City Holding Company Announces Approval of Stock Repurchase Plan
April 01 2021 - 9:10AM
Business Wire
City Holding Company, “the Company” (NASDAQ:CHCO), a $5.8
billion bank holding company headquartered in Charleston, today
announced that the board authorized the Company to buy back up to
1,000,000 of its common shares (approximately 6% of outstanding
shares) in open market transactions at prices that are accretive to
the earnings per share of continuing shareholders. Management may
commence or suspend purchases at any time or from time-to-time
based on market and business conditions and without prior notice.
No time limit has been placed on the duration of the share
repurchase program. As part of its authorization, the Company
rescinded the previous share repurchase plan approved February 27,
2019. Through March 31, 2021, the Company repurchased 908,701
shares under the February 2019 plan.
"As of March 31, 2021, the Company was very well capitalized and
capital continues to grow due to our exceptional earnings. As a
result, we view this repurchase plan as part of an ongoing strategy
to build value for our stockholders while maintaining appropriate
capital levels,” stated Charles R. Hageboeck, President & CEO.
The Company currently has 15.6 million outstanding common shares.
Repurchase of the Company's stock is subject to availability of the
stock and may be discontinued 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.
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, 2019 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) the uncertainties on the Company’s
business, results of operations and financial condition, caused by
the COVID-19 pandemic, which will depend on several factors,
including the scope and duration of the pandemic, its continued
influence on financial markets, the effectiveness 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 actions taken by governmental authorities and other
third parties in response to the pandemic; (3) credit risk,
including risk that negative credit quality trends may lead to a
deterioration of asset quality, risk that our allowance for loan
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; (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. Further, the Company is required to evaluate subsequent
events through the filing of its December 31, 2020 Form 10-K. The
Company will continue to evaluate the impact of any subsequent
events on the preliminary December 31, 2020 results and will adjust
the amounts if necessary.
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version on businesswire.com: https://www.businesswire.com/news/home/20210401005514/en/
Charles R. Hageboeck, President & CEO (304) 769-1102
City (NASDAQ:CHCO)
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