0.02

)%

Net Interest Margin (excluding accretion)

 

3.96

%

 

3.93

%

 

4.03

%

 

3.87

%

 

3.56

%

 

3.97

%

 

3.12

%

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

 

10.04

%

 

10.35

%

 

10.48

%

 

9.83

%

 

9.22

%

Effect of goodwill and other intangibles, net

 

(2.49

)%

 

(2.45

)%

 

(2.43

)%

 

(1.81

)%

 

(1.81

)%

Tangible common equity to tangible assets

 

7.55

%

 

7.90

%

 

8.05

%

 

8.02

%

 

7.41

%

 
Return on average tangible equity ("GAAP")

 

24.1

%

 

27.4

%

 

19.9

%

 

27.3

%

 

21.8

%

 

23.9

%

 

18.3

%

Impact of merger related expenses

 

-

 

 

-

 

 

3.6

%

 

-

 

 

-

 

 

1.2

%

 

-

 

Impact of merger related provision

 

-

 

 

-

 

 

1.3

%

 

-

 

 

-

 

 

0.4

%

 

-

 

Return on tangible equity, excluding merger related expenses and provision

 

24.1

%

 

27.4

%

 

24.8

%

 

27.3

%

 

21.8

%

 

25.5

%

 

18.3

%

 
Return on assets ("GAAP")

 

1.94

%

 

2.12

%

 

1.63

%

 

2.08

%

 

1.83

%

 

1.91

%

 

1.59

%

Impact of merger related expenses

 

-

 

 

-

 

 

0.30

%

 

-

 

 

-

 

 

0.10

%

 

-

 

Impact of merger related provision

 

-

 

 

-

 

 

0.10

%

 

-

 

 

-

 

 

0.03

%

 

-

 

Return on assets, excluding merger related expenses and provision

 

1.94

%

 

2.12

%

 

2.04

%

 

2.08

%

 

1.83

%

 

2.04

%

 

1.59

%

 
 
 
Commercial Loan Information (period end)
 
Commercial Sector Total % of Total Loans Average DSC Average LTV
 
Natural Gas Extraction

$

22,768

 

 

0.57

%

 

3.68

 

 

N/A

 

Natural Gas Distribution

 

22,048

 

 

0.55

%

 

2.61

 

 

N/A

 

Masonry Contractors

 

27,675

 

 

0.69

%

 

1.13

 

 

84

%

Sheet Metal Work Manufacturing

 

24,974

 

 

0.62

%

 

1.57

 

 

68

%

Beer & Ale Merchant Wholesalers

 

25,981

 

 

0.65

%

 

3.28

 

 

N/A

 

Gasoline Stations with Convenience Stores

 

47,215

 

 

1.18

%

 

4.19

 

 

66

%

Lessors of Residential Buildings & Dwellings

 

436,789

 

 

10.92

%

 

1.89

 

 

66

%

1-4 Family

 

125,929

 

 

3.15

%

 

2.97

 

 

68

%

Multi-Family

 

182,785

 

 

4.57

%

 

1.84

 

 

66

%

Lessors of Nonresidential Buildings

 

567,746

 

 

14.20

%

 

1.70

 

 

65

%

Office Buildings

 

44,129

 

 

1.10

%

 

1.64

 

 

63

%

Lessors of Mini-Warehouses & Self-Storage Units

 

40,769

 

 

1.02

%

 

1.62

 

 

61

%

Assisted Living Facilities

 

27,955

 

 

0.70

%

 

1.38

 

 

57

%

Hotels & Motels

 

321,623

 

 

8.04

%

 

1.43

 

 

62

%

 
Average Balance Median Balance
Commercial Loans

$

439

 

$

92

 

Commercial Real Estate Loans

 

493

 

 

118

 

 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
 
 
Estimated Uninsured Deposits by Deposit Type

September 30,

2023

June 30,

2023

Noninterest-Bearing Demand Deposits

 

17

%

 

17

%

 
Interest-Bearing Deposits
Demand Deposits

 

11

%

 

7

%

Savings Deposits

 

11

%

 

11

%

Time Deposits

 

14

%

 

14

%

Total Deposits

 

13

%

 

12

%

 
 
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
Year New DDA Accounts

Net Number of New Accounts

Percentage
 

2023 YTD*

 

24,518

 

 

4,450

 

 

1.8

%

2022

 

28,442

 

 

4,544

 

 

1.9

%

2021

 

32,800

 

 

8,860

 

 

3.8

%

2020

 

30,360

 

 

6,740

 

 

3.0

%

2019

 

32,040

 

 

3,717

 

 

1.7

%

2018*

 

30,400

 

 

4,310

 

 

2.2

%

2017

 

28,525

 

 

2,711

 

 

1.4

%

2016

 

28,650

 

 

2,820

 

 

1.5

%

 
 
* - 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).

 

Contacts

David L. Bumgarner, Executive Vice President and Chief Financial Officer

(304) 769-1169

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