City Hldg Co Stock Price, News & Analysis

City Holding Company (NASDAQ:CHCO) reported a quarterly net income of $24.3 million and diluted earnings of $1.63 per share for Q1 2023, marking an acquisition completion of Citizens Commerce Bancshares on March 10, 2023. Total net interest income rose 2.7% to $53.5 million, aided by a $3 million increase due to higher loan yields. Non-interest income increased to $18.7 million, driven by realized gains from the sale of investment securities. However, non-interest expenses surged 30.8% to $38.6 million, largely due to $5.6 million in acquisition costs. Loans increased by 6.8% to $3.89 billion, primarily from Citizens. The loan to deposit ratio stood at 75.8%, with strong capital ratios indicating a well-capitalized position. A quarterly dividend of $0.65 per share was approved, alongside ongoing share repurchases under an existing plan.

City Holding Company (CHCO) has successfully completed the acquisition of Citizens Commerce Bancshares, Inc. (CCVS), effective March 10, 2023. The transaction, valued at approximately $62.1 million, involves an exchange ratio of 0.1666 shares of City common stock for each share of Citizens common stock. With this merger, the combined entity will have total assets of $6.2 billion, $5.2 billion in deposits, and $3.9 billion in gross loans, enhancing City’s footprint in the Lexington, Kentucky MSA. The acquisition aims to maintain community focus while providing Citizens' customers with improved services.

City Holding Company (NASDAQ:CHCO) reported record financial results for the year ending December 31, 2022, with net income of $102.1 million and diluted earnings of $6.80 per share. The company's return on assets was 1.71% and return on tangible equity 20.3%. Net interest income rose 15.6% to $180.0 million, driven by higher loan and investment yields as Federal Funds rates increased. Non-interest income increased to $72.1 million, while non-interest expenses also rose to $124.3 million. The company maintained a strong capital position with a tangible equity ratio of 8.0% despite unrealized losses, and announced a quarterly dividend of $0.65.

City Holding Company (CHCO) has announced a definitive merger agreement to acquire Citizens Commerce Bancshares, Inc. (CCVS) for an aggregate deal value of $61.0 million. The transaction is expected to close in Q1 2023, pending regulatory approvals. Post-merger, the combined assets will total $6.2 billion, with $5.3 billion in deposits and $3.9 billion in gross loans, significantly enhancing City’s presence in Lexington, Kentucky. Citizens shareholders will receive 0.1666 shares of City common stock for each Citizens share, valued at approximately $15.43 per share based on recent stock prices.

City Holding Company (CHCO) reported a quarterly net income of $27.4 million and diluted earnings of $1.83 per share for Q3 2022. The bank's net interest income rose to $48.8 million, driven by increased loan and investment yields. Nonperforming assets slightly decreased, and non-interest income grew to $18.2 million. However, non-interest expenses increased by 8.0% to $31.5 million. The company declared an increased cash dividend of $0.65 per share and repurchased 9,000 shares at $80.24. The loan to deposit ratio was at 73.2%, indicating strong capitalization.