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Sep 30, 2020
City Holding Q3 2020 Earnings Report
Announced third quarter results with net income of $20.1 million and diluted earnings of $1.25 per share.
Key Takeaways
City Holding Company reported a strong third quarter, with net income of $20.1 million and diluted earnings of $1.25 per share. The company focused on providing safe access to banking products and services, and asset quality remained solid. Deposits increased by nearly $350 million since December 31, 2019, despite low interest rates.
Net income for the quarter ended September 30, 2020 was $20.1 million, with diluted earnings per share of $1.25.
Return on assets for the third quarter of 2020 was 1.46%, and return on tangible equity was 13.8%.
Deposits increased by nearly $350 million since December 31, 2019, representing an 8% increase.
Asset quality remained solid, with nonperforming assets, past-due loans, and troubled-debt restructured loans improving compared to pre-COVID levels.
Forward Guidance
This news release 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.
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