CHARLESTON, W.Va., Jan. 24, 2011 /PRNewswire/ -- City Holding Company, "the Company" , a $2.6 billion bank holding company headquartered in Charleston, today reported financial results for the year ended December 31, 2010. The Company's earnings remained strong while loans and deposits continued to grow as evidenced by a $72.6 million (4.1%) increase in the Company's loan portfolio and a $23.5 million (1.1 %) increase in its average depository base from the quarter ended December 31, 2009. This growth, bolstered by a continuation of solid credit quality trends, helped partially offset the impact of lower service fee income and decreased interest income from interest rate floors.
The Company reported net income per diluted share for 2010 of $2.47 compared to $2.68 for 2009. Net income for 2010 was $39.0 million compared to $42.6 million for 2009. For 2010, the Company achieved a return on assets of 1.47%, a return on tangible equity of 15.0%, a net interest margin of 4.06%, and an efficiency ratio of 52.9%.
For the fourth quarter of 2010, the Company reported net income of $9.9 million, or $0.64 per diluted share compared to $11.1 million or $0.70 per diluted share in the fourth quarter of 2009. For the fourth quarter of 2010, the Company achieved a return on assets of 1.49%, a return on tangible equity of 15.0%, a net interest margin of 3.92%, and an efficiency ratio of 50.7%.
Charles Hageboeck, President and Chief Executive Officer stated, "While our financial results are down slightly from 2009, our results compare favorably to our peers considering the many headwinds and challenges our industry encountered again this year. Although the economy is still in a state of flux, City's asset quality remains strong with stable and relatively low levels of past due loans. Our nonperforming assets declined $4.8 million, or 19%, from December 31, 2009 and net charge-offs for the year were $3.2 million lower than 2009."
"During 2010, City maintained net interest income at nearly the same level as 2009 despite a substantial decrease in interest income from interest rate floors and a sustained and abnormally low interest rate environment. City offset these challenges by growing its loan portfolio 4.1% during 2010 and judiciously pricing interest bearing deposits. I am particularly pleased with our loan growth in commercial, home equity, and residential real estate portfolios at a time when many banks are experiencing declining or stable balances."
"While City was able to successfully meet these headwinds, changes mandated in the Electronic Funds Transfer Act ("Regulation E") and a general decline in consumer spending adversely impacted our service fee revenues. While our customers responded to 'Regulation E' as we had anticipated (the majority of customers who utilized these services elected to "opt in" and the majority of those who had not used these services did not), the regulatory change and new processes we implemented to support it, combined with less consumer spending, reduced our service fee income by 11% compared to 2009. City also experienced additional credit-related net impairment losses during 2010, primarily in our portfolio of community bank equity positions."
"In spite of these many challenges, City's consistent history of solid earnings have enabled the Company to continue our strong quarterly dividend of 34 cents per share while many of our peers eliminated or significantly reduced shareholders dividends. City's strong capital, liquidity, and stable core-deposits provide us with the ability to consider acquisition opportunities to grow the Company. City remains one of the most profitable and well capitalized publicly traded banks in the U.S. and we look forward to continuing to provide our shareholders the value they have come to expect and our customers the services they need," Hageboeck concluded.
Net Interest Income
The Company's tax equivalent net interest income decreased $1.0 million, or 1.1%, from $96.3 million in 2009 to $95.3 million in 2010. This decline is due to a decrease in interest income associated with the gain from the sale of interest rate floors. During the third and fourth quarters of 2008, the Company sold $450 million of interest rate floors. The $16.7 million gain from sales of these interest rate floors is being recognized over the remaining lives of the various hedged loans - primarily prime-based commercial and home equity loans. During 2010, the Company recognized $4.5 million of interest income compared to $9.7 million of interest income recognized in 2009 from the interest rate floors. This decline was partially offset by the decrease in interest expense exceeding the decline in interest income from 2009 resulting in an increase in tax equivalent net interest income of approximately $3.1 million. In addition, the Company recognized $1.1 million of additional interest income related to three of the six pools of previously securitized loans that had a negative carrying value due to actual recoveries that exceeded estimates and discount accretion previously recognized. As a result, the carrying value for these three pools is $0 and future cash receipts related to these three pools will be recognized as interest income as received. The Company's reported net interest margin decreased from 4.18% for the year ended December 31, 2009 to 4.06% for the year ended December 31, 2010.
The Company's tax equivalent net interest income decreased $0.6 million, or 2.6%, from $23.8 million during the fourth quarter of 2009 to $23.2 million during the fourth quarter of 2010. This decline is due to a decrease in interest income associated with the gain from the sale of interest rate floors. During the fourth quarter of 2010, the Company recognized $0.8 million of interest income compared to $1.9 million of interest income recognized in the fourth quarter of 2009 from the interest rate floors. This decline was partially offset by the decrease in interest expense exceeding the decline in interest income from the fourth quarter of 2009 resulting in an increase in tax equivalent net interest income of approximately $0.5 million. The Company's reported net interest margin decreased from 4.07% for the quarter ended December 31, 2009 to 3.92% for the quarter ended December 31, 2010.
Credit Quality
The Company's ratio of non-performing assets to total loans and other real estate owned decreased from 1.31% at September 30, 2010 to 1.12% at December 31, 2010 and improved 31 basis points from December 31, 2009. Past due loans increased modestly from $7.9 million at September 30, 2010 to $8.7 million or 0.47% of total loans outstanding at December 31, 2010 and increased $0.2 million from December 31, 2009. Past due commercial, financial, and agriculture loans were $0.8 million or 0.10% of loans outstanding at December 31, 2010; past due residential real estate loans were $4.8 million or 0.78% of loans outstanding at December 31, 2010; and past due home equity loans were $2.3 million or 0.55% of loans outstanding at December 31, 2010.
The Company recognized net charge-offs of $2.5 million for the fourth quarter of 2010. Net charge-offs on depository accounts and residential loans were $1.5 million and $0.8 million, respectively, for the fourth quarter. Depository account charge-offs increased in the fourth quarter of 2010 due to a specific, nonrecurring depository overdraft loss during the quarter and was appropriately considered in the Company's normal process for estimating the allowance for loan losses and recognizing charge-offs. While charge-offs on depository accounts are appropriately taken against the Allowance for Loan Losses ("ALLL"), the revenue associated with depository accounts is reflected in service charges.
At December 31, 2010, the ALLL was $18.2 million or 0.98% of total loans outstanding and 156% of non-performing loans compared to $18.5 million or 1.03% of loans outstanding and 132% of non-performing loans at December 31, 2009.
As a result of the Company's quarterly analysis of the adequacy of the ALLL, the Company recorded a provision for loan losses of $2.3 million in the fourth quarter of 2010 and $7.1 million for the year ended December 31, 2010 compared to $1.5 million and $7.0 million for the comparable periods in 2009. The provision for loan losses recorded during 2010 reflects difficulties encountered by certain commercial borrowers of the Company during the year, the downgrade of their related credits and management's assessment of the impact of these difficulties on the ultimate collectability of the loans. Changes in the amount of the provision and related allowance are based on the Company's detailed systematic methodology and are directionally consistent with changes in the composition and quality of the Company's loan portfolio. The Company believes its methodology for determining the adequacy of its ALLL adequately provides for probable losses inherent in the loan portfolio and produces a provision and allowance for loan losses that is directionally consistent with changes in asset quality and loss experience.
Impairment Losses
During 2010, the Company recorded $6.1 million of credit-related net investment impairment losses, including $1.2 million in the fourth quarter. The charges deemed to be other than temporary were related to pooled bank trust preferreds ($0.1 million credit-related net impairment losses in the fourth quarter and a $1.8 million credit-related net impairment losses for the full year) with remaining book value of $7.8 million at December 31, 2010; single issuer bank trust preferreds ($0.7 million credit-related net impairment losses for the full year) with remaining book value of $1.2 at December 31, 2010; and community bank and bank holding company equity positions ($1.1 million credit-related net impairment losses in the fourth quarter and $3.6 million for the full year) with remaining book value of $3.6 million at December 31, 2010. The credit-related net impairment charges related to the pooled bank trust preferred securities and single issuer bank trust preferred securities (Cascade Capital Trust I issued by Cascade Financial of Everett, Washington) were based on the Company's quarterly reviews of its investment securities for indications of losses considered to be other than temporary. Based on management's assessment of the securities the Company owns, the seniority position of the securities within the pools, the level of defaults and deferred payments within the pools, and a review of the financial strength of the banks within the respective pools, management concluded that credit-related impairment charges of $1.8 million and $0.7 million on the pooled bank trust preferred securities and single issuer bank trust preferred securities, respectively, were appropriate for the year ended December 31, 2010. During the year ended December 31, 2010, the Company recognized $3.6 million of credit-related impairment charges on the Company's equity positions due to trends of poor financial performance over the last several quarters and the length of time and the extent to which the market values of these securities have been below the Company's cost basis in these positions. As a result of these factors, the Company does not expect the market value of these securities to recover in the near future. These losses were partially offset by realized investment gains of $1.4 million as the Company sold certain single issuer trust preferred securities with a remaining book value of $75.3 million during the year ended December 31, 2010.
Non-interest Income
Exclusive of net other-than-temporary investment impairment losses and realized investment security gains/(losses), non-interest income decreased $4.5 million to $53.6 million for the year ended December 31, 2010 as compared to $58.1 million for the year ended December 31, 2009. Service charges from depository accounts decreased $5.0 million, or 11.1%, to $40.0 million for the year ended December 31, 2010. This decline is primarily attributable to the Company's compliance with new federal rules under the Electronic Funds Transfer Act, also known as Regulation E. The changes to this regulation affect how banks can provide certain overdraft services, and were effective July 1, 2010 for new customers and August 15, 2010 for existing accounts. This decrease was partially offset by an increase of $0.4 million, or 18.1%, in trust and investment management fee income from $2.4 million for the year ended December 31, 2009 compared to $2.8 million for the year ended December 31, 2010.
Exclusive of other than temporary investment impairment losses and investment losses, total non-interest income decreased $1.2 million to $13.1 million for the fourth quarter of 2010 as compared to the fourth quarter of 2009. Service charges from depository accounts decreased $2.0 million due to the changes from complying with Regulation E and a general decline in consumer spending. This decrease was partially offset by increases in insurance commission revenues of $0.4 million, trust and investment management fee income of $0.2 million, and other income of $0.2 million from the fourth quarter of 2009.
Non-interest Expenses
Non-interest expenses increased $1.5 million from $77.2 million for the year ended December 31, 2009 to $78.7 million for the year ended December 31, 2010. Insurance and regulatory expense increased $1.5 million, or 44.1%, from the year ended December 31, 2009 primarily as a result of the Company fully utilizing the balance of its FDIC credits during 2009 and increases in the general assessment rates during 2010, which increased the Company's FDIC insurance expense from $2.2 for the year ended December 31, 2009 to $3.7 million for the year ended December 31, 2010. In addition, repossessed asset losses increased $0.8 million and salaries and employee benefits increased $0.7 million, or 1.9%, from the year ended December 31, 2009. The repossessed asset losses were primarily due to the write down of a foreclosed property located in the eastern panhandle of West Virginia reflecting continued weakness in property values in this market. As a result of this write down, this foreclosed property is now valued at approximately one-half of its original cost. Partially offsetting these increases were decreases in other expenses of $0.7 million, or 7.9%, and bankcard expenses of $0.6 million, or 24.9%. Other expenses decreased primarily due to a decrease of $0.6 million of amortization expenses associated with low income housing tax credits.
Total non-interest expenses decreased $0.9 million from $19.3 million in the fourth quarter of 2009 to $18.4 million in the fourth quarter of 2010. Other expenses decreased $1.1 million due primarily to amortization associated with low income housing tax credits while insurance and advertising expenses were $0.2 million lower. These increases were partially offset by increased salaries and employee benefit expenses of $0.4 million.
Income Tax Expense
The Company's effective income tax rate for the quarter and year ended December 31, 2010 was 29.8% and 32.1% compared to 29.5% and 32.5% for the quarter and year ended December 31, 2009, respectively.
Balance Sheet Trends
As compared to December 31, 2009, loans have increased $72.6 million (4.1%) at December 31, 2010 due to increases in commercial loans of $44.3 million (5.9%), home equity loans of $17.4 million (4.4%), and residential real estate loans of $14.7 million (2.5%).
Total average depository balances decreased $15.0 million, or 0.7%, from the quarter ended September 30, 2010 to the quarter ended December 31, 2010. This decline was primarily due to a decrease in time deposits of $23.6 million that was partially offset by increases in interest bearing demand deposits and noninterest bearing demand deposits of $4.8 million and $3.1 million, respectively. As compared to the quarter ended December 31, 2009, total average depository balances have increased $23.5 million, or 1.1%, for the quarter ended December 31, 2010. This increase was due to increased interest bearing deposits ($31.6 million), noninterest bearing deposits ($28.6 million), and savings deposits ($13.7 million) that were partially offset by a decrease in time deposits ($50.4 million).
Capitalization and Liquidity
One of the Company's strengths is that it is highly profitable while maintaining strong liquidity and capital. With respect to liquidity, the Company's loan to deposit ratio was 85.9% and the loan to asset ratio was 70.7% at December 31, 2010. The Company maintained investment securities totaling 17.2% of assets as of this date. Further, the Company's deposit mix is weighted heavily toward checking and saving accounts that fund 46.3% of assets at December 31, 2010. Time deposits fund 36.0% of assets at December 31, 2010, but very few of these deposits are in accounts that have balances of more than $150,000, reflecting the core retail orientation of the Company.
The Company is also strongly capitalized. The Company's tangible equity ratio was 10.0% at December 31, 2010 compared with a tangible equity ratio of 9.8% at December 31, 2009. At December 31, 2010, City National Bank's Leverage Ratio is 9.62%, its Tier I Capital ratio is 12.67%, and its Total Risk-Based Capital ratio is 13.61%. These preliminary regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.
On December 31, 2010, the Board approved a quarterly cash dividend to 34 cents per share payable January 31, 2011, to shareholders of record as of January 14, 2011. During the year ended December 31, 2010, the Company repurchased 408,151 common shares at a weighted average price of $31.61 as part of a one million share repurchase plan authorized by the Board of Directors in October 2009.
City Holding Company is the parent company of City National Bank of West Virginia. City National operates 68 branches across West Virginia, Eastern Kentucky and Southern Ohio.
Forward-Looking Information
This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such information involves risks and uncertainties that could result in the Company's actual results differing from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from those discussed in such forward-looking statements include, but are not limited to, (1) the Company may incur additional loan loss provision due to negative credit quality trends in the future that may lead to a deterioration of asset quality; (2) the Company may incur increased charge-offs in the future; (3) the Company may experience increases in the default rates on previously securitized loans that would result in impairment losses or lower the yield on such loans; (4) the Company may not continue to benefit from strong recovery efforts on previously securitized loans resulting in improved yields on these assets; (5) the Company could have adverse legal actions of a material nature; (6) the Company may face competitive loss of customers; (7) the Company may be unable to manage its expense levels; (8) the Company may have difficulty retaining key employees; (9) changes in the interest rate environment may have results on the Company's operations materially different from those anticipated by the Company's market risk management functions; (10) changes in general economic conditions and increased competition could adversely affect the Company's operating results; (11) changes in other regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact the Company's operating results; (12) the Company may experience difficulties growing loan and deposit balances; (13) the current economic environment poses significant challenges for us and could adversely affect our financial condition and results of operations; (14) continued deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments; (15) the effects of the Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") recently adopted by the United States Congress. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.
CITY HOLDING COMPANY AND SUBSIDIARIES Financial Highlights (Unaudited) Three Months Ended December 31, Percent 2010 2009 Change ---- ---- ------ Earnings ($000s, except per share data): Net Interest Income (FTE) $23,203 $23,817 (2.58)% Net Income available to common shareholders 9,908 11,078 (10.56)% Earnings per Basic Share 0.64 0.70 (8.71)% Earnings per Diluted Share 0.64 0.70 (8.78)% -------------------------- ---- ---- ------ Key Ratios (percent): Return on Average Assets 1.49% 1.69% (11.53)% Return on Average Tangible Equity 14.99% 17.71% (15.38)% Net Interest Margin 3.92% 4.07% (3.57)% Efficiency Ratio 50.69% 50.60% 0.19% Average Shareholders' Equity to Average Assets 12.09% 11.70% 3.37% Consolidated Risk Based Capital Ratios (a): Tier I 13.88% 13.63% 1.83% Total 14.81% 14.60% 1.44% Tangible Equity to Tangible Assets 10.01% 9.82% 1.93% ---------------------------------- ----- ---- ---- Common Stock Data: Cash Dividends Declared per Share $0.34 $0.34 - Book Value per Share 20.31 19.45 4.42% Tangible Book Value per Share 16.66 15.86 5.04% Market Value per Share: High 38.03 33.29 14.24% Low 30.37 28.96 4.87% End of Period 36.23 31.25 15.94% Price/Earnings Ratio (b) 14.20 11.18 27.00% ------------------------ ----- ----- ----- Twelve Months Ended December 31, Percent 2010 2009 Change ---- ---- ------ Earnings ($000s, except per share data): Net Interest Income (FTE) $95,278 $96,338 (1.10)% Net Income available to common shareholders 38,960 42,645 (8.64)% Earnings per Basic Share 2.48 2.69 (7.57)% Earnings per Diluted Share 2.47 2.68 (7.61)% -------------------------- ---- ---- ------ Key Ratios (percent): Return on Average Assets 1.47% 1.63% (10.22)% Return on Average Tangible Equity 15.02% 17.95% (16.35)% Net Interest Margin 4.06% 4.18% (2.96)% Efficiency Ratio 52.93% 49.99% 5.89% Average Shareholders' Equity to Average Assets 11.91% 11.29% 5.43% ------------------------------- ----- ----- ---- Common Stock Data: Cash Dividends Declared per Share $1.36 $1.36 - Market Value per Share: High 38.03 34.34 10.75% Low 26.87 20.88 28.69% Price/Earnings Ratio (b) 14.59 11.63 25.42% (a) December 31, 2010 risk-based capital ratios are estimated (b) December 31, 2010 price/earnings ratio computed based on 2010 earnings CITY HOLDING COMPANY AND SUBSIDIARIES Financial Highlights (Unaudited) Book Value and Market Price Range per Share Market Price Book Value per Share Range per Share March June September December 31 30 30 31 Low High ------ ----- ---------- --------- --- ---- 2006 $16.17 $16.17 $16.99 $17.46 $34.53 $41.87 2007 17.62 17.40 17.68 18.14 31.16 41.54 2008 18.92 18.72 17.61 17.58 29.08 42.88 2009 17.69 18.24 18.95 19.37 20.88 34.34 2010 19.71 19.95 20.31 20.31 26.87 38.03 Earnings per Basic Share Quarter Ended Year- March June September December to- 31 30 30 31 Date ------ ----- ---------- --------- ------ 2006 $0.71 $0.78 $0.78 $0.74 $3.00 2007 0.76 0.72 0.76 0.78 3.02 2008 0.81 0.83 (0.16) 0.26 1.74 2009 0.69 0.64 0.66 0.70 2.69 2010 0.59 0.68 0.58 0.64 2.48 Earnings per Diluted Share Quarter Ended Year- March June September December to- 31 30 30 31 Date ------ ----- ---------- --------- ------ 2006 $0.71 $0.77 $0.77 $0.74 $2.99 2007 0.76 0.72 0.76 0.78 3.01 2008 0.80 0.83 (0.16) 0.26 1.74 2009 0.69 0.64 0.66 0.70 2.68 2010 0.58 0.68 0.58 0.64 2.47 CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) ($ in 000s, except per share data) Three Months Ended December 31, 2010 2009 ---- ---- Interest Income Interest and fees on loans $24,124 $25,746 Interest on investment securities: Taxable 4,647 5,706 Tax-exempt 454 434 Interest on deposits in depository institutions - 1 Interest on federal funds sold 16 - Total Interest Income 29,241 31,887 Interest Expense Interest on deposits 6,042 8,000 Interest on short-term borrowings 79 134 Interest on long-term debt 162 168 Total Interest Expense 6,283 8,302 ----- ----- Net Interest Income 22,958 23,585 Provision for loan losses 2,343 1,475 Net Interest Income After Provision for Loan Losses 20,615 22,110 Non-Interest Income Total investment securities impairment losses (1,932) (6,637) Noncredit impairment losses recognized in other comprehensive income 713 5,762 --- ----- Net investment securities impairment losses (1,219) (875) Loss on sale of investment securities (1) (562) Service charges 9,624 11,628 Insurance commissions 1,503 1,110 Trust and investment management fee income 720 549 Bank owned life insurance 751 753 Other income 527 320 Total Non-Interest Income 11,905 12,923 Non-Interest Expense Salaries and employee benefits 8,930 8,523 Occupancy and equipment 1,861 1,947 Depreciation 1,138 1,180 Professional fees 502 439 Postage, delivery, and statement mailings 548 573 Advertising 647 830 Telecommunications 428 455 Bankcard expenses 548 570 Insurance and regulatory 1,238 1,014 Office supplies 457 484 Repossessed asset losses, net of expenses 196 321 Other expenses 1,907 2,980 Total Non-Interest Expense 18,400 19,316 ------ ------ Income Before Income Taxes 14,120 15,717 Income tax expense 4,212 4,639 Net Income Available to Common Shareholders $9,908 $11,078 ====== ======= Distributed earnings allocated to common shareholders $5,239 $5,370 Undistributed earnings allocated to common shareholders 4,610 5,697 Net earnings allocated to common shareholders $9,849 $11,068 ====== ======= Average common shares outstanding 15,439 15,838 Effect of dilutive securities: Employee stock options 69 59 Shares for diluted earnings per share 15,508 15,897 ====== ====== Basic earnings per common share $0.64 $0.70 Diluted earnings per common share $0.64 $0.70 CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) ($ in 000s, except per share data) Twelve months ended December 31, 2010 2009 ---- ---- Interest Income Interest and fees on loans $99,456 $107,142 Interest on investment securities: Taxable 20,594 23,200 Tax-exempt 1,837 1,683 Interest on deposits in depository institutions - 11 Interest on federal funds sold 29 - Total Interest Income 121,916 132,036 Interest Expense Interest on deposits 26,608 35,230 Interest on short-term borrowings 362 529 Interest on long-term debt 658 844 Total Interest Expense 27,628 36,603 ------ ------ Net Interest Income 94,288 95,433 Provision for loan losses 7,093 6,994 Net Interest Income After Provision for Loan Losses 87,195 88,439 Non-Interest Income Total investment securities impairment losses (9,400) (11,100) Noncredit impairment losses recognized in other comprehensive income 3,336 5,762 ----- ----- Net investment securities impairment losses (6,064) (5,338) Gain (loss) on sale of investment securities 1,397 (826) Service charges 40,002 45,013 Insurance commissions 5,490 5,576 Trust and investment management fee income 2,767 2,343 Bank owned life insurance 3,396 3,271 Other income 1,951 1,944 Total Non-Interest Income 48,939 51,983 Non-Interest Expense Salaries and employee benefits 38,241 37,526 Occupancy and equipment 7,697 7,689 Depreciation 4,675 4,746 Professional fees 1,677 1,505 Postage, delivery, and statement mailings 2,371 2,600 Advertising 3,692 3,503 Telecommunications 1,732 1,865 Bankcard expenses 1,953 2,599 Insurance and regulatory 4,869 3,379 Office supplies 1,931 2,005 Repossessed asset losses, net of expenses 1,453 672 Other expenses 8,430 9,155 Total Non-Interest Expense 78,721 77,244 ------ ------ Income Before Income Taxes 57,413 63,178 Income tax expense 18,453 20,533 Net Income Available to Common Shareholders $38,960 $42,645 ======= ======= Distributed earnings allocated to common shareholders $20,956 $21,481 Undistributed earnings allocated to common shareholders 17,767 21,185 Net earnings allocated to common shareholders $38,723 $42,666 ======= ======= Average common shares outstanding 15,589 15,877 Effect of dilutive securities: Employee stock options 62 55 Shares for diluted earnings per share 15,651 15,932 ====== ====== Basic earnings per common share $2.48 $2.69 Diluted earnings per common share $2.47 $2.68 CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Statements of Changes in Stockholders' Equity (Unaudited) ($ in 000s) Three Months Ended December 31, December 31, 2010 2009 ------------- ------------- Balance at October 1 $314,841 $305,140 Net income 9,908 11,078 Other comprehensive income: Change in unrealized (loss) on securities available-for-sale (4,427) (467) Change in underfunded pension liability (77) 521 Change in unrealized (loss) on interest rate floors (491) (1,242) Cash dividends declared ($0.34/share) (5,269) (5,401) Issuance of stock award shares, net 186 110 Exercise of 6,262 stock options 175 - Exercise of 300 stock options - 4 Excess tax benefits on stock compensation 15 - Purchase of 27,600 common shares of treasury - (841) Balance at December 31 $314,861 $308,902 ======== ======== Twelve Months Ended December 31, December 31, 2010 2009 ------------- ------------- Balance at January 1 $308,902 $285,463 Net income 38,960 42,645 Other comprehensive income: Change in unrealized gain on securities available-for-sale 2,902 11,442 Change in unrealized (loss) on interest rate floors (2,768) (6,224) Change in underfunded pension liability (77) 521 Cash dividends declared ($1.36/share) (21,222) (21,652) Issuance of stock award shares, net 830 564 Exercise of 7,962 stock options 221 - Exercise of 1,350 stock options - 29 Excess tax benefits on stock compensation 15 - Purchase of 408,151 common shares of treasury (12,902) - Purchase of 133,286 common shares of treasury - (3,886) Balance at December 31 $314,861 $308,902 ======== ======== CITY HOLDING COMPANY AND SUBSIDIARIES Condensed Consolidated Quarterly Statements of Income (Unaudited) ($ in 000s, except per share data) Quarter Ended December September June March December 31 30 30 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Interest income $29,241 $29,970 $31,770 $30,935 $31,887 Taxable equivalent adjustment 244 244 246 255 234 --- --- --- --- --- Interest income (FTE) 29,485 30,214 32,016 31,190 32,121 Interest expense 6,283 6,810 7,092 7,444 8,302 ----- ----- ----- ----- ----- Net interest income 23,202 23,404 24,924 23,746 23,819 Provision for loan losses 2,343 1,847 1,823 1,080 1,475 ----- ----- ----- ----- ----- Net interest income after provision for loan losses 20,859 21,557 23,101 22,666 22,344 Noninterest income 11,905 11,643 13,278 12,112 12,923 Noninterest expense 18,400 19,804 19,965 20,551 19,316 ------ ------ ------ ------ ------ Income before income taxes 14,364 13,396 16,414 14,227 15,951 Income tax expense 4,212 4,129 5,453 4,659 4,639 Taxable equivalent adjustment 244 244 246 255 234 --- --- --- --- --- Net income available to common shareholders $9,908 $9,023 $10,715 $9,313 $11,078 ====== ====== ======= ====== ======= Distributed earnings allocated to common shareholders $5,239 $5,237 $5,274 $5,345 $5,370 Undistributed earnings allocated to common shareholders 4,610 3,733 5,373 3,918 5,697 ----- ----- ----- ----- ----- Net earnings allocated to common shareholders $9,849 $8,970 $10,648 $9,263 $11,067 ====== ====== ======= ====== ======= Average common shares outstanding 15,439 15,496 15,656 15,793 15,838 Effect of dilutive securities: Employee stock options 69 56 65 58 53 --- --- --- --- --- Shares for diluted earnings per share 15,508 15,552 15,721 15,851 15,891 ====== ====== ====== ====== ====== Basic earnings per common share $0.64 $0.58 $0.68 $0.59 $0.70 Diluted earnings per common share 0.64 0.58 0.68 0.58 0.70 Cash dividends declared per share 0.34 0.34 0.34 0.34 0.34 ------------------- ---- ---- ---- ---- ---- Average Common Share (000s): Outstanding 15,439 15,496 15,656 15,793 15,838 Diluted 15,508 15,552 15,721 15,851 15,897 Net Interest Margin 3.92% 3.94% 4.22% 4.14% 4.07% ------------------- ---- ---- ---- ---- ---- CITY HOLDING COMPANY AND SUBSIDIARIES Non-Interest Income and Non-Interest Expense (Unaudited) ($ in 000s) Quarter Ended December September June March December 31 30 30 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Non-Interest Income: Service charges $9,624 $9,702 $10,448 $10,228 $11,628 Insurance commissions 1,503 1,346 1,244 1,397 1,110 Trust and investment management fee income 720 618 567 862 549 Bank owned life insurance 751 1,104 813 728 753 Other income 527 439 437 548 320 --- --- --- - --- Subtotal 13,125 13,209 13,509 13,763 14,360 Total investment securities impairment losses (1,932) (3,028) (1,237) (3,203) (861) Noncredit impairment losses recognized in other comprehensive income 713 127 944 1,552 - --- --- --- --- --- Net investment securities impairment losses (1,219) (2,901) (293) (1,651) (861) Gain (loss) on sale of investment securities (1) 1,335 62 - (576) --- ----- --- --- ---- Total Non-Interest Income $11,905 $11,643 $13,278 $12,112 $12,923 ======= ======= ======= ======= ======= Non-Interest Expense: Salaries and employee benefits $8,930 $9,817 $9,745 $9,749 $8,523 Occupancy and equipment 1,861 1,917 1,874 2,045 1,947 Depreciation 1,138 1,145 1,174 1,218 1,180 Professional fees 502 414 398 363 439 Postage, delivery, and statement mailings 548 599 615 609 573 Advertising 647 891 1,241 913 830 Telecommunications 428 413 440 451 455 Bankcard expenses 548 481 448 476 570 Insurance and regulatory 1,238 1,244 1,200 1,187 1,014 Office supplies 457 497 484 493 484 Repossessed asset losses, net of expenses 196 234 78 946 321 Other expenses 1,907 2,152 2,268 2,101 2,880 ----- ----- ----- --- ----- Total Non-Interest Expense $18,400 $19,804 $19,965 $20,551 $19,216 ======= ======= ======= ======= ======= Employees (Full Time Equivalent) 805 801 812 815 809 Branch Locations 68 68 67 67 67 ---------------- --- --- --- --- --- CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000s) December 31 December 31 2010 2009 ---- ---- (Unaudited) Assets Cash and due from banks $50,043 $59,116 Interest-bearing deposits in depository institutions 5,336 3,519 Federal funds sold 11,000 - Cash and cash equivalents 66,379 62,635 Investment securities available-for- sale, at fair value 429,720 485,767 Investment securities held-to- maturity, at amortized cost 23,865 28,164 Total investment securities 453,585 513,931 Gross loans 1,865,000 1,792,434 Allowance for loan losses (18,224) (18,541) Net loans 1,846,776 1,773,893 Bank owned life insurance 76,231 73,388 Premises and equipment 64,530 64,193 Accrued interest receivable 7,264 7,969 Net deferred tax assets 29,235 29,480 Intangible assets 56,573 57,010 Other assets 36,722 40,121 Total Assets $2,637,295 $2,622,620 ========== ========== Liabilities Deposits: Noninterest-bearing $337,927 $328,440 Interest-bearing: Demand deposits 486,737 457,293 Savings deposits 397,042 379,893 Time deposits 949,669 998,096 Total deposits 2,171,375 2,163,722 Short-term borrowings 112,710 118,329 Long-term debt 16,495 16,959 Other liabilities 21,854 14,708 Total Liabilities 2,322,434 2,313,718 Stockholders' Equity Preferred stock, par value $25 per share: 500,000 shares authorized; none issued - - Common stock, par value $2.50 per share: 50,000,000 shares authorized; 18,499,282 shares issued at December 31, 2010 and December 31, 2009 less 2,994,501 and 2,616,161 shares in treasury, respectively 46,249 46,249 Capital surplus 103,057 102,917 Retained earnings 270,905 253,167 Cost of common stock in treasury (102,853) (90,877) Accumulated other comprehensive loss: Unrealized gain/(loss) on securities available-for-sale 1,022 (1,880) Unrealized gain on derivative instruments 295 3,063 Underfunded pension liability (3,814) (3,737) Total Accumulated Other Comprehensive Loss (2,497) (2,554) ------ ------ Total Stockholders' Equity 314,861 308,902 Total Liabilities and Stockholders' Equity $2,637,295 $2,622,620 ========== ========== CITY HOLDING COMPANY AND SUBSIDIARIES Investment Portfolio (Unaudited) ($ in 000s) Credit- Related Net Investment Impairment Losses through Unrealized Original December Gains Carrying Cost 31, 2010 (Losses) Value -------- ----------- ---------- -------- Mortgage Backed Securities $267,077 $- $7,858 $274,935 Municipal Bonds 66,074 - 290 66,364 Pooled Bank Trust Preferreds 27,090 (19,241) (4,494) 3,355 Single Issuer Bank Trust Preferreds, Subdebt of Financial Institutions, and Bank Holding Company Preferred Stocks 93,211 (1,653) (1,482) 90,075 Money Markets and Mutual Funds 1,617 - (7) 1,610 Federal Reserve Bank and FHLB stock 12,553 - - 12,553 Community Bank Equity Positions 10,337 (5,130) (514) 4,693 Total Investments $477,958 $(26,024) $1,651 $453,585 ======== ======== ====== ======== CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s) December September December 31 30 June 30 March 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Residential real estate $610,369 $605,351 $605,026 $597,429 $595,678 Home equity 416,172 411,481 404,789 398,443 398,752 Commercial, financial, and agriculture 796,370 765,331 778,114 761,223 752,052 Installment loans to individuals 41,300 42,407 43,859 43,597 44,239 Previously securitized loans 789 1,268 1,784 1,148 1,713 --- ----- ----- ----- ----- Gross Loans $1,865,000 $1,825,838 $1,833,572 $1,801,840 $1,792,434 ========== ========== ========== ========== ========== CITY HOLDING COMPANY AND SUBSIDIARIES Previously Securitized Loans (Unaudited) ($ in millions) Annualized Effective December 31 Interest Annualized Year Balance Yield Ended: (a) Income (a) (a) ------- ---------- ----- 2009 $1.7 $5.6 108% 2010 0.8 4.0 333% 2011 0.6 1.4 200% 2012 0.5 1.1 200% 2013 0.4 0.9 200% a -2009 and 2010 amounts are based on actual results. 2011, 2012, and 2013 amounts are based on estimated amounts. Note: The amounts reflected in the table above require management to make significant assumptions based on estimated future default, prepayment, and discount rates. Actual performance could be significantly different from that assumed, which could result in the actual results being materially different from the amounts estimated above. CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s) Three Months Ended December 31, 2010 Average Yield/ Average Balance Interest Rate Balance ------- -------- ---- ------- Assets: Loan portfolio: Residential real estate $602,002 $7,624 5.02% $590,284 Home equity 413,810 5,256 5.04% 397,088 Commercial, financial, and agriculture 769,158 9,580 4.94% 752,870 Installment loans to individuals 51,731 966 7.41% 50,430 Previously securitized loans 986 699 281.26% 2,087 --- --- ------ ----- Total loans 1,837,687 24,125 5.21% 1,792,759 Securities: Taxable 421,648 4,646 4.37% 480,044 Tax-exempt 50,584 698 5.47% 44,964 ------ --- ---- ------ Total securities 472,232 5,344 4.49% 525,008 Deposits in depository institutions 5,134 - - 5,546 Federal funds sold 32,060 16 - - ------ --- --- --- Total interest- earning assets 2,347,113 29,485 4.98% 2,323,313 Cash and due from banks 54,314 51,956 Bank premises and equipment 65,005 64,188 Other assets 206,879 206,069 Less: Allowance for loan losses (18,680) (19,641) ------- ------- Total assets $2,654,631 $2,625,885 ========== ========== Liabilities: Interest-bearing demand deposits 466,985 243 0.21% 435,374 Savings deposits 392,438 224 0.23% 378,728 Time deposits 959,249 5,575 2.31% 1,009,667 Short-term borrowings 116,987 78 0.26% 128,995 Long-term debt 16,737 162 3.84% 17,151 ------ --- ---- ------ Total interest- bearing liabilities 1,952,396 6,282 1.28% 1,969,915 Noninterest-bearing demand deposits 359,647 331,012 Other liabilities 21,547 17,739 Stockholders' equity 321,041 307,219 Total liabilities and stockholders' equity $2,654,631 $2,625,885 ========== ========== Net interest income $23,203 ======= Net yield on earning assets 3.92% ==== Three Months Ended December 31, 2009 Yield/ Interest Rate -------- ---- Assets: Loan portfolio: Residential real estate $8,064 5.42% Home equity 5,744 5.74% Commercial, financial, and agriculture 10,095 5.32% Installment loans to individuals 1,008 7.93% Previously securitized loans 835 158.73% --- ------ Total loans 25,746 5.70% Securities: Taxable 5,706 4.72% Tax-exempt 668 5.89% --- ---- Total securities 6,374 4.82% Deposits in depository institutions 1 0.07% Federal funds sold - - --- --- Total interest-earning assets 32,121 5.49% Cash and due from banks Bank premises and equipment Other assets Less: Allowance for loan losses Total assets Liabilities: Interest-bearing demand deposits 377 0.34% Savings deposits 360 0.38% Time deposits 7,264 2.85% Short-term borrowings 135 0.42% Long-term debt 168 3.89% --- ---- Total interest-bearing liabilities 8,304 1.67% Noninterest-bearing demand deposits Other liabilities Stockholders' equity Total liabilities and stockholders' equity Net interest income $23,817 ======= Net yield on earning assets 4.07% ==== CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s) Twelve Months Ended December 31, 2010 Average Yield/ Average Balance Interest Rate Balance ------- -------- ---- ------- Assets: Loan portfolio: Residential real estate $598,484 $31,218 5.22% $595,518 Home equity 405,539 21,263 5.24% 392,077 Commercial, financial, and agriculture 765,634 39,163 5.12% 756,745 Installment loans to individuals 49,724 3,796 7.63% 49,733 Previously securitized loans 1,207 4,016 332.73% 3,042 ----- ----- ------ ----- Total loans 1,820,588 99,456 5.46% 1,797,115 Securities: Taxable 458,398 20,594 4.49% 460,350 Tax-exempt 49,517 2,826 5.71% 41,123 ------ ----- ---- ------ Total securities 507,915 23,420 4.61% 501,473 Deposits in depository institutions 5,249 - - 5,340 Federal funds sold 14,506 29 - 123 ------ --- --- --- Total interest- earning assets 2,348,258 122,905 5.23% 2,304,051 Cash and due from banks 53,384 51,655 Bank premises and equipment 64,666 62,883 Other assets 207,454 211,466 Less: Allowance for loan losses (19,265) (21,306) ------- ------- Total assets $2,654,497 $2,608,749 ========== ========== Liabilities: Interest-bearing demand deposits 462,641 1,242 0.27% 428,342 Savings deposits 389,385 1,016 0.26% 373,476 Time deposits 983,310 24,349 2.48% 1,006,146 Short-term borrowings 112,575 362 0.32% 134,016 Long-term debt 16,876 658 3.90% 18,286 ------ --- ---- ------ Total interest- bearing liabilities 1,964,787 27,627 1.41% 1,960,266 Noninterest-bearing demand deposits 354,988 328,985 Other liabilities 18,692 24,917 Stockholders' equity 316,030 294,581 ------- ------- Total liabilities and stockholders' equity $2,654,497 $2,608,749 ========== ========== Net interest income $95,278 ======= Net yield on earning assets 4.06% ==== Twelve Months Ended December 31, 2009 Yield/ Interest Rate -------- ---- Assets: Loan portfolio: Residential real estate $33,558 5.64% Home equity 23,909 6.10% Commercial, financial, and agriculture 41,614 5.50% Installment loans to individuals 4,158 8.36% Previously securitized loans 3,902 128.27% ----- ------ Total loans 107,141 5.96% Securities: Taxable 23,200 5.04% Tax-exempt 2,589 6.30% ----- ---- Total securities 25,789 5.14% Deposits in depository institutions 11 0.21% Federal funds sold - - --- --- Total interest-earning assets 132,941 5.77% Cash and due from banks Bank premises and equipment Other assets Less: Allowance for loan losses Total assets Liabilities: Interest-bearing demand deposits 1,703 0.40% Savings deposits 1,746 0.47% Time deposits 31,781 3.16% Short-term borrowings 529 0.39% Long-term debt 844 4.62% --- ---- Total interest-bearing liabilities 36,603 1.87% Noninterest-bearing demand deposits Other liabilities Stockholders' equity Total liabilities and stockholders' equity Net interest income $96,338 ======= Net yield on earning assets 4.18% ==== CITY HOLDING COMPANY AND SUBSIDIARIES Analysis of Risk-Based Capital (Unaudited) ($ in 000s) December September 31 30 June 30 March 31 2010 (a) 2010 2010 2010 -------- ---- ---- ---- Tier I Capital: Stockholders' equity $314,861 $314,841 $312,575 $312,835 Goodwill and other intangibles (56,378) (56,487) (56,596) (56,705) Accumulated other comprehensive loss (income) 2,497 (2,498) (950) 330 Qualifying trust preferred stock 16,000 16,000 16,000 16,000 Unrealized Loss on AFS securities (521) (1,277) (3,668) (2,950) Excess deferred tax assets (2,904) (2,916) (3,530) (3,827) ------ ------ ------ ------ Total tier I capital $273,555 $267,664 $262,664 $264,516 ======== ======== ======== ======== Total Risk-Based Capital: Tier I capital $273,555 $267,664 $262,664 $264,516 Qualifying allowance for loan losses 18,224 18,364 19,456 18,982 ------ ------ ------ ------ Total risk-based capital $291,779 $286,028 $282,120 $283,498 ======== ======== ======== ======== Net risk-weighted assets $1,970,635 $1,949,080 $1,952,076 $1,935,071 Ratios: Average stockholders' equity to average assets 12.09% 11.90% 11.76% 11.87% Tangible capital ratio 10.01% 10.04% 9.86% 9.79% Risk-based capital ratios: Tier I capital 13.88% 13.73% 13.46% 13.67% Total risk-based capital 14.81% 14.68% 14.45% 14.65% Leverage capital 10.54% 10.30% 10.06% 10.28% ---------------- ----- ----- ----- ----- December 31 2009 ---- Tier I Capital: Stockholders' equity $308,902 Goodwill and other intangibles (56,810) Accumulated other comprehensive loss (income) 2,554 Qualifying trust preferred stock 16,000 Unrealized Loss on AFS securities (3,531) Excess deferred tax assets (3,412) ------ Total tier I capital $262,536 ======== Total Risk-Based Capital: Tier I capital $262,536 Qualifying allowance for loan losses 18,687 ------ Total risk-based capital $281,223 ======== Net risk-weighted assets $1,926,824 Ratios: Average stockholders' equity to average assets 11.70% Tangible capital ratio 9.77% Risk-based capital ratios: Tier I capital 13.63% Total risk-based capital 14.60% Leverage capital 10.23% ---------------- ----- (a) December 31, 2010 risk-based capital ratios are estimated ------------------------------------------------------------- CITY HOLDING COMPANY AND SUBSIDIARIES Intangibles (Unaudited) ($ in 000s) As of and for the Quarter Ended December September December 31 30 June 30 March 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Intangibles, net $56,573 $56,682 $56,791 $56,900 $57,010 Intangibles amortization expense 109 109 109 110 117 ------------------------ --- --- --- --- --- CITY HOLDING COMPANY AND SUBSIDIARIES Summary of Loan Loss Experience (Unaudited) ($ in 000s) Quarter Ended December September 31 30 June 30 March 31 2010 2010 2010 2010 ---- ---- ---- ---- Balance at beginning of period $18,364 $19,456 $18,836 $18,541 Charge-offs: Commercial, financial, and agricultural 174 2,046 796 361 Real estate- mortgage 823 654 637 423 Installment loans to individuals 38 43 20 26 Overdraft deposit accounts 1,867 615 565 550 ----- --- --- --- Total charge- offs 2,902 3,358 2,018 1,360 Recoveries: Commercial, financial, and agricultural 29 28 378 9 Real estate- mortgage 27 12 38 23 Installment loans to individuals 37 29 53 50 Overdraft deposit accounts 326 350 346 493 --- --- --- --- Total recoveries 419 419 815 575 Net charge-offs 2,483 2,939 1,203 785 ----- ----- ----- --- Provision for loan losses 2,343 1,847 1,823 1,080 Balance at end of period $18,224 $18,364 $19,456 $18,836 ======= ======= ======= ======= Loans outstanding $1,865,000 $1,825,838 $1,833,572 $1,801,840 ---------- ---------- ---------- ---------- Average loans outstanding 1,837,687 1,829,119 1,821,822 1,793,134 --------- --------- --------- --------- Allowance as a percent of loans outstanding 0.98% 1.01% 1.06% 1.05% ---- ---- ---- ---- Allowance as a percent of non- performing loans 156.39% 160.40% 177.78% 131.60% ------ ------ ------ ------ Net charge-offs (annualized) as a percent of average loans outstanding 0.54% 0.64% 0.26% 0.18% ---- ---- ---- ---- Net charge-offs, excluding overdraft deposit accounts, (annualized) as a percent of average loans outstanding 0.21% 0.58% 0.22% 0.16% ---- ---- ---- ---- Quarter Ended December 31 2009 ---- Balance at beginning of period $19,609 Charge-offs: Commercial, financial, and agricultural 1,821 Real estate-mortgage 448 Installment loans to individuals 87 Overdraft deposit accounts 737 --- Total charge-offs 3,093 Recoveries: Commercial, financial, and agricultural 88 Real estate-mortgage 31 Installment loans to individuals 37 Overdraft deposit accounts 394 - Total recoveries 550 Net charge-offs 2,543 ----- Provision for loan losses 1,475 Balance at end of period $18,541 ======= Loans outstanding $1,792,434 ---------- Average loans outstanding 1,792,759 --------- Allowance as a percent of loans outstanding 1.03% ---- Allowance as a percent of non-performing loans 132.02% ------ Net charge-offs (annualized) as a percent of average loans outstanding 0.57% ---- Net charge-offs, excluding overdraft deposit accounts, (annualized) as a percent of average loans outstanding 0.49% ---- CITY HOLDING COMPANY AND SUBSIDIARIES Summary of Non-Performing Assets (Unaudited) ($ in 000s) December September June March December 31 30 30 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Nonaccrual loans $10,817 $11,220 $10,246 $14,008 $13,583 Accruing loans past due 90 days or more 782 195 698 305 382 Previously securitized loans past due 90 days or more 54 34 - - 79 --- --- --- --- --- Total non- performing loans 11,653 11,449 10,944 14,313 14,044 Other real estate owned, excluding property associated with previously securitized loans 9,316 12,636 12,722 10,800 11,729 Other real estate owned associated with previously securitized loans - - - - - Other real estate owned 9,316 12,636 12,722 10,800 11,729 ----- ------ ------ ------ ------ Total non- performing assets $20,969 $24,085 $23,666 $25,113 $25,773 ======= ======= ======= ======= ======= Non-performing assets as a percent of loans and other real estate owned 1.12% 1.31% 1.28% 1.39% 1.43% CITY HOLDING COMPANY AND SUBSIDIARIES Summary of Total Past Due Loans (Unaudited) ($ in 000s) December September June March December 31 30 30 31 31 2010 2010 2010 2010 2009 ---- ---- ---- ---- ---- Residential real estate $4,774 $3,815 $5,298 $3,850 $3,830 Home equity 2,276 2,863 1,763 1,818 2,396 Commercial, financial, and agriculture 775 262 3,680 498 601 Installment loans to individuals 147 106 168 133 172 Previously securitized loans 345 518 394 539 1,023 Overdraft deposit accounts 361 337 399 326 461 Total past due loans $8,678 $7,901 $11,702 $7,164 $8,483 ====== ====== ======= ====== ======
City Holding Company
CONTACT: CONTACT: Charles R. Hageboeck, Chief Executive Officer and
President, +1-304-769-1102
Web Site: http://www.cityholding.com/
