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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, 2022

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
chco-20220331_g1.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 14,964,264 shares of common stock as of May 2, 2022.


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, 2021 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) the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) 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; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) 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; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) changes in global geopolitical conditions; (16) other economic, competitive, technological, operational, governmental, regulatory, 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)
March 31, 2022December 31, 2021
Assets
Cash and due from banks$100,877 $101,804 
Interest-bearing deposits in depository institutions497,171 532,827 
Cash and Cash Equivalents598,048 634,631 
Investment securities available for sale, at fair value1,409,513 1,408,165 
Other securities24,785 25,531 
Total Investment Securities1,434,298 1,433,696 
Gross loans3,559,905 3,543,814 
Allowance for credit losses(17,280)(18,166)
Net Loans3,542,625 3,525,648 
Bank owned life insurance120,522 120,978 
Premises and equipment, net73,067 74,071 
Accrued interest receivable16,101 15,627 
Deferred tax assets, net18,001 63 
Goodwill and other intangible assets, net116,774 117,121 
Other assets92,331 81,860 
Total Assets$6,011,767 $6,003,695 
Liabilities  
Deposits:  
Noninterest-bearing$1,357,266 $1,373,125 
Interest-bearing:  
   Demand deposits1,191,492 1,135,848 
   Savings deposits1,425,528 1,347,448 
   Time deposits1,024,559 1,068,915 
Total Deposits4,998,845 4,925,336 
Short-term borrowings:
   Securities sold under agreements to repurchase288,483 312,458 
Other liabilities92,009 84,796 
Total Liabilities5,379,337 5,322,590 
Commitments and contingencies - see Note H
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, 2022 and December 31, 2021, less 4,002,084 and 3,985,690 shares in treasury, respectively
47,619 47,619 
Capital surplus170,206 170,942 
Retained earnings654,138 641,826 
Cost of common stock in treasury(194,819)(193,542)
Accumulated other comprehensive (loss) income:  
    Unrealized (loss) gain on securities available-for-sale(41,229)17,745 
    Underfunded pension liability(3,485)(3,485)
Total Accumulated Other Comprehensive (Loss) Income(44,714)14,260 
Total Shareholders’ Equity632,430 681,105 
Total Liabilities and Shareholders’ Equity$6,011,767 $6,003,695 

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,
20222021
Interest and fees on loans$31,874 $34,324 
Interest and dividends on investment securities:
Taxable6,223 5,242 
Tax-exempt1,216 1,253 
Interest on deposits in depository institutions238 118 
Total Interest Income39,551 40,937 
Interest Expense
Interest on deposits1,521 3,280 
Interest on short-term borrowings114 117 
Total Interest Expense1,635 3,397 
Net Interest Income37,916 37,540 
Recovery of credit losses(756)(440)
Net Interest Income After Recovery of Credit Losses38,672 37,980 
Non-Interest Income
Gains on sale of investment securities, net— 283 
Unrealized losses recognized on equity securities still held(723)(51)
Service charges6,725 5,881 
Bankcard revenue6,444 6,213 
Trust and investment management fee income2,197 2,033 
Bank owned  life insurance2,014 1,460 
Other income791 811 
Total Non-Interest Income17,448 16,630 
Non-Interest Expense
Salaries and employee benefits15,577 15,671 
Occupancy related expense2,709 2,622 
Equipment and software related expense2,769 2,544 
FDIC insurance expense435 405 
Advertising798 881 
Bankcard expenses1,606 1,584 
Postage, delivery, and statement mailings636 592 
Office supplies410 392 
Legal and professional fees527 675 
Telecommunications584 690 
Repossessed asset losses, net of expenses40 79 
Other expenses3,436 3,674 
Total Non-Interest Expense29,527 29,809 
Income Before Income Taxes26,593 24,801 
Income tax expense5,251 4,987 
Net Income Available to Common Shareholders$21,342 $19,814 
3
Average shares outstanding, basic14,974 15,656 
Effect of dilutive securities28 31 
Average shares outstanding, diluted15,002 15,687 
Basic earnings per common share$1.41 $1.25 
Diluted earnings per common share$1.41 $1.25 

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

4
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
Three Months Ended
March 31,
20222021
Net income available to common shareholders$21,342 $19,814 
Available-for-Sale Securities
Unrealized losses on available-for-sale securities arising during the period(77,802)(20,240)
Reclassification adjustment for gains— (283)
   Other comprehensive loss before income taxes(77,802)(20,523)
Tax effect18,828 4,918 
   Other comprehensive loss, net of tax(58,974)(15,605)
    Comprehensive (Loss) Income, Net of Tax$(37,632)$4,209 

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, 2022 and 2021
(in thousands, except share amounts)


 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at December 31, 2020$47,619 $171,304 $589,988 $(139,038)$31,233 $701,106 
Net income— — 19,814 — — 19,814 
Other comprehensive loss— — — — (15,605)(15,605)
Cash dividends declared ($0.58 per share)
— — (9,406)— — (9,406)
Stock-based compensation expense— 1,153 — — — 1,153 
Restricted awards granted— (464)— 464 — — 
Exercise of 8,769 stock options
— (1,467)— 1,852 — 385 
Purchase of 75,110 treasury shares
— — — (5,762)— (5,762)
Balance at March 31, 2021$47,619 $170,526 $600,396 $(142,484)$15,628 $691,685 
 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— — 21,342 — — 21,342 
Other comprehensive loss— — — — (58,974)(58,974)
Cash dividends declared ($0.60 per share)
— — (9,030)— — (9,030)
Stock-based compensation expense— 971 — — — 971 
Restricted awards granted— (1,707)— 1,707 — — 
Purchase of 38,207 treasury shares
— — — (2,984)— (2,984)
Balance at March 31, 2022$47,619 $170,206 $654,138 $(194,819)$(44,714)$632,430 

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,
20222021
Net income$21,342 $19,814 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization and (accretion), net3,538 1,990 
Recovery of credit losses(756)(440)
Depreciation of premises and equipment1,390 1,440 
Deferred income tax expense 880 427 
Net periodic employee benefit cost64 158 
Pension contributions— (1,000)
Unrealized and realized investment securities losses (gains), net723 (232)
Stock-compensation expense971 1,153 
Excess tax benefit from stock-compensation expense(3)(56)
Increase in value of bank-owned life insurance(2,014)(1,460)
Loans held for sale
   Loans originated for sale(15,093)(4,682)
   Proceeds from the sale of loans originated for sale15,090 4,733 
   Gain on sale of loans(128)(51)
Change in accrued interest receivable(474)(438)
Change in other assets(1,828)1,318 
Change in other liabilities4,577 (3,273)
Net Cash Provided by Operating Activities28,279 19,401 
Net (increase) decrease in loans(15,695)75,822 
Securities available-for-sale
     Purchases(157,888)(66,424)
     Proceeds from maturities and calls69,476 49,368 
Other investments
     Purchases(21)(24)
     Proceeds from sales45 452 
Purchases of premises and equipment(401)(1,048)
Proceeds from the disposals of premises and equipment64 — 
Proceeds from bank-owned life insurance policies2,514 1,723 
Payments for low income housing tax credits(489)(1,218)
Net Cash (Used in) Provided by Investing Activities(102,395)58,651 
Net (decrease) increase in non-interest-bearing deposits(15,859)67,185 
Net increase in interest-bearing deposits89,389 77,482 
Net (decrease) increase in short-term borrowings(23,975)20,047 
Purchases of treasury stock(2,984)(5,762)
Proceeds from exercise of stock options— 385 
Dividends paid(9,038)(9,249)
Net Cash Provided by Financing Activities37,533 150,088 
(Decrease) Increase in Cash and Cash Equivalents(36,583)228,140 
Cash and cash equivalents at beginning of period634,631 528,659 
Cash and Cash Equivalents at End of Period$598,048 $756,799 

Supplemental Cash Flow Information:
Cash paid for interest$1,772 $3,863 
Cash paid for income taxes— — 

To be read with the attached notes to consolidated financial statements.
7
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2022

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 94 banking offices in West Virginia (58), Kentucky (19), 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.

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, 2022 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2022. 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, 2021 has been derived from audited financial statements included in the Company’s 2021 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 2021 Annual Report of the Company.

Certain amounts in the financial statements have been reclassified.  Such reclassifications had no impact on shareholders’ equity or net income for any period.

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. Management has reviewed all contracts, identified those that will be affected, and will transition the LIBOR based loans to SOFR, or another index, by June 30, 2023.

Pending Adoption

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 portfolio hedged using the portfolio layer method. This expanded scope permits an entity to apply the same portfolio hedging
8
method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. This ASU will become effective for the Company on January 1, 2023. The adoption of ASU No. 2022-01 is not expected to 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 will become effective for the Company on January 1, 2023. The adoption of ASU No. 2022-02 is not expected to have a material impact on the Company's financial statements.

Note C – 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, 2022December 31, 2021
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$264,592 $1,904 $11,489 $255,007 $263,809 $8,622 $215 $272,216 
Mortgage-backed securities:     
U.S. government agencies1,158,996 2,092 45,995 1,115,093 1,080,381 18,739 4,809 1,094,311 
Private label8,368 95 — 8,463 8,555 553 — 9,108 
Trust preferred securities4,574 — 274 4,300 4,570 — 367 4,203 
Corporate securities27,247 206 803 26,650 27,292 1,047 12 28,327 
Total Securities Available-for-Sale$1,463,777 $4,297 $58,561 $1,409,513 $1,384,607 $28,961 $5,403 $1,408,165 

The Company's other investment securities include marketable equity securities, non-marketable equity securities and certificates of deposits held for investment. At March 31, 2022 and December 31, 2021, the Company held $8.5 million and $9.2 million in marketable equity securities, respectively. Marketable equity securities mainly consist of investments made by the Company in equity positions of various community banks. Changes in the fair value of the marketable equity securities are recorded in "unrealized 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 both March 31, 2022 and December 31, 2021, the Company held $15.3 million in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability. At both March 31, 2022 and December 31, 2021, the Company held $1.0 million in certificates of deposits held for investment.

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 March 31, 2022 and December 31, 2021 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity.


9
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, 2022 and December 31, 2021.  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, 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$166,363 $11,280 $3,247 $209 $169,610 $11,489 
Mortgage-backed securities:  
U.S. Government agencies819,437 45,995 — — 819,437 45,995 
Trust preferred securities — — 4,300 274 4,300 274 
Corporate securities14,944 803 — — 14,944 803 
Total available-for-sale$1,000,744 $58,078 $7,547 $483 $1,008,291 $58,561 
December 31, 2021
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$13,277 $152 $2,420 $63 $15,697 $215 
Mortgage-backed securities:  
U.S. Government agencies521,407 4,802 23,295 7 544,702 4,809 
Trust preferred securities— — 4,203 367 4,203 367 
Corporate securities988 12 — — 988 12 
Total available-for-sale$535,672 $4,966 $29,918 $437 $565,590 $5,403 

As of March 31, 2022, 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 unprecedented 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, 2022, 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, 2022 and 2021, the Company had no credit-related net investment impairment losses.

The amortized cost and estimated fair value of debt securities at March 31, 2022, 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$3,116 $3,146 
Due after one year through five years45,143 45,506 
Due after five years through ten years396,831 391,126 
Due after ten years1,018,687 969,735 
Total$1,463,777 $1,409,513 


10
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,
20222021
Gross realized gains on securities sold$— $283 
Gross realized losses on securities sold— — 
Net investment security gains $— $283 
Gross unrealized gains recognized on equity securities still held$7 $— 
Gross unrealized losses recognized on equity securities still held(730)(51)
Net unrealized losses recognized on equity securities still held$(723)$(51)

The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $652 million and $711 million at March 31, 2022 and December 31, 2021, respectively.

Note D –Loans

The following table summarizes the Company’s major classifications for loans (in thousands):
March 31, 2022December 31, 2021
Commercial and industrial$337,384 $346,184 
  1-4 Family108,424 107,873 
  Hotels314,902 311,315 
  Multi-family209,359 215,677 
  Non Residential Non-Owner Occupied637,092 639,818 
  Non Residential Owner Occupied200,180 204,233 
Commercial real estate1,469,957 1,478,916 
Residential real estate1,588,860 1,548,965 
Home equity121,460 122,345 
Consumer39,778 40,901 
Demand deposit account (DDA) overdrafts2,466 6,503 
Gross loans3,559,905 3,543,814 
Allowance for credit losses(17,280)(18,166)
Net loans$3,542,625 $3,525,648 
Construction loans included in:
  Commercial real estate$14,877 $11,783 
  Residential real estate16,253 17,252 

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.




11

Note E – 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, 2022 and 2021 (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 BalanceCharge-offsRecoveries(Recovery of) provision for credit lossesEnding Balance
March 31, 2022
Commercial and industrial$3,480 $(34)$59 $(47)$3,458 
   1-4 Family598 — 29 (53