City Holding Company (CHCO, Financial) filed Quarterly Report for the period ended 2010-03-31.
City Holding Company has a market cap of $511.9 million; its shares were traded at around $32.37 with a P/E ratio of 12.7 and P/S ratio of 2.8. The dividend yield of City Holding Company stocks is 4.2%.CHCO is in the portfolios of Steven Cohen of SAC Capital Advisors.
The Company reported consolidated net income of $9.3 million, or $0.58 per diluted common share, for the three months ended March 31, 2010, compared to $10.9 million, or $0.69 per diluted common share, for the first three months of 2009. Return on average assets (“ROA”) was 1.42% and return on average equity (“ROE”) was 11.9% for the first three months of 2010, compared to 1.70% and 15.3%, respectively, for the first three months of 2009.
The Company s net interest income for the first three months of 2010 decreased $1.3 million compared to the first three months of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $1.1 million for the first three months of 2010 while $1.65 million was recorded for the first three months of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $1.7 million of credit-related net investment impairment losses in the first three months of 2010 as compared to $2.2 million for the first three 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, non-interest income decreased $0.7 million from the three months ended March 31, 2009, to the three months ended March 31, 2010. Non-interest expenses for the three months ended March 31, 2010 increased $1.7 million from the three months ended March 31, 2009.
The Company s tax equivalent net interest income decreased $1.2 million, or 4.9%, from $25.0 million during the first three months of 2009 to $23.8 million during the first three months 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 first quarter of 2010, the Company recognized $1.5 million of interest income compared to $2.9 million of interest income recognized in the first quarter of 2009 from the interest rate floors. The Company s reported net interest margin decreased from 4.46% for the quarter ended March 31, 2009 to 4.14% for the quarter ended March 31, 2010.
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City Holding Company has a market cap of $511.9 million; its shares were traded at around $32.37 with a P/E ratio of 12.7 and P/S ratio of 2.8. The dividend yield of City Holding Company stocks is 4.2%.CHCO is in the portfolios of Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
As a result of this review, the Company recognized $1.7 million of credit-related net investment impairment charges during the quarter ended March 31, 2010. The charges deemed other than temporary were related to pooled bank trust preferreds with a remaining book value of $8.9 million, single issuer bank trust preferreds with a remaining book value of $87.2 million and community bank and bank holding company equity positions with remaining book value of $5.4 million at March 31, 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 $9.3 million, or $0.58 per diluted common share, for the three months ended March 31, 2010, compared to $10.9 million, or $0.69 per diluted common share, for the first three months of 2009. Return on average assets (“ROA”) was 1.42% and return on average equity (“ROE”) was 11.9% for the first three months of 2010, compared to 1.70% and 15.3%, respectively, for the first three months of 2009.
The Company s net interest income for the first three months of 2010 decreased $1.3 million compared to the first three months of 2009 (see Net Interest Income). The Company recorded a provision for loan losses of $1.1 million for the first three months of 2010 while $1.65 million was recorded for the first three months of 2009 (see Allowance and Provision for Loan Losses). The Company recorded $1.7 million of credit-related net investment impairment losses in the first three months of 2010 as compared to $2.2 million for the first three 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, non-interest income decreased $0.7 million from the three months ended March 31, 2009, to the three months ended March 31, 2010. Non-interest expenses for the three months ended March 31, 2010 increased $1.7 million from the three months ended March 31, 2009.
The Company s tax equivalent net interest income decreased $1.2 million, or 4.9%, from $25.0 million during the first three months of 2009 to $23.8 million during the first three months 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 first quarter of 2010, the Company recognized $1.5 million of interest income compared to $2.9 million of interest income recognized in the first quarter of 2009 from the interest rate floors. The Company s reported net interest margin decreased from 4.46% for the quarter ended March 31, 2009 to 4.14% for the quarter ended March 31, 2010.
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