City Holding Company (CHCO, Financial) filed Quarterly Report for the period ended 2010-09-30.
City Holding Company has a market cap of $533.11 million; its shares were traded at around $34.2 with a P/E ratio of 13.46 and P/S ratio of 2.9. The dividend yield of City Holding Company stocks is 3.98%.CHCO is in the portfolios of Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
The Company reported consolidated net income of $29.1 million, or $1.84 per diluted common share, for the nine months ended September 30, 2010, compared to $31.6 million, or $1.98 per diluted common share, for the first nine months of 2009. Return on average assets (“ROA”) was 1.46% and return on average equity (“ROE”) was 12.3% for the first nine months of 2010, compared to 1.62% and 14.5%, respectively, for the first nine months of 2009.
The Company s net interest income for the first nine months of 2010 decreased $0.5 million compared to the first nine months of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $4.8 million for the first nine months of 2010 while $5.5 million was recorded for the first nine months of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $4.8 million of credit-related net investment impairment losses in the first nine months of 2010 as compared to $4.5 million for the first nine months of 2009 (see Non-Interest Income and Expense). As further discussed under the caption Non-Interest Income and Expense, excluding credit-related net investment impairment losses and realized investment security gain/(losses), non-interest income decreased $3.3 million from the nine months ended September 30, 2009, compared to the nine months ended September 30, 2010. Non-interest expenses for the nine months ended September 30, 2010 increased $2.4 million from the nine months ended September 30, 2009.
The Company s net interest income for the third quarter of 2010 decreased $0.5 million compared to the third quarter of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $1.8 million for the third quarter of 2010 while $1.7 million was recorded for the third quarter of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $2.9 million of credit-related net investment impairment losses in the third quarter of 2010 (see Non-Interest Income and Expense) while $2.3 million was recorded during the third quarter of 2009. As further discussed under the caption Non-Interest Income and Expense, excluding credit-related net investment impairment losses and realized investment security gain/(losses), non-interest income decreased $1.5 million from the three months ended September 30, 2009, compared to the three months ended September 30, 2010. Non-interest expenses for the three months ended September 30, 2010 increased $1.0 million from the three months ended September 30, 2009.
The Company s tax equivalent net interest income decreased $0.4 million or 0.6% from $72.5 million during the first nine months of 2009 to $72.1 million during the first nine months of 2010. During the first nine months of 2010, the Company recognized $1.1 million of additional interest income associated with 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 September 30, 2010 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. Excluding this change, the Company s tax equivalent net interest income for the first nine months of 2010 declined approximately $1.5 million from the first nine months of 2009. This decline was 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 the first nine months of 2010, the Company recognized $3.7 million of interest income compared to $7.8 million of interest income recognized in the first nine months of 2009 from the interest rate floors. The Company s reported net interest margin decreased from 4.22% for the nine months ended September 30, 2009 to 4.10% for the nine months ended September 30, 2010.
The Company s tax equivalent net interest income decreased $0.5 million, or 2.0%, from $23.9 million during the third quarter of 2009 to $23.4 million during third 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 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 the third quarter of 2010, the Company recognized $0.9 million of interest income compared to $2.2 million of interest income recognized in the third 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 third quarter of 2009 resulting in an increase in tax equivalent net interest income of approximately $0.8 million. The Company s reported net interest margin decreased from 4.09% for the quarter ended September 30, 2009 to 3.94% for the quarter ended September 30, 2010.
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City Holding Company has a market cap of $533.11 million; its shares were traded at around $34.2 with a P/E ratio of 13.46 and P/S ratio of 2.9. The dividend yield of City Holding Company stocks is 3.98%.CHCO is in the portfolios of Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As a result of this review, the Company recognized $4.8 million of credit-related net investment impairment charges during the nine months ended September 30, 2010. The charges deemed other than temporary were related to pooled bank trust preferreds with a remaining book value of $6.5 million, single issuer bank trust preferreds with a remaining book value of $75.4 million and community bank and bank holding company equity positions with remaining book value of $5.1 million at September 30, 2010. The Company continues to actively monitor the market values of these investments along with the financial strength of the issuers behind these securities, as well as our entire investment portfolio.The Company reported consolidated net income of $29.1 million, or $1.84 per diluted common share, for the nine months ended September 30, 2010, compared to $31.6 million, or $1.98 per diluted common share, for the first nine months of 2009. Return on average assets (“ROA”) was 1.46% and return on average equity (“ROE”) was 12.3% for the first nine months of 2010, compared to 1.62% and 14.5%, respectively, for the first nine months of 2009.
The Company s net interest income for the first nine months of 2010 decreased $0.5 million compared to the first nine months of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $4.8 million for the first nine months of 2010 while $5.5 million was recorded for the first nine months of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $4.8 million of credit-related net investment impairment losses in the first nine months of 2010 as compared to $4.5 million for the first nine months of 2009 (see Non-Interest Income and Expense). As further discussed under the caption Non-Interest Income and Expense, excluding credit-related net investment impairment losses and realized investment security gain/(losses), non-interest income decreased $3.3 million from the nine months ended September 30, 2009, compared to the nine months ended September 30, 2010. Non-interest expenses for the nine months ended September 30, 2010 increased $2.4 million from the nine months ended September 30, 2009.
The Company s net interest income for the third quarter of 2010 decreased $0.5 million compared to the third quarter of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $1.8 million for the third quarter of 2010 while $1.7 million was recorded for the third quarter of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $2.9 million of credit-related net investment impairment losses in the third quarter of 2010 (see Non-Interest Income and Expense) while $2.3 million was recorded during the third quarter of 2009. As further discussed under the caption Non-Interest Income and Expense, excluding credit-related net investment impairment losses and realized investment security gain/(losses), non-interest income decreased $1.5 million from the three months ended September 30, 2009, compared to the three months ended September 30, 2010. Non-interest expenses for the three months ended September 30, 2010 increased $1.0 million from the three months ended September 30, 2009.
The Company s tax equivalent net interest income decreased $0.4 million or 0.6% from $72.5 million during the first nine months of 2009 to $72.1 million during the first nine months of 2010. During the first nine months of 2010, the Company recognized $1.1 million of additional interest income associated with 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 September 30, 2010 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. Excluding this change, the Company s tax equivalent net interest income for the first nine months of 2010 declined approximately $1.5 million from the first nine months of 2009. This decline was 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 the first nine months of 2010, the Company recognized $3.7 million of interest income compared to $7.8 million of interest income recognized in the first nine months of 2009 from the interest rate floors. The Company s reported net interest margin decreased from 4.22% for the nine months ended September 30, 2009 to 4.10% for the nine months ended September 30, 2010.
The Company s tax equivalent net interest income decreased $0.5 million, or 2.0%, from $23.9 million during the third quarter of 2009 to $23.4 million during third 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 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 the third quarter of 2010, the Company recognized $0.9 million of interest income compared to $2.2 million of interest income recognized in the third 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 third quarter of 2009 resulting in an increase in tax equivalent net interest income of approximately $0.8 million. The Company s reported net interest margin decreased from 4.09% for the quarter ended September 30, 2009 to 3.94% for the quarter ended September 30, 2010.
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