CHARLESTON, WV–(BUSINESS WIRE)–May 25, 2022–
City Holding Company, “the company” (NASDAQ: CHCO), a $6.0 billion bank holding company headquartered in Charleston, today announced that the board of directors has authorized the company to acquire up to 1,000,000 of its common shares (approximately 7% of outstanding shares) in open market transactions at accretive prices for the earnings per share of the remaining shareholders. Management may commence or suspend purchases at any time or from time to time depending on market and business conditions and without notice. No time limit has been set on the duration of the share buyback program. As part of its authorization, the Company canceled the previous share buyback plan approved on March 31, 2021. Until May 25, 2022, the Company bought back 826,330 shares under the March 2021 plan.
“As of May 25, 2022, the Company was very well capitalized and the capital continues to grow thanks to our exceptional profits. Accordingly, we view this buyout plan as part of an ongoing strategy to create value for our shareholders while maintaining appropriate capital levels,” said Charles R. Hageboeck, President and Chief Executive Officer. The Company currently has 14.9 million common shares outstanding. The redemption of shares in the Company is subject to the availability of shares and may be interrupted at any time.
City Holding Company is the parent company of City National Bank of West Virginia. City National operates 94 branches across West Virginia, Kentucky, Virginia and Ohio.
This press release contains certain forward-looking statements which 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 uncertainties. , risks, and changes in circumstances, many of which are beyond management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s 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 these 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, particularly in the communities and markets in which we operate;(2) theuncertainties about the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the magnitude and duration of the pandemic, its continued influence on the financial markets, the efficiency 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 the actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including the risk that adverse trends in credit quality will cause deterioration in asset quality, the risk that our provision for loan losses will not be sufficient to absorb actual losses of our loan portfolio and concentration risk 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 fraud risk, data processing system failures and network breaches; (7) technological changes and increased competition, including competition from non-banking financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customer performance and creditworthiness; (9) difficulty in increasing 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)the deterioration of the financial situation of the American banking system may have an impact on the valuations of the investments that the Company has made in the securities of other financial institutions; (13) adverse regulatory enforcement actions and legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory and market factors affecting our operations. The forward-looking statements made herein reflect management’s expectations as of the date such statements are made. This information is provided to assist shareholders and potential investors in understanding the 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 assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date such statements are made. In addition, the Company is required to assess subsequent events by filing its March 31, 2022 Form 10-Q. The Company will continue to assess the impact of any subsequent events on the preliminary results as of March 31, 2022 and adjust the amounts if necessary.
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CONTACT: David L. Bumgarner, Executive Vice President and Chief Financial Officer
KEYWORD: WEST VIRGINIA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Municipal Holding Company
Copyright BusinessWire 2022.
PUBLISHED: 05/25/2022 16:37 / DISK: 05/25/2022 16:37
Copyright BusinessWire 2022.