City Holding Company Increases Quarterly Dividend On Common Shares
September 27 2023 - 2:51PM
Business Wire
City Holding Company, “the Company” (NASDAQ: CHCO), a $6.1
billion bank holding company headquartered in Charleston, on
September 27, 2023 declared a dividend of 71.5 cents per common
share for shareholders of record as of October 13, 2023. The
dividend is payable on October 31, 2023. The dividend represents a
10.0% increase from the 65 cents per share cash dividend paid in
the second quarter of 2023.
“City’s board reaffirmed the Company’s commitment of returning
value to its shareholders today by voting to approve an increase in
the quarterly cash dividend of 6.5 cents to 71.5 cents,” stated
Charles (Skip) Hageboeck, President and CEO. “The Company's current
strong capital and liquidity position, our financial performance
during 2023, and our confidence in the Company's ability to sustain
this performance led to the decision to increase the dividend to
$2.86 on an annualized basis.”
City Holding Company is the parent company of City National Bank
of West Virginia. City National Bank operates 99 branches across
West Virginia, Kentucky, Virginia, and Ohio. The Company’s stock is
traded on the NASDAQ Global Select Market under the quotation
symbol “CHCO”.
Forward-Looking Information
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. 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 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, 2022 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) ongoing uncertainties on the Company’s
business, results of operations and financial condition caused by
the scope of the recovery of the COVID-19 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; and (15) 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230926221544/en/
David L. Bumgarner, EVP & CFO (304) 769-1169
City (NASDAQ:CHCO)
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