City Holding Co. (CHCO) 2007年年度报告「NASDAQ」.pdf

1、Annual Report 2007Dear Shareholder;2007 was a very difficult year in the banking industry.Net income of all FDIC-insured institutions fell by 27.4%in 2007 as compared to 2006,representing thelowest earnings in five years.Losses associated with sub-prime mortgages,collat-eralized debt obligations,and

2、 construction lending hit many of City HoldingCompanys competitors.Housing prices declined in many markets across the U.S.,leading to escalating mortgage delinquencies and foreclosures.The value of manyinvestment securities that were backed by these mortgages fell,the municipal bondmarket experience

3、d serious disruptions,and the whole economy appears to beundergoing a meaningful slow down.The good news is that City Holding Company remained one of the best performingbanks in the industry during 2007.While our company is not immune to economicforces operating within the U.S.economy,our conservati

4、ve culture and the stableeconomic markets in which City Holding Company operates have sup-ported our performance.Compared to other banking companies oursize,we are among the most profitable,best capitalized,and most liq-uid banks in the industry.As a result,our Companys stock price hasoutperformed m

5、ost banks within our peer group.At December 31,2007,City Holding Company operated 69 separatebranch offices,making it the 100th largest publicly traded bank in theU.S.based on the number of branches.City serves over 165,000 cus-tomers in West Virginia,Kentucky and Ohio and has total assets of$2.5 bi

6、llion.During 2007,City Holding Company continued a tradi-tion of providing strong shareholder returns while maintaining a well-diversified balance sheet and a conservative business strategy.T To op p-t ti ie er r P Pe er rf fo or rmma an nc ce eBy almost any measure,Citys financial performance conti