chco-20220421

0000726854-22-000077.txt : 20220421 0000726854-22-000077.hdr.sgml : 20220421 20220421150957 ACCESSION NUMBER: 0000726854-22-000077 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220421 DATE AS OF CHANGE: 20220421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITY HOLDING CO CENTRAL INDEX KEY: 0000726854 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 550619957 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11733 FILM NUMBER: 22841116 BUSINESS ADDRESS: STREET 1: 25 GATEWATER ROAD STREET 2: P O BOX 7520 CITY: CHARLESTON STATE: WV ZIP: 25313 BUSINESS PHONE: 3047691100 MAIL ADDRESS: STREET 1: 25 GATEWATER ROAD STREET 2: P O BOX 7520 CITY: CHARLESTON STATE: WV ZIP: 25313 8-K 1 chco-20220421.htm 8-K chco-20220421

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): April 21, 2022

CITY HOLDING COMPANY

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-11733


West Virginia			55-0619957
(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 class

Trading
symbol(s)

Name of each exchange on which registered

Common Stock $2.50 Par Value

CHCO

NASDAQ 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 April 21, 2022, City Holding Company ("the Company") issued a news release, attached as Exhibit 99.1, announcing the Company's earnings results for the first quarter ended March 31, 2022. 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.


99.1			News Release issued April 21, 2022

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: April 21, 2022			City Holding Company


By:			/s/ David L. Bumgarner
			David L. Bumgarner
			Executive Vice President & Chief Financial Officer

-2-

EX-99.1 2 chco03-31x22exhibit991.htm EX-99.1 Document

NEWS RELEASE

For Immediate Release

April 21, 2022

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 $6.0 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $21.3 million and diluted earnings of $1.41 per share for the quarter ended March 31, 2022.

Net Interest Income

The Company’s net interest income decreased $2.7 million, or 6.7%, from $40.6 million during the fourth quarter of 2021 to $37.9 million during the first quarter of 2022. The Company’s tax equivalent net interest income decreased $2.7 million, or 6.6%, from $41.0 million for the fourth quarter of 2021 to $38.2 million for the first quarter of 2022. Lower commercial loan yields (44 basis points) decreased interest income by $2.3 million as compared to the quarter ended December 31, 2021. The fourth quarter of 2021 was boosted by an interest recovery of $2.1 million from a loan that had previously been classified as a nonperforming loan. In addition, loan fees decreased $0.8 million due to a decrease in PPP loan fees recognized as PPP loan balances declined to below $1 million at March 31, 2022. These decreases were partially offset by higher investment interest income ($0.5 million) due to both higher yields (14 basis points) and higher average balances ($29 million) during the quarter ended March 31, 2022. The Company’s reported net interest margin decreased from 2.94% for the fourth quarter of 2021 to 2.82% for the first quarter of 2022.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased modestly from 0.21%, or $7.6 million, at December 31, 2021 to 0.18%, or $6.3 million, at March 31, 2022. Total past due loans decreased slightly from $6.8 million, or 0.19% of total loans outstanding, at December 31, 2021 to $6.7 million, or 0.19% of total loans outstanding, at March 31, 2022.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses (“ACL”), the Company recorded a recovery of credit losses of $0.8 million in the first quarter of 2022, compared to a recovery of credit losses of $0.4 million for the comparable period in 2021, and did not record a provision for credit losses for the fourth quarter of 2021. The recovery of credit losses recorded in the first quarter of 2022 largely reflects the repayment of a loan from a previous acquisition and release of the associated credit mark. Because of continued improvements in economic conditions in the Company’s footprint, net charge-offs for the quarter ended March 31, 2022 were insignificant.

Non-interest Income

Non-interest income was $17.4 million during the quarter ended March 31, 2022, as compared to $16.6 million during the quarter ended March 31, 2021. During the first quarter of 2022, the Company reported $0.7 million of unrealized fair value losses on the Company’s equity securities compared to $0.2 million of realized and unrealized fair value gains on the Company’s equity securities during the first quarter of 2021. Exclusive of these items, non-interest income increased $1.8 million, or 10.8%, from $16.4 million for the first quarter of 2021 to $18.2 million for the first quarter of 2022. This increase was largely attributable to an increase of $0.8 million, or 14.4%, in service charges and an increase of $0.6 million in bank owned life insurance due to higher death benefit proceeds. In addition, bankcard revenue increased $0.2 million from the quarter ended March 31, 2021, to $6.4 million.

Non-interest Expenses

Non-interest expenses decreased $0.3 million, or 0.9%, from $29.8 million in the first quarter of 2021 to $29.5 million in the first quarter of 2022. This decrease was primarily due to a decrease in other expenses of $0.2 million from the quarter ended March 31, 2021. During the first quarter of 2022, most of the Company’s expenses did not significantly fluctuate from the first quarter of 2021; although we do anticipate salaries and employee benefits will increase in subsequent quarters.

Balance Sheet Trends

Loans increased $16.1 million (0.5%) from December 31, 2021 to $3.56 billion at March 31, 2022. PPP loans decreased $6.0 million from $6.6 million at December 31, 2021 to $0.6 million at March 31, 2022. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans increased $22.1 million, (0.6%), from December 31, 2021 to $3.56 billion at March 31, 2022. Residential real estate loans increased $39.9 million (2.6%). This increase was partially offset by lower commercial real estate loans ($9.0 million, or 0.6%); lower DDA overdrafts ($4.0 million, or 62.1%); and lower commercial and industrial loans ($2.8 million, or 0.8%) (excluding PPP loans).

Total average depository balances increased $39.3 million, or 0.8%, from the quarter ended December 31, 2021 to the quarter ended March 31, 2022. Average savings deposit balances increased $45.7 million, average interest-bearing demand deposit balances increased $28.6 million, and noninterest-bearing demand deposit balances increased $4.1 million. These increases were partially offset by a decrease in time deposit balances of $39.1 million.

Income Tax Expense

The Company’s effective income tax rate for the first quarter of 2022 was 19.7% compared to 20.8% for the year ended December 31, 2021, and 20.1% for the quarter ended March 31, 2021.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 71.2% and the loan to asset ratio was 59.2% at March 31, 2022. The Company maintained investment securities totaling 23.9% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 66.1% of assets at March 31, 2022. Time deposits fund 17.0% of assets at March 31, 2022, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.

The Company continues to be strongly capitalized with tangible equity of $516 million at March 31, 2022. Due primarily to unrealized security losses during the quarter ended March 31, 2022, the Company’s tangible equity ratio decreased from 9.6% at December 31, 2021 to 8.8% at March 31, 2022. At March 31, 2022, City National Bank’s Leverage Ratio was 8.80%, its Common Equity Tier I ratio was 14.82%, its Tier I Capital ratio was 14.82%, and its Total Risk-Based Capital ratio was 15.24%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On March 30, 2022, the Board of Directors of the Company approved a quarterly cash dividend of $0.60 per share payable April 29, 2022, to shareholders of record as of April 15, 2022. During the quarter ended March 31, 2022, the Company repurchased 38,000 common shares at a weighted average price of $78.09 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of March 31, 2022, the Company could repurchase 277,000 additional shares under the current program.

City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.

Forward-Looking Information

This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for loan losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (9) difficulty growing loan and deposit

balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its March 31, 2022 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2022 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES

Financial Highlights

(Unaudited)


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021

Earnings
Net Interest Income (FTE)	$	38,239	$	40,956	$	39,822	$	38,257	$	37,871
Net Income available to common shareholders	21,342		23,386		22,732		22,148		19,814

Per Share Data
Earnings per share available to common shareholders:
Basic	$	1.41	$	1.54	$	1.47	$	1.41	$	1.25
Diluted	1.41		1.54		1.47		1.41		1.25
Weighted average number of shares (in thousands):
Basic	14,974		15,026		15,279		15,573		15,656
Diluted	15,002		15,056		15,302		15,594		15,687
Period-end number of shares (in thousands)	15,045		15,062		15,192		15,527		15,724
Cash dividends declared	$	0.60	$	0.60	$	0.58	$	0.58	$	0.58
Book value per share (period-end)	42.03		45.22		44.58		44.79		43.99
Tangible book value per share (period-end)	34.27		37.44		36.85		37.20		36.47
Market data:
High closing price	$	85.99	$	83.14	$	79.99	$	83.85	$	87.41
Low closing price	76.82		76.52		72.29		74.44		69.05
Period-end closing price	78.70		81.79		77.91		75.24		81.78
Average daily volume (in thousands)	59		52		53		61		63
Treasury share activity:
Treasury shares repurchased (in thousands)	38		131		337		217		75
Average treasury share repurchase price	$	78.09	$	78.93	$	75.65	$	78.75	$	76.71


Key Ratios (percent)
Return on average assets	1.42		%	1.56		%	1.53		%	1.49		%	1.38		%
Return on average tangible equity	15.3		%	16.7		%	15.7		%	15.2		%	13.5		%
Yield on interest earning assets	2.94		%	3.08		%	3.04		%	3.00		%	3.17		%
Cost of interest bearing liabilities	0.17		%	0.19		%	0.22		%	0.27		%	0.37		%
Net Interest Margin	2.82		%	2.94		%	2.89		%	2.81		%	2.91		%
Non-interest income as a percent of total revenue	32.4		%	30.2		%	31.1		%	31.0		%	30.4		%
Efficiency Ratio	51.7		%	48.3		%	50.0		%	52.8		%	54.3		%
Price/Earnings Ratio (a)	13.93			13.27			13.22			13.35			16.30

Capital (period-end)
Average Shareholders' Equity to Average Assets	11.25		%	11.25		%	11.69		%	11.81		%	12.30		%
Tangible equity to tangible assets	8.75		%	9.58		%	9.59		%	9.98		%	9.93		%
Consolidated City Holding Company risk based capital ratios (b):
CET I	16.18		%	16.08		%	16.11		%	16.40		%	16.76		%
Tier I	16.18		%	16.08		%	16.11		%	16.40		%	16.76		%
Total	16.60		%	16.51		%	16.56		%	16.88		%	17.33		%
Leverage	9.58		%	9.44		%	9.46		%	9.70		%	10.06		%
City National Bank risk based capital ratios (b):
CET I	14.82		%	14.35		%	14.76		%	14.82		%	14.75		%
Tier I	14.82		%	14.35		%	14.76		%	14.82		%	14.75		%
Total	15.24		%	14.78		%	15.21		%	15.30		%	15.33		%
Leverage	8.80		%	8.45		%	8.73		%	8.80		%	8.91		%

Other (period-end)
Branches	94			94			94			94			94
FTE	897			905			921			912			916

Assets per FTE (in thousands)	$	6,703		$	6,637		$	6,463		$	6,477		$	6,434
Deposits per FTE (in thousands)	5,574			5,445			5,308			5,271			5,236

(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) March 31, 2022 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
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Interest Income
Interest and fees on loans	$	31,874	$	35,277	$	33,961	$	33,114	$	34,324
Interest on investment securities:
Taxable	6,223		5,753		6,144		5,932		5,242
Tax-exempt	1,216		1,226		1,257		1,291		1,253
Interest on deposits in depository institutions	238		217		196		162		118
Total Interest Income	39,551		42,473		41,558		40,499		40,937

Interest Expense
Interest on deposits	1,521		1,710		1,955		2,460		3,280
Interest on short-term borrowings	114		132		115		125		117
Total Interest Expense	1,635		1,842		2,070		2,585		3,397
Net Interest Income	37,916		40,631		39,488		37,914		37,540
(Recovery of) provision for credit losses	(756)		—		(725)		(2,000)		(440)
Net Interest Income After (Recovery of) Provision for Credit Losses	38,672		40,631		40,213		39,914		37,980

Non-Interest Income
Net gains on sale of investment securities	—		—		—		29		283
Unrealized (losses) gains recognized on equity securities still held	(723)		52		93		410		(51)
Service charges	6,725		7,057		6,706		5,895		5,881
Bankcard revenue	6,444		6,762		6,791		7,221		6,213
Trust and investment management fee income	2,197		2,198		2,172		2,012		2,033
Bank owned life insurance	2,014		748		747		940		1,460
Other income	791		799		1,438		941		811
Total Non-Interest Income	17,448		17,616		17,947		17,448		16,630

Non-Interest Expense
Salaries and employee benefits	15,577		15,299		15,321		15,559		15,671
Occupancy related expense	2,709		2,429		2,507		2,525		2,622
Equipment and software related expense	2,769		2,733		2,554		2,655		2,544
FDIC insurance expense	435		400		396		382		405
Advertising	798		582		804		824		881
Bankcard expenses	1,606		1,576		1,549		1,746		1,584
Postage, delivery, and statement mailings	636		590		573		568		592
Office supplies	410		378		406		371		392
Legal and professional fees	527		405		610		589		675
Telecommunications	584		702		790		676		690
Repossessed asset losses (gains), net of expenses	40		(29)		(108)		1		79


Other expenses	3,436		3,559		3,776		3,678		3,674
Total Non-Interest Expense	29,527		28,624		29,178		29,574		29,809
Income Before Income Taxes	26,593		29,623		28,982		27,788		24,801
Income tax expense	5,251		6,237		6,250		5,640		4,987
Net Income Available to Common Shareholders	$	21,342	$	23,386	$	22,732	$	22,148	$	19,814

Distributed earnings allocated to common shareholders	$	8,943	$	8,949	$	8,726	$	8,921	$	9,037
Undistributed earnings allocated to common shareholders	12,199		14,211		13,786		13,021		10,598
Net earnings allocated to common shareholders	$	21,142	$	23,160	$	22,512	$	21,942	$	19,635


Average common shares outstanding	14,974		15,026		15,279		15,573		15,656
Shares for diluted earnings per share	15,002		15,056		15,302		15,594		15,687

Basic earnings per common share	1.41		1.54		1.47		1.41		1.25
Diluted earnings per common share	1.41		1.54		1.47		1.41		1.25

CITY HOLDING COMPANY AND SUBSIDIARIES

Consolidated Balance Sheets

($ in 000s)


	(Unaudited)				(Unaudited)		(Unaudited)		(Unaudited)
	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Assets
Cash and due from banks	$	100,877	$	101,804	$	103,841	$	97,523	$	97,709
Interest-bearing deposits in depository institutions	497,171		532,827		535,708		512,367		659,090
Cash and cash equivalents	598,048		634,631		639,549		609,890		756,799

Investment securities available-for-sale, at fair value	1,409,513		1,408,165		1,372,077		1,339,436		1,183,253
Other securities	24,785		25,531		25,497		25,793		29,174
Total investment securities	1,434,298		1,433,696		1,397,574		1,365,229		1,212,427

Gross loans	3,559,905		3,543,814		3,521,925		3,529,416		3,546,723
Allowance for credit losses	(17,280)		(18,166)		(18,751)		(20,016)		(24,076)
Net loans	3,542,625		3,525,648		3,503,174		3,509,400		3,522,647

Bank owned life insurance	120,522		120,978		120,238		119,491		118,976
Premises and equipment, net	73,067		74,071		75,156		76,263		76,529
Accrued interest receivable	16,101		15,627		16,224		15,967		16,231
Net deferred tax assets	18,001		63		90		—		1,395
Intangible assets	116,774		117,121		117,489		117,857		118,224
Other assets	92,331		81,860		82,419		89,958		71,142
Total Assets	$	6,011,767	$	6,003,695	$	5,951,913	$	5,904,055	$	5,894,370

Liabilities
Deposits:
Noninterest-bearing	$	1,357,266	$	1,373,125	$	1,311,464	$	1,279,932	$	1,244,175
Interest-bearing:
Demand deposits	1,191,492		1,135,848		1,139,033		1,070,004		1,077,749
Savings deposits	1,425,528		1,347,448		1,332,910		1,301,219		1,265,038
Time deposits	1,024,559		1,068,915		1,104,069		1,153,391		1,209,873
Total deposits	4,998,845		4,925,336		4,887,476		4,804,546		4,796,835
Short-term borrowings
Customer repurchase agreements	288,483		312,458		296,642		311,316		316,003
Net deferred tax liabilities	—		—		—		2,310		—
Other liabilities	92,009		84,796		90,499		90,407		89,847
Total Liabilities	5,379,337		5,322,590		5,274,617		5,208,579		5,202,685

Stockholders' Equity
Preferred stock	—		—		—		—		—
Common stock	47,619		47,619		47,619		47,619		47,619
Capital surplus	170,206		170,942		170,300		169,674		170,526
Retained earnings	654,138		641,826		627,463		613,553		600,396


Cost of common stock in treasury	(194,819)		(193,542)		(183,303)		(157,936)		(142,484)
Accumulated other comprehensive (loss) income:
Unrealized (loss) gain on securities available-for-sale	(41,229)		17,745		20,878		28,227		21,289
Underfunded pension liability	(3,485)		(3,485)		(5,661)		(5,661)		(5,661)
Total Accumulated Other Comprehensive (Loss) Income	(44,714)		14,260		15,217		22,566		15,628
Total Stockholders' Equity	632,430		681,105		677,296		695,476		691,685
Total Liabilities and Stockholders' Equity	$	6,011,767	$	6,003,695	$	5,951,913	$	5,904,055	$	5,894,370

Regulatory Capital
Total CET 1 capital	$	565,048	$	555,532	$	550,426	$	561,317	$	563,523
Total tier 1 capital	565,048		555,532		550,426		561,317		563,523
Total risk-based capital	579,807		570,336		565,712		577,543		582,816
Total risk-weighted assets	3,492,920		3,453,893		3,417,020		3,421,764		3,362,595

CITY HOLDING COMPANY AND SUBSIDIARIES

Loan Portfolio

(Unaudited) ($ in 000s)


	March 31,		December 31,		September 30,		June 30,		March 31,
	2022		2021		2021		2021		2021

Commercial and industrial	$	337,384	$	346,184	$	353,046	$	358,583	$	371,195

1-4 Family	108,424		107,873		108,913		108,079		108,131
Hotels	314,902		311,315		297,341		290,119		293,176
Multi-family	209,359		215,677		215,307		212,715		212,561
Non Residential Non-Owner Occupied	637,092		639,818		664,365		653,264		649,683
Non Residential Owner Occupied	200,180		204,233		205,579		209,100		199,130
Commercial real estate (1)	1,469,957		1,478,916		1,491,505		1,473,277		1,462,681

Residential real estate (2)	1,588,860		1,548,965		1,506,572		1,521,102		1,532,907
Home equity	121,460		122,345		124,806		127,608		130,009
Consumer	39,778		40,901		43,296		45,184		47,224
DDA Overdrafts	2,466		6,503		2,700		3,662		2,707
Gross Loans	$	3,559,905	$	3,543,814	$	3,521,925	$	3,529,416	$	3,546,723

Construction loans included in:
(1) - Commercial real estate loans	$	14,877	$	11,783	$	19,360	$	43,904	$	39,101
(2) - Residential real estate loans	16,253		17,252		19,059		20,838		22,129

CITY HOLDING COMPANY AND SUBSIDIARIES

Asset Quality Information

(Unaudited) ($ in 000s)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Allowance for Credit Losses
Balance at beginning of period	$	18,166		$	18,751		$	20,016		$	24,076		$	24,549

Charge-offs:
Commercial and industrial	(34)			—			—			(211)			(34)
Commercial real estate	—			(276)			(392)			(1,718)			(1)
Residential real estate	(50)			(68)			(18)			(86)			(93)
Home equity	—			(58)			(47)			(8)			(64)
Consumer	(23)			(13)			(3)			(79)			(147)
DDA overdrafts	(631)			(635)			(633)			(430)			(453)
Total charge-offs	(738)			(1,050)			(1,093)			(2,532)			(792)

Recoveries:
Commercial and industrial	59			31			69			25			46
Commercial real estate	53			27			18			15			164
Residential real estate	45			7			29			17			74
Home equity	17			6			58			3			23
Consumer	28			40			72			104			39
DDA overdrafts	406			354			307			308			413
Total recoveries	608			465			553			472			759

Net charge-offs	(130)			(585)			(540)			(2,060)			(33)
(Recovery of) provision for credit losses	(756)			—			(725)			(2,000)			(440)
Balance at end of period	$	17,280		$	18,166		$	18,751		$	20,016		$	24,076

Loans outstanding	$	3,559,905		$	3,543,814		$	3,521,925		$	3,529,416		$	3,546,723
Allowance as a percent of loans outstanding	0.49		%	0.51		%	0.53		%	0.57		%	0.68		%
Allowance as a percent of non-performing loans	331.3		%	290.1		%	243.1		%	199.3		%	194.5		%

Average loans outstanding	$	3,527,393		$	3,522,272		$	3,535,497		$	3,541,165		$	3,585,790
Net charge-offs (annualized) as a percent of average loans outstanding	0.01		%	0.07		%	0.06		%	0.23		%	—		%

CITY HOLDING COMPANY AND SUBSIDIARIES

Asset Quality Information, Continued

(Unaudited) ($ in 000s)


	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Nonaccrual Loans
Residential real estate	$	1,786		$	2,809		$	3,634		$	2,482		$	3,004
Home equity	99			40			67			81			88
Commercial and industrial	1,069			996			531			820			1,200
Commercial real estate	2,241			2,373			3,355			6,383			7,792
Consumer	—			—			—			—			—
Total nonaccrual loans	5,195			6,218			7,587			9,766			12,084
Accruing loans past due 90 days or more	21			43			127			278			295
Total non-performing loans	5,216			6,261			7,714			10,044			12,379
Other real estate owned	1,099			1,319			1,335			1,309			1,625
Total non-performing assets	$	6,315		$	7,580		$	9,049		$	11,353		$	14,004

Non-performing assets as a percent of loans and other real estate owned	0.18		%	0.21		%	0.26		%	0.32		%	0.39		%

Past Due Loans
Residential real estate	$	4,976		$	5,321		$	5,258		$	5,453		$	4,092
Home equity	505			618			688			523			449
Commercial and industrial	56			336			455			721			1,358
Commercial real estate	744			22			441			498			508
Consumer	32			60			35			12			10
DDA overdrafts	392			489			390			417			212
Total past due loans	$	6,705		$	6,846		$	7,267		$	7,624		$	6,629

Total past due loans as a percent of loans outstanding	0.19		%	0.19		%	0.21		%	0.22		%	0.19		%

Troubled Debt Restructurings ("TDRs")
Residential real estate	$	16,182		$	16,943		$	16,910		$	17,788		$	18,572
Home equity	1,694			1,784			1,822			1,920			1,956
Commercial and industrial	397			414			430			—			—
Commercial real estate	1,890			1,914			1,937			3,076			4,615
Consumer	194			225			221			203			211
Total TDRs	$	20,357		$	21,280		$	21,320		$	22,987		$	25,354

CITY HOLDING COMPANY AND SUBSIDIARIES

Consolidated Average Balance Sheets, Yields, and Rates

(Unaudited) ($ in 000s)


	Three Months Ended
	March 31, 2022						December 31, 2021						March 31, 2021
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets:
Loan portfolio (1):
Residential real estate (2)	$	1,667,683	$	15,596	3.79	%	$	1,645,167	$	15,692	3.78	%	$	1,696,064	$	16,853	4.03	%
Commercial, financial, and agriculture (2)	1,815,549		15,532		3.47	%	1,831,461		18,740		4.06	%	1,838,928		16,542		3.65	%
Installment loans to individuals (2), (3)	44,161		607		5.57	%	45,644		691		6.01	%	50,798		713		5.69	%
Previously securitized loans (4)	***		139		***		***		154		***		***		215		***
Total loans	3,527,393		31,874		3.66	%	3,522,272		35,277		3.97	%	3,585,790		34,323		3.88	%
Securities:
Taxable	1,207,333		6,223		2.09	%	1,171,340		5,753		1.95	%	945,177		5,242		2.25	%
Tax-exempt (5)	232,474		1,539		2.68	%	239,096		1,551		2.57	%	239,589		1,585		2.68	%
Total securities	1,439,807		7,762		2.19	%	1,410,436		7,304		2.05	%	1,184,766		6,827		2.34	%
Deposits in depository institutions	540,197		238		0.18	%	588,678		217		0.15	%	513,469		118		0.09	%
Total interest-earning assets	5,507,397		39,874		2.94	%	5,521,386		42,798		3.08	%	5,284,025		41,268		3.17	%
Cash and due from banks	101,806						98,111						79,683
Premises and equipment, net	73,827						74,847						76,837
Goodwill and intangible assets	116,994						117,349						118,453
Other assets	217,662						216,780						217,453
Less: Allowance for credit losses	(18,454)						(18,756)						(24,909)
Total assets	$	5,999,232					$	6,009,717					$	5,751,542

Liabilities:
Interest-bearing demand deposits	$	1,142,278	$	130	0.05	%	$	1,113,693	$	131	0.05	%	$	1,008,283	$	124	0.05	%
Savings deposits	1,384,460		175		0.05	%	1,338,747		173		0.05	%	1,221,169		183		0.06	%
Time deposits (2)	1,048,185		1,216		0.47	%	1,087,280		1,406		0.51	%	1,236,197		2,973		0.98	%
Short-term borrowings	276,360		114		0.17	%	314,937		132		0.17	%	290,766		117		0.16	%
Total interest-bearing liabilities	3,851,283		1,635		0.17	%	3,854,657		1,842		0.19	%	3,756,415		3,397		0.37	%
Noninterest-bearing demand deposits	1,398,663						1,394,599						1,197,910
Other liabilities	74,084						84,071						89,695
Stockholders' equity	675,202						676,390						707,522
Total liabilities and
stockholders' equity	$	5,999,232					$	6,009,717					$	5,751,542
Net interest income			$	38,239					$	40,956					$	37,871
Net yield on earning assets					2.82	%					2.94	%					2.91	%

(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			$	298					$	1,106					$	835


(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	$	90	$	149	$	106
Commercial, financial, and agriculture	286		243		325
Installment loans to individuals	19		15		28
Time deposits	21		48		48
	$	416	$	455	$	507

(3) Includes the Company’s consumer and DDA overdrafts loan categories.
(4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0.
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.

CITY HOLDING COMPANY AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited) ($ in 000s, except per share data)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Net Interest Income/Margin
Net interest income ("GAAP")	$	37,916		$	40,631		$	39,488		$	37,914		$	37,540
Taxable equivalent adjustment	323			325			334			343			331
Net interest income, fully taxable equivalent	$	38,239		$	40,956		$	39,822		$	38,257		$	37,871

Average interest earning assets	$	5,507,397		$	5,521,386		$	5,462,410		$	5,459,564		$	5,284,025

Net Interest Margin	2.82		%	2.94		%	2.89		%	2.81		%	2.91		%
Accretion related to fair value adjustments	(0.03)		%	(0.03)		%	(0.04)		%	(0.05)		%	(0.04)		%
Net Interest Margin (excluding accretion)	2.79		%	2.91		%	2.85		%	2.76		%	2.87		%

Tangible Equity Ratio (period end)
Equity to assets ("GAAP")	10.52		%	11.34		%	11.37		%	11.78		%	11.74		%
Effect of goodwill and other intangibles, net	(1.77)		%	(1.76)		%	(1.78)		%	(1.80)		%	(1.81)		%
Tangible common equity to tangible assets	8.75		%	9.58		%	9.59		%	9.98		%	9.93		%

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Document and Entity Information Document	Apr. 21, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 21, 2022
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

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