City Holding Q4 2023 Earnings Report

Reported record annual earnings, grew loans, and maintained strong asset quality.

Key Takeaways

City Holding Company announced record net income and diluted earnings per share for the year ended December 31, 2023. The company completed the acquisition of Citizens Commerce Bancshares, Inc. and grew loans over 6% during the year. Asset quality remained strong, and the company repurchased shares issued in the acquisition.

Achieved record net income of $114.4 million and record diluted earnings of $7.61 per share for the year ended December 31, 2023.

Completed the acquisition of Citizens Commerce Bancshares, Inc., enhancing market position in central Kentucky.

Grew loans over 6% during 2023, net of loans acquired from Citizens, while maintaining strong asset quality.

Repurchased essentially all shares issued in the acquisition of Citizens, increasing the tangible common equity ratio from 8.0% to over 8.6%.

Total Revenue

$68.9M

Previous year: $70.6M