City Holding Co. (CHCO) 2003年年度报告「NASDAQ」.pdf

1、SHAREHOLDERLETTERDear Shareholder:By most any measure,the year 2003 was remarkable for City Holding Company.The company achieved a returnon equity of 24.5 percent,which represented the 15th best performance among publicly traded banking institu-tions in the United States.Our 2.18 percent return on a

2、ssets,another common measure of profitability,was the9th best performance among publicly traded banking institutions in the U.S.during 2003.Clearly,our perform-ance confirmed the Companys position as a leader among peers.For 2003,the Company reported net income of$43.7 million,or diluted earnings pe

3、r share of$2.58 comparedwith net income of$32.5 million,or$1.90 per diluted share during 2002,representing a 35 percent increase.Asa result of the Companys increased level of profitability,shareholders were rewarded with a 24 percent increasein the stock price.This follows an increase of 135 percent

4、 in 2002 and an increase of 109 percent during 2001.In 2003,the Company also increased the quarterly dividend paid on common shares by 33 percent.Many areas contributed to the Companys success:The Company grew non-interest income by$7.2 million(after adjusting for security gains and losses),or 22 pe

5、rcent.Branch service charges led the way up$4.9 million or 21 percent as a consequenceof growth in both retail and business checking accounts.Our Totally Free Checking product has beenespecially well received in our markets.Insurance revenues increased 31 percent in 2003 as theCompany expanded the d

6、elivery of insurance services to new and existing retail and commercial cus-tomers.Fees derived from trust products and services also reflected sizeable growth during 2003,with trust revenues increasing 18 percent.Non-interest income now represents nearly 32 percent of total revenues for the Company