City Holding Company, a large accelerated filer based in Charleston, West Virginia, reported its financial results for the third quarter and the nine months ended September 30, 2024. The company operates primarily through City National Bank of West Virginia, which has 97 banking offices across several states.
As of September 30, 2024, City Holding's total assets increased to $6.43 billion, up from $6.17 billion at the end of 2023. Total deposits rose to $5.10 billion, reflecting a 3.4% increase from $4.93 billion. Cash and cash equivalents also saw a significant rise, reaching $293.95 million, an 88% increase from $156.28 million at the end of 2023. This growth was primarily driven by increased deposit balances and Federal Home Loan Bank (FHLB) long-term advances.
Net income available to common shareholders for the third quarter of 2024 was $29.81 million, slightly down from $29.84 million in the same period of 2023. For the nine months ended September 30, 2024, net income increased to $88.45 million from $86.91 million in 2023. Basic earnings per share for the third quarter rose to $2.02, compared to $1.98 in the prior year, while for the nine months, it increased to $5.96 from $5.78.
The company’s non-interest income for the nine months ended September 30, 2024, was $57.20 million, up from $56.40 million in 2023, with notable increases in trust and investment management fees. However, non-interest expenses also increased, totaling $110.30 million for the first nine months of 2024, compared to $102.80 million in 2023, primarily due to higher salaries and employee benefits.
City Holding's provision for credit losses for the nine months ended September 30, 2024, was $1.5 million, a decrease from $3.5 million in the same period of 2023. The allowance for credit losses stood at $21.83 million as of September 30, 2024, down from $22.75 million at the end of 2023.
The company completed the acquisition of Citizens Commerce Bancshares, Inc. on March 10, 2023, which has contributed to its market presence in Lexington, Kentucky. The acquisition involved approximately 0.7 million shares valued at approximately $61.6 million.
As of September 30, 2024, City Holding reported a total shareholders' equity of $741.30 million, an increase from $677.07 million at the end of 2023. The company declared cash dividends totaling $32.97 million for the nine months ended September 30, 2024, compared to $30.36 million in the same period of 2023.
Overall, City Holding Company demonstrated solid financial performance with growth in assets, deposits, and net income, while managing expenses and credit losses effectively.
About CITY HOLDING CO
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