Le Lézard
Classified in: Business, Covid-19 virus
Subject: EARNINGS

City Holding Company Announces Third Quarter Results


City Holding Company ("Company" or "City") (NASDAQ:CHCO), a $5.5 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $20.1 million and diluted earnings of $1.25 per share for the quarter ended September 30, 2020. For the third quarter of 2020, the Company achieved a return on assets of 1.46% and a return on tangible equity of 13.8%.

Charles R. ("Skip") Hageboeck, the President and Chief Executive Officer of City Holding Company, commented: "Like all of the world, City Holding Company and City National Bank have experienced repercussions from the economic slow-down that has accompanied COVID-19. As an essential business, our company has focused on continuing to provide our customers safe access to banking products and services consistent with our reputation for exceptional customer service. In 2020, City was recognized for the third consecutive year by the JD Power organization as the "Highest in Customer Satisfaction" in the North Central US. We have also been highly focused on protecting the health of our employees and customers. Branches were open by appointment only during the initial months of the pandemic, but by the end of the third quarter of 2020, all 94 of our locations were fully open to customers. We are pleased that while many businesses in our nation have had to implement layoffs, we have been fortunate not to have to consider such painful changes, and City's family of dedicated employees have continued to demonstrate their exceptional commitment to each other, our customers, our communities, and to our company. I thank all of them for their brave and hard work during a very stressful time."

"The COVID crisis caused the Federal Reserve to lower short-term interest rates to nearly zero during the second quarter of 2020. As a result, deposit rates are very low across all financial institutions. And yet, deposits at banks have ballooned this year. At City, deposits are up nearly $350 million since December 31, 2019 ? or about 8%. While the economy continued to recover in the third quarter of 2020, the drop-off in the second quarter of 2020 was extraordinarily steep and thus loan demand outside of the Government sponsored Paycheck Protection Program ("PPP") remains very weak. Despite these lingering effects of COVID-19, City was again able to produce strong results during the third quarter of 2020. Net interest income for the third quarter of 2020 was about flat with the linked quarter. Provision expense was low. Fee income was solid and expenses continue to be well managed. These successes are attributable to the hard working team of City professionals, and I thank them for their dedication and effort."

"Asset quality seems to be the top concern for analysts who follow banking organizations. In our opinion, City's asset quality continues to remain solid. As compared to pre-COVID asset quality levels at December 31, 2019, nonperforming assets have improved; past-due loans have improved and troubled-debt restructured loans have improved! Further, the amount of loans in deferment status dropped dramatically during the quarter ended September 30, 2020. As of September 30, 2020, approximately $180 million of commercial loans have been granted deferrals as compared to approximately $430 million as of June 30, 2020. Nearly $160 million of the commercial loan deferments were for hotel and lodging related loans at September 30, 2020. While reduced business and personal travel have lowered occupancy rates for our hotel and lodging loan customers, occupancy rates continued to improve during the third quarter of 2020. As of September 30, 2020, approximately $15 million of mortgage loans have been granted deferrals as compared to approximately $125 million at June 30, 2020."

Net Interest Income

The Company's net interest income decreased slightly from $38.1 million during the second quarter of 2020 to $38.0 million during the third quarter of 2020. The Company's tax equivalent net interest income remained level at $38.3 million for both the second and third quarters of 2020. Lower loan yields (21 basis points) decreased net interest income by $1.5 million and a decrease in accretion fair value adjustments lowered net interest income by $0.5 million. These decreases were essentially offset by an increase in investment income due to higher yields and an increase in balances and a decrease in rates paid on deposits (13 basis points) which increased net interest income by $0.9 million and $0.8 million, respectively. The Company's reported net interest margin decreased from 3.13% for the second quarter of 2020 to 3.02% for the third quarter of 2020. Excluding the favorable impact of the accretion from fair value adjustments, the net interest margin would have been 2.97% for the quarter ended September 30, 2020 and 3.05% for the quarter ended June 30, 2020.

Credit Quality

The Company's ratio of nonperforming assets to total loans and other real estate owned decreased from 0.48% at June 30, 2020 to 0.43% at September 30, 2020. Total nonperforming assets decreased from $17.6 million at June 30, 2020 to $15.7 million at September 30, 2020. Total past due loans increased marginally from $7.1 million, or 0.19% of total loans outstanding, at June 30, 2020 to $7.4 million, or 0.20% of total loans outstanding, at September 30, 2020.

As a result of the Company's quarterly analysis of the adequacy of the allowance for credit losses ("ACL"), the Company recorded a provision for credit losses of $1.0 million in the third quarter of 2020, compared to a provision for loan losses of $0.3 million for the comparable period in 2019 and a provision for credit losses of $1.25 million for the second quarter of 2020. The provision for credit losses recognized in the third quarter of 2020 primarily relates to changes in outstanding balances in the Company's loan portfolio and their associated loss rates and downgrades of certain hotel/motel credits during the quarter based on current market conditions which increased the Company's ACL by $2.0 million and $1.2 million. Partially offsetting these increases in the ACL was a decrease in the ACL due to the upgrade of a specific credit that was downgraded in 2017, but has since seen improved financial performance. This upgrade released $2.2 million of ACL reserves.

Non-interest Income

Non-interest income was $17.0 million for the third quarter of 2020 as compared to $16.7 million for the third quarter of 2019. During the third quarter of 2020, the Company reported $0.5 million of unrealized fair value gains on the Company's equity securities compared to $0.3 million of unrealized fair value losses on the Company's equity securities in the third quarter of 2019. Exclusive of these gains, non-interest income decreased from $17.0 million for the third quarter of 2019 to $16.5 million for the third quarter of 2020. This decrease was largely attributable to a decrease of $1.9 million, or 23.1%, in service charges as average deposit balances have increased during the COVID-19 pandemic. This decrease was partially offset by increases in our bankcard revenues ($0.6 million), other income due to fees from loan interest rate swap originations ($0.5 million), and bank owned life insurance revenues due to death benefit proceeds ($0.3 million).

Non-interest Expenses

Non-interest expenses increased $0.3 million (1.1%), from $28.4 million in the third quarter of 2019 to $28.7 million in the third quarter of 2020. This increase was primarily due to an increase in equipment and software related expenses of $0.4 million, FDIC insurance expense of $0.4 million, and other expenses of $0.2 million. These increases were partially offset by decreases in advertising expenses ($0.4 million) and occupancy related expenses ($0.3 million).

Balance Sheet Trends

Loans increased $47.9 million (1.3%) from December 31, 2019 to $3.66 billion at September 30, 2020. As a result of the Company's participation in the PPP loans administered by the SBA, commercial and industrial loans increased $88.5 million. Excluding PPP loans, total loans decreased $40.6 million, (1.1%), from December 31, 2019 to $3.58 billion at September 30, 2020. Residential real estate loans decreased $19.1 million (1.2%), commercial and industrial loans decreased $12.5 million (4.1%) (excluding PPP loans), home equity loans decreased $8.8 million (5.9%) and consumer loans decreased $3.7 million (6.9%). These decreases were partially offset by an increase in commercial real estate loans of $5.0 million (0.3%). Decreases in loan outstandings are reflective of the low-interest rate environment driving residential mortgage originations toward fixed rate loans and a general lack of borrowing for commercial loans.

Total average depository balances increased $133.4 million, or 3.1%, from the quarter ended June 30, 2020 to the quarter ended September 30, 2020. Average noninterest-bearing demand deposit balances increased $70.8 million, average savings deposit balances increased $56.5 million, and average interest-bearing demand deposit balances increased $37.3 million. These increases were partially offset by a decrease in time deposit balances of $31.2 million. Since December 31, 2019, depository balances have increased $344.2 million (8.4%) due to the infusion of government transfer payments for unemployment insurance, PPP loans and stimulus checks. Additionally, due to very low interest rates across a wide array of investment alternatives, it appears that customers are stockpiling cash in banking institutions.

Income Tax Expense

The Company's effective income tax rate for the third quarter of 2020 was 20.2% compared to 21.3% for the year ended December 31, 2019, and 21.7% for the quarter ended September 30, 2019.

Capitalization and Liquidity

The Company's loan to deposit ratio was 82.9% and the loan to asset ratio was 66.5% at September 30, 2020. The Company maintained investment securities totaling 21.5% of assets as of the same date. The Company's deposit mix is weighted heavily toward checking and saving accounts, which fund 56.6% of assets at September 30, 2020. Time deposits fund 23.6% of assets at September 30, 2020, but very few of these deposits are in accounts that have balances of more than $250,000, reflecting the core retail orientation of the Company.

The Company continues to be strongly capitalized. The Company's tangible equity ratio decreased from 11.0% at December 31, 2019 to 10.6% at September 30, 2020. At September 30, 2020, City National Bank's Leverage Ratio was 9.32%, its Common Equity Tier I ratio was 14.46%, its Tier I Capital ratio was 14.46%, and its Total Risk-Based Capital ratio was 15.04%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.

On September 30, 2020, the Board of Directors of the Company approved a quarterly cash dividend of $0.57 per share payable October 30, 2020, to shareholders of record as of October 15, 2020. During the quarter ended September 30, 2020, the Company repurchased 231,000 common shares at a weighted average price of $59.49 as part of a one million share repurchase plan authorized by the Board of Directors in February 2019. As of September 30, 2020, the Company could repurchase approximately 247,000 additional shares under the plan.

City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio. The Company recently commenced construction of a new branch in Spring Mills, WV. Located in Berkeley County, the branch will serve one of West Virginia's fastest growing markets in the second-most populous of West Virginia's 55 counties.

Forward-Looking Information

 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
 

Three Months Ended

 

 

 

Nine Months Ended

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

 

 

September 30, 2020

 

September 30, 2019

 
Earnings
Net Interest Income (fully taxable equivalent)

$

38,278

 

$

38,287

 

$

40,603

 

$

40,036

 

$

40,729

 

$

117,168

 

$

122,118

 

Net Income available to common shareholders

 

20,126

 

 

18,251

 

 

29,000

 

 

22,611

 

 

22,371

 

 

67,374

 

 

66,741

 

 
Per Share Data
Earnings per share available to common shareholders:
Basic

$

1.25

 

$

1.12

 

$

1.79

 

$

1.38

 

$

1.36

 

$

4.15

 

$

4.05

 

Diluted

 

1.25

 

 

1.12

 

 

1.78

 

 

1.38

 

 

1.36

 

 

4.15

 

 

4.04

 

Weighted average number of shares (in thousands):
Basic

 

15,950

 

 

16,081

 

 

16,080

 

 

16,207

 

 

16,271

 

 

16,065

 

 

16,350

 

Diluted

 

15,970

 

 

16,097

 

 

16,101

 

 

16,230

 

 

16,289

 

 

16,084

 

 

16,368

 

Period-end number of shares (in thousands)

 

15,848

 

 

16,077

 

 

16,140

 

 

16,303

 

 

16,302

 

 

15,848

 

 

16,302

 

Cash dividends declared

$

0.57

 

$

0.57

 

$

0.57

 

$

0.57

 

$

0.57

 

$

1.71

 

$

1.63

 

Book value per share (period-end)

$

43.62

 

$

43.15

 

$

42.45

 

$

40.36

 

$

39.85

 

$

43.62

 

$

39.85

 

Tangible book value per share (period-end)

 

36.11

 

 

35.72

 

 

35.03

 

 

32.98

 

 

32.44

 

 

36.11

 

 

32.44

 

Market data:
High closing price

$

67.98

 

$

71.19

 

$

82.40

 

$

82.72

 

$

78.30

 

$

82.40

 

$

82.56

 

Low closing price

 

55.37

 

 

55.18

 

 

57.11

 

 

74.33

 

 

72.35

 

 

55.18

 

 

67.58

 

Period-end closing price

 

57.61

 

 

65.17

 

 

66.53

 

 

81.95

 

 

76.25

 

 

57.61

 

 

76.25

 

Average daily volume (in thousands)

 

67

 

 

89

 

 

69

 

 

54

 

 

62

 

 

75

 

 

56

 

Treasury share activity:
Treasury shares repurchased (in thousands)

 

231

 

 

79

 

 

182

 

 

-

 

 

99

 

 

492

 

 

261

 

Average treasury share repurchase price

$

59.49

 

$

61.75

 

$

71.31

 

$

-

 

$

74.17

 

$

64.23

 

$

74.54

 

 
Key Ratios (percent)
Return on average assets

 

1.46

%

 

1.35

%

 

2.29

%

 

1.80

%

 

1.81

%

 

1.68

%

 

1.81

%

Return on average tangible equity

 

13.8

%

 

12.6

%

 

20.6

%

 

16.8

%

 

17.0

%

 

15.6

%

 

17.5

%

Yield on interest earning assets

 

3.43

%

 

3.64

%

 

4.22

%

 

4.22

%

 

4.42

%

 

3.75

%

 

4.46

%

Cost of interest bearing liabilities

 

0.58

%

 

0.71

%

 

0.91

%

 

1.00

%

 

1.10

%

 

0.73

%

 

1.08

%

Net Interest Margin

 

3.02

%

 

3.13

%

 

3.54

%

 

3.46

%

 

3.59

%

 

3.22

%

 

3.64

%

Non-interest income as a percent of total revenue

 

30.3

%

 

27.4

%

 

30.6

%

 

31.2

%

 

29.2

%

 

35.8

%

 

29.3

%

Efficiency Ratio

 

51.6

%

 

53.3

%

 

49.7

%

 

50.0

%

 

48.2

%

 

51.5

%

 

50.0

%

Price/Earnings Ratio (a)

 

11.53

 

 

14.50

 

 

17.63

 

 

14.82

 

 

13.98

 

 

10.40

 

 

14.13

 

 
Capital (period-end)
Average Shareholders' Equity to Average Assets

 

12.71

%

 

12.91

%

 

13.50

%

 

13.12

%

 

13.12

%

Tangible equity to tangible assets

 

10.61

%

 

10.62

%

 

11.38

%

 

10.98

%

 

10.93

%

Consolidated City Holding Company risk based capital ratios (b):
CET I

 

15.93

%

 

16.10

%

 

16.02

%

 

16.05

%

 

15.62

%

Tier I

 

15.93

%

 

16.10

%

 

16.02

%

 

16.05

%

 

15.74

%

Total

 

16.50

%

 

16.69

%

 

16.46

%

 

16.40

%

 

16.14

%

Leverage

 

10.19

%

 

10.45

%

 

11.10

%

 

10.90

%

 

10.87

%

City National Bank risk based capital ratios (b):
CET I

 

14.46

%

 

14.55

%

 

14.32

%

 

13.92

%

 

14.00

%

Tier I

 

14.46

%

 

14.55

%

 

14.32

%

 

13.92

%

 

14.00

%

Total

 

15.04

%

 

15.15

%

 

14.82

%

 

14.28

%

 

14.40

%

Leverage

 

9.32

%

 

9.29

%

 

9.98

%

 

9.51

%

 

9.72

%

 
Other (period-end)
Branches

 

94

 

 

94

 

 

95

 

 

95

 

 

95

 

FTE

 

921

 

 

913

 

 

921

 

 

918

 

 

916

 

 
Assets per FTE (in thousands)

$

5,984

 

$

6,058

 

$

5,525

 

$

5,467

 

$

5,412

 

Deposits per FTE (in thousands)

 

4,799

 

 

4,834

 

 

4,400

 

 

4,440

 

 

4,399

 

 

(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).

(b) September 30, 2020 risk-based capital ratios are estimated.

 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
 

Three Months Ended

 

 

 

Nine Months Ended

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

 

 

September 30, 2020

 

September 30, 2019

 
Interest Income
Interest and fees on loans

$

35,761

$

37,718

 

$

41,335

 

$

41,615

 

$

42,944

 

$

114,813

 

$

128,397

 

Interest on investment securities:
Taxable

 

6,266

 

5,718

 

 

5,871

 

 

5,924

 

 

6,044

 

 

17,855

 

 

17,465

 

Tax-exempt

 

1,132

 

821

 

 

707

 

 

711

 

 

722

 

 

2,659

 

 

2,257

 

Interest on deposits in depository institutions

 

72

 

55

 

 

304

 

 

298

 

 

271

 

 

432

 

 

1,034

 

Total Interest Income

 

43,231

 

44,312

 

 

48,217

 

 

48,548

 

 

49,981

 

 

135,759

 

 

149,153

 

 
Interest Expense
Interest on deposits

 

5,123

 

5,963

 

 

7,238

 

 

7,897

 

 

8,585

 

 

18,324

 

 

24,768

 

Interest on short-term borrowings

 

131

 

279

 

 

464

 

 

762

 

 

814

 

 

873

 

 

2,729

 

Interest on long-term debt

 

-

 

-

 

 

100

 

 

42

 

 

45

 

 

100

 

 

140

 

Total Interest Expense

 

5,254

 

6,242

 

 

7,802

 

 

8,701

 

 

9,444

 

 

19,297

 

 

27,637

 

Net Interest Income

 

37,977

 

38,070

 

 

40,415

 

 

39,847

 

 

40,537

 

 

116,462

 

 

121,516

 

Provision for (recovery of) credit losses

 

1,026

 

1,250

 

 

7,972

 

 

(75

)

 

274

 

 

10,248

 

 

(1,175

)

Net Interest Income After Provision for (Recovery of) Credit Losses

 

36,951

 

36,820

 

 

32,443

 

 

39,922

 

 

40,263

 

 

106,214

 

 

122,691

 

 
Non-Interest Income
Net (losses) gains on sale of investment securities

 

-

 

(6

)

 

63

 

 

-

 

 

(40

)

 

56

 

 

69

 

Unrealized gains (losses) recognized on equity securities still held

 

461

 

242

 

 

(2,402

)

 

914

 

 

(214

)

 

(1,698

)

 

(27

)

Service charges

 

6,295

 

4,945

 

 

7,723

 

 

8,233

 

 

8,183

 

 

18,962

 

 

23,281

 

Bankcard revenue

 

6,065

 

5,888

 

 

5,115

 

 

5,162

 

 

5,440

 

 

17,068

 

 

15,931

 

Trust and investment management fee income

 

1,844

 

1,931

 

 

1,799

 

 

2,016

 

 

1,802

 

 

5,574

 

 

5,144

 

Bank owned life insurance

 

1,088

 

848

 

 

1,676

 

 

856

 

 

762

 

 

3,611

 

 

2,910

 

Sale of VISA shares

 

-

 

-

 

 

17,837

 

 

-

 

 

-

 

 

17,837

 

 

-

 

Other income

 

1,232

 

783

 

 

1,536

 

 

861

 

 

765

 

 

3,550

 

 

3,139

 

Total Non-Interest Income

 

16,985

 

14,631

 

 

33,347

 

 

18,042

 

 

16,698

 

 

64,960

 

 

50,447

 

 
Non-Interest Expense
Salaries and employee benefits

 

15,361

 

14,873

 

 

15,851

 

 

15,918

 

 

15,210

 

 

46,085

 

 

46,220

 

Occupancy related expense

 

2,428

 

2,402

 

 

2,488

 

 

2,540

 

 

2,725

 

 

7,318

 

 

8,055

 

Equipment and software related expense

 

2,607

 

2,504

 

 

2,429

 

 

2,302

 

 

2,248

 

 

7,540

 

 

6,662

 

FDIC insurance expense

 

355

 

167

 

 

-

 

 

-

 

 

-

 

 

522

 

 

639

 

Advertising

 

462

 

933

 

 

843

 

 

694

 

 

861

 

 

2,238

 

 

2,650

 

Bankcard expenses

 

1,517

 

1,498

 

 

1,435

 

 

1,285

 

 

1,554

 

 

4,450

 

 

4,270

 

Postage, delivery, and statement mailings

 

513

 

592

 

 

616

 

 

588

 

 

659

 

 

1,721

 

 

1,828

 

Office supplies

 

396

 

353

 

 

394

 

 

392

 

 

382

 

 

1,143

 

 

1,167

 

Legal and professional fees

 

548

 

589

 

 

601

 

 

706

 

 

539

 

 

1,738

 

 

1,665

 

Telecommunications

 

547

 

531

 

 

511

 

 

563

 

 

569

 

 

1,589

 

 

1,892

 

Repossessed asset losses (gains), net of expenses

 

39

 

76

 

 

198

 

 

224

 

 

(59

)

 

313

 

 

410

 

Merger related expenses

 

-

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

797

 

Other expenses

 

3,939

 

3,950

 

 

4,102

 

 

3,822

 

 

3,709

 

 

11,992

 

 

12,326

 

Total Non-Interest Expense

 

28,712

 

28,468

 

 

29,468

 

 

29,034

 

 

28,397

 

 

86,649

 

 

88,581

 

Income Before Income Taxes

 

25,224

 

22,983

 

 

36,322

 

 

28,930

 

 

28,564

 

 

84,525

 

 

84,557

 

Income tax expense

 

5,098

 

4,732

 

 

7,322

 

 

6,319

 

 

6,193

 

 

17,151

 

 

17,816

 

Net Income Available to Common Shareholders

$

20,126

$

18,251

 

$

29,000

 

$

22,611

 

$

22,371

 

$

67,374

 

$

66,741

 

 
Distributed earnings allocated to common shareholders

$

8,944

$

9,073

 

$

9,117

 

$

9,209

 

$

9,213

 

$

26,832

 

$

26,346

 

Undistributed earnings allocated to common shareholders

 

10,984

 

8,998

 

 

19,620

 

 

13,200

 

 

12,966

 

 

39,884

 

 

39,828

 

Net earnings allocated to common shareholders

$

19,928

$

18,071

 

$

28,737

 

$

22,409

 

$

22,179

 

$

66,716

 

$

66,174

 

 
Average common shares outstanding

 

15,950

 

16,081

 

 

16,080

 

 

16,207

 

 

16,271

 

 

16,065

 

 

16,350

 

Shares for diluted earnings per share

 

15,970

 

16,097

 

 

16,101

 

 

16,230

 

 

16,289

 

 

16,084

 

 

16,368

 

 
Basic earnings per common share

$

1.25

$

1.12

 

$

1.79

 

$

1.38

 

$

1.36

 

$

4.15

 

$

4.05

 

Diluted earnings per common share

$

1.25

$

1.12

 

$

1.78

 

$

1.38

 

$

1.36

 

$

4.15

 

$

4.04

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

(Unaudited)

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 
Assets
Cash and due from banks

$

76,451

 

$

87,658

 

$

92,365

 

$

88,658

 

$

71,332

 

Interest-bearing deposits in depository institutions

 

176,267

 

 

285,596

 

 

18,271

 

 

51,486

 

 

44,862

 

Cash and cash equivalents

 

252,718

 

 

373,254

 

 

110,636

 

 

140,144

 

 

116,194

 

 
Investment securities available-for-sale, at fair value

 

1,157,399

 

 

1,055,185

 

 

934,113

 

 

810,106

 

 

798,930

 

Investment securities held-to-maturity, at amortized cost

 

-

 

 

-

 

 

-

 

 

49,036

 

 

51,211

 

Other securities

 

26,548

 

 

26,144

 

 

26,827

 

 

28,490

 

 

28,070

 

Total investment securities

 

1,183,947

 

 

1,081,329

 

 

960,940

 

 

887,632

 

 

878,211

 

 
Gross loans

 

3,663,966

 

 

3,665,596

 

 

3,613,050

 

 

3,616,099

 

 

3,582,571

 

Allowance for credit losses

 

(24,867

)

 

(25,199

)

 

(24,393

)

 

(11,589

)

 

(13,186

)

Net loans

 

3,639,099

 

 

3,640,397

 

 

3,588,657

 

 

3,604,510

 

 

3,569,385

 

 
Bank owned life insurance

 

117,501

 

 

116,746

 

 

116,000

 

 

115,261

 

 

114,616

 

Premises and equipment, net

 

77,031

 

 

77,991

 

 

78,948

 

 

76,965

 

 

76,929

 

Accrued interest receivable

 

16,627

 

 

14,200

 

 

12,570

 

 

11,569

 

 

12,929

 

Net deferred tax assets

 

-

 

 

-

 

 

2,159

 

 

6,669

 

 

6,432

 

Intangible assets

 

119,004

 

 

119,417

 

 

119,829

 

 

120,241

 

 

120,773

 

Other assets

 

105,361

 

 

105,438

 

 

98,710

 

 

55,765

 

 

62,248

 

Total Assets

$

5,511,288

 

$

5,528,772

 

$

5,088,449

 

$

5,018,756

 

$

4,957,717

 

 
Liabilities
Deposits:
Noninterest-bearing

$

1,061,310

 

$

1,079,469

 

$

857,501

 

$

805,087

 

$

795,548

 

Interest-bearing:
Demand deposits

 

940,791

 

 

921,761

 

 

837,966

 

 

896,465

 

 

898,704

 

Savings deposits

 

1,117,684

 

 

1,067,254

 

 

989,609

 

 

1,009,771

 

 

980,539

 

Time deposits

 

1,300,291

 

 

1,342,631

 

 

1,366,977

 

 

1,364,571

 

 

1,354,787

 

Total deposits

 

4,420,076

 

 

4,411,115

 

 

4,052,053

 

 

4,075,894

 

 

4,029,578

 

Short-term borrowings
Federal Funds purchased

 

-

 

 

-

 

 

9,900

 

 

-

 

 

-

 

Customer repurchase agreements

 

279,866

 

 

282,676

 

 

224,247

 

 

211,255

 

 

202,622

 

Long-term debt

 

-

 

 

-

 

 

-

 

 

4,056

 

 

4,055

 

Net deferred tax liabilities

 

1,601

 

 

2,598

 

 

-

 

 

-

 

 

-

 

Other liabilities

 

118,386

 

 

138,633

 

 

117,021

 

 

69,568

 

 

71,859

 

Total Liabilities

 

4,819,929

 

 

4,835,022

 

 

4,403,221

 

 

4,360,773

 

 

4,308,114

 

 
Stockholders' Equity
Preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Common stock

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

 

47,619

 

Capital surplus

 

170,526

 

 

169,881

 

 

170,096

 

 

170,309

 

 

169,794

 

Retained earnings

 

576,901

 

 

565,804

 

 

556,718

 

 

539,253

 

 

525,933

 

Cost of common stock in treasury

 

(134,177

)

 

(120,583

)

 

(116,665

)

 

(105,038

)

 

(105,138

)

Accumulated other comprehensive income:
Unrealized gain on securities available-for-sale

 

36,760

 

 

37,299

 

 

33,730

 

 

12,110

 

 

17,266

 

Underfunded pension liability

 

(6,270

)

 

(6,270

)

 

(6,270

)

 

(6,270

)

 

(5,871

)

Total Accumulated Other Comprehensive Income

 

30,490

 

 

31,029

 

 

27,460

 

 

5,840

 

 

11,395

 

Total Stockholders' Equity

 

691,359

 

 

693,750

 

 

685,228

 

 

657,983

 

 

649,603

 

Total Liabilities and Stockholders' Equity

$

5,511,288

 

$

5,528,772

 

$

5,088,449

 

$

5,018,756

 

$

4,957,717

 

 
Regulatory Capital
Total CET 1 capital

$

548,269

 

$

548,972

 

$

547,040

 

$

532,829

 

$

518,175

 

Total tier 1 capital

 

548,269

 

 

548,972

 

 

547,040

 

 

532,829

 

 

522,175

 

Total risk-based capital

 

568,153

 

 

569,213

 

 

561,944

 

 

544,479

 

 

535,441

 

Total risk-weighted assets

 

3,442,629

 

 

3,410,589

 

 

3,412,591

 

 

3,319,998

 

 

3,318,386

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
 
 

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 
Residential real estate (1)

$

1,621,265

$

1,631,151

$

1,629,578

$

1,640,396

$

1,643,416

Home equity - junior liens

 

140,135

 

142,672

 

146,034

 

148,928

 

150,808

Commercial and industrial

 

383,980

 

369,122

 

308,567

 

308,015

 

296,927

Commercial real estate (2)

 

1,464,701

 

1,467,673

 

1,470,949

 

1,459,737

 

1,431,983

Consumer

 

50,541

 

52,278

 

54,749

 

54,263

 

54,799

DDA overdrafts

 

3,344

 

2,700

 

3,173

 

4,760

 

4,638

Gross Loans

$

3,663,966

$

3,665,596

$

3,613,050

$

3,616,099

$

3,582,571

 
Construction loans included in:
(1) - Residential real estate loans

$

28,947

$

28,252

$

28,870

$

29,033

$

24,955

(2) - Commercial real estate loans

 

42,449

 

42,092

 

44,453

 

64,049

 

55,267

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
 

Three Months Ended

 

 

 

Nine Months Ended

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

 

 

September 30, 2020

 

September 30, 2019

Allowance for Credit Losses
Balance at beginning of period

$

25,199

 

$

24,393

 

$

11,589

 

$

13,186

 

$

13,795

 

$

11,589

 

$

15,966

 

 
Charge-offs:
Commercial and industrial

 

(757

)

 

-

 

 

(77

)

 

(193

)

 

(17

)

 

(834

)

 

(68

)

Commercial real estate

 

(75

)

 

(39

)

 

(383

)

 

(964

)

 

(216

)

 

(497

)

 

(394

)

Residential real estate

 

(252

)

 

(376

)

 

(483

)

 

(226

)

 

(194

)

 

(1,111

)

 

(922

)

Home equity

 

(126

)

 

(161

)

 

(45

)

 

(134

)

 

(43

)

 

(332

)

 

(160

)

Consumer

 

(74

)

 

(36

)

 

(55

)

 

(338

)

 

(279

)

 

(165

)

 

(478

)

DDA overdrafts

 

(554

)

 

(459

)

 

(703

)

 

(792

)

 

(772

)

 

(1,716

)

 

(1,985

)

Total charge-offs

 

(1,838

)

 

(1,071

)

 

(1,746

)

 

(2,647

)

 

(1,521

)

 

(4,655

)

 

(4,007

)

 
Recoveries:
Commercial and industrial

 

3

 

 

5

 

 

9

 

 

581

 

 

43

 

 

17

 

 

183

 

Commercial real estate

 

44

 

 

128

 

 

203

 

 

10

 

 

7

 

 

375

 

 

614

 

Residential real estate

 

24

 

 

8

 

 

95

 

 

87

 

 

157

 

 

127

 

 

282

 

Home equity

 

33

 

 

9

 

 

47

 

 

-

 

 

-

 

 

89

 

 

-

 

Consumer

 

42

 

 

128

 

 

13

 

 

54

 

 

68

 

 

183

 

 

211

 

DDA overdrafts

 

334

 

 

349

 

 

451

 

 

393

 

 

363

 

 

1,134

 

 

1,112

 

Total recoveries

 

480

 

 

627

 

 

818

 

 

1,125

 

 

638

 

 

1,925

 

 

2,402

 

 
Net (charge-offs)/recoveries

 

(1,358

)

 

(444

)

 

(928

)

 

(1,522

)

 

(883

)

 

(2,730

)

 

(1,605

)

Provision for (recovery of) credit losses

 

1,026

 

 

1,250

 

 

7,972

 

 

(75

)

 

274

 

 

10,248

 

 

(1,175

)

Impact of Adopting ASC 326

 

-

 

 

-

 

 

5,760

 

 

-

 

 

-

 

 

5,760

 

 

-

 

Balance at end of period

$

24,867

 

$

25,199

 

$

24,393

 

$

11,589

 

$

13,186

 

$

24,867

 

$

13,186

 

 
Loans outstanding

$

3,663,966

 

$

3,665,596

 

$

3,613,050

 

$

3,616,099

 

$

3,582,571

 

Allowance as a percent of loans outstanding

 

0.68

%

 

0.69

%

 

0.68

%

 

0.32

%

 

0.37

%

Allowance as a percent of non-performing loans

 

182.7

%

 

185.1

%

 

202.2

%

 

98.6

%

 

84.3

%

 
Average loans outstanding

$

3,661,569

 

$

3,660,174

 

$

3,608,868

 

$

3,607,864

 

$

3,544,548

 

$

3,643,603

 

$

3,553,417

 

Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding

 

0.15

%

 

0.05

%

 

0.10

%

 

0.17

%

 

0.10

%

 

0.10

%

 

0.06

%

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
 
September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019
Nonaccrual Loans
Residential real estate

$

3,983

 

$

3,477

 

$

2,750

 

$

3,393

 

$

2,570

 

Home equity

 

74

 

 

265

 

 

249

 

 

531

 

 

469

 

Commercial and industrial

 

728

 

 

1,087

 

 

1,175

 

 

1,182

 

 

2,059

 

Commercial real estate

 

8,479

 

 

8,715

 

 

7,865

 

 

6,384

 

 

10,099

 

Consumer

 

-

 

 

-

 

 

1

 

 

-

 

 

-

 

Total nonaccrual loans

 

13,264

 

 

13,544

 

 

12,040

 

 

11,490

 

 

15,197

 

Accruing loans past due 90 days or more

 

345

 

 

68

 

 

26

 

 

267

 

 

452

 

Total non-performing loans

 

13,609

 

 

13,612

 

 

12,066

 

 

11,757

 

 

15,649

 

Other real estate owned

 

2,080

 

 

3,997

 

 

3,922

 

 

4,670

 

 

2,326

 

Total non-performing assets

$

15,689

 

$

17,609

 

$

15,988

 

$

16,427

 

$

17,975

 

 
Non-performing assets as a percent of loans and other real estate owned

 

0.43

%

 

0.48

%

 

0.44

%

 

0.45

%

 

0.50

%

 
Past Due Loans
Residential real estate

$

5,153

 

$

5,261

 

$

7,815

 

$

7,485

 

$

6,859

 

Home equity

 

474

 

 

393

 

 

430

 

 

956

 

 

796

 

Commercial and industrial

 

691

 

 

160

 

 

71

 

 

458

 

 

526

 

Commercial real estate

 

602

 

 

917

 

 

1,021

 

 

1,580

 

 

1,276

 

Consumer

 

121

 

 

67

 

 

177

 

 

187

 

 

124

 

DDA overdrafts

 

379

 

 

273

 

 

467

 

 

730

 

 

626

 

Total past due loans

$

7,420

 

$

7,071

 

$

9,981

 

$

11,396

 

$

10,207

 

 
Total past due loans as a percent of loans outstanding

 

0.20

%

 

0.19

%

 

0.28

%

 

0.32

%

 

0.28

%

 
Troubled Debt Restructurings ("TDRs")
Residential real estate

$

20,398

 

$

20,631

 

$

21,413

 

$

21,029

 

$

21,320

 

Home equity

 

2,100

 

 

2,138

 

 

2,294

 

 

3,628

 

 

3,034

 

Commercial and industrial

 

-

 

 

-

 

 

-

 

 

-

 

 

83

 

Commercial real estate

 

4,894

 

 

4,915

 

 

5,163

 

 

4,973

 

 

8,100

 

Consumer

 

260

 

 

185

 

 

184

 

 

-

 

 

-

 

Total TDRs

$

27,652

 

$

27,869

 

$

29,054

 

$

29,630

 

$

32,537

 

 
 
 
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
 
Three Months Ended
September 30, 2020 June 30, 2020 September 30, 2019
Average Yield/ Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate Balance Interest Rate
 
Assets:
Loan portfolio (1):
Residential real estate (2)

$

1,766,796

 

$

17,899

4.03

%

$

1,785,631

 

$

19,048

4.29

%

$

1,794,068

 

$

20,564

4.55

%

Commercial, financial, and agriculture (2)

 

1,839,939

 

 

16,910

3.66

%

 

1,818,344

 

 

17,665

3.91

%

 

1,692,000

 

 

21,293

4.99

%

Installment loans to individuals (2), (3)

 

54,834

 

 

804

5.83

%

 

56,199

 

 

852

6.10

%

 

58,480

 

 

928

6.30

%

Previously securitized loans (4)

***

 

148

***

***

 

152

***

***

 

159

***

Total loans

 

3,661,569

 

 

35,761

3.89

%

 

3,660,174

 

 

37,717

4.14

%

 

3,544,548

 

 

42,944

4.81

%

Securities:
Taxable

 

877,623

 

 

6,266

2.84

%

 

896,997

 

 

5,718

2.56

%

 

790,207

 

 

6,044

3.03

%

Tax-exempt (5)

 

204,178

 

 

1,433

2.79

%

 

120,751

 

 

1,039

3.46

%

 

96,011

 

 

914

3.78

%

Total securities

 

1,081,801

 

 

7,699

2.83

%

 

1,017,748

 

 

6,757

2.67

%

 

886,218

 

 

6,958

3.11

%

Deposits in depository institutions

 

304,498

 

 

72

0.09

%

 

236,320

 

 

55

0.09

%

 

72,736

 

 

271

1.48

%

Total interest-earning assets

 

5,047,868

 

 

43,532

3.43

%

 

4,914,242

 

 

44,529

3.64

%

 

4,503,502

 

 

50,173

4.42

%

Cash and due from banks

 

80,505

 

 

79,501

 

 

67,106

 

Premises and equipment, net

 

77,647

 

 

78,717

 

 

78,091

 

Goodwill and intangible assets

 

119,267

 

 

119,681

 

 

121,124

 

Other assets

 

229,667

 

 

230,423

 

 

188,206

 

Less: Allowance for credit losses

 

(25,311

)

 

(24,700

)

 

(13,786

)

Total assets

$

5,529,643

 

$

5,397,864

 

$

4,944,243

 

 
Liabilities:
Interest-bearing demand deposits

$

931,152

 

$

187

0.08

%

$

893,832

 

$

178

0.08

%

$

881,476

 

$

954

0.43

%

Savings deposits

 

1,093,886

 

 

303

0.11

%

 

1,037,387

 

 

363

0.14

%

 

978,198

 

 

1,159

0.47

%

Time deposits (2)

 

1,322,423

 

 

4,633

1.39

%

 

1,353,619

 

 

5,422

1.61

%

 

1,360,409

 

 

6,472

1.89

%

Short-term borrowings

 

260,518

 

 

131

0.20

%

 

256,790

 

 

279

0.44

%

 

187,301

 

 

814

1.72

%

Long-term debt

 

-

 

 

-

0.00

%

 

-

 

 

-

0.00

%

 

4,054

 

 

45

4.40

%

Total interest-bearing liabilities

 

3,607,979

 

 

5,254

0.58

%

 

3,541,628

 

 

6,242

0.71

%

 

3,411,438

 

 

9,444

1.10

%

Noninterest-bearing demand deposits

 

1,114,822

 

 

1,044,009

 

 

825,029

 

Other liabilities

 

104,084

 

 

115,110

 

 

58,857

 

Stockholders' equity

 

702,758

 

 

697,117

 

 

648,919

 

Total liabilities and
stockholders' equity

$

5,529,643

 

$

5,397,864

 

$

4,944,243

 

Net interest income

$

38,278

$

38,287

$

40,729

Net yield on earning assets

3.02

%

3.13

%

3.59

%

 
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of loan fees have been included in interest income:
 
Loan fees

$

156

$

609

$

96

 
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:
 
Residential real estate

$

132

$

194

$

50

Commercial, financial, and agriculture

 

250

 

651

 

1,110

Installment loans to individuals

 

38

 

37

 

13

Time deposits

 

155

 

155

 

75

$

575

$

1,037

$

1,248

 
(3) Includes the Company's consumer and DDA overdrafts loan categories.
(4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0.
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
 
 

CITY HOLDING COMPANY AND SUBSIDIARIES

Consolidated Average Balance Sheets, Yields, and Rates

(Unaudited) ($ in 000s)

 

Nine Months Ended

 

September 30, 2020

 

September 30, 2019

 

Average

 

 

 

Yield/

 

Average

 

 

 

Yield/

Balance

 

Interest

 

Rate

 

Balance

 

Interest

 

Rate

 

 

 

 

 

 

Assets:

Loan portfolio (1):

Residential real estate (2)

$

1,776,903

 

$

56,827

4.27

%

$

1,792,013

 

$

61,468

4.59

%

Commercial, financial, and agriculture (2)

 

1,810,165

 

 

55,051

4.06

%

 

1,704,141

 

 

63,796

5.01

%

Installment loans to individuals (2), (3)

 

56,535

 

 

2,519

5.95

%

 

57,263

 

 

2,656

6.20

%

Previously securitized loans (4)

***

 

415

***

***

 

477

***

Total loans

 

3,643,603

 

 

114,812

4.21

%

 

3,553,417

 

 

128,397

4.83

%

Securities:

 

 

Taxable

 

861,853

 

 

17,855

2.77

%

 

751,600

 

 

17,464

3.11

%

Tax-exempt (5)

 

140,075

 

 

3,366

3.21

%

 

99,555

 

 

2,856

3.84

%

Total securities

 

1,001,928

 

 

21,221

2.83

%

 

851,155

 

 

20,320

3.19

%

Deposits in depository institutions

 

214,912

 

 

432

0.27

%

 

82,214

 

 

1,038

1.69

%

Total interest-earning assets

 

4,860,443

 

 

136,465

3.75

%

 

4,486,786

 

 

149,755

4.46

%

Cash and due from banks

 

76,936

 

 

65,433

 

Premises and equipment, net

 

77,910

 

 

 

 

78,475

 

 

 

Goodwill and intangible assets

 

119,678

 

 

121,780

 

Other assets

 

218,695

 

 

 

 

191,231

 

 

 

Less: Allowance for credit losses

 

(21,984

)

 

(15,000

)

Total assets

$

5,331,678

 

 

 

$

4,928,705

 

 

 

 

Liabilities:

Interest-bearing demand deposits

$

898,440

 

$

833

0.12

%

$

880,763

 

$

2,796

0.42

%

Savings deposits

 

1,045,877

 

 

1,366

0.17

%

 

968,655

 

 

3,461

0.48

%

Time deposits (2)

 

1,347,013

 

 

16,125

1.60

%

 

1,370,934

 

 

18,511

1.81

%

Short-term borrowings

 

242,173

 

 

873

0.48

%

 

208,004

 

 

2,729

1.75

%

Long-term debt

 

1,109

 

 

100

12.04

%

 

4,053

 

 

140

4.62

%

Total interest-bearing liabilities

 

3,534,612

 

 

19,297

0.73

%

 

3,432,409

 

 

27,637

1.08

%

Noninterest-bearing demand deposits

 

1,004,144

 

 

 

 

811,411

 

 

 

Other liabilities

 

98,393

 

 

 

54,356

 

 

Stockholders' equity

 

694,529

 

 

 

 

630,529

 

 

 

Total liabilities and

 

 

stockholders' equity

$

5,331,678

 

 

 

$

4,928,705

 

 

 

Net interest income

 

$

117,168

 

 

$

122,118

 

Net yield on earning assets

 

 

3.22

%

 

 

3.64

%

 

(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of loan fees have been included in interest income:

 

Loan fees

 

$

881

 

 

$

711

 

 

(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:

 
 

Residential real estate

 

$

477

 

 

$

165

 

Commercial, financial, and agriculture

 

2,141

 

1,968

Installment loans to individuals

 

 

114

 

 

 

1

 

Time deposits

 

466

 

527

 

 

$

3,198

 

 

$

2,661

 

 

(3) Includes the Company's consumer and DDA overdrafts loan categories.

(4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0.

(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.

 

 
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited) ($ in 000s, except per share data)
 

Three Months Ended

 

 

 

Nine Months Ended

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

 

 

September 30, 2020

 

September 30, 2019

Net Interest Income/Margin
Net interest income ("GAAP")

$

37,977

 

$

38,070

 

$

40,415

 

$

39,847

 

$

40,537

 

$

116,462

 

$

121,516

 

Taxable equivalent adjustment

 

301

 

 

217

 

 

188

 

 

189

 

 

192

 

 

706

 

 

602

 

Net interest income, fully taxable equivalent

$

38,278

 

$

38,287

 

$

40,603

 

$

40,036

 

$

40,729

 

$

117,168

 

$

122,118

 

 
Average interest earning assets

$

5,047,868

 

$

4,914,242

 

$

4,617,157

 

$

4,585,008

 

$

4,503,502

 

$

4,860,443

 

$

4,486,786

 

 
Net Interest Margin

 

3.02

%

 

3.13

%

 

3.54

%

 

3.46

%

 

3.59

%

 

3.22

%

 

3.64

%

Accretion related to fair value adjustments

 

-0.05

%

 

-0.08

%

 

-0.14

%

 

-0.08

%

 

-0.11

%

 

-0.09

%

 

-0.08

%

Net Interest Margin (excluding accretion)

 

2.97

%

 

3.05

%

 

3.40

%

 

3.38

%

 

3.48

%

 

3.13

%

 

3.56

%

 
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")

 

12.54

%

 

12.55

%

 

13.47

%

 

13.11

%

 

13.10

%

Effect of goodwill and other intangibles, net

 

-1.93

%

 

-1.93

%

 

-2.09

%

 

-2.13

%

 

-2.17

%

Tangible common equity to tangible assets

 

10.61

%

 

10.62

%

 

11.38

%

 

10.98

%

 

10.93

%

 
Return on Tangible Equity
Return on tangible equity ("GAAP")

 

13.8

%

 

12.6

%

 

20.6

%

 

16.8

%

 

17.0

%

 

15.6

%

 

17.5

%

Impact of merger related expenses

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.2

%

Impact of sale of VISA shares

 

0.0

%

 

0.0

%

 

-9.7

%

 

0.0

%

 

0.0

%

 

-3.1

%

 

0.0

%

Return on tangible equity, excluding merger related expenses and sale of VISA shares

 

13.8

%

 

12.6

%

 

10.9

%

 

16.8

%

 

17.0

%

 

12.5

%

 

17.7

%

 
Return on Assets
Return on assets ("GAAP")

 

1.46

%

 

1.35

%

 

2.29

%

 

1.80

%

 

1.81

%

 

1.68

%

 

1.81

%

Impact of merger related expenses

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.02

%

Impact of sale of VISA shares

 

0.00

%

 

0.00

%

 

-1.08

%

 

0.00

%

 

0.00

%

 

-0.33

%

 

0.00

%

Return on assets, excluding merger related expenses and sale of VISA shares

 

1.46

%

 

1.35

%

 

1.21

%

 

1.80

%

 

1.81

%

 

1.35

%

 

1.83

%

 

 


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