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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
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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $2.50 par value | CHCO | NASDAQ 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 |
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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| | |
Part I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Consolidated Balance Sheets
City Holding Company and Subsidiaries
(in thousands) | | | | | | | | | | | |
| (Unaudited) | | |
| March 31, 2022 | | December 31, 2021 |
Assets | | |
Cash and due from banks | $ | 100,877 | | | $ | 101,804 | |
Interest-bearing deposits in depository institutions | 497,171 | | | 532,827 | |
Cash and Cash Equivalents | 598,048 | | | 634,631 | |
| | | |
Investment securities available for sale, at fair value | 1,409,513 | | | 1,408,165 | |
Other securities | 24,785 | | | 25,531 | |
Total Investment Securities | 1,434,298 | | | 1,433,696 | |
| | | |
Gross loans | 3,559,905 | | | 3,543,814 | |
Allowance for credit losses | (17,280) | | | (18,166) | |
Net Loans | 3,542,625 | | | 3,525,648 | |
| | | |
Bank owned life insurance | 120,522 | | | 120,978 | |
Premises and equipment, net | 73,067 | | | 74,071 | |
Accrued interest receivable | 16,101 | | | 15,627 | |
Deferred tax assets, net | 18,001 | | | 63 | |
Goodwill and other intangible assets, net | 116,774 | | | 117,121 | |
Other assets | 92,331 | | | 81,860 | |
Total Assets | $ | 6,011,767 | | | $ | 6,003,695 | |
| | | |
Liabilities | | | |
Deposits: | | | |
Noninterest-bearing | $ | 1,357,266 | | | $ | 1,373,125 | |
Interest-bearing: | | | |
Demand deposits | 1,191,492 | | | 1,135,848 | |
Savings deposits | 1,425,528 | | | 1,347,448 | |
Time deposits | 1,024,559 | | | 1,068,915 | |
Total Deposits | 4,998,845 | | | 4,925,336 | |
| | | |
Short-term borrowings: | | | |
Securities sold under agreements to repurchase | 288,483 | | | 312,458 | |
Other liabilities | 92,009 | | | 84,796 | |
Total Liabilities | 5,379,337 | | | 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 surplus | 170,206 | | | 170,942 | |
Retained earnings | 654,138 | | | 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’ Equity | 632,430 | | | 681,105 | |
Total Liabilities and Shareholders’ Equity | $ | 6,011,767 | | | $ | 6,003,695 | |
To be read with the attached notes to consolidated financial statements.
Consolidated Statements of Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands, except earnings per share data) | | | | | | | | | | | |
Interest Income | | | Three months ended March 31, |
| | | 2022 | 2021 |
| | | | |
Interest and fees on loans | | | | $ | 31,874 | | $ | 34,324 | |
Interest and dividends on investment securities: | | | | | |
Taxable | | | | 6,223 | | 5,242 | |
Tax-exempt | | | | 1,216 | | 1,253 | |
Interest on deposits in depository institutions | | | | 238 | | 118 | |
Total Interest Income | | | | 39,551 | | 40,937 | |
| | | | | |
Interest Expense | | | | | |
Interest on deposits | | | | 1,521 | | 3,280 | |
Interest on short-term borrowings | | | | 114 | | 117 | |
Total Interest Expense | | | | 1,635 | | 3,397 | |
Net Interest Income | | | | 37,916 | | 37,540 | |
Recovery of credit losses | | | | (756) | | (440) | |
Net Interest Income After Recovery of Credit Losses | | | | 38,672 | | 37,980 | |
| | | | | |
Non-Interest Income | | | | | |
Gains on sale of investment securities, net | | | | — | | 283 | |
Unrealized losses recognized on equity securities still held | | | | (723) | | (51) | |
Service charges | | | | 6,725 | | 5,881 | |
Bankcard revenue | | | | 6,444 | | 6,213 | |
Trust and investment management fee income | | | | 2,197 | | 2,033 | |
Bank owned life insurance | | | | 2,014 | | 1,460 | |
Other income | | | | 791 | | 811 | |
Total Non-Interest Income | | | | 17,448 | | 16,630 | |
| | | | | |
Non-Interest Expense | | | | | |
Salaries and employee benefits | | | | 15,577 | | 15,671 | |
Occupancy related expense | | | | 2,709 | | 2,622 | |
Equipment and software related expense | | | | 2,769 | | 2,544 | |
FDIC insurance expense | | | | 435 | | 405 | |
Advertising | | | | 798 | | 881 | |
Bankcard expenses | | | | 1,606 | | 1,584 | |
Postage, delivery, and statement mailings | | | | 636 | | 592 | |
Office supplies | | | | 410 | | 392 | |
Legal and professional fees | | | | 527 | | 675 | |
Telecommunications | | | | 584 | | 690 | |
Repossessed asset losses, net of expenses | | | | 40 | | 79 | |
Other expenses | | | | 3,436 | | 3,674 | |
Total Non-Interest Expense | | | | 29,527 | | 29,809 | |
Income Before Income Taxes | | | | 26,593 | | 24,801 | |
Income tax expense | | | | 5,251 | | 4,987 | |
Net Income Available to Common Shareholders | | | | $ | 21,342 | | $ | 19,814 | |
| | | | | |
| | | | | |
| | | | | | | | | | | |
| | | | | |
Average shares outstanding, basic | | | | 14,974 | | 15,656 | |
Effect of dilutive securities | | | | 28 | | 31 | |
Average shares outstanding, diluted | | | | 15,002 | | 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.
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
| | | | | | | | | | |
| | Three Months Ended |
| | March 31, |
| | | 2022 | 2021 |
| | | | |
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 effect | | | 18,828 | | 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.
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 Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated 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 Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated 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.
Consolidated Statements of Cash Flows (Unaudited)
City Holding Company and Subsidiaries
(in thousands) | | | | | | | | | | | |
| Three months ended March 31, |
2022 | | 2021 |
Net income | $ | 21,342 | | | $ | 19,814 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Amortization and (accretion), net | 3,538 | | | 1,990 | |
Recovery of credit losses | (756) | | | (440) | |
Depreciation of premises and equipment | 1,390 | | | 1,440 | |
Deferred income tax expense | 880 | | | 427 | |
Net periodic employee benefit cost | 64 | | | 158 | |
Pension contributions | — | | | (1,000) | |
Unrealized and realized investment securities losses (gains), net | 723 | | | (232) | |
Stock-compensation expense | 971 | | | 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 sale | 15,090 | | | 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 liabilities | 4,577 | | | (3,273) | |
Net Cash Provided by Operating Activities | 28,279 | | | 19,401 | |
| | | |
Net (increase) decrease in loans | (15,695) | | | 75,822 | |
Securities available-for-sale | | | |
Purchases | (157,888) | | | (66,424) | |
Proceeds from maturities and calls | 69,476 | | | 49,368 | |
Other investments | | | |
Purchases | (21) | | | (24) | |
Proceeds from sales | 45 | | | 452 | |
Purchases of premises and equipment | (401) | | | (1,048) | |
Proceeds from the disposals of premises and equipment | 64 | | | — | |
Proceeds from bank-owned life insurance policies | 2,514 | | | 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 deposits | 89,389 | | | 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 Activities | 37,533 | | | 150,088 | |
(Decrease) Increase in Cash and Cash Equivalents | (36,583) | | | 228,140 | |
Cash and cash equivalents at beginning of period | 634,631 | | | 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.
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
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, 2022 | December 31, 2021 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated 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 agencies | 1,158,996 | | 2,092 | | 45,995 | | 1,115,093 | | 1,080,381 | | 18,739 | | 4,809 | | 1,094,311 | |
Private label | 8,368 | | 95 | | — | | 8,463 | | 8,555 | | 553 | | — | | 9,108 | |
Trust preferred securities | 4,574 | | — | | 274 | | 4,300 | | 4,570 | | — | | 367 | | 4,203 | |
Corporate securities | 27,247 | | 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.
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 Months | Twelve Months or Greater | Total |
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized 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 agencies | 819,437 | | 45,995 | | — | | — | | 819,437 | | 45,995 | |
Trust preferred securities | — | | — | | 4,300 | | 274 | | 4,300 | | 274 | |
Corporate securities | 14,944 | | 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 Months | Twelve Months or Greater | Total |
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized 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 agencies | 521,407 | | 4,802 | | 23,295 | | 7 | | 544,702 | | 4,809 | |
Trust preferred securities | — | | — | | 4,203 | | 367 | | 4,203 | | 367 | |
Corporate securities | 988 | | 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 Cost | Estimated Fair Value |
Available-for-Sale Debt Securities | | |
Due in one year or less | $ | 3,116 | | $ | 3,146 | |
Due after one year through five years | 45,143 | | 45,506 | |
Due after five years through ten years | 396,831 | | 391,126 | |
Due after ten years | 1,018,687 | | 969,735 | |
Total | $ | 1,463,777 | | $ | 1,409,513 | |
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, |
| 2022 | 2021 |
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, 2022 | December 31, 2021 |
Commercial and industrial | $ | 337,384 | | $ | 346,184 | |
| | |
1-4 Family | 108,424 | | 107,873 | |
Hotels | 314,902 | | 311,315 | |
Multi-family | 209,359 | | 215,677 | |
Non Residential Non-Owner Occupied | 637,092 | | 639,818 | |
Non Residential Owner Occupied | 200,180 | | 204,233 | |
Commercial real estate | 1,469,957 | | 1,478,916 | |
| | |
Residential real estate | 1,588,860 | | 1,548,965 | |
Home equity | 121,460 | | 122,345 | |
Consumer | 39,778 | | 40,901 | |
Demand deposit account (DDA) overdrafts | 2,466 | | 6,503 | |
Gross loans | 3,559,905 | | 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 estate | 16,253 | | 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.
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 Balance | Charge-offs | Recoveries | (Recovery of) provision for credit losses | Ending Balance |
March 31, 2022 | | | | | |
Commercial and industrial | $ | 3,480 | | $ | (34) | | $ | 59 | | $ | (47) | | $ | 3,458 | |
| | | | | |
1-4 Family | 598 | | — | | 29 | | (53 |