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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to _____________

Commission file number 0-11733
chcologoa02a15.jpg

CITY HOLDING COMPANY
(Exact name of registrant as specified in its charter)
West Virginia
55-0619957
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
25 Gatewater Road,
Charleston,
West Virginia
25313
(Address of Principal Executive Offices)
(Zip Code)
(304) 769-1100
Registrant's telephone number, including area code


(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueCHCONASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  o 




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
x
Accelerated filer
  o
Non accelerated filer  
o
Smaller reporting company
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.
o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No  

The registrant had outstanding 14,762,976 shares of common stock as of May 6, 2024.


FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management's beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management's control. Uncertainty, risks, changes in circumstances and other factors could cause the Company's (as hereinafter defined) actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premium levels; (11) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) other economic, competitive, technological, operational, governmental, regulatory, geopolitical, and market factors affecting our operations.  Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.






City Holding Company and Subsidiaries
Pages
   
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
  
  
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
  
 



Part I - FINANCIAL INFORMATION

Item 1 - Financial Statements

1

Consolidated Balance Sheets
City Holding Company and Subsidiaries
(in thousands, except share amounts)
(Unaudited)
March 31, 2024December 31, 2023
Assets
Cash and due from banks$121,853 $123,033 
Interest-bearing deposits in depository institutions196,829 33,243 
Cash and Cash Equivalents318,682 156,276 
Investment securities available for sale, at fair value (amortized cost $1,503,572 and $1,479,545, net of allowance for credit losses of $0 at March 31, 2024 and December 31, 2023, respectively)
1,347,657 1,338,137 
Other securities30,681 30,966 
Total Investment Securities1,378,338 1,369,103 
Gross loans4,091,788 4,125,923 
Allowance for credit losses(22,310)(22,745)
Net Loans4,069,478 4,103,178 
Bank owned life insurance118,875 118,122 
Premises and equipment, net71,623 72,146 
Accrued interest receivable21,759 20,290 
Deferred tax assets, net43,969 42,216 
Goodwill and other intangible assets, net161,832 162,568 
Other assets129,627 124,153 
Total Assets$6,314,183 $6,168,052 
Liabilities  
Deposits:  
Noninterest-bearing$1,359,072 $1,342,804 
Interest-bearing:  
   Demand deposits1,330,268 1,291,011 
   Savings deposits1,266,211 1,259,457 
   Time deposits1,100,250 1,040,990 
Total Deposits5,055,801 4,934,262 
Short-term borrowings:
FHLB short-term advances 25,000 
Securities sold under agreements to repurchase304,941 309,856 
FHLB long-term advances150,000 100,000 
Other liabilities121,210 121,868 
Total Liabilities5,631,952 5,490,986 
Commitments and contingencies - see Note I
Shareholders’ Equity  
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued
  
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 19,047,548 shares issued at March 31, 2024 and December 31, 2023, less 4,222,772 and 4,215,731 shares in treasury, respectively
47,619 47,619 
Capital surplus175,747 177,424 
Retained earnings799,024 780,299 
Treasury Stock(218,555)(217,737)
Accumulated other comprehensive (loss) income:  
    Unrealized (loss) on securities available-for-sale(119,023)(107,958)
    Underfunded pension liability(2,581)(2,581)
Total Accumulated Other Comprehensive (Loss) (121,604)(110,539)
Total Shareholders’ Equity682,231 677,066 
Total Liabilities and Shareholders’ Equity$6,314,183 $6,168,052 
To be read with the attached notes to consolidated financial statements.
2

Consolidated Statements of Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands, except earnings per share data)
Interest IncomeThree months ended March 31,
20242023
  
Interest and fees on loans$59,128 $47,004 
Interest and dividends on investment securities:  
Taxable12,040 11,773 
Tax-exempt830 1,162 
Interest on deposits in depository institutions1,570 1,591 
Total Interest Income73,568 61,530 
Interest Expense  
Interest on deposits14,097 5,690 
Interest on short-term borrowings3,621 2,381 
Interest on FHLB long-term advances1,423  
Total Interest Expense19,141 8,071 
Net Interest Income54,427 53,459 
(Recovery of ) provision for credit losses(180)2,918 
Net Interest Income After (Recovery of) Provision for Credit Losses54,607 50,541 
Non-Interest Income  
(Losses) gains on sale of investment securities, net(1)773 
Unrealized (losses) gains recognized on equity securities still held, net(152)361 
Service charges7,035 6,563 
Bankcard revenue6,800 6,603 
Trust and investment management fee income2,623 2,252 
Bank owned  life insurance927 804 
Other income716 1,326 
Total Non-Interest Income17,948 18,682 
Non-Interest Expense  
Salaries and employee benefits18,878 17,673 
Occupancy related expense2,840 2,640 
Equipment and software related expense2,929 3,092 
FDIC insurance expense711 445 
Advertising867 760 
Bankcard expenses2,039 1,509 
Postage, delivery, and statement mailings666 647 
Office supplies453 420 
Legal and professional fees482 470 
Telecommunications600 606 
Repossessed asset losses, net of expenses229 16 
Merger related expenses 5,645 
Other expenses5,206 4,700 
Total Non-Interest Expense35,900 38,623 
Income Before Income Taxes36,655 30,600 
Income tax expense7,132 6,259 
3

Net Income Available to Common Shareholders$29,523 $24,341 
Basic earnings per common share$1.98 $1.63 
Diluted earnings per common share$1.97 $1.63 

To be read with the attached notes to consolidated financial statements.

4

Consolidated Statements of Comprehensive Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
Three Months Ended
March 31,
20242023
Net income available to common shareholders$29,523 $24,341 
Available-for-Sale Securities
Unrealized (losses) gains on available-for-sale securities arising during the period(14,507)20,634 
Reclassification adjustment for net losses (gains) 1 (773)
   Other comprehensive (loss) income before income taxes(14,506)19,861 
Tax effect3,441 (4,762)
   Other comprehensive (loss) income, net of tax(11,065)15,099 
    Comprehensive Income, Net of Tax$18,458 $39,440 

To be read with the attached notes to consolidated financial statements.

5

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
City Holding Company and Subsidiaries
Three Months Ended March 31, 2024 and 2023
(in thousands, except share amounts)


 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)Total Shareholders’ Equity
Balance at December 31, 2022
$47,619 $170,980 $706,696 $(215,955)$(131,488)$577,852 
Adoption of ASU No. 2022-02— — 175 — — $175 
Balances at January 1, 202347,619 170,980 706,871 (215,955)(131,488)578,027 
Net income  24,341   24,341 
Other comprehensive income, net of tax    15,099 15,099 
Cash dividends declared ($0.65 per share)
  (9,485)  (9,485)
Stock-based compensation expense 1,093    1,093 
Restricted awards granted (2,118) 2,118   
Purchase of 218,249 treasury shares
   (20,103) (20,103)
Acquisition of Citizens Commerce Bancshares, Inc.$ $7,574 $ $54,504 $ 62,078 
Balance at March 31, 2023
$47,619 $177,529 $721,727 $(179,436)$(116,389)$651,050 
 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)Total Shareholders’ Equity
Balance at December 31, 2023
$47,619 $177,424 $780,299 $(217,737)$(110,539)$677,066 
Net income  29,523   29,523 
Other comprehensive loss, net of tax    (11,065)(11,065)
Cash dividends declared ($0.72 per share)
  (10,798)  (10,798)
Stock-based compensation expense (1,609) 2,709  1,100 
Restricted awards granted (9) 9   
Exercise of 1,309 stock options
 (59) 117  58 
Purchase of 36,438 treasury shares
   (3,653) (3,653)
Balance at March 31, 2024
$47,619 $175,747 $799,024 $(218,555)$(121,604)$682,231 

To be read with the attached notes to consolidated financial statements.
6

Consolidated Statements of Cash Flows (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
 Three months ended March 31,
20242023
Net income$29,523 $24,341 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization, net1,916 2,302 
(Recovery of) provision for credit losses(180)2,918 
Depreciation of premises and equipment1,072 1,210 
Deferred income tax expense (benefit)984 (654)
Net periodic employee benefit cost15 13 
Unrealized and realized investment securities losses (gains), net153 (1,134)
Stock-compensation expense1,100 1,093 
Excess tax expense from stock-compensation42 102 
Increase in value of bank-owned life insurance(976)(804)
Loans held for sale
   Loans originated for sale(3,018)(2,637)
   Proceeds from the sale of loans originated for sale3,035 2,689 
   Gain on sale of loans(17)(52)
Change in accrued interest receivable(1,469)759 
Change in other assets1,364 3,156 
Change in other liabilities(1,376)6,599 
Net Cash Provided by Operating Activities32,168 39,901 
Net decrease in loans34,018 6,108 
Securities available-for-sale
     Purchases(49,304) 
     Proceeds from sales of securities available-for-sale 84,940 
     Proceeds from maturities and calls24,201 26,839 
Other investments
     Purchases(9)(189)
     Proceeds from sales142 249 
Purchases of premises and equipment(596)(616)
Proceeds from the disposals of premises and equipment47  
Proceeds from bank-owned life insurance policies223 206 
Payments for low income housing tax credits(5,771)(1,704)
Acquisition of Citizens Commerce Bancshares, Inc. 13,518 
Net Cash Provided by Investing Activities2,951 129,351 
Net increase in non-interest-bearing deposits16,268 9,288 
Net increase (decrease) in interest-bearing deposits105,334 (41,622)
Net (decrease) in short-term borrowings(29,915)(4,208)
Proceeds from long-term debt50,000  
Purchases of treasury stock(3,653)(20,103)
Proceeds from exercise of stock options58  
Lease payments(202)(203)
Dividends paid(10,603)(9,594)
Net Cash Provided by (Used in) Financing Activities127,287 (66,442)
Decrease in Cash and Cash Equivalents162,406 102,810 
Cash and cash equivalents at beginning of period156,276 200,000 
Cash and Cash Equivalents at End of Period$318,682 $302,810 

7

Supplemental Cash Flow Information:
Cash paid for interest$17,929 7,694 
Cash paid for income taxes2,510 3,500 
Acquisition
Identifiable assets acquired (net of purchase consideration)$ $320,453 
Liabilities assumed (307,104)
Goodwill 40,451 
Core deposit intangible 8,278 
To be read with the attached notes to consolidated financial statements.
8

Notes to Consolidated Financial Statements (Unaudited)
March 31, 2024

Note A -        Background and Basis of Presentation

City Holding Company ("City Holding"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia ("City National"). City National is a retail and consumer-oriented community bank with 97 banking offices in West Virginia (58), Kentucky (22), Virginia (13) and southeastern Ohio (4). City National provides credit, deposit, and trust and investment management services to its customers in a broad geographical area that includes many rural and small community markets in addition to larger cities including Charleston (WV), Huntington (WV), Martinsburg (WV), Ashland (KY), Lexington (KY), Winchester (VA) and Staunton (VA). In addition to its branch network, City National's delivery channels include automated-teller-machines ("ATMs"), interactive-teller machines ("ITMs"), mobile banking, debit cards, interactive voice response systems, and Internet technology. The Company’s business activities are currently limited to one reportable business segment, which is community banking.

On March 10, 2023, the Company acquired 100% of the outstanding common shares of Citizens Commerce Bancshares, Inc. ("Citizens") and its principal banking subsidiary, Citizens Commerce Bank. See Note C for additional information on the acquisition.

The accompanying consolidated financial statements, which are unaudited, include all of the accounts of City Holding and its wholly-owned subsidiaries (collectively, the "Company"). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition for each of the periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2024. The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and Article 10 of Regulation S-X, and with Industry Guide 3, Statistical Disclosure by Bank Holding Companies. Such policies require management to make estimates and develop assumptions that affect the amounts reported in the consolidated financial statements and related footnotes. Actual results could differ from management’s estimates.

The consolidated balance sheet as of December 31, 2023 has been derived from audited financial statements included in the Company’s 2023 Annual Report to Shareholders.  Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted.  These financial statements should be read in conjunction with the financial statements and notes thereto included in the 2023 Annual Report of the Company.

Note B -        Recent Accounting Pronouncements    

Recently Adopted

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement Topic 820: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." The FASB issued this ASU to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU also require the following disclosures for equity securities subject to contractual sale restrictions: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) the nature and remaining duration of the restriction(s); and (3) the circumstances that could cause a lapse in the restriction(s). This ASU became effective for the Company on March 31, 2024. The adoption of ASU No. 2022-03 did not have a material impact to the Company's financial statements.

In March 2023, the FASB issued ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method." The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This ASU
9

became effective for the Company on January 1, 2024. The Company did not elect to account for their tax equity investments using the proportional amortization method and as such, ASU No. 2023-02 did not have an impact on the Company's financial statements.

Pending Adoption
In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The amendment requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. This ASU will become effective for the Company on December 31, 2024. The Company has one reportable segment and as such, adoption of ASU No. 2023-07 is not expected to have a material impact on the Company's financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The amendment requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The adoption of ASU No. 2023-09 is not expected to have a material impact on the Company's financial statements, but will impact our income tax disclosures.


Note C -        Acquisition and Purchase Price Allocation

On March 10, 2023, the Company acquired 100% of the outstanding common shares of Citizens Commerce Bancshares, Inc. ("Citizens") and its principal banking subsidiary, Citizens Commerce Bank, in order to strengthen the Company's market presence in the Lexington, Kentucky area. The acquisition of Citizens was structured as a stock transaction in which the Company issued approximately 0.7 million shares, valued at approximately $61.6 million.


10

The following table summarizes the consideration paid for Citizens and the amounts of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):

Consideration:
Common stock$61,570 
Cash13 
61,583 
Identifiable assets:
  Cash and cash equivalents14,041
  Investment securities41,008
  FHLB stock620
  Loans251,406
  Fixed assets3,237
  Bank owned life insurance2,966
  Deferred tax assets, net1,623
  Other assets5,198
Total identifiable assets320,099
Identifiable liabilities:
  Deposits299,251
  Short-term borrowings6,500
  Other liabilities1,864
Total identifiable liabilities307,615
Net identifiable assets (liabilities)12,484
Goodwill40,821
Core deposit intangible8,278
$61,583 

Investment Securities

Citizen's entire investment portfolio of $41 million was sold shortly after the acquisition date and resulted in a $0.7 million realized gain during the quarter ended March 31, 2023 .

Acquired Loans

The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that there was not deterioration of credit at the date of acquisition. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit deteriorated loans, which have shown evidence of credit deterioration since origination. Receivables acquired that were not subject to these requirements include non-impaired loans with a fair value of $246.4 million on the date of acquisition.

In connection with the completion of the acquisition of Citizens during the year ended December 31, 2023, the Company recorded $2.0 million of credit loss expense associated with loans acquired from Citizens in its total provision for credit losses.

The fair value of purchased financial assets with credit deterioration ("PCD") was $4.9 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial asset with credit deterioration was
11

$8.5 million. The Company estimates, on the date of acquisition, that $3.6 million of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected.

Acquired Deposits

The fair values of non-time deposits approximated their carrying value at the acquisition date. For time deposits, the fair values were estimated based on discounted cash flows, using interest rates that were being offered at the time of acquisition compared to the contractual interest rates. Based on this analysis, management recorded a premium on time deposits acquired of $0.6 million which is being amortized over 5 years.

Core Deposit Intangible

The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with the acquisition, the Company recorded a core deposit intangible asset of $8.3 million. The core deposit intangible asset represents the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, deposit retention and the cost of the deposit base. The core deposit intangible is being amortized over 10 years.

Goodwill

Under GAAP, management has up to twelve months following the date of the acquisition to finalize the fair value of acquired assets and liabilities. The measurement period ends as soon as the Company receives information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. Any subsequent adjustments to the fair value of the acquired assets and liabilities, intangible assets or other purchase accounting adjustments will result in adjustments to the goodwill recorded. As of March 31, 2024, twelve months have occurred since the date of acquisition on March 10, 2023, and the measurement period is now complete. The following table summarizes adjustments to goodwill subsequent to December 31, 2023 (in thousands):

Goodwill
Balance at December 31, 2023$149,902 
Adjustment to goodwill acquired in conjunction with the acquisition of Citizens(140)
Balance at March 31, 2024$149,762 


12


Note D -     Investments

The aggregate carrying and approximate fair values of investment securities follow (in thousands).  Fair values are based on quoted market prices, where available.  If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.

March 31, 2024December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Securities available-for-sale:        
Obligations of states and     
political subdivisions$227,434 $217 $17,127 $210,524 $228,456 $371 $16,089 $212,738 
Mortgage-backed securities:     
U.S. government agencies1,236,587 1,316 138,106 1,099,797 1,211,484 2,362 125,753 1,088,093 
Private label6,981  284 6,697 6,997  293 6,704 
Trust preferred securities4,600  151 4,449 4,599  321 4,278 
Corporate securities27,970 52 1,832 26,190 28,009 137 1,822 26,324 
Total Securities Available-for-Sale$1,503,572 $1,585 $157,500 $1,347,657 $1,479,545 $2,870 $144,278 $1,338,137 

The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At March 31, 2024 and December 31, 2023, the Company held $7.3 million and $7.5 million, respectively, in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized (losses) gains recognized on equity securities still held" in the consolidated statements of income. The Company's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At March 31, 2024 and December 31, 2023, the Company held $23.4 million and $23.5 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability. The Company held no certificates of deposits for investment at March 31, 2024 and at December 31, 2023.

The majority of the Company's investment securities are mortgage-backed. These securities are collateralized by both residential and commercial properties. The mortgage-backed securities in which the Company has invested are predominantly issued by government-sponsored agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae. At March 31, 2024 and December 31, 2023 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity.

Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of March 31, 2024 and December 31, 2023.  The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
March 31, 2024
Less Than Twelve MonthsTwelve Months or GreaterTotal
Estimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized Loss
Securities available-for-sale:      
Obligations of states and political subdivisions$14,599 $200 $181,421 $16,927 $196,020 $17,127 
Mortgage-backed securities:  
U.S. Government agencies265 8,546 724,601 129,560 724,866 138,106 
     Private label1,849 22 4,848 262 6,697 284 
Trust preferred securities   4,449 151 4,449 151 
Corporate securities  24,551 1,832 24,551 1,832 
Total available-for-sale$16,713 $8,768 $939,870 $148,732 $956,583 $157,500 
13

December 31, 2023
Less Than Twelve MonthsTwelve Months or GreaterTotal
Estimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized Loss
Securities available-for-sale:      
Obligations of states and political subdivisions$7,591 $66 $180,560 $16,023 $188,151 $16,089 
Mortgage-backed securities:  
U.S. Government agencies2,046 10,271 740,911 115,482 742,957 125,753 
Private label  4,838 293 4,838 293 
Trust preferred securities  4,278 321 4,278 321 
Corporate securities  24,609 1,822 24,609 1,822 
Total available-for-sale$9,637 $10,337 $955,196 $133,941 $964,833 $144,278 

As of March 31, 2024, management does not intend to sell any impaired security and it is not more than likely that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. As of March 31, 2024, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. During the three months ended March 31, 2024 and 2023, the Company had no credit-related net investment impairment losses.

The amortized cost and estimated fair value of debt securities at March 31, 2024, by contractual maturity, is shown in the following table (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.  Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
Amortized CostEstimated Fair Value
Available-for-Sale Debt Securities  
Due in one year or less$2,630 $2,598 
Due after one year through five years108,133 102,535 
Due after five years through ten years406,455 375,247 
Due after ten years986,354 867,277 
Total$1,503,572 $1,347,657 


Proceeds from sales, gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands):
Three months ended March 31,
2024
2023
Proceeds on sales of available for sale securities$ $84,940 
Gross realized gains on securities sold$ $975 
Gross realized losses on securities sold(1)(202)
Net realized investment security gains $(1)$773 
Gross unrealized gains recognized on equity securities still held$63 $463 
Gross unrealized losses recognized on equity securities still held(215)(102)
Net unrealized (losses) gains recognized on equity securities still held$(152)$361 

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The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $652 million and $709 million at March 31, 2024 and December 31, 2023, respectively.

Note E -        Loans

The following table summarizes the Company’s major classifications for loans (in thousands):
March 31, 2024December 31, 2023
Commercial and industrial$407,770 $426,951 
  1-4 Family202,378 206,237 
  Hotels354,929 357,142 
  Multi-family186,555 189,165 
  Non Residential Non-Owner Occupied682,609 680,590 
  Non Residential Owner Occupied232,440 240,328 
Commercial real estate1,658,911 1,673,462 
Residential real estate1,786,764 1,788,149 
Home equity171,292 167,201 
Consumer63,556 65,246 
Demand deposit account (DDA) overdrafts3,495 4,914 
Gross loans4,091,788 4,125,923 
Allowance for credit losses(22,310)(22,745)
Net loans$4,069,478 $4,103,178 
Construction loans included in:
  Commercial real estate$6,651 $2,459 
  Residential real estate19,709 23,066 

The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets.  These loans were originated under the Company’s loan policies, which are focused on the risk characteristics of the loan portfolio, including construction loans. In the judgment of the Company's management, adequate consideration has been given to these loans in establishing the Company's allowance for credit losses.




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Note F -      Allowance for Credit Losses
 
The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the three months ended March 31, 2024 and 2023 (in thousands).  The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments.
Beginning BalanceImpact of Adopting ASU 2022-02PCD Loan ReservesCharge-offsRecoveriesProvision for (recovery of) credit lossesEnding Balance
Three months ended March 31, 2024
Commercial and industrial$4,474 $ $ $(306)$25 $82 $4,275 
   1-4 Family1,402   (31)11 12 1,394 
   Hotels2,211     46 2,257 
   Multi-family1,002     (3)999 
   Non Residential Non-Owner Occupied4,077     (65)4,012 
   Non Residential Owner Occupied2,453     (32)2,421 
Commercial real estate11,145   (31)11 (42)11,083 
Residential real estate5,398   (19)49 (291)5,137 
Home equity490   (27)9 35 507 
Consumer269   (115)98 174 426 
DDA overdrafts969   (356)407 (138)882 
$22,745 $ $ $(854)$599 $(180)$22,310 
Three months ended March 31, 2023
Commercial and industrial$3,565 $12 $ $ $83 $626 $4,286 
  1-4 Family566 (1) (3)14 37 613 
  Hotels2,332     (148)2,184 
  Multi-family380  500   147 1,027 
  Non Residential Non-Owner Occupied2,019  1,536  144 1,225 4,924 
  Non Residential Owner Occupied1,315  775   347 2,437 
Commercial real estate6,612 (1)2,811 (3)158 1,608 11,185 
Residential real estate5,430 (138) (32)10 214 5,484 
Home equity290 (46) (67)4 219 400 
Consumer110 (2) (62)23 302 371 
DDA Overdrafts1,101   (450)398 (51)998 
$17,108 $(175)$2,811 $(614)$676 $2,918 $22,724 

Management systematically monitors the loan portfolio and the appropriateness of the allowance for credit losses on a quarterly basis to provide for expected losses inherent in the portfolio. Management assesses the risk in each loan type based on historical trends, the general economic environment of its local markets, individual loan performance and other relevant factors. The Company's estimate of future economic conditions utilized in its provision estimate is primarily dependent on
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expected unemployment ranges over a two-year period. Beyond two years, a straight line reversion to historical average loss rates is applied over the life of the loan pool in the migration methodology. The vintage methodology applies future average loss rates based on net losses in historical periods where the unemployment rate was within the forecasted range.

Individual credits in excess of $1 million are selected at least annually for detailed loan reviews, which are utilized by management to assess the risk in the portfolio and the appropriateness of the allowance.

Non-Performing Loans

Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return.  Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan.  The accrual of interest generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types.  However, any loan may be placed on non-accrual status if the Company receives information that indicates a borrower is unable to meet the contractual terms of its respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable.  When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for credit losses.  Management may elect to continue the accrual of interest when the net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in the process of collection.

Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured.  Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid.  Generally, loans are restored to accrual status when the obligation is brought current, the borrower has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of March 31, 2024 (in thousands):
Non-accrual With NoNon-accrual WithLoans Past Due
Allowance forAllowance forOver 90 Days
Credit LossesCredit LossesStill Accruing
Commercial & Industrial$ $3,405 $ 
   1-4 Family 672  
   Hotels   
   Multi-family   
   Non Residential Non-Owner Occupied 410  
   Non Residential Owner Occupied 2,725  
Commercial Real Estate 3,807  
Residential Real Estate 3,452  
Home Equity 121  
Consumer 1  
Total$ $10,786 $ 




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The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2023 (in thousands):

Non-accrual With NoNon-accrual WithLoans Past Due
Allowance forAllowance forOver 90 Days
Credit LossesCredit LossesStill Accruing
Commercial & Industrial$1,000 $1,211 $ 
   1-4 Family