City Holding Co 8-K/A, filed Apr 24, 2025
City Holding Co (CHCO)
8-K/A
2025-04-24
For: 2025-04-24
View Original
Added on
April 11, 2026
About this 8-K/A
City Holding Co filed this 8-K/A on April 24, 2025.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 24, 2025
(Exact Name of Registrant as Specified in its Charter)
Commission File Number: 0-11733
| (I.R.S. Employer | |||||
| Incorporation or Organization) | Identification No.) | ||||
(Address of Principal Executive Offices, Including Zip Code)
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||
-1-
Explanatory Note
This Amendment No. 1 to the Current Report on Form 8-K amends Item 2.02 of the Current Report on Form 8-K filed on April 23, 2025 (the “Original Form 8-K”) solely to correct typographical errors in the “Liabilities” portion of the (Unaudited) March 31, 2025 Column of the Consolidated Balance Sheets and to replace the March 31, 2025 Column of the Loan Portfolio Table of the Exhibit included in the press release furnished as Exhibit 99.1 thereto (the “Exhibit”). As previously furnished, the noninterest-bearing portion of the “Liabilities” for March 31, 2025 was incorrect, which made the amount of “Total Deposits” incorrect as well. Additionally, the March 31, 2025 column of the “Loan Portfolio” table had been subsequently amended, and those amendments were not included in the Original Form 8-K, but have been corrected in this Amendment No. 1. The correct versions of these numbers were presented to investors, and only the versions previously furnished in the Original Form 8-K needed to be updated. No other changes have been made to the Original Form 8-K.
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition.
The Exhibit 99.1 attached hereto is a replacement of the “Liabilities” portion of the (Unaudited) March 31, 2025 Column of the Consolidated Balance Sheets and a replacement of the March 31, 2025 Column of the Loan Portfolio Table of the Exhibit furnished in the Original Form 8-K. The foregoing information is furnished pursuant to Item 2.02 and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Updated March 31, 2025 Column of the Consolidated Balance Sheets and Updated March 31, 2025 Column of the Loan Portfolio Table | |||||
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.
| Dated: April 24, 2025 | City Holding Company | ||||
| By: | /s/ David L. Bumgarner | ||||
| David L. Bumgarner | |||||
| Executive Vice President & Chief Financial Officer | |||||
-2-
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||
| Assets | |||||||||||||||||
| Cash and due from banks | $ | 135,029 | $ | 117,580 | $ | 161,333 | $ | 141,168 | $ | 121,853 | |||||||
| Interest-bearing deposits in depository institutions | 249,676 | 107,809 | 132,616 | 76,818 | 196,829 | ||||||||||||
| Cash and cash equivalents | 384,705 | 225,389 | 293,949 | 217,986 | 318,682 | ||||||||||||
| Investment securities available-for-sale, at fair value | 1,416,808 | 1,421,306 | 1,462,795 | 1,456,685 | 1,347,657 | ||||||||||||
| Other securities | 29,809 | 29,803 | 30,859 | 31,237 | 30,681 | ||||||||||||
| Total investment securities | 1,446,617 | 1,451,109 | 1,493,654 | 1,487,922 | 1,378,338 | ||||||||||||
| Gross loans | 4,285,824 | 4,274,776 | 4,157,830 | 4,112,873 | 4,091,788 | ||||||||||||
| Allowance for credit losses | (21,669) | (21,922) | (21,832) | (22,688) | (22,310) | ||||||||||||
| Net loans | 4,264,155 | 4,252,854 | 4,135,998 | 4,090,185 | 4,069,478 | ||||||||||||
| Bank owned life insurance | 121,738 | 120,887 | 120,061 | 119,650 | 118,875 | ||||||||||||
| Premises and equipment, net | 69,696 | 70,539 | 70,651 | 71,041 | 71,623 | ||||||||||||
| Accrued interest receivable | 21,603 | 20,650 | 21,785 | 21,826 | 21,759 | ||||||||||||
| Net deferred tax assets | 35,184 | 41,704 | 33,497 | 43,602 | 43,969 | ||||||||||||
| Intangible assets | 159,501 | 160,044 | 160,640 | 161,236 | 161,832 | ||||||||||||
| Other assets | 119,757 | 116,283 | 104,079 | 127,947 | 129,627 | ||||||||||||
| Total Assets | $ | 6,622,956 | $ | 6,459,459 | $ | 6,434,314 | $ | 6,341,395 | $ | 6,314,183 | |||||||
| Liabilities | |||||||||||||||||
| Deposits: | |||||||||||||||||
| Noninterest-bearing | $ | 1,365,870 | $ | 1,344,449 | $ | 1,339,538 | $ | 1,354,660 | $ | 1,359,072 | |||||||
| Interest-bearing: | |||||||||||||||||
| Demand deposits | 1,355,806 | 1,335,220 | 1,351,239 | 1,333,169 | 1,330,268 | ||||||||||||
| Savings deposits | 1,260,903 | 1,215,358 | 1,208,828 | 1,233,834 | 1,266,211 | ||||||||||||
| Time deposits | 1,275,890 | 1,249,123 | 1,203,046 | 1,145,617 | 1,100,250 | ||||||||||||
| Total deposits | 5,258,469 | 5,144,150 | 5,102,651 | 5,067,280 | 5,055,801 | ||||||||||||
| Customer repurchase agreements | 347,729 | 325,655 | 339,153 | 322,668 | 304,941 | ||||||||||||
| FHLB long-term advances | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||||||||||||
| Other liabilities | 110,422 | 108,990 | 101,211 | 114,707 | 121,210 | ||||||||||||
| Total Liabilities | $ | 5,866,620 | $ | 5,728,795 | $ | 5,693,015 | $ | 5,654,655 | $ | 5,631,952 | |||||||
| Stockholders' Equity | |||||||||||||||||
| Preferred stock | — | — | — | — | — | ||||||||||||
| Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
| Capital surplus | 174,300 | 176,506 | 175,602 | 174,834 | 175,747 | ||||||||||||
| Retained earnings | 871,406 | 852,757 | 835,778 | 817,549 | 799,024 | ||||||||||||
| Treasury stock | (237,038) | (230,499) | (230,836) | (230,944) | (218,555) | ||||||||||||
| Accumulated other comprehensive loss: | |||||||||||||||||
| Unrealized loss on securities available-for-sale | (98,509) | (114,277) | (84,283) | (119,737) | (119,023) | ||||||||||||
| Underfunded pension liability | (1,442) | (1,442) | (2,581) | (2,581) | (2,581) | ||||||||||||
| Total Accumulated Other Comprehensive Loss | (99,951) | (115,719) | (86,864) | (122,318) | (121,604) | ||||||||||||
| Total Stockholders' Equity | 756,336 | 730,664 | 741,299 | 686,740 | 682,231 | ||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 6,622,956 | $ | 6,459,459 | $ | 6,434,314 | $ | 6,341,395 | $ | 6,314,183 | |||||||
| Regulatory Capital | |||||||||||||||||
| Total CET 1 capital | $ | 698,721 | $ | 688,707 | $ | 669,862 | $ | 650,108 | $ | 644,235 | |||||||
| Total tier 1 capital | 698,721 | 688,707 | 669,862 | 650,108 | 644,235 | ||||||||||||
| Total risk-based capital | 720,400 | 709,820 | 690,857 | 671,959 | 665,707 | ||||||||||||
| Total risk-weighted assets | 4,150,062 | 4,171,271 | 4,024,686 | 4,037,614 | 3,989,171 | ||||||||||||
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||
| Commercial and industrial | $ | 423,265 | $ | 419,838 | $ | 424,414 | $ | 408,312 | $ | 407,770 | |||||||
| 1-4 Family | 195,641 | 197,258 | 194,670 | 195,992 | 202,378 | ||||||||||||
| Hotels | 372,758 | 389,660 | 383,232 | 370,954 | 354,929 | ||||||||||||
| Multi-family | 215,546 | 240,943 | 193,875 | 190,390 | 186,555 | ||||||||||||
| Non Residential Non-Owner Occupied | 742,323 | 707,265 | 665,210 | 668,330 | 682,609 | ||||||||||||
| Non Residential Owner Occupied | 232,732 | 233,497 | 236,826 | 235,993 | 232,440 | ||||||||||||
Commercial real estate (1) | 1,759,000 | 1,768,623 | 1,673,813 | 1,661,659 | 1,658,911 | ||||||||||||
Residential real estate (2) | 1,841,851 | 1,823,610 | 1,806,578 | 1,797,260 | 1,786,764 | ||||||||||||
| Home equity | 203,253 | 199,192 | 190,149 | 179,607 | 171,292 | ||||||||||||
| Consumer | 54,670 | 57,816 | 58,710 | 62,352 | 63,556 | ||||||||||||
| DDA overdrafts | 3,785 | 5,697 | 4,166 | 3,683 | 3,495 | ||||||||||||
| Gross Loans | $ | 4,285,824 | $ | 4,274,776 | $ | 4,157,830 | $ | 4,112,873 | $ | 4,091,788 | |||||||
| Construction loans included in: | |||||||||||||||||
| (1) - Commercial real estate loans | $ | 25,683 | $ | 24,681 | $ | 2,736 | $ | 2,233 | $ | 6,651 | |||||||
| (2) - Residential real estate loans | 5,276 | 7,547 | 7,604 | 9,766 | 19,709 | ||||||||||||