City Holding ( (CHCO) ) has released its Q4 earnings. Here is a breakdown of the information City Holding presented to its investors.
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City Holding Company, a prominent bank holding entity based in Charleston, West Virginia, operates primarily within the financial services sector through its subsidiary, City National Bank of West Virginia, offering a range of banking services across several states.
The company has reported record-breaking financial results for the year ending December 31, 2024. It achieved a net income of $117.1 million, a 1.85% return on assets, and a 21.2% return on tangible equity. These results have once again positioned City Holding as a leader in customer satisfaction, as recognized by the J.D. Power 2024 U.S. Retail Banking Satisfaction Study.
Key financial highlights include a slight increase in net interest income to $220.2 million, driven by higher loan yields and balances. However, the net interest margin saw a decrease from 4.01% to 3.86% due to rising costs of interest-bearing liabilities. The company’s non-interest income rose to $73.3 million, propelled by increases in trust and investment management fees and service charges. Despite an uptick in non-interest expenses, attributed to salary adjustments and increased health insurance costs, City Holding maintained strong asset quality.
Looking ahead, City Holding Company’s management remains optimistic about 2025, emphasizing its robust customer base, outstanding team, and competitive cost structure. The company is well-capitalized, with solid growth in both loans and deposits, positioning it favorably in the ever-evolving banking industry landscape.
