21 hours ago
City Holding Company Announces Record Quarterly Results
CHARLESTON, W. Va.--(BUSINESS WIRE)--City Holding Company ('Company' or 'City') (NASDAQ:CHCO), a $6.6 billion bank holding company headquartered in Charleston, West Virginia, today announced record quarterly net income of $33.4 million and diluted earnings of $2.29 per share for the quarter ended June 30, 2025. In the second quarter of 2025, the Company achieved a return on assets of 2.03% and a return on tangible equity of 22.7%.
Net Interest Income
The Company's net interest income increased approximately $3.1 million, or 5.6%, from $55.8 million during the first quarter of 2025 to $58.9 million during the second quarter of 2025. The Company's tax equivalent net interest income increased $3.1 million, or 5.5%, from $56.0 million for the first quarter of 2025 to $59.1 million for the second quarter of 2025. Due to an increase in the yield on loans of 18 basis points, net interest income increased $1.5 million as adjustable rate loans reprice upwards and new loans were added at higher yields. Additionally, net interest income increased by $1.0 million due to an increase in the average balance of investments ($91.7 million), by $0.7 million due to a decrease of three basis points in the cost of interest bearing liabilities, and by $0.4 million due to an increase in the yield of 15 basis points on investments. These increases were partially offset by an increase in the average balance of interest bearing liabilities ($63.2 million) which lowered net interest income by $0.4 million. The Company's reported net interest margin increased from 3.84% for the first quarter of 2025 to 3.95% for the second quarter of 2025.
Credit Quality
The Company's ratio of nonperforming assets to total loans and other real estate owned decreased from 0.38%, or $16.5 million, at March 31, 2025, to 0.33%, or $14.2 million, at June 30, 2025. Total past due loans increased from $7.5 million, or 0.18% of total loans outstanding, at March 31, 2025, to $8.0 million, or 0.18% of total loans outstanding, at June 30, 2025.
As a result of the Company's quarterly analysis of the adequacy of the allowance for credit losses ('ACL'), the Company recorded a recovery of credit losses of $2.0 million in the second quarter of 2025, compared to a provision for credit losses of $0.5 million for the comparable period in 2024 and no provision for credit losses for the first quarter of 2025. The recovery of credit losses in the second quarter was primarily due to an upgrade of a specific credit that was downgraded in the third quarter of 2023, but has since seen improved financial performance. This upgrade released $1.4 million of ACL reserves. Additionally, $0.3 million of reserves were reversed due to payoffs on purchase credit deteriorated loans during the quarter ended June 30, 2025. From January 1, 2023 through June 30, 2025, the Company had cumulative net charge-offs of $3.1 million.
Non-interest Income
Non-interest income was $19.2 million during the quarter ended June 30, 2025, as compared to $18.9 million during the quarter ended June 30, 2024. During the second quarter of 2025, the Company reported $0.2 million of realized investment gains and $0.3 million of unrealized fair value losses on the Company's equity securities as compared to $0.4 million of unrealized fair value gains on the Company's equity securities during the second quarter of 2024.
Exclusive of these items, non-interest income increased $0.8 million, or 4.3%, from $18.6 million for the second quarter of 2024 to $19.4 million for the second quarter of 2025. This increase was attributable to an increase of $0.3 million in service fees, an increase of $0.3 million in wealth and investment management fee income, and an increase of $0.2 million in bank owned life insurance. As compared to the six months ended June 30, 2024, service fee income increased $0.4 million and bankcard revenues were flat for the six months ended June 30, 2025.
Non-interest Expenses
Non-interest expenses increased $2.2 million, or 6.1%, from $36.8 million in the second quarter of 2024 to $39.0 million in the second quarter of 2025. This increase was largely due to an increase of $1.2 million in salaries and employee benefits due to increased health insurance costs and salary adjustments. In addition, equipment and software related expenses increased $0.4 million, other tax-related matters increased $0.3 million, and repossessed asset losses increased $0.3 million.
Balance Sheet Trends
Loans increased $53.4 million (1.3%) from March 31, 2025 to $4.34 billion at June 30, 2025. Residential real estate loans increased $42.6 million (2.3%), commercial real estate loans increased $19.9 million (1.1%), and home equity loans increased $4.7 million (2.3%). These increases were partially offset by a decrease in commercial and industrial loans of $13.9 million.
Period-end deposit balances decreased $9.6 million from March 31, 2025 to June 30, 2025. Total average depository balances increased $64.3 million, or 1.2%, from the quarter ended March 31, 2025 to the quarter ended June 30, 2025. Average noninterest bearing deposits increased $27.1 million, average time deposits increased $18.6 million, average savings deposits increased $10.7 million, and average interest-bearing demand deposits increased $7.8 million.
Income Tax Expense
The Company's effective income tax rate for the second quarter of 2025 was 18.9%, compared to 19.0% for the year ended December 31, 2024 and 19.7% for the quarter ended June 30, 2024.
Capitalization and Liquidity
The Company's gross loan to deposit ratio was 82.7%, and its gross loan to asset ratio was 65.8% at June 30, 2025. The Company maintained investment securities totaling 24.1% of assets as of the same date. The Company's deposit mix is weighted heavily toward checking and saving accounts, which fund 60.0% of assets at June 30, 2025. Time deposits funded 19.5% of assets at June 30, 2025, with only 14.9% of time deposits having balances of more than $250,000, reflecting the core retail orientation of the Company.
City Holding Company is the parent company of City National Bank of West Virginia ('City National'). City National has borrowing facilities with the Federal Reserve Bank and the Federal Home Loan Bank that can be accessed as necessary to fund operations and to provide contingency funding. These borrowing facilities are collateralized by various loans held on City National's balance sheet. As of June 30, 2025, City National had the capacity to borrow an additional $1.6 billion from these existing borrowing facilities. In addition, approximately $669 million of City National's investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $924 million of City National's investment securities unpledged at June 30, 2025.
The Company continues to be strongly capitalized with tangible equity of $605 million at June 30, 2025. The Company's tangible equity ratio increased from 9.1% at December 31, 2024 to 9.4% at June 30, 2025. At June 30, 2025, City National's Leverage Ratio was 9.6%, its Common Equity Tier I ratio was 15.1%, its Tier I Capital ratio was 15.1%, and its Total Risk-Based Capital ratio was 15.6%. These regulatory capital ratios are significantly above levels required to be considered 'well capitalized,' which is the highest possible regulatory designation.
On May 28, 2025, the Board of Directors of the Company approved a quarterly cash dividend of $0.79 per share payable July 31, 2025 to shareholders of record as of July 15, 2025. During the quarter ended June 30, 2025, the Company repurchased 175,000 common shares at a weighted average price of $111.09 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of June 30, 2025, the Company could repurchase 566,000 additional shares under the current program. At June 30, 2025, City Holding Company had significant resources available to repurchase shares with a cash balance of $66 million and dividends available from City National of $65 million through the six months ended June 30, 2025. The parent company's annual expenditures are approximately $45 million (based on the Company's operating expenses, contractual obligations and current quarterly dividend of $0.79 per share).
City National operates 96 branches across West Virginia, Kentucky, Virginia, and Ohio.
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. 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 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, 2024 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) 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; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) 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; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) 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. Further, the Company is required to evaluate subsequent events through the filing of its June 30, 2025 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary June 30, 2025 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES Financial Highlights (Unaudited) Three Months Ended Six Months Ended June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 June 30,
2025 June 30,
2024 Earnings Net Interest Income (fully taxable equivalent)
$
59,116
$
56,007
$
55,790
$
55,823
$
54,847
$
115,121
$
109,495
Net Income available to common shareholders
33,387
30,342
28,654
29,809
29,115
63,729
58,638
Per Share Data Earnings per share available to common shareholders: Basic
$
2.29
$
2.06
$
1.94
$
2.02
$
1.96
$
4.35
$
3.95 Diluted
2.29
2.06
1.94
2.02
1.96
4.35
3.94
Weighted average number of shares (in thousands): Basic
14,466
14,616
14,634
14,633
14,695
14,541
14,721 Diluted
14,471
14,631
14,655
14,654
14,710
14,551
14,740
Period-end number of shares (in thousands)
14,495
14,650
14,705
14,702
14,701
14,495
14,701
Cash dividends declared
$
0.79
$
0.79
$
0.79
$
0.79
$
0.72
$
1.58
$
1.43
Book value per share (period-end)
$
52.72
$
51.63
$
49.69
$
50.42
$
46.71
$
52.72
$
46.71
Tangible book value per share (period-end)
41.76
40.74
38.80
39.49
35.75
41.76
35.75
Market data: High closing price
$
123.42
$
120.39
$
134.35
$
123.29
$
106.43
$
123.42
$
111.40 Low closing price
108.93
114.48
113.37
104.53
98.35
108.93
98.35 Period-end closing price
122.42
117.47
118.48
117.39
106.25
122.42
106.25 Average daily volume (in thousands)
76
63
53
56
57
69
60
Treasury share activity: Treasury shares repurchased (in thousands)
175
81
-
-
142
255
179 Average treasury share repurchase price
$
111.09
$
117.42
$
-
$
-
$
100.24
$
113.09
$
100.24
Key Ratios (percent) Return on average assets
2.03
%
1.89
%
1.75
%
1.87
%
1.85
%
1.96
%
1.89
% Return on average tangible equity
22.7
%
20.7
%
19.4
%
20.9
%
22.2
%
21.7
%
22.4
% Yield on interest earning assets
5.38
%
5.32
%
5.31
%
5.43
%
5.38
%
5.35
%
5.36
% Cost of interest bearing liabilities
1.95
%
2.02
%
2.14
%
2.13
%
2.06
%
1.99
%
1.98
% Net Interest Margin
3.95
%
3.84
%
3.75
%
3.87
%
3.87
%
3.90
%
3.91
% Non-interest income as a percent of total revenue
24.7
%
25.1
%
25.8
%
26.5
%
25.3
%
24.8
%
25.3
% Efficiency Ratio
49.0
%
49.6
%
48.4
%
48.8
%
49.3
%
49.3
%
48.9
% Price/Earnings Ratio (a)
13.38
14.26
15.27
14.54
13.53
14.09
13.46
Capital (period-end) Average Shareholders' Equity to Average Assets
11.37
%
11.56
%
11.46
%
11.45
%
10.90
% Tangible equity to tangible assets
9.40
%
9.23
%
9.06
%
9.26
%
8.50
% Consolidated City Holding Company risk based capital ratios (b): CET I
16.78
%
16.84
%
16.51
%
16.64
%
16.10
% Tier I
16.78
%
16.84
%
16.51
%
16.64
%
16.10
% Total
17.26
%
17.36
%
17.02
%
17.17
%
16.64
% Leverage
10.70
%
10.76
%
10.62
%
10.59
%
10.30
% City National Bank risk based capital ratios (b): CET I
15.10
%
14.38
%
13.55
%
16.00
%
15.17
% Tier I
15.10
%
14.38
%
13.55
%
16.00
%
15.17
% Total
15.58
%
14.90
%
14.05
%
16.52
%
15.72
% Leverage
9.63
%
9.19
%
8.72
%
10.17
%
9.68
% Other (period-end) Branches
96
97
97
97
97
FTE
934
942
941
940
948
Assets per FTE (in thousands)
$
7,064
$
7,028
$
6,864
$
6,845
$
6,689
Deposits per FTE (in thousands)
5,619
5,580
5,467
5,428
5,345
(a) The price/earnings ratio is computed based on annualized quarterly earnings. (b) June 30, 2025 risk-based capital ratios are estimated.
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) ($ in 000s, except per share data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 June 30,
2025 June 30,
2024 Interest Income Interest and fees on loans
$
62,588
$
60,917
$
61,701
$
61,407
$
59,285
$
123,505
$
118,413
Interest on investment securities: Taxable
15,347
13,945
13,742
14,403
13,947
29,292
25,987
Tax-exempt
712
724
789
824
838
1,436
1,668
Interest on deposits in depository institutions
1,644
1,802
2,588
1,417
1,920
3,446
3,490
Total Interest Income
80,291
77,388
78,820
78,051
75,990
157,679
149,558
Interest Expense Interest on deposits
16,492
16,852
17,463
17,072
15,897
33,344
29,994
Interest on customer repurchase agreements
3,307
3,169
4,191
3,788
3,900
6,476
7,521
Interest on FHLB long-term advances
1,568
1,552
1,586
1,586
1,568
3,120
2,991
Total Interest Expense
21,367
21,573
23,240
22,446
21,365
42,940
40,506
Net Interest Income
58,924
55,815
55,580
55,605
54,625
114,739
109,052
(Recovery of) Provision for credit losses
(2,000
)
-
300
1,200
500
(2,000
)
320
Net Interest Income After (Recovery of) Provision for Credit Losses
60,924
55,815
55,280
54,405
54,125
116,739
108,732
Non-Interest Income Net gains (losses) on sale of investment securities
150
-
(2,812
)
(12
)
-
150
(1
) Unrealized (losses) gains recognized on equity securities still held
(263
)
(5
)
(390
)
353
364
(268
)
212
Service charges
7,264
7,151
7,679
7,531
6,980
14,415
14,015
Bankcard revenue
7,233
6,807
7,109
7,346
7,245
14,040
14,045
Wealth and investment management fee income
3,016
2,902
2,947
2,923
2,762
5,918
5,385
Bank owned life insurance
942
1,153
855
1,435
775
2,095
1,702
Other income
894
729
739
772
785
1,623
1,501
Total Non-Interest Income
19,236
18,737
16,127
20,348
18,911
37,973
36,859
Non-Interest Expense Salaries and employee benefits
19,995
19,194
19,489
19,245
18,751
39,189
37,629
Occupancy related expense
2,316
2,582
2,308
2,387
2,468
4,898
4,921
Equipment and software related expense
3,554
3,470
3,683
3,431
3,130
7,024
6,059
Bankcard expenses
2,203
2,215
1,909
2,271
2,290
4,418
4,329
Other tax-related matters
2,327
2,262
1,873
1,756
2,029
4,589
4,048
Advertising
964
873
901
1,081
972
1,837
1,839
FDIC insurance expense
756
776
729
734
718
1,532
1,429
Legal and professional fees
651
582
629
500
551
1,233
1,033
Repossessed asset losses (gains), net of expenses
292
(66
)
(10
)
21
6
226
235
Other expenses
5,941
5,747
5,414
6,212
5,857
11,688
11,150
Total Non-Interest Expense
38,999
37,635
36,925
37,638
36,772
76,634
72,672
Income Before Income Taxes
41,161
36,917
34,482
37,115
36,264
78,078
72,919
Income tax expense
7,774
6,575
5,828
7,306
7,149
14,349
14,281
Net Income Available to Common Shareholders
$
33,387
$
30,342
$
28,654
$
29,809
$
29,115
$
63,729
$
58,638
Distributed earnings allocated to common shareholders
$
11,346
$
11,483
$
11,511
$
11,506
$
10,418
$
22,691
$
20,835
Undistributed earnings allocated to common shareholders
21,735
18,624
16,881
18,025
18,439
40,497
37,284
Net earnings allocated to common shareholders
$
33,081
$
30,107
$
28,392
$
29,531
$
28,857
$
63,188
$
58,119
Average common shares outstanding
14,466
14,616
14,634
14,633
14,695
14,541
14,721
Shares for diluted earnings per share
14,471
14,631
14,655
14,654
14,710
14,551
14,740
Basic earnings per common share
$
2.29
$
2.06
$
1.94
$
2.02
$
1.96
$
4.35
$
3.95
Diluted earnings per common share
$
2.29
$
2.06
$
1.94
$
2.02
$
1.96
$
4.35
$
3.94
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Balance Sheets ($ in 000s) (Unaudited) (Unaudited) (Unaudited) (Unaudited) June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 Assets Cash and due from banks
$
145,876
$
135,029
$
117,580
$
161,333
$
141,168
Interest-bearing deposits in depository institutions
26,248
249,676
107,809
132,616
76,818
Cash and cash equivalents
172,124
384,705
225,389
293,949
217,986
Investment securities available-for-sale, at fair value
1,562,423
1,416,808
1,421,306
1,462,795
1,456,685
Other securities
29,768
29,809
29,803
30,859
31,237
Total investment securities
1,592,191
1,446,617
1,451,109
1,493,654
1,487,922
Gross loans
4,339,196
4,285,824
4,274,776
4,157,830
4,112,873
Allowance for credit losses
(19,724
)
(21,669
)
(21,922
)
(21,832
)
(22,688
) Net loans
4,319,472
4,264,155
4,252,854
4,135,998
4,090,185
Bank owned life insurance
122,587
121,738
120,887
120,061
119,650
Premises and equipment, net
69,038
69,696
70,539
70,651
71,041
Accrued interest receivable
21,654
21,603
20,650
21,785
21,826
Net deferred tax assets
33,994
35,184
41,704
33,497
43,602
Goodwill and intangible assets
158,957
159,501
160,044
160,640
161,236
Other assets
108,120
119,757
116,283
104,079
127,947
Total Assets
$
6,598,137
$
6,622,956
$
6,459,459
$
6,434,314
$
6,341,395
Liabilities Deposits: Noninterest-bearing
$
1,383,247
$
1,365,870
$
1,344,449
$
1,339,538
$
1,354,660
Interest-bearing: Demand deposits
1,333,858
1,355,806
1,335,220
1,351,239
1,333,169
Savings deposits
1,244,179
1,260,903
1,215,358
1,208,828
1,233,834
Time deposits
1,287,536
1,275,890
1,249,123
1,203,046
1,145,617
Total deposits
5,248,820
5,258,469
5,144,150
5,102,651
5,067,280
Customer repurchase agreements
339,834
347,729
325,655
339,153
322,668
FHLB long-term advances
150,000
150,000
150,000
150,000
150,000
Other liabilities
95,268
110,422
108,990
101,211
114,707
Total Liabilities
5,833,922
5,866,620
5,728,795
5,693,015
5,654,655
Stockholders' Equity Preferred stock
-
-
-
-
-
Common stock
47,619
47,619
47,619
47,619
47,619
Capital surplus
172,853
174,300
176,506
175,602
174,834
Retained earnings
893,422
871,406
852,757
835,778
817,549
Treasury stock
(254,181
)
(237,038
)
(230,499
)
(230,836
)
(230,944
) Accumulated other comprehensive loss: Unrealized loss on securities available-for-sale
(94,056
)
(98,509
)
(114,277
)
(84,283
)
(119,737
) Underfunded pension liability
(1,442
)
(1,442
)
(1,442
)
(2,581
)
(2,581
) Total Accumulated Other Comprehensive Loss
(95,498
)
(99,951
)
(115,719
)
(86,864
)
(122,318
) Total Stockholders' Equity
764,215
756,336
730,664
741,299
686,740
Total Liabilities and Stockholders' Equity
$
6,598,137
$
6,622,956
$
6,459,459
$
6,434,314
$
6,341,395
Regulatory Capital Total CET 1 capital
$
702,729
$
698,721
$
688,707
$
669,862
$
650,108
Total tier 1 capital
702,729
698,721
688,707
669,862
650,108
Total risk-based capital
722,477
720,400
709,820
690,857
671,959
Total risk-weighted assets
4,186,844
4,150,062
4,171,271
4,024,686
4,037,614
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s) June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 Commercial and industrial
$
409,317
$
423,265
$
419,838
$
424,414
$
408,312 1-4 Family
199,400
195,641
197,258
194,670
195,992 Hotels
380,496
372,758
389,660
383,232
370,954 Multi-family
221,970
215,546
240,943
193,875
190,390 Non Residential Non-Owner Occupied
740,104
742,323
707,265
665,210
668,330 Non Residential Owner Occupied
236,935
232,732
233,497
236,826
235,993 Commercial real estate (1)
1,778,905
1,759,000
1,768,623
1,673,813
1,661,659 Residential real estate (2)
1,884,449
1,841,851
1,823,610
1,806,578
1,797,260 Home equity
207,906
203,253
199,192
190,149
179,607 Consumer
52,795
54,670
57,816
58,710
62,352 DDA overdrafts
5,824
3,785
5,697
4,166
3,683 Gross Loans
$
4,339,196
$
4,285,824
$
4,274,776
$
4,157,830
$
4,112,873 Construction loans included in: (1) - Commercial real estate loans
$
28,781
$
25,683
$
24,681
$
2,736
$
2,233 (2) - Residential real estate loans
6,416
5,276
7,547
7,604
9,766
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information (Unaudited) ($ in 000s) Three Months Ended Six Months Ended June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 June 30,
2025 June 30,
2024 Allowance for Credit Losses Balance at beginning of period
$
21,669
$
21,922
$
21,832
$
22,688
$
22,310
$
21,922
$
22,745
Charge-offs: Commercial and industrial
-
(30
)
(99
)
(206
)
(61
)
(30
)
(367
) Commercial real estate
-
(220
)
-
(1,909
)
(40
)
(220
)
(71
) Residential real estate
(49
)
-
(75
)
(43
)
(286
)
(49
)
(305
) Home equity
(97
)
(1
)
(23
)
(57
)
(121
)
(98
)
(148
) Consumer
(36
)
(129
)
(23
)
(24
)
(20
)
(165
)
(135
) DDA overdrafts
(327
)
(379
)
(405
)
(436
)
(373
)
(706
)
(729
) Total charge-offs
(509
)
(759
)
(625
)
(2,675
)
(901
)
(1,268
)
(1,755
) Recoveries: Commercial and industrial
15
37
1
24
38
52
63
Commercial real estate
51
30
12
193
165
81
176
Residential real estate
49
1
3
27
179
50
228
Home equity
96
4
17
13
38
100
47
Consumer
25
9
15
25
24
34
122
DDA overdrafts
328
425
367
337
335
753
742
Total recoveries
564
506
415
619
779
1,070
1,378
Net recoveries (charge-offs)
55
(253
)
(210
)
(2,056
)
(122
)
(198
)
(377
) (Recovery of) provision for credit losses
(2,000
)
-
300
1,200
500
(2,000
)
320
Balance at end of period
$
19,724
$
21,669
$
21,922
$
21,832
$
22,688
$
19,724
$
22,688
Loans outstanding
$
4,339,196
$
4,285,824
$
4,274,776
$
4,157,830
$
4,112,873
Allowance as a percent of loans outstanding
0.45
%
0.51
%
0.51
%
0.53
%
0.55
% Allowance as a percent of non-performing loans
140.3
%
135.5
%
154.3
%
141.1
%
236.8
% Average loans outstanding
$
4,310,222
$
4,292,794
$
4,215,962
$
4,133,520
$
4,092,464
$
4,301,556
$
4,092,497
Net (recoveries) charge-offs (annualized) as a percent of average loans outstanding
(0.01
)%
0.02
%
0.02
%
0.20
%
0.01
%
0.01
%
0.02
% CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information, continued (Unaudited) ($ in 000s) June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 Nonaccrual Loans Residential real estate
$
3,602
$
3,226
$
2,823
$
2,596
$
3,214
Home equity
283
269
212
109
63
Commercial and industrial
600
2,781
3,161
3,631
3,135
Commercial real estate
9,515
9,692
7,833
9,031
3,118
Consumer
-
-
-
-
-
Total nonaccrual loans
14,000
15,968
14,029
15,367
9,530
Accruing loans past due 90 days or more
63
26
182
102
50
Total non-performing loans
14,063
15,994
14,211
15,469
9,580
Other real estate owned
185
457
754
729
629
Total non-performing assets
$
14,248
$
16,451
$
14,965
$
16,198
$
10,209
Non-performing assets as a percent of loans and other real estate owned
0.33
%
0.38
%
0.35
%
0.39
%
0.25
% Past Due Loans Residential real estate
$
6,497
$
5,936
$
7,012
$
8,205
$
7,991
Home equity
788
892
902
1,571
819
Commercial and industrial
-
4
-
57
1,087
Commercial real estate
202
476
240
992
565
Consumer
163
9
273
161
97
DDA overdrafts
336
214
391
333
327
Total past due loans
$
7,986
$
7,531
$
8,818
$
11,319
$
10,886
Total past due loans as a percent of loans outstanding
0.18
%
0.18
%
0.21
%
0.27
%
0.26
%
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Average Yield/ Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate Balance Interest Rate Assets: Loan portfolio (1): Residential real estate (2)
$
2,068,082
$
27,015
5.24
%
$
2,035,999
$
26,122
5.20
%
$
1,969,769
$
24,763
5.06
% Commercial, financial, and agriculture (2)
2,184,357
34,640
6.36
%
2,195,307
33,876
6.26
%
2,055,263
33,524
6.56
% Installment loans to individuals (2), (3)
57,783
935
6.49
%
61,488
919
6.06
%
67,432
998
5.95
% Total loans
4,310,222
62,590
5.82
%
4,292,794
60,917
5.76
%
4,092,464
59,285
5.83
% Securities: Taxable
1,416,770
15,347
4.34
%
1,318,675
13,945
4.29
%
1,302,197
13,947
4.31
% Tax-exempt (4)
128,165
902
2.82
%
134,567
916
2.76
%
158,894
1,060
2.68
% Total securities
1,544,935
16,249
4.22
%
1,453,242
14,861
4.15
%
1,461,091
15,007
4.13
% Deposits in depository institutions
147,662
1,644
4.47
%
164,069
1,802
4.45
%
139,852
1,920
5.52
% Total interest-earning assets
6,002,819
80,483
5.38
%
5,910,105
77,580
5.32
%
5,693,407
76,212
5.38
% Cash and due from banks
94,199
98,843
103,004
Premises and equipment, net
69,523
70,296
71,491
Goodwill and intangible assets
159,164
159,714
161,607
Other assets
291,943
298,473
316,440
Less: Allowance for credit losses
(22,127
)
(22,285
)
(22,694
) Total assets
$
6,595,521
$
6,515,146
$
6,323,255
Liabilities: Interest-bearing demand deposits
$
1,343,532
$
3,332
0.99
%
$
1,335,691
$
3,297
1.00
%
$
1,320,402
$
3,845
1.17
% Savings deposits
1,247,766
2,302
0.74
%
1,237,116
2,271
0.74
%
1,248,330
2,232
0.72
% Time deposits (2)
1,283,806
10,858
3.39
%
1,265,163
11,284
3.62
%
1,125,036
9,820
3.51
% Customer repurchase agreements
359,626
3,307
3.69
%
333,562
3,169
3.85
%
336,434
3,900
4.66
% FHLB long-term advances
150,000
1,568
4.19
%
150,000
1,552
4.20
%
150,000
1,568
4.20
% Total interest-bearing liabilities
4,384,730
21,367
1.95
%
4,321,532
21,573
2.02
%
4,180,202
21,365
2.06
% Noninterest-bearing demand deposits
1,363,481
1,336,365
1,341,642
Other liabilities
97,480
104,301
112,301
Stockholders' equity
749,830
752,948
689,110
Total liabilities and Stockholders' equity
$
6,595,521
$
6,515,146
$
6,323,255
Net interest income
$
59,116
$
56,007
$
54,847 Net yield on earning assets
3.95
%
3.84
%
3.87
% (1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: Loan fees, net
$
6
$
201
$
60 (2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: Residential real estate
$
57
$
22
$
72 Commercial, financial, and agriculture
676
530
683 Installment loans to individuals
-
4
6 Time deposits
3
7
21
$
736
$
563
$
782 (3) Includes the Company's consumer and DDA overdrafts loan categories. (4) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields, and Rates (Unaudited) ($ in 000s) Six Months Ended June 30, 2025 June 30, 2024 Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate Assets: Loan portfolio (1): Residential real estate (2)
$
2,051,918
$
53,137
5.22
%
$
1,962,337
$
48,912
5.01
% Commercial, financial, and agriculture (2)
2,189,980
68,516
6.31
%
2,062,016
67,504
6.58
% Installment loans to individuals (2), (3)
59,658
1,853
6.26
%
68,144
1,997
5.89
% Total loans
4,301,556
123,506
5.79
%
4,092,497
118,413
5.82
% Securities: Taxable
1,367,994
29,292
4.32
%
1,251,253
25,987
4.18
% Tax-exempt (4)
131,348
1,817
2.79
%
159,871
2,111
2.66
% Total securities
1,499,342
31,109
4.18
%
1,411,124
28,098
4.00
% Deposits in depository institutions
155,820
3,446
4.46
%
127,902
3,490
5.49
% Total interest-earning assets
5,956,718
158,061
5.35
%
5,631,523
150,001
5.36
% Cash and due from banks
96,508
100,985
Premises and equipment, net
69,907
71,723
Goodwill and intangible assets
159,438
161,932
Other assets
295,190
311,358
Less: Allowance for credit losses
(22,206
)
(22,918
) Total assets
$
6,555,555
$
6,254,603
Liabilities: Interest-bearing demand deposits
$
1,339,633
$
6,629
1.00
%
$
1,302,135
$
7,284
1.12
% Savings deposits
1,242,470
4,573
0.74
%
1,251,292
4,505
0.72
% Time deposits (2)
1,274,536
22,142
3.50
%
1,099,059
18,205
3.33
% Customer repurchase agreements
346,666
6,476
3.77
%
325,028
7,521
4.65
% FHLB long-term advances
150,000
3,120
4.19
%
143,407
2,991
4.19
% Total interest-bearing liabilities
4,353,305
42,940
1.99
%
4,120,921
40,506
1.98
% Noninterest-bearing demand deposits
1,349,998
1,332,091
Other liabilities
100,872
113,945
Stockholders' equity
751,380
687,646
Total liabilities and stockholders' equity
$
6,555,555
$
6,254,603
Net interest income
$
115,121
$
109,495 Net yield on earning assets
3.90
%
3.91
% (1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: Loan fees, net
$
207
$
193 (2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: Residential real estate
$
79
$
118 Commercial, financial, and agriculture
1,206
1,747 Installment loans to individuals
4
12 Time deposits
10
84
$
1,299
$
1,961 (3) Includes the Company's consumer and DDA overdrafts loan categories. (4) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations (Unaudited) ($ in 000s, except per share data) Three Months Ended Six Months Ended June 30,
2025 March 31,
2025 December 31,
2024 September 30,
2024 June 30,
2024 June 30,
2025 June 30,
2024 Net Interest Income/Margin Net interest income ("GAAP")
$
58,924
$
55,815
$
55,580
$
55,605
$
54,625
$
114,739
$
109,052 Taxable equivalent adjustment
192
192
210
218
222
382
443 Net interest income, fully taxable equivalent
$
59,116
$
56,007
$
55,790
$
55,823
$
54,847
$
115,121
$
109,495 Tangible Equity Ratio (period end) Equity to assets ("GAAP")
11.58
%
11.41
%
11.31
%
11.52
%
10.83
% Effect of goodwill and other intangibles, net
(2.18
)
(2.18
)
(2.25
)
(2.26
)
(2.33
) Tangible common equity to tangible assets
9.40
%
9.23
%
9.06
%
9.26
%
8.50
%
Expand
Commercial Loan Information (period end) Commercial Sector Total
% of Total
Loans Average
DSC
Average
LTV
Natural Gas Extraction
$
38,034
0.88%
2.86
NA Natural Gas Distribution
3,022
0.07%
2.55
NA Masonry Contractors
26,841
0.62%
1.01
100% Sheet Metal Work Manufacturing
25,095
0.58%
1.40
68% Beer & Ale Merchant Wholesalers
25,769
0.60%
1.53
NA Gasoline Stations with Convenience Stores
35,248
0.82%
5.07
65% Lessors of Residential Buildings & Dwellings
480,270
11.11%
1.64
67% 1-4 Family
186,532
4.32%
2.96
71% Multi-Family
200,388
4.64%
1.80
68% Lessors of Nonresidential Buildings
619,128
14.33%
1.42
65% Office Buildings
172,851
4.00%
1.65
62% Lessors of Mini-Warehouses & Self-Storage Units
55,236
1.28%
1.23
60% Assisted Living Facilities
26,080
0.60%
1.46
52% Hotels & Motels
380,882
8.81%
1.77
67% Average
Balance Median
Balance Commercial, Financial, and Agriculture Loans
$
479
$
98 Commercial Real Estate Loans
550
127
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations, continued (Unaudited) ($ in 000s, except per share data) Estimated Uninsured Deposits by Deposit Type June 30, 2025 March 31, 2025 Noninterest-Bearing Demand Deposits
16
%
15
% Interest-Bearing Deposits Demand Deposits
14
%
15
% Savings Deposits
12
%
13
% Time Deposits
17
%
17
% Total Deposits
15
%
15
% The amounts listed above represent management's best estimate as of the respective period shown of uninsured deposits (either with balances above $250,000 or not collateralized by investment securities).
Expand
CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations, continued (Unaudited) ($ in 000s, except per share data) Net Growth in DDA Accounts Year New DDA Accounts Net Number of New Accounts Percentage
2025
15,926
2,502
1.0
%
2024
32,238
4,497
1.8
% 2023*
31,745
4,768
1.9
%
2022
28,442
4,544
1.9
%
2021
32,800
8,860
3.8
%
2020
30,360
6,740
3.0
%
2019
32,040
3,717
1.7
% 2018*
30,400
4,310
2.2
% * - amounts exclude accounts added in connection with the acquisitions of Poage Bankshares, Inc. (2018), Farmers Deposit Bancorp, Inc.(2018) and Citizens Commerce Bancshares, Inc. (2023).
Expand
