Overview

• U.S. regional bank's Q1 net interest income fell 1.6% from prior quarter

• Q1 net income was $31.7 mln, with diluted EPS of $2.20

• Company authorized new 1 mln share buyback, repurchased 262,017 shares in Q1

Outlook

• Company did not provide specific guidance or forecasts for the current or future periods

Result Drivers

• NET INTEREST INCOME DECLINE - Lower yields on loans and investments, with investment yield drop linked to swap maturities impacted net interest income

• NON-INTEREST INCOME GROWTH - Higher wealth and investment management fees and service charges boosted non-interest income

• CREDIT COSTS - Provision for credit losses rose due to a charge-off on a commercial loan for a movie theater

Company press release: ID:nBw9BTDZta

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Interest Income		$59.62 mln
Q1 Credit Loss Provision		-$600,000

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for City Holding Co is $132.00, about 6.1% above its April 22 closing price of $124.38

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

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