000072685412/312021Q1falseus-gaap:AccountingStandardsUpdate201613Member00007268542021-01-012021-03-310000726854exch:XNGS2021-01-012021-03-31xbrli:shares00007268542021-05-05iso4217:USD00007268542021-03-3100007268542020-12-31iso4217:USDxbrli:shares00007268542020-01-012020-03-310000726854us-gaap:DepositAccountMember2021-01-012021-03-310000726854us-gaap:DepositAccountMember2020-01-012020-03-310000726854us-gaap:DebitCardMember2021-01-012021-03-310000726854us-gaap:DebitCardMember2020-01-012020-03-310000726854us-gaap:FiduciaryAndTrustMember2021-01-012021-03-310000726854us-gaap:FiduciaryAndTrustMember2020-01-012020-03-310000726854us-gaap:CommonStockMember2019-12-310000726854us-gaap:AdditionalPaidInCapitalMember2019-12-310000726854us-gaap:RetainedEarningsMember2019-12-310000726854us-gaap:TreasuryStockMember2019-12-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100007268542019-12-3100007268542019-01-012019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000726854us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2019-12-310000726854us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000726854us-gaap:TreasuryStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000726854us-gaap:RetainedEarningsMember2020-01-012020-03-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000726854us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000726854us-gaap:TreasuryStockMember2020-01-012020-03-310000726854us-gaap:CommonStockMember2020-03-310000726854us-gaap:AdditionalPaidInCapitalMember2020-03-310000726854us-gaap:RetainedEarningsMember2020-03-310000726854us-gaap:TreasuryStockMember2020-03-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100007268542020-03-310000726854us-gaap:CommonStockMember2020-12-310000726854us-gaap:AdditionalPaidInCapitalMember2020-12-310000726854us-gaap:RetainedEarningsMember2020-12-310000726854us-gaap:TreasuryStockMember2020-12-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000726854us-gaap:RetainedEarningsMember2021-01-012021-03-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000726854us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000726854us-gaap:TreasuryStockMember2021-01-012021-03-310000726854us-gaap:CommonStockMember2021-03-310000726854us-gaap:AdditionalPaidInCapitalMember2021-03-310000726854us-gaap:RetainedEarningsMember2021-03-310000726854us-gaap:TreasuryStockMember2021-03-310000726854us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-31chco:store0000726854chco:CityNationalMember2021-03-310000726854chco:CityNationalMemberstpr:WV2021-03-310000726854chco:CityNationalMemberstpr:KY2021-03-310000726854stpr:VAchco:CityNationalMember2021-03-310000726854stpr:OHchco:CityNationalMember2021-03-31chco:segment0000726854us-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000726854us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000726854us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-03-310000726854us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310000726854us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-03-310000726854us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310000726854us-gaap:AssetBackedSecuritiesMember2021-03-310000726854us-gaap:AssetBackedSecuritiesMember2020-12-310000726854us-gaap:CorporateDebtSecuritiesMember2021-03-310000726854us-gaap:CorporateDebtSecuritiesMember2020-12-310000726854us-gaap:DebtSecuritiesMember2021-03-310000726854us-gaap:DebtSecuritiesMember2020-12-310000726854us-gaap:CertificatesOfDepositMember2021-03-310000726854us-gaap:CertificatesOfDepositMember2020-12-310000726854us-gaap:EquitySecuritiesMember2021-03-310000726854us-gaap:EquitySecuritiesMember2020-12-31xbrli:pure0000726854srt:MaximumMemberchco:FirstNationalCorporationFXNCMember2021-03-310000726854srt:MaximumMemberchco:EagleFinancialServicesInc.EFSIMember2021-03-310000726854us-gaap:CommonClassBMemberchco:VISAInc.VISAMember2020-01-310000726854chco:VISAInc.VISAMember2020-01-012020-01-310000726854chco:VISAInc.VISAMemberus-gaap:EquitySecuritiesMember2020-01-310000726854us-gaap:AssetPledgedAsCollateralMember2021-03-310000726854us-gaap:AssetPledgedAsCollateralMember2020-12-310000726854us-gaap:CommercialLoanMember2021-03-310000726854us-gaap:CommercialLoanMember2020-12-310000726854chco:CommercialRealEstate14FamilyMember2021-03-310000726854chco:CommercialRealEstate14FamilyMember2020-12-310000726854chco:CommercialRealEstateHotelsMember2021-03-310000726854chco:CommercialRealEstateHotelsMember2020-12-310000726854chco:CommercialRealEstateMultifamilyMember2021-03-310000726854chco:CommercialRealEstateMultifamilyMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-12-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:CommercialRealEstateMember2021-03-310000726854us-gaap:CommercialRealEstateMember2020-12-310000726854us-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:HomeEquityMember2021-03-310000726854us-gaap:HomeEquityMember2020-12-310000726854us-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:ConsumerLoanMember2020-12-310000726854chco:DemandDepositAccountOverdraftsMember2021-03-310000726854chco:DemandDepositAccountOverdraftsMember2020-12-310000726854chco:SmallBusinessAdministrationPaycheckProtectionProgramMemberus-gaap:CommercialLoanMember2021-03-31chco:contract0000726854chco:SmallBusinessAdministrationPaycheckProtectionProgramMemberus-gaap:CommercialLoanMember2021-01-012021-03-310000726854us-gaap:CommercialLoanMember2021-01-012021-03-310000726854us-gaap:CommercialRealEstateMember2021-01-012021-03-310000726854us-gaap:ResidentialRealEstateMember2021-01-012021-03-310000726854us-gaap:HomeEquityMember2021-01-012021-03-310000726854us-gaap:ConsumerLoanMember2021-01-012021-03-310000726854chco:DemandDepositAccountOverdraftsMember2021-01-012021-03-310000726854us-gaap:CommercialLoanMember2019-12-310000726854us-gaap:CommercialRealEstateMember2019-12-310000726854us-gaap:ResidentialRealEstateMember2019-12-310000726854us-gaap:HomeEquityMember2019-12-310000726854us-gaap:ConsumerLoanMember2019-12-310000726854chco:DemandDepositAccountOverdraftsMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialLoanMember2019-12-310000726854us-gaap:CommercialRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialRealEstateMember2019-12-310000726854us-gaap:HomeEquityMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerLoanMember2019-12-310000726854srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberchco:DemandDepositAccountOverdraftsMember2019-12-310000726854us-gaap:CommercialLoanMember2020-01-012020-03-310000726854us-gaap:CommercialRealEstateMember2020-01-012020-03-310000726854us-gaap:ResidentialRealEstateMember2020-01-012020-03-310000726854us-gaap:HomeEquityMember2020-01-012020-03-310000726854us-gaap:ConsumerLoanMember2020-01-012020-03-310000726854chco:DemandDepositAccountOverdraftsMember2020-01-012020-03-310000726854us-gaap:CommercialLoanMember2020-03-310000726854us-gaap:CommercialRealEstateMember2020-03-310000726854us-gaap:ResidentialRealEstateMember2020-03-310000726854us-gaap:HomeEquityMember2020-03-310000726854us-gaap:ConsumerLoanMember2020-03-310000726854chco:DemandDepositAccountOverdraftsMember2020-03-310000726854chco:RealEstateCollateralMemberus-gaap:CommercialLoanMember2021-03-310000726854chco:EquipmentAndReceivablesMemberus-gaap:CommercialLoanMember2021-03-310000726854chco:RealEstateCollateralMemberus-gaap:CommercialLoanMember2020-12-310000726854chco:EquipmentAndReceivablesMemberus-gaap:CommercialLoanMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberchco:RealEstateCollateralMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberchco:EquipmentAndReceivablesMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberchco:RealEstateCollateralMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberchco:EquipmentAndReceivablesMember2020-12-310000726854chco:CommercialRealEstateHotelsMemberchco:RealEstateCollateralMember2021-03-310000726854chco:CommercialRealEstateHotelsMemberchco:EquipmentAndReceivablesMember2021-03-310000726854chco:CommercialRealEstateHotelsMemberchco:RealEstateCollateralMember2020-12-310000726854chco:CommercialRealEstateHotelsMemberchco:EquipmentAndReceivablesMember2020-12-310000726854chco:RealEstateCollateralMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854chco:EquipmentAndReceivablesMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854chco:RealEstateCollateralMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854chco:EquipmentAndReceivablesMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberchco:RealEstateCollateralMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberchco:EquipmentAndReceivablesMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberchco:RealEstateCollateralMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberchco:EquipmentAndReceivablesMember2020-12-310000726854chco:RealEstateCollateralMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854chco:EquipmentAndReceivablesMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854chco:RealEstateCollateralMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854chco:EquipmentAndReceivablesMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:CommercialRealEstateMemberchco:RealEstateCollateralMember2021-03-310000726854us-gaap:CommercialRealEstateMemberchco:EquipmentAndReceivablesMember2021-03-310000726854us-gaap:CommercialRealEstateMemberchco:RealEstateCollateralMember2020-12-310000726854us-gaap:CommercialRealEstateMemberchco:EquipmentAndReceivablesMember2020-12-310000726854chco:RealEstateCollateralMember2021-03-310000726854chco:EquipmentAndReceivablesMember2021-03-310000726854chco:RealEstateCollateralMember2020-12-310000726854chco:EquipmentAndReceivablesMember2020-12-310000726854chco:CommercialIndustrialLoansAndCommercialRealEstateMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstate14FamilyMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateHotelsMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateHotelsMember2021-03-310000726854chco:CommercialRealEstateHotelsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityMember2021-03-310000726854us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-03-310000726854us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstate14FamilyMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateHotelsMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateHotelsMember2020-12-310000726854chco:CommercialRealEstateHotelsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityMember2020-12-310000726854us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000726854us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberchco:DemandDepositAccountOverdraftsMember2020-12-310000726854us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000726854us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000726854us-gaap:CommercialLoanMember2021-03-310000726854us-gaap:CommercialLoanMember2020-12-310000726854chco:CommercialRealEstate14FamilyMember2021-03-310000726854chco:CommercialRealEstate14FamilyMember2020-12-310000726854chco:CommercialRealEstateHotelsMember2021-03-310000726854chco:CommercialRealEstateHotelsMember2020-12-310000726854chco:CommercialRealEstateMultifamilyMember2021-03-310000726854chco:CommercialRealEstateMultifamilyMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-12-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:CommercialRealEstateMember2021-03-310000726854us-gaap:CommercialRealEstateMember2020-12-310000726854us-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:HomeEquityMember2021-03-310000726854us-gaap:HomeEquityMember2020-12-310000726854us-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:CommercialLoanMember2021-01-012021-03-310000726854us-gaap:CommercialLoanMember2020-01-012020-03-310000726854chco:CommercialRealEstate14FamilyMember2021-01-012021-03-310000726854chco:CommercialRealEstate14FamilyMember2020-01-012020-03-310000726854chco:CommercialRealEstateHotelsMember2021-01-012021-03-310000726854chco:CommercialRealEstateHotelsMember2020-01-012020-03-310000726854chco:CommercialRealEstateMultifamilyMember2021-01-012021-03-310000726854chco:CommercialRealEstateMultifamilyMember2020-01-012020-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-01-012021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-01-012020-03-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-01-012021-03-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-01-012020-03-310000726854us-gaap:CommercialRealEstateMember2021-01-012021-03-310000726854us-gaap:CommercialRealEstateMember2020-01-012020-03-310000726854us-gaap:ResidentialRealEstateMember2021-01-012021-03-310000726854us-gaap:ResidentialRealEstateMember2020-01-012020-03-310000726854us-gaap:HomeEquityMember2021-01-012021-03-310000726854us-gaap:HomeEquityMember2020-01-012020-03-310000726854us-gaap:ConsumerLoanMember2021-01-012021-03-310000726854us-gaap:ConsumerLoanMember2020-01-012020-03-310000726854us-gaap:PaymentDeferralMemberus-gaap:ConsumerBorrowerMemberchco:COVID19Member2021-01-012021-03-310000726854us-gaap:PaymentDeferralMemberus-gaap:ConsumerBorrowerMemberchco:COVID19Member2021-03-310000726854us-gaap:CommercialBorrowerMemberus-gaap:PaymentDeferralMemberchco:COVID19Member2021-01-012021-03-310000726854us-gaap:CommercialBorrowerMemberus-gaap:PaymentDeferralMemberchco:COVID19Member2021-03-310000726854us-gaap:PaymentDeferralMemberchco:CommercialRealEstateHotelsMemberchco:COVID19Member2021-03-310000726854us-gaap:CommercialLoanMemberus-gaap:PassMember2021-03-310000726854us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2021-03-310000726854us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:PassMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:SpecialMentionMember2021-03-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:SubstandardMember2021-03-310000726854chco:CommercialRealEstateHotelsMemberus-gaap:PassMember2021-03-310000726854chco:CommercialRealEstateHotelsMemberus-gaap:SpecialMentionMember2021-03-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateHotelsMember2021-03-310000726854chco:CommercialRealEstateMultifamilyMemberus-gaap:PassMember2021-03-310000726854chco:CommercialRealEstateMultifamilyMemberus-gaap:SpecialMentionMember2021-03-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateMultifamilyMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:PassMember2021-03-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2021-03-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2021-03-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMemberus-gaap:PassMember2021-03-310000726854us-gaap:SpecialMentionMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2021-03-310000726854us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2021-03-310000726854us-gaap:HomeEquityMemberus-gaap:PerformingFinancingReceivableMember2021-03-310000726854us-gaap:HomeEquityMemberus-gaap:NonperformingFinancingReceivableMember2021-03-310000726854us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerLoanMember2021-03-310000726854us-gaap:CommercialLoanMemberus-gaap:PassMember2020-12-310000726854us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2020-12-310000726854us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:PassMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:PassMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:SpecialMentionMember2020-12-310000726854chco:CommercialRealEstate14FamilyMemberus-gaap:SubstandardMember2020-12-310000726854chco:CommercialRealEstateHotelsMemberus-gaap:PassMember2020-12-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateHotelsMember2020-12-310000726854chco:CommercialRealEstateMultifamilyMemberus-gaap:PassMember2020-12-310000726854chco:CommercialRealEstateMultifamilyMemberus-gaap:SpecialMentionMember2020-12-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateMultifamilyMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:PassMember2020-12-310000726854chco:CommercialRealEstateNonResidentialNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2020-12-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateNonResidentialNonOwnerOccupiedMember2020-12-310000726854chco:CommercialRealEstateNonResidentialOwnerOccupiedMemberus-gaap:PassMember2020-12-310000726854us-gaap:SpecialMentionMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:SubstandardMemberchco:CommercialRealEstateNonResidentialOwnerOccupiedMember2020-12-310000726854us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialRealEstateMember2020-12-310000726854us-gaap:HomeEquityMemberus-gaap:PerformingFinancingReceivableMember2020-12-310000726854us-gaap:HomeEquityMemberus-gaap:NonperformingFinancingReceivableMember2020-12-310000726854us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerLoanMember2020-12-310000726854us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberchco:CustomerCounterpartiesLoanInterestRateSwapAssetsMember2021-03-310000726854us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberchco:CustomerCounterpartiesLoanInterestRateSwapAssetsMember2020-12-310000726854chco:CustomerCounterpartiesLoanInterestRateSwapLiabilitiesMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-03-310000726854chco:CustomerCounterpartiesLoanInterestRateSwapLiabilitiesMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310000726854us-gaap:OtherAssetsMemberchco:FinancialInstitutionCounterpartiesLoanInterestRateSwapAssetMemberus-gaap:NondesignatedMember2021-03-310000726854us-gaap:OtherAssetsMemberchco:FinancialInstitutionCounterpartiesLoanInterestRateSwapAssetMemberus-gaap:NondesignatedMember2020-12-310000726854chco:FinancialInstitutionCounterpartiesLoanInterestRateSwapLiabilitiesMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-03-310000726854chco:FinancialInstitutionCounterpartiesLoanInterestRateSwapLiabilitiesMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-12-310000726854us-gaap:OtherExpenseMemberus-gaap:OtherAssetsMemberchco:CustomerBackToBackSwapProgramMemberus-gaap:NondesignatedMember2021-01-012021-03-310000726854us-gaap:OtherIncomeMemberus-gaap:OtherAssetsMemberchco:CustomerBackToBackSwapProgramMemberus-gaap:NondesignatedMember2020-01-012020-03-310000726854us-gaap:OtherExpenseMemberchco:CustomerBackToBackSwapProgramMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-01-012021-03-310000726854us-gaap:OtherIncomeMemberchco:CustomerBackToBackSwapProgramMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-01-012020-03-310000726854us-gaap:OtherExpenseMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-01-012021-03-310000726854us-gaap:OtherExpenseMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2020-01-012020-03-310000726854us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2020-12-310000726854us-gaap:AvailableforsaleSecuritiesMember2021-03-310000726854us-gaap:InterestIncomeMember2021-01-012021-03-310000726854us-gaap:RestrictedStockMember2020-12-310000726854us-gaap:RestrictedStockMember2019-12-310000726854us-gaap:RestrictedStockMember2021-01-012021-03-310000726854us-gaap:RestrictedStockMember2020-01-012020-03-310000726854us-gaap:RestrictedStockMember2021-03-310000726854us-gaap:RestrictedStockMember2020-03-310000726854us-gaap:HomeEquityMemberus-gaap:CommitmentsToExtendCreditMember2021-03-310000726854us-gaap:HomeEquityMemberus-gaap:CommitmentsToExtendCreditMember2020-12-310000726854us-gaap:CommercialRealEstateMemberus-gaap:CommitmentsToExtendCreditMember2021-03-310000726854us-gaap:CommercialRealEstateMemberus-gaap:CommitmentsToExtendCreditMember2020-12-310000726854chco:OtherCommitmentsMemberus-gaap:CommitmentsToExtendCreditMember2021-03-310000726854chco:OtherCommitmentsMemberus-gaap:CommitmentsToExtendCreditMember2020-12-310000726854us-gaap:StandbyLettersOfCreditMember2021-03-310000726854us-gaap:StandbyLettersOfCreditMember2020-12-310000726854us-gaap:LetterOfCreditMember2021-03-310000726854us-gaap:LetterOfCreditMember2020-12-310000726854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000726854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000726854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000726854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000726854us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000726854us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberchco:ImpairedLoansMember2021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberchco:ImpairedLoansMember2021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberchco:ImpairedLoansMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberchco:ImpairedLoansMember2021-03-310000726854chco:ImpairedLoansMember2021-01-012021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberchco:OtherRealEstateOwnedMember2021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberchco:OtherRealEstateOwnedMember2021-03-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberchco:OtherRealEstateOwnedMember2021-03-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberchco:OtherRealEstateOwnedMember2021-03-310000726854chco:OtherRealEstateOwnedMember2021-01-012021-03-310000726854us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberchco:ImpairedLoansMember2020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberchco:ImpairedLoansMember2020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberchco:ImpairedLoansMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberchco:ImpairedLoansMember2020-12-310000726854chco:ImpairedLoansMember2020-01-012020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberchco:OtherRealEstateOwnedMember2020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberchco:OtherRealEstateOwnedMember2020-12-310000726854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberchco:OtherRealEstateOwnedMember2020-12-310000726854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberchco:OtherRealEstateOwnedMember2020-12-310000726854chco:OtherRealEstateOwnedMember2020-01-012020-12-310000726854srt:MinimumMember2021-01-012021-03-310000726854srt:MinimumMember2020-01-012020-03-310000726854srt:MaximumMember2020-01-012020-03-310000726854srt:MaximumMember2021-01-012021-03-310000726854us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310000726854us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000726854us-gaap:FairValueInputsLevel1Member2021-03-310000726854us-gaap:FairValueInputsLevel2Member2021-03-310000726854us-gaap:FairValueInputsLevel3Member2021-03-310000726854us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000726854us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000726854us-gaap:FairValueInputsLevel1Member2020-12-310000726854us-gaap:FairValueInputsLevel2Member2020-12-310000726854us-gaap:FairValueInputsLevel3Member2020-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to _____________

Commission file number 0-11733

CITY HOLDING COMPANY
(Exact name of registrant as specified in its charter)
West Virginia
55-0619957
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
25 Gatewater Road,
Charleston,
West Virginia
25313
(Address of Principal Executive Offices)
(Zip Code)
(304) 769-1100
Registrant's telephone number, including area code


(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueCHCONASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 




Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
x
Accelerated filer
  o
Non accelerated filer  
o
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No  

The registrant had outstanding 15,681,947 shares of common stock as of May 5, 2021.


FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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 (as hereinafter defined) 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, 2020 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 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; (15) the Company’s ability to pursue available remedies in the event of a loan default for loans under the Paycheck Protection Program, ("PPP"), and the risk of holding the PPP loans at unfavorable interest rates and on terms that are less favorable than those with customers to whom the Company would have otherwise lent; and (16) 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.






Table of Contents
Index
City Holding Company and Subsidiaries

Pages
   
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
  
  
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
  
 



Table of Contents
Part I - FINANCIAL INFORMATION

Item 1 - Financial Statements

1

Table of Contents
Consolidated Balance Sheets
City Holding Company and Subsidiaries
(in thousands)
(Unaudited)
March 31, 2021December 31, 2020
Assets
Cash and due from banks$97,709 $77,412 
Interest-bearing deposits in depository institutions659,090 451,247 
Cash and Cash Equivalents756,799 528,659 
Investment securities available for sale, at fair value1,185,245 1,178,789 
Other securities27,182 27,372 
Total Investment Securities1,212,427 1,206,161 
Gross loans3,546,723 3,622,119 
Allowance for credit losses(24,076)(24,549)
Net Loans3,522,647 3,597,570 
Bank owned life insurance118,976 118,243 
Premises and equipment, net76,529 76,925 
Accrued interest receivable16,231 15,793 
Net deferred tax asset1,395  
Goodwill and other intangible assets, net118,224 118,592 
Other assets71,142 96,697 
Total Assets$5,894,370 $5,758,640 
Liabilities  
Deposits:  
Noninterest-bearing$1,244,175 $1,176,990 
Interest-bearing:  
   Demand deposits1,077,749 1,027,201 
   Savings deposits1,265,038 1,188,003 
   Time deposits1,209,873 1,260,022 
Total Deposits4,796,835 4,652,216 
Short-term borrowings:
   Securities sold under agreements to repurchase316,003 295,956 
Net deferred tax liability 3,202 
Other liabilities89,847 106,160 
Total Liabilities5,202,685 5,057,534 
Commitments and contingencies - see Note H
Shareholders’ Equity  
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued
  
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 19,047,548 shares issued at March 31, 2021 and December 31, 2020, less 3,323,801 and 3,280,040 shares in treasury, respectively
47,619 47,619 
Capital surplus170,526 171,304 
Retained earnings600,396 589,988 
Cost of common stock in treasury(142,484)(139,038)
Accumulated other comprehensive income:  
    Unrealized gain on securities available-for-sale21,289 36,894 
    Underfunded pension liability(5,661)(5,661)
Total Accumulated Other Comprehensive Income15,628 31,233 
Total Shareholders’ Equity691,685 701,106 
Total Liabilities and Shareholders’ Equity$5,894,370 $5,758,640 
See notes to consolidated financial statements.
2

Table of Contents
Consolidated Statements of Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands, except earnings per share data)
Interest IncomeThree months ended March 31,
20212020
Interest and fees on loans$34,324 $41,335 
Interest and dividends on investment securities:
Taxable5,242 5,871 
Tax-exempt1,253 707 
Interest on deposits in depository institutions118 304 
Total Interest Income40,937 48,217 
Interest Expense
Interest on deposits3,280 7,238 
Interest on short-term borrowings117 464 
Interest on long-term debt 100 
Total Interest Expense3,397 7,802 
Net Interest Income37,540 40,415 
(Recovery of) provision for credit losses(440)7,972 
Net Interest Income After (Recovery of) Provision for Credit Losses37,980 32,443 
Non-Interest Income
Gains on sale of investment securities, net283 63 
Unrealized losses recognized on equity securities still held(51)(2,402)
Service charges5,881 7,723 
Bankcard revenue6,213 5,115 
Trust and investment management fee income2,033 1,799 
Bank owned  life insurance1,460 1,676 
Sale of VISA shares 17,837 
Other income811 1,536 
Total Non-Interest Income16,630 33,347 
Non-Interest Expense
Salaries and employee benefits15,671 15,851 
Occupancy related expense2,622 2,488 
Equipment and software related expense2,544 2,429 
FDIC insurance expense405  
Advertising881 843 
Bankcard expenses1,584 1,435 
Postage, delivery, and statement mailings592 616 
Office supplies392 394 
Legal and professional fees675 601 
Telecommunications690 511 
Repossessed asset losses, net of expenses79 198 
Other expenses3,674 4,102 
Total Non-Interest Expense29,809 29,468 
Income Before Income Taxes24,801 36,322 
Income tax expense4,987 7,322 
Net Income Available to Common Shareholders$19,814 $29,000 
3

Table of Contents
Average shares outstanding, basic15,656 16,080 
Effect of dilutive securities31 21 
Average shares outstanding, diluted15,687 16,101 
Basic earnings per common share$1.25 $1.79 
Diluted earnings per common share$1.25 $1.78 

See notes to consolidated financial statements.

4

Table of Contents
Consolidated Statements of Comprehensive Income (Unaudited)
City Holding Company and Subsidiaries
(in thousands)

Three Months Ended
March 31,
20212020
Net income available to common shareholders$19,814 $29,000 
Available-for-Sale Securities
Unrealized (losses) gains on available-for-sale securities arising during the period(20,240)26,714 
Reclassification adjustment for gains(283)(63)
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale 1,562 
   Other comprehensive (loss) income before income taxes(20,523)28,213 
Tax effect4,918 (6,593)
   Other comprehensive (loss) income, net of tax(15,605)21,620 
    Comprehensive Income, Net of Tax$4,209 $50,620 

See notes to consolidated financial statements.

5

Table of Contents
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
City Holding Company and Subsidiaries
Three Months Ended March 31, 2021 and 2020
(in thousands, except share amounts)



 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance at December 31, 2019$47,619 $170,309 $539,253 $(105,038)$5,840 $657,983 
Cumulative change in accounting principle— — (2,335)— — (2,335)
Balance at January 1, 202047,619 170,309 536,918 (105,038)5,840 655,648 
Net income— — 29,000 — — 29,000 
Other comprehensive income — — — — 21,620 21,620 
Cash dividends declared ($0.57 per share)
— — (9,200)— — (9,200)
Stock-based compensation expense— 1,009 — — — 1,009 
Restricted awards granted— (1,154)— 1,154 —  
Exercise of 2,650 stock options
— (68)— 190 — 122 
Purchase of 181,899 treasury shares
— — — (12,971)— (12,971)
Balance at March 31, 2020$47,619 $170,096 $556,718 $(116,665)$27,460 $685,228 

 Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive IncomeTotal Shareholders’ Equity
Balance at December 31, 2020$47,619 $171,304 $589,988 $(139,038)$31,233 $701,106 
Net income  19,814   19,814 
Other comprehensive loss    (15,605)(15,605)
Cash dividends declared ($0.58 per share)
  (9,406)  (9,406)
Stock-based compensation expense 1,153    1,153 
Restricted awards granted (464) 464   
Exercise of 8,769 stock options
 (1,467) 1,852  385 
Purchase of 75,110 treasury shares
   (5,762) (5,762)
Balance at March 31, 2021$47,619 $170,526 $600,396 $(142,484)$15,628 $691,685 

See notes to consolidated financial statements.

6

Table of Contents
Consolidated Statements of Cash Flows (Unaudited)
City Holding Company and Subsidiaries
(in thousands)
 Three months ended March 31,
20212020
Net income$19,814 $29,000 
Adjustments to reconcile net income to net cash provided by operating activities:  
Amortization and (accretion), net1,990 (422)
(Recovery of) provision for credit losses(440)7,972 
Depreciation of premises and equipment1,440 1,325 
Deferred income tax expense (benefit)427 (824)
Net periodic employee benefit cost158 181 
Pension contributions(1,000) 
Unrealized and realized investment securities (gains) losses, net(232)2,339 
Gain from the sale of VISA shares (17,837)
Stock-compensation expense1,153 1,009 
Excess tax benefit from stock-compensation expense(56)(121)
Increase in value of bank-owned life insurance(1,460)(1,676)
Loans held for sale
   Loans originated for sale(4,682)(2,327)
   Proceeds from the sale of loans originated for sale4,733 2,229 
   Gain on sale of loans(51)(77)
Change in accrued interest receivable(438)(1,001)
Change in other assets1,318 (5,580)
Change in other liabilities(3,273)8,937 
Net Cash Provided by Operating Activities19,401 23,127 
Net decrease in loans75,822 6,442 
Securities available-for-sale
     Purchases(66,424)(94,151)
     Proceeds from sales 26,090 
     Proceeds from maturities and calls49,368 20,644 
Other investments
     Purchases(24)(1,357)
     Proceeds from sales452 624 
Proceeds from the sale of VISA shares 17,837 
Purchases of premises and equipment(1,048)(3,329)
Proceeds from the disposals of premises and equipment 119 
Proceeds from the disposition of assets held-for-sale 440 
Proceeds from bank-owned life insurance policies1,723 1,412 
Payments for low income housing tax credits(1,218)(346)
Net Cash Provided by (Used in) Investing Activities58,651 (25,575)
Net increase in non-interest-bearing deposits67,185 52,414 
Net increase (decrease) in interest-bearing deposits77,482 (76,100)
Net increase in short-term borrowings20,047 22,892 
Repayment of long-term debt (4,124)
Purchases of treasury stock(5,762)(12,971)
Proceeds from exercise of stock options385 122 
Dividends paid(9,249)(9,293)
Net Cash Provided by (Used in) Financing Activities150,088 (27,060)
Increase (Decrease) in Cash and Cash Equivalents228,140 (29,508)
Cash and cash equivalents at beginning of period528,659 140,144 
Cash and Cash Equivalents at End of Period$756,799 $110,636 


7

Table of Contents

Supplemental Cash Flow Information:
Cash paid for interest$3,863 $8,118 
Cash paid for income taxes  

See notes to consolidated financial statements.
8

Table of Contents
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2021

Note A –Background and Basis of Presentation

City Holding Company ("City Holding"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia ("City National"). City National is a retail and consumer-oriented community bank with 94 banking offices in West Virginia (58), Kentucky (19), Virginia (13) and southeastern Ohio (4). City National provides credit, deposit, and trust and investment management services to its customers in a broad geographical area that includes many rural and small community markets in addition to larger cities including Charleston (WV), Huntington (WV), Martinsburg (WV), Ashland (KY), Lexington (KY), Winchester (VA) and Staunton (VA). In addition to its branch network, City National's delivery channels include automated-teller-machines ("ATMs"), interactive-teller machines ("ITMs"), mobile banking, debit cards, interactive voice response systems, and Internet technology. The Company’s business activities are currently limited to one reportable business segment, which is community banking.

The accompanying consolidated financial statements, which are unaudited, include all of the accounts of City Holding and its wholly-owned subsidiaries (collectively, the "Company"). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition for each of the periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2021. The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and Article 10 of Regulation S-X, and with Industry Guide 3, Statistical Disclosure by Bank Holding Companies. Such policies require management to make estimates and develop assumptions that affect the amounts reported in the consolidated financial statements and related footnotes. Actual results could differ from management’s estimates.

The consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements included in the Company’s 2020 Annual Report to Shareholders.  Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted.  These financial statements should be read in conjunction with the financial statements and notes thereto included in the 2020 Annual Report of the Company.

Certain amounts in the financial statements have been reclassified.  Such reclassifications had no impact on shareholders’ equity or net income for any period.

Note B -     Recent Accounting Pronouncements    

Recently Adopted:

In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." This amendment permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Federal Funds Effective Rate, and the SIFMA Municipal Swap Rate. This ASU became effective for the Company on January 1, 2019 with anticipation the LIBOR index will be phased out by the end of 2021. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and is effective as of March 12, 2020 through December 31, 2022. Management has reviewed the loan portfolio and taken the appropriate steps to prepare for the change from LIBOR to SOFR.

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. This ASU became effective for the Company on January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company's financial statements.
9

Table of Contents

Note C – Investments

The aggregate carrying and approximate fair values of investment securities follow (in thousands).  Fair values are based on quoted market prices, where available.  If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.


March 31, 2021December 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Securities available-for-sale:        
Obligations of states and     
political subdivisions273,855 7,082 1,184 279,753 266,483 11,467 139 277,811 
Mortgage-backed securities:     
U.S. government agencies834,608 24,328 3,382 855,554 815,682 34,807 105 850,384 
Private label9,691 705  10,396 9,976 916  10,892 
Trust preferred securities4,560  285 4,275 4,557  457 4,100 
Corporate securities32,421 857 3 33,275 31,465 2,146 1 33,610 
Total Debt Securities1,155,135 32,972 4,854 1,183,253 1,128,163 49,336 702 1,176,797 
Certificates of deposit held for investment1,992   1,992 1,992 — — 1,992 
Total Securities Available-for-Sale$1,157,127 $32,972 $4,854 $1,185,245 $1,130,155 $49,336 $702 $1,178,789 

The Company's other investment securities include marketable and non-marketable equity securities. At both March 31, 2021 and December 31, 2020, the Company held $11.8 million in marketable equity securities. Marketable equity securities mainly consist of investments made by the Company in equity positions of various community banks. Included within this portfolio are ownership positions in the following community bank holding companies: First National Corporation (FXNC) (3.7%) and Eagle Financial Services, Inc. (EFSI) (1.5%). Changes in the fair value of the marketable equity securities are recorded in "unrealized losses recognized on equity securities still held" in the consolidated statements of income. The Company's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At March 31, 2021 and December 31, 2020, the Company held $15.4 million and $15.5 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability.

The Company's mortgage-backed U.S. government agency securities consist of both residential and commercial securities, all of which are guaranteed by Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), or Ginnie Mae ("GNMA"). At March 31, 2021 and December 31, 2020 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity.


10

Table of Contents
Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of March 31, 2021 and December 31, 2020.  The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

March 31, 2021
Less Than Twelve MonthsTwelve Months or GreaterTotal
Estimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized Loss
Securities available-for-sale:      
Obligations of states and political subdivisions$97,157 $1,086 $2,386 $98 $99,543 $1,184 
Mortgage-backed securities:  
U.S. Government agencies225,763 3,366 13,290 16 239,053 3,382 
Trust preferred securities   4,275 285 4,275 285 
Corporate securities998 2 488 1 1,486 3 
Total available-for-sale$323,918 $4,454 $20,439 $400 $344,357 $4,854 

December 31, 2020
Less Than Twelve MonthsTwelve Months or GreaterTotal
Estimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized LossEstimated Fair ValueUnrealized Loss
Securities available-for-sale:      
Obligations of states and political subdivisions$10,578 $139 $ $ $10,578 $139 
Mortgage-backed securities:  
U.S. Government agencies62,412 105 35  62,447 105 
Trust preferred securities  4,100 457 4,100 457 
Corporate securities488 1   488 1 
Total available-for-sale$73,478 $245 $4,135 $457 $77,613 $702 

The Company incurred no credit-related investment impairment losses in either the three months ended March 31, 2021 or March 31, 2020.

As of March 31, 2021, management does not intend to sell any impaired security and it is not more than likely that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and unprecedented market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities approach their maturity date or repricing date. As of March 31, 2021, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. During the three months ended March 31, 2021 and 2020, the Company had no credit-related net investment impairment losses.

The amortized cost and estimated fair value of debt securities at March 31, 2021, by contractual maturity, is shown in the following table (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.  Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
Amortized CostEstimated Fair Value
Available-for-Sale Debt Securities  
Due in one year or less$16,063 $4,470 
Due after one year through five years33,304 34,628 
Due after five years through ten years292,485 303,519 
Due after ten years813,283 840,636 
Total$1,155,135 $1,183,253 
11

Table of Contents

Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands):
Three months ended March 31,
20212020
Gross realized gains on securities sold$283 $134 
Gross realized losses on securities sold (71)
Net investment security gains$283 $63 
Gross unrealized gains recognized on equity securities still held$ $24 
Gross unrealized losses recognized on equity securities still held(51)(2,426)
Net unrealized losses recognized on equity securities still held$(51)$(2,402)

During January 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605) in a cash transaction which resulted in a pre-tax gain of $17.8 million. The carrying value of the Visa Class B shares on the Company's balance sheet was $0, as the Company had no historical cost basis in the shares.

The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $641 million and $644 million at March 31, 2021 and December 31, 2020, respectively.



12

Table of Contents

Note D –Loans

The following table summarizes the Company’s major classifications for loans (in thousands):
March 31, 2021December 31, 2020
Commercial and industrial371,195 372,989 
  1-4 Family108,131 109,812 
  Hotels293,176 294,464 
  Multi-family212,561 215,671 
  Non Residential Non-Owner Occupied649,683 641,351 
  Non Residential Owner Occupied199,130 213,484 
Commercial real estate1,462,681 1,474,782 
Residential real estate1,532,907 1,587,694 
Home equity130,009 136,469 
Consumer47,224 47,688 
DDA overdrafts2,707 2,497 
Gross loans3,546,723 3,622,119 
Allowance for credit losses(24,076)(24,549)
Net loans$