City Holding Company Raises Dividend 8% On Common Shares
March 27 2014 - 9:13AM
Business Wire
City Holding Company, “the Company” (NASDAQ: CHCO), a $3.4
billion bank holding company headquartered in Charleston, yesterday
declared a dividend of 40 cents per common share for shareholders
of record as of April 15, 2014. The dividend is payable on April
30, 2014. The dividend represents an 8% increase from the 37 cents
per share cash dividend paid in the first quarter of 2014 and
follows a 6% increase in the cash dividend, from 35 cents per
common share to 37 cents, approved by the board in March 2013.
“I am very pleased with the Board's decision to once again
increase the quarterly cash dividend,” stated Charles (Skip)
Hageboeck, President and CEO. “This increase reaffirms the
Company's commitment of returning value to its shareholders. The
decision to increase the dividend to $1.60 on an annualized basis
is based on the Company's current strong capital and liquidity
position, our outstanding financial performance during 2013, and
our confidence in the Company's ability to sustain this
performance.”
City Holding Company is the parent company of City National Bank
of West Virginia. City National operates 82 branches across West
Virginia, Virginia, Eastern Kentucky and Southern 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. Such information
involves risks and uncertainties that could result in the Company's
actual results differing from those projected in the
forward-looking statements. Important factors that could cause
actual results to differ materially from those discussed in such
forward-looking statements include, but are not limited to, (1) the
Company may incur additional loan loss provision due to negative
credit quality trends in the future that may lead to a
deterioration of asset quality; (2) the Company may incur increased
charge-offs in the future; (3) the Company could have adverse legal
actions of a material nature; (4) the Company may face competitive
loss of customers; (5) the Company may be unable to manage its
expense levels; (6) the Company may have difficulty retaining key
employees; (7) changes in the interest rate environment may have
results on the Company’s operations materially different from those
anticipated by the Company’s market risk management functions; (8)
changes in general economic conditions and increased competition
could adversely affect the Company’s operating results; (9) changes
in other regulations and government policies affecting bank holding
companies and their subsidiaries, including changes in monetary
policies, could negatively impact the Company’s operating results;
(10) the Company may experience difficulties growing loan and
deposit balances; (11) the current economic environment poses
significant challenges for us and could adversely affect our
financial condition and results of operations; (12) continued
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 resulting in either
actual losses or other than temporary impairments on such
investments; and (13) the effects of the Wall Street Reform and
Consumer Protection Act (the “Dodd-Frank Act”) recently adopted by
the United States Congress. Forward-looking statements made herein
reflect management’s expectations as of the date such statements
are made. 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.
City Holding CompanyCharles Hageboeck, President &
CEO304-769-1102
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