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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 September 30, 2023

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 14,831,817 shares of common stock as of November 1, 2023.


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, 2022 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)
(Unaudited)
September 30, 2023December 31, 2022
Assets
Cash and due from banks$62,085 $68,333 
Interest-bearing deposits in depository institutions48,631 131,667 
Cash and Cash Equivalents110,716 200,000 
Investment securities available for sale, at fair value (amortized cost $1,572,696 and $1,673,864, net of allowance for credit losses of $0 at September 30, 2023 and December 31, 2022, respectively)
1,358,219 1,505,520 
Other securities29,022 23,807 
Total Investment Securities1,387,241 1,529,327 
Gross loans4,007,482 3,646,258 
Allowance for credit losses(23,128)(17,108)
Net Loans3,984,354 3,629,150 
Bank owned life insurance117,979 120,674 
Premises and equipment, net72,682 70,786 
Accrued interest receivable19,223 18,287 
Deferred tax assets, net58,811 44,884 
Goodwill and other intangible assets, net163,461 115,735 
Other assets161,659 149,263 
Total Assets$6,076,126 $5,878,106 
Liabilities  
Deposits:  
Noninterest-bearing$1,333,474 $1,351,415 
Interest-bearing:  
   Demand deposits1,319,783 1,233,482 
   Savings deposits1,282,642 1,396,869 
   Time deposits1,009,235 888,100 
Total Deposits4,945,134 4,869,866 
Customer repurchase agreements278,671 290,964 
FHLB long-term advances100,000  
Other liabilities142,187 139,424 
Total Liabilities5,465,992 5,300,254 
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 September 30, 2023 and December 31, 2022, less 4,146,125 and 4,259,399 shares in treasury, respectively
47,619 47,619 
Capital surplus177,113 170,980 
Retained earnings763,425 706,696 
Cost of common stock in treasury(211,430)(215,955)
Accumulated other comprehensive (loss) income:  
    Unrealized (loss) on securities available-for-sale(163,171)(128,066)
    Underfunded pension liability(3,422)(3,422)
Total Accumulated Other Comprehensive (Loss) (166,593)(131,488)
Total Shareholders’ Equity610,134 577,852 
Total Liabilities and Shareholders’ Equity$6,076,126 $5,878,106 

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 September 30,Nine months ended September 30,
2023202220232022
  
Interest and fees on loans$55,582 $38,493 $154,939 $103,575 
Interest and dividends on investment securities:  
Taxable12,432 9,556 35,999 23,327 
Tax-exempt910 1,228 3,022 3,650 
Interest on deposits in depository institutions1,265 1,530 5,440 2,549 
Total Interest Income70,189 50,807 199,400 133,101 
Interest Expense  
Interest on deposits10,551 1,585 24,808 4,433 
Interest on customer repurchase agreements2,990 440 8,334 677 
Interest on FHLB long-term advances1,034  1,683  
Total Interest Expense14,575 2,025 34,825 5,110 
Net Interest Income55,614 48,782 164,575 127,991 
Provision for (recovery of) credit losses200 730 3,543 (26)
Net Interest Income After Provision for (Recovery of) Credit Losses55,414 48,052 161,032 128,017 
Non-Interest Income  
(Losses) gains on sale of investment securities, net(730) 43  
Unrealized gains (losses) recognized on equity securities still held, net 1 67 (1,322)
Service charges7,124 7,487 20,593 21,281 
Bankcard revenue7,058 7,052 20,851 20,558 
Trust and investment management fee income2,409 2,158 7,000 6,455 
Bank owned  life insurance807 754 4,819 3,746 
Other income742 792 3,020 2,825 
Total Non-Interest Income17,410 18,244 56,393 53,543 
Non-Interest Expense  
Salaries and employee benefits18,289 17,398 54,391 49,386 
Occupancy related expense2,950 2,664 8,401 7,993 
Equipment and software related expense2,830 2,949 8,805 8,452 
FDIC insurance expense919 416 2,054 1,259 
Advertising790 854 2,524 2,603 
Bankcard expenses2,188 1,405 5,433 4,676 
Postage, delivery, and statement mailings668 578 1,911 1,765 
Office supplies457 466 1,468 1,303 
Legal and professional fees529 532 1,557 1,584 
Telecommunications568 651 1,797 1,988 
Repossessed asset losses (gains), net of expenses40 (3)78 4 
Merger related expenses2  5,647  
Other expenses4,798 3,591 14,346 10,701 
Total Non-Interest Expense35,028 31,501 108,412 91,714 
Income Before Income Taxes37,796 34,795 109,013 89,846 
3

Income tax expense7,957 7,421 22,100 18,438 
Net Income Available to Common Shareholders$29,839 $27,374 $86,913 $71,408 
Average shares outstanding, basic14,922 14,776 14,906 14,878 
Effect of dilutive securities23 24 22 23 
Average shares outstanding, diluted14,945 14,800 14,928 14,901 
Basic earnings per common share$1.98 $1.84 $5.78 $4.75 
Diluted earnings per common share$1.98 $1.83 $5.77 $4.75 

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

4

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income available to common shareholders$29,839 $27,374 $86,913 $71,408 
Available-for-Sale Securities
Unrealized (losses) on available-for-sale securities arising during the period(48,273)(81,133)(46,132)(210,741)
Reclassification adjustment for losses (gains) 730  (43) 
   Other comprehensive (loss) income before income taxes(47,543)(81,133)(46,175)(210,741)
Tax effect11,398 19,634 11,070 50,999 
   Other comprehensive (loss) income, net of tax(36,145)(61,499)(35,105)(159,742)
    Comprehensive Income (Loss), Net of Tax$(6,306)$(34,125)$51,808 $(88,334)

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 September 30, 2023 and 2022
(in thousands, except share amounts)


 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)Total Shareholders’ Equity
Balance at June 30, 2022
$47,619 $169,557 $667,933 $(209,133)$(83,983)$591,993 
Net income  27,374   27,374 
Other comprehensive loss, net of tax    (61,499)(61,499)
Cash dividends declared ($0.65 per share)
  (9,650)  (9,650)
Stock-based compensation expense 754    754 
Restricted awards granted (163) 163   
Exercise of 556 stock options
 (10) 46  36 
Purchase of 8,971 treasury shares
   (720) (720)
Balance at September 30, 2022
$47,619 $170,138 $685,657 $(209,644)$(145,482)$548,288 
 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)Total Shareholders’ Equity
Balance at June 30, 2023
$47,619 $176,746 $744,248 $(201,973)$(130,448)$636,192 
Net income  29,839   29,839 
Other comprehensive loss, net of tax    (36,145)(36,145)
Cash dividends declared ($0.72 per share)
  (10,662)  (10,662)
Stock-based compensation expense 681    681 
Restricted awards granted (314) 314   
Purchase of 109,382 treasury shares
   (9,771) (9,771)
Balance at September 30, 2023
$47,619 $177,113 $763,425 $(211,430)$(166,593)$610,134 

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

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
City Holding Company and Subsidiaries
Nine Months Ended September 30, 2023 and 2022
(in thousands, except share amounts)


 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at December 31, 2021$47,619 $170,942 $641,826 $(193,542)$14,260 $681,105 
Net income  71,408   71,408 
Other comprehensive loss, net of tax    (159,742)(159,742)
Cash dividends declared ($1.85 per share)
  (27,577)  (27,577)
Stock-based compensation expense 2,412    2,412 
Restricted awards granted (2,821) 2,821   
Exercise of 13,634 stock options
 (395) 1,092  697 
Purchase of 255,421 treasury shares
   (20,015) (20,015)
Balance at September 30, 2022$47,619 $170,138 $685,657 $(209,644)$(145,482)$548,288 
 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive Income (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  86,913   86,913 
Other comprehensive loss, net of tax    (35,105)(35,105)
Cash dividends declared ($2.02 per share)
  (30,359)  (30,359)
Stock-based compensation expense 2,407    2,407 
Restricted awards granted (3,848) 3,848   
Purchase of 596,969 treasury shares
   (53,827) (53,827)
Acquisition of Citizens Commerce Bancshares, Inc. 7,574  54,504  62,078 
Balance at September 30, 2023$47,619 $177,113 $763,425 $(211,430)$(166,593)$610,134 

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

7

Consolidated Statements of Cash Flows (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
 Nine months ended September 30,
20232022
Net income$86,913 $71,408 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization and (accretion), net6,496 8,607 
Provision for (recovery of) credit losses3,543 (26)
Depreciation of premises and equipment3,452 4,033 
Deferred income tax (benefit) expense(1,491)1,181 
Net periodic employee benefit cost39 192 
Unrealized and realized investment securities (gains) losses, net(110)1,322 
Stock-compensation expense2,407 2,412 
Excess tax expense (benefit) from stock-compensation203 189 
Increase in value of bank-owned life insurance(4,819)(3,746)
Loans held for sale
   Loans originated for sale(9,591)(29,139)
   Proceeds from the sale of loans originated for sale9,713 29,422 
   Gain on sale of loans(122)(283)
Change in accrued interest receivable(69)(1,629)
Change in other assets12,068 (11,312)
Change in other liabilities(4,588)9,136 
Net Cash Provided by Operating Activities104,044 81,767 
Net decrease (increase) in loans(107,988)(85,289)
Securities available-for-sale
     Purchases(56,734)(488,401)
     Proceeds from sales of securities available-for-sale103,249  
     Proceeds from maturities and calls93,927 177,875 
Other investments
     Purchases(5,970)(280)
     Proceeds from sales77 116 
     Proceeds from maturities and calls747  
Purchases of premises and equipment(2,392)(1,677)
Proceeds from the disposals of premises and equipment283 189 
Proceeds from bank-owned life insurance policies207 3,623 
Payments for low income housing tax credits(6,577)(2,144)
Acquisition of Citizens Commerce Bancshares, Inc.14,013  
Net Cash Provided by (Used in) Investing Activities32,842 (395,988)
Net (decrease) increase in non-interest-bearing deposits(78,236)56,156 
Net (decrease) increase in interest-bearing deposits(145,344)(23,625)
Net (decrease) increase in short-term borrowings(18,793)(7,651)
Proceeds from long-term debt100,000  
Purchases of treasury stock(53,827)(20,015)
Proceeds from exercise of stock options 697 
Lease payments(609)(572)
Dividends paid(29,361)(27,047)
Net Cash (Used in) Provided by Financing Activities(226,170)(22,057)
Decrease in Cash and Cash Equivalents(89,284)(336,278)
Cash and cash equivalents at beginning of period200,000 634,631 
Cash and Cash Equivalents at End of Period$110,716 $298,353 

8

Supplemental Cash Flow Information:
Cash paid for interest$32,525 $5,299 
Cash paid for income taxes26,162 17,834 
Acquisition
Identifiable assets acquired (net of purchase consideration)$319,738 $ 
Liabilities assumed307,113  
Goodwill41,175  
Core deposit intangible8,278  
To be read with the attached notes to consolidated financial statements.
9

Notes to Consolidated Financial Statements (Unaudited)
September 30, 2023

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 99 banking offices in West Virginia (58), Kentucky (24), 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 of Versailles, Kentucky. 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 nine months ended September 30, 2023 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2023. 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, 2022 has been derived from audited financial statements included in the Company’s 2022 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 2022 Annual Report of the Company.

Note B -        Recent Accounting Pronouncements    

Recently Adopted

In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." This amendment permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Federal Funds Effective Rate, and the SIFMA Municipal Swap Rate. This ASU became effective for the Company on January 1, 2019 with anticipation the LIBOR index would be phased out by the end of 2021. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and is effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848): Scope," which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU No. 2020-04 did not have a material impact on the Company's financial statements.

In March 2022, the FASB issued ASU No. 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method." The amendments in this update allow nonprepayable financial assets to be included in a closed
10

portfolio hedged using the portfolio layer method. This expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. This ASU became effective for the Company on January 1, 2023. The adoption of ASU No. 2022-01 did not have a material impact on the Company's financial statements.

In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendments in this update also require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. This ASU became effective for the Company on January 1, 2023. The Company adopted ASU No. 2022-02 using the modified retrospective method, which resulted in a $0.2 million adjustment to shareholders' equity and the allowance for credit losses. See Note F for additional information.

In July 2023, the FASB issued ASU No. 2023- 03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. ASU 2023- 03 amends various SEC paragraphs within the Codification to conform to past SEC staff announcements and guidance issued by the SEC, including Staff Accounting Bulletin No. 120. These updates were immediately effective and did not have a material impact on our financial statements.

Pending Adoption

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 will become effective for the Company on January 1, 2024. The adoption of ASU No. 2022-03 is not expected to have a material impact to our consolidated 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 will become effective for the Company on January 1, 2024. The adoption of ASU No. 2023-02 is not expected to have a material impact on the Company's financial statements.


Note C -        Acquisition and Preliminary 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 of Versailles, Kentucky, 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 $62.1 million.


11

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 
Stock option buyout495 
Cash13 
62,078 
Identifiable assets:
  Cash and cash equivalents14,013
  Investment securities41,008
  FHLB stock620
  Loans251,406
  Fixed assets3,237
  Bank owned life insurance2,966
  Deferred tax assets, net1,481
  Other assets5,007
Total identifiable assets319,738
Identifiable liabilities:
  Deposits299,251
  Short-term borrowings6,500
  Other liabilities1,362
Total identifiable liabilities307,113
Net identifiable assets (liabilities)12,625
Goodwill41,175
Core deposit intangible8,278
$62,078 
319,738

Investment Securities

The gain on the sale of investment securities recognized in the first nine months of 2023 was primarily due to the sale of Citizens investment portfolio of approximately $41 million shortly after the acquisition date.

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 nine months ended September 30, 2023, the Company recorded $2.0 million of credit loss expense associated with loans acquired from Citizens in its total provision for credit losses.

12

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 $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. Among the items that are still preliminary at September 30, 2023 is the finalization of the final tax return, which management anticipates completing during 2023. Given the form of the transaction, the $41.2 million goodwill preliminarily recorded in conjunction with the Citizens acquisition is not expected to be deductible for tax purposes. The following table summarizes adjustments to goodwill subsequent to December 31, 2022 (in thousands):

Goodwill
Balance at December 31, 2022$108,941 
Adjustment to goodwill acquired in conjunction with the acquisition of Citizens41,175
Balance at September 30, 2023$150,116 

Merger Related Costs

During the nine months ended September 30, 2023, the Company incurred $5.6 million of merger-related costs in connection with the acquisition of Citizens, primarily for professional fees ($1.6 million), severance ($1.4 million), and data processing costs ($1.3 million).

13


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.

September 30, 2023December 31, 2022
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$230,270 $3 $29,825 $200,448 $292,293 $346 $24,324 $268,315 
Mortgage-backed securities:     
U.S. government agencies1,302,747 3 181,147 1,121,603 1,342,666 299 140,686 1,202,279 
Private label7,035  490 6,545 7,695  464 7,231 
Trust preferred securities4,597  290 4,307 4,590  762 3,828 
Corporate securities28,047  2,731 25,316 26,620  2,753 23,867 
Total Securities Available-for-Sale$1,572,696 $6 $214,483 $1,358,219 $1,673,864 $645 $168,989 $1,505,520 

The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At September 30, 2023 and December 31, 2022, the Company held $7.6 million in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized gains (losses) 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 September 30, 2023 and December 31, 2022, the Company held $21.4 million and $15.5 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 September 30, 2023 and $0.7 million at December 31, 2022.

The Company's mortgage-backed U.S. government agency securities consist of both residential and commercial securities, all of which are guaranteed by Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), or Ginnie Mae ("GNMA"). At September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022.  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):
September 30, 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$25,076 $1,132 $171,897 $28,693 $196,973 $29,825 
Mortgage-backed securities:  
U.S. Government agencies46,028 15,895 795,988 165,252 842,016 181,147 
     Private label  6,446 490 6,446 490 
Trust preferred securities   4,307 290 4,307 290 
Corporate securities1,520 48 23,796 2,683 25,316 2,731 
Total available-for-sale$72,624 $17,075 $1,002,434 $197,408 $1,075,058 $214,483 
14

December 31, 2022
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$203,173 $21,929 $13,359 $2,395 $216,532 $24,324 
Mortgage-backed securities:  
U.S. Government agencies533,611 50,268 376,778 90,418 910,389 140,686 
Private label7,126 464   7,126 464 
Trust preferred securities  3,828 762 3,828 762 
Corporate securities22,972 2,648 895 105 23,867 2,753 
Total available-for-sale$766,882 $75,309 $394,860 $93,680 $1,161,742 $168,989 

As of September 30, 2023, 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 September 30, 2023, 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 September 30, 2023 and 2022, the Company had no credit-related net investment impairment losses.

The amortized cost and estimated fair value of debt securities at September 30, 2023, 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$2,783 $2,686 
Due after one year through five years71,423 66,477 
Due after five years through ten years480,331 429,944 
Due after ten years1,018,159 859,112 
Total$1,572,696 $1,358,219 


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 September 30,
Nine months ended September 30,
2023
2022
2023
2022
Proceeds on sales of available for sale securities$17,690 $ $103,249 $ 
Gross realized gains on securities sold$ $ $