City Holding Company Announces Quarterly Results

City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.6 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $30.3 million and diluted earnings of $2.06 per share for the quarter ended March 31, 2025. For the quarter ended March 31, 2025, the Company achieved a return on assets of 1.89% and a return on tangible equity of 20.7%.

Net Interest Income

The Company’s net interest income increased approximately $0.2 million, or 0.4%, from $55.6 million during the fourth quarter of 2024 to $55.8 million during the first quarter of 2025. The Company’s tax equivalent net interest income increased approximately $0.2 million, or 0.4%, from $55.8 million for the fourth quarter of 2024 to $56.0 million for the first quarter of 2025. Net interest income increased $1.5 million due to a decrease in the cost of interest-bearing liabilities (11 basis points) and by $1.1 million due to an increase in average loan balances ($76.8 million). Additionally, higher yields on investment securities increased net interest income by $0.4 million. These increases were partially offset by a decline of 4 basis points on loan yields which lowered net interest income by $1.6 million. Lower average balances of deposits in depository institutions ($53.0 million) and investments ($35.2 million) also lowered net interest income by $0.6 million and $0.3 million, respectively. The Company’s reported net interest margin improved from 3.75% for the fourth quarter of 2024 to 3.84% for the first quarter of 2025.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned increased from 0.35%, or $15.0 million, at December 31, 2024 to 0.38%, or $16.5 million, at March 31, 2025. Total past due loans decreased from $8.8 million, or 0.21% of total loans outstanding, at December 31, 2024, to $7.5 million, or 0.18% of total loans outstanding, at March 31, 2025.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company did not record a provision for credit losses in the first quarter of 2025, compared to a recovery of credit losses of $0.2 million for the comparable period in 2024, and a provision for credit losses of $0.3 million for the fourth quarter of 2024. The Company did not record a provision for loan losses in the first quarter of 2025 due to an improvement in the loss rate for residential real estate loans that was essentially offset by net charge-offs during the quarter ended March 31, 2025.

Non-interest Income

Non-interest income was $18.7 million during the quarter ended March 31, 2025, as compared to $17.9 million during the quarter ended March 31, 2024. During the first quarter of 2024, the Company reported $0.2 million of unrealized fair value gains on the Company’s equity securities.

Exclusive of this item, non-interest income increased $0.6 million, or 3.5%, from $18.1 million for the first quarter of 2024 to $18.7 million for the first quarter of 2025. This increase was due to an increase of $0.3 million, or 10.6%, in wealth and investment management fee income, and a $0.2 million, or 24.4%, increase in bank owned life insurance.

Non-interest Expenses

Non-interest expenses increased $1.7 million, or 4.8%, from $35.9 million in the first quarter of 2024 to $37.6 million in the first quarter of 2025. This increase was largely due to an increase of $0.5 million in equipment and software related expenses and a $0.5 million in other expenses. In addition, salaries and employee benefits increased $0.3 million, other tax-related matters increased $0.2 million, and bankcard expenses increased $0.2 million. These increases were partially offset by a decrease of $0.3 million in repossessed asset gains, net of expenses.

Balance Sheet Trends

Loans increased $11.0 million (0.3%) from December 31, 2024 to $4.29 billion at March 31, 2025. Residential real estate loans increased $18.2 million (1.0%), home equity loans increased $4.1 million (2.0%), and commercial and industrial loans increased $3.4 million (0.8%) during the quarter ended March 31, 2025. These increases were partially offset by a decrease in commercial real estate loans of $9.6 million.

Period-end deposit balances increased $114.3 million from December 31, 2024, to March 31, 2025. Total average depository balances increased $29.2 million (0.6%) from the quarter ended December 31, 2024 to the quarter ended March 31, 2025 to $5.17 billion. Average time deposits increased $39.5 million and savings deposit balances increased $32.5 million. These increases were partially offset by a decrease in average interest-bearing demand balances of $31.7 million and a decrease in average balances of noninterest-bearing demand deposits of $11.1 million.

Income Tax Expense

The Company’s effective income tax rate for the first quarter of 2025 was 17.8%, compared to 19.0% for the year ended December 31, 2024, and 19.5% for the quarter ended March 31, 2024.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 81.5% and the loan to asset ratio was 64.7% at March 31, 2025. The Company maintained investment securities totaling 21.8% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 60.1% of assets at March 31, 2025. Time deposits fund 19.3% of assets at March 31, 2025, with only 15.3% 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 March 31, 2025, City National had the capacity to borrow an additional $1.6 billion from these existing borrowing facilities. In addition, approximately $697 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $750 million of City National’s investment securities unpledged at March 31, 2025.

The Company continues to be strongly capitalized with tangible equity of $597 million at March 31, 2025. The Company’s tangible equity ratio increased from 9.1% at December 31, 2024 to 9.2% at March 31, 2025. At March 31, 2025, City National’s Leverage Ratio was 9.2%, its Common Equity Tier I ratio was 14.4%, its Tier I Capital ratio was 14.4%, and its Total Risk-Based Capital ratio was 14.9%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On March 26, 2025, the Board of Directors of the Company approved a quarterly cash dividend of $0.79 per share, payable April 30, 2025, to shareholders of record as of April 15, 2025. During the quarter ended March 31, 2025, the Company repurchased 80,600 common shares at a weighted average price of $117.42 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of March 31, 2025, the Company could repurchase 740,900 additional shares under the current plan.

City National operates 97 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 March 31, 2025 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2025 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
	Three Months Ended
	March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Earnings
Net Interest Income (fully taxable equivalent)	$	56,007			$	55,790			$	55,823			$	54,847			$	54,647
Net Income available to common shareholders		30,342				28,654				29,809				29,115				29,523
Per Share Data
Earnings per share available to common shareholders:
Basic	$	2.06			$	1.94			$	2.02			$	1.96			$	1.98
Diluted		2.06				1.94				2.02				1.96				1.97
Weighted average number of shares (in thousands):
Basic		14,616				14,634				14,633				14,695				14,795
Diluted		14,631				14,655				14,654				14,710				14,819
Period-end number of shares (in thousands)		14,650				14,705				14,702				14,701				14,825
Cash dividends declared	$	0.79			$	0.79			$	0.79			$	0.72			$	0.72
Book value per share (period-end)	$	51.63			$	49.69			$	50.42			$	46.71			$	46.02
Tangible book value per share (period-end)		40.74				38.80				39.49				35.75				35.10
Market data:
High closing price	$	120.39			$	134.35			$	123.29			$	106.43			$	111.40
Low closing price		114.48				113.37				104.53				98.35				99.28
Period-end closing price		117.47				118.48				117.39				106.25				104.22
Average daily volume (in thousands)		63				53				56				57				63
Treasury share activity:
Treasury shares repurchased (in thousands)		81				-				-				142				37
Average treasury share repurchase price	$	117.42			$	-			$	-			$	100.24			$	100.24
Key Ratios (percent)
Return on average assets		1.89	%			1.75	%			1.87	%			1.85	%			1.92	%
Return on average tangible equity		20.7	%			19.4	%			20.9	%			22.2	%			22.7	%
Yield on interest earning assets		5.32	%			5.31	%			5.43	%			5.38	%			5.33	%
Cost of interest bearing liabilities		2.02	%			2.14	%			2.13	%			2.06	%			1.90	%
Net Interest Margin		3.84	%			3.75	%			3.87	%			3.87	%			3.95	%
Non-interest income as a percent of total revenue		25.1	%			25.8	%			26.5	%			25.3	%			25.0	%
Efficiency Ratio		49.6	%			48.4	%			48.8	%			49.3	%			48.5	%
Price/Earnings Ratio (a)		14.26				15.27				14.54				13.53				13.17
Capital (period-end)
Average Shareholders' Equity to Average Assets		11.56	%			11.46	%			11.45	%			10.90	%			11.09	%
Tangible equity to tangible assets		9.23	%			9.06	%			9.26	%			8.50	%			8.46	%
Consolidated City Holding Company risk based capital ratios (b):
CET I		16.84	%			16.51	%			16.64	%			16.10	%			16.15	%
Tier I		16.84	%			16.51	%			16.64	%			16.10	%			16.15	%
Total		17.36	%			17.02	%			17.17	%			16.64	%			16.69	%
Leverage		10.76	%			10.62	%			10.59	%			10.30	%			10.45	%
City National Bank risk based capital ratios (b):
CET I		14.38	%			13.55	%			16.00	%			15.17	%			14.60	%
Tier I		14.38	%			13.55	%			16.00	%			15.17	%			14.60	%
Total		14.90	%			14.05	%			16.52	%			15.72	%			15.14	%
Leverage		9.19	%			8.72	%			10.17	%			9.68	%			9.42	%
Other (period-end)
Branches		97				97				97				97				97
FTE		942				941				940				948				953
Assets per FTE (in thousands)	$	7,028			$	6,864			$	6,845			$	6,689			$	6,625
Deposits per FTE (in thousands)		5,580				5,467				5,428				5,345				5,304
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) March 31, 2025 risk-based capital ratios are estimated.

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
	Three Months Ended
	March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024			March 31, 2024
Interest Income
Interest and fees on loans	$	60,917			$	61,701			$	61,407			$	59,285		$	59,128
Interest on investment securities:
Taxable		13,945				13,742				14,403				13,947			12,040
Tax-exempt		724				789				824				838			830
Interest on deposits in depository institutions		1,802				2,588				1,417				1,920			1,570
Total Interest Income		77,388				78,820				78,051				75,990			73,568
Interest Expense
Interest on deposits		16,852				17,463				17,072				15,897			14,097
Interest on customer repurchase agreements		3,169				4,191				3,788				3,900			3,621
Interest on FHLB long-term advances		1,552				1,586				1,586				1,568			1,423
Total Interest Expense		21,573				23,240				22,446				21,365			19,141
Net Interest Income		55,815				55,580				55,605				54,625			54,427
Provision for (Recovery of) credit losses		-				300				1,200				500			(180	)
Net Interest Income After Provision for (Recovery of) Credit Losses		55,815				55,280				54,405				54,125			54,607
Non-Interest Income
Net losses on sale of investment securities		-				(2,812	)			(12	)			-			(1	)
Unrealized (losses) gains recognized on equity securities still held		(5	)			(390	)			353				364			(152	)
Service charges		7,151				7,679				7,531				6,980			7,035
Bankcard revenue		6,807				7,109				7,346				7,245			6,800
Wealth and investment management fee income		2,902				2,947				2,923				2,762			2,623
Bank owned life insurance		1,153				855				1,435				775			927
Other income		729				739				772				785			716
Total Non-Interest Income		18,737				16,127				20,348				18,911			17,948
Non-Interest Expense
Salaries and employee benefits		19,194				19,489				19,245				18,751			18,878
Occupancy related expense		2,582				2,308				2,387				2,468			2,452
Equipment and software related expense		3,470				3,683				3,431				3,130			2,929
Bankcard expenses		2,215				1,909				2,271				2,290			2,039
Other tax-related matters		2,262				1,873				1,756				2,029			2,019
Advertising		873				901				1,081				972			867
FDIC insurance expense		776				729				734				718			711
Legal and professional fees		582				629				500				551			482
Repossessed asset (gains) losses, net of expenses		(66	)			(10	)			21				6			229
Other expenses		5,747				5,414				6,212				5,857			5,294
Total Non-Interest Expense		37,635				36,925				37,638				36,772			35,900
Income Before Income Taxes		36,917				34,482				37,115				36,264			36,655
Income tax expense		6,575				5,828				7,306				7,149			7,132
Net Income Available to Common Shareholders	$	30,342			$	28,654			$	29,809			$	29,115		$	29,523
Distributed earnings allocated to common shareholders	$	11,483			$	11,511			$	11,506			$	10,418		$	10,505
Undistributed earnings allocated to common shareholders		18,624				16,881				18,025				18,439			18,757
Net earnings allocated to common shareholders	$	30,107			$	28,392			$	29,531			$	28,857		$	29,262
Average common shares outstanding		14,616				14,634				14,633				14,695			14,795
Shares for diluted earnings per share		14,631				14,655				14,654				14,710			14,819
Basic earnings per common share	$	2.06			$	1.94			$	2.02			$	1.96		$	1.98
Diluted earnings per common share	$	2.06			$	1.94			$	2.02			$	1.96		$	1.97

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
		(Unaudited)								(Unaudited)				(Unaudited)				(Unaudited)
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Assets
Cash and due from banks		$	135,029			$	117,580			$	161,333			$	141,168			$	121,853
Interest-bearing deposits in depository institutions			249,676				107,809				132,616				76,818				196,829
Cash and cash equivalents			384,705				225,389				293,949				217,986				318,682
Investment securities available-for-sale, at fair value			1,416,808				1,421,306				1,462,795				1,456,685				1,347,657
Other securities			29,809				29,803				30,859				31,237				30,681
Total investment securities			1,446,617				1,451,109				1,493,654				1,487,922				1,378,338
Gross loans			4,285,824				4,274,776				4,157,830				4,112,873				4,091,788
Allowance for credit losses			(21,669	)			(21,922	)			(21,832	)			(22,688	)			(22,310	)
Net loans			4,264,155				4,252,854				4,135,998				4,090,185				4,069,478
Bank owned life insurance			121,738				120,887				120,061				119,650				118,875
Premises and equipment, net			69,696				70,539				70,651				71,041				71,623
Accrued interest receivable			21,603				20,650				21,785				21,826				21,759
Net deferred tax assets			35,184				41,704				33,497				43,602				43,969
Goodwill and intangible assets			159,501				160,044				160,640				161,236				161,832
Other assets			119,757				116,283				104,079				127,947				129,627
Total Assets		$	6,622,956			$	6,459,459			$	6,434,314			$	6,341,395			$	6,314,183
Liabilities
Deposits:
Noninterest-bearing		$	1,365,870			$	1,344,449			$	1,339,538			$	1,354,660			$	1,359,072
Interest-bearing:
Demand deposits			1,355,806				1,335,220				1,351,239				1,333,169				1,330,268
Savings deposits			1,260,903				1,215,358				1,208,828				1,233,834				1,266,211
Time deposits			1,275,890				1,249,123				1,203,046				1,145,617				1,100,250
Total deposits			5,258,469				5,144,150				5,102,651				5,067,280				5,055,801
Customer repurchase agreements			347,729				325,655				339,153				322,668				304,941
FHLB long-term advances			150,000				150,000				150,000				150,000				150,000
Other liabilities			110,422				108,990				101,211				114,707				121,210
Total Liabilities			5,866,620				5,728,795				5,693,015				5,654,655				5,631,952
Stockholders' Equity
Preferred stock			-				-				-				-				-
Common stock			47,619				47,619				47,619				47,619				47,619
Capital surplus			174,300				176,506				175,602				174,834				175,747
Retained earnings			871,406				852,757				835,778				817,549				799,024
Treasury stock			(237,038	)			(230,499	)			(230,836	)			(230,944	)			(218,555	)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale			(98,509	)			(114,277	)			(84,283	)			(119,737	)			(119,023	)
Underfunded pension liability			(1,442	)			(1,442	)			(2,581	)			(2,581	)			(2,581	)
Total Accumulated Other Comprehensive Loss			(99,951	)			(115,719	)			(86,864	)			(122,318	)			(121,604	)
Total Stockholders' Equity			756,336				730,664				741,299				686,740				682,231
Total Liabilities and Stockholders' Equity		$	6,622,956			$	6,459,459			$	6,434,314			$	6,341,395			$	6,314,183
Regulatory Capital
Total CET 1 capital		$	698,721			$	688,707			$	669,862			$	650,108			$	644,235
Total tier 1 capital			698,721				688,707				669,862				650,108				644,235
Total risk-based capital			720,400				709,820				690,857				671,959				665,707
Total risk-weighted assets			4,150,062				4,171,271				4,024,686				4,037,614				3,989,171

CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Commercial and industrial		$	423,265		$	419,838		$	424,414		$	408,312		$	407,770
1-4 Family			195,641			197,258			194,670			195,992			202,378
Hotels			372,758			389,660			383,232			370,954			354,929
Multi-family			215,546			240,943			193,875			190,390			186,555
Non Residential Non-Owner Occupied			742,323			707,265			665,210			668,330			682,609
Non Residential Owner Occupied			232,732			233,497			236,826			235,993			232,440
Commercial real estate (1)			1,759,000			1,768,623			1,673,813			1,661,659			1,658,911
Residential real estate (2)			1,841,851			1,823,610			1,806,578			1,797,260			1,786,764
Home equity			203,253			199,192			190,149			179,607			171,292
Consumer			54,670			57,816			58,710			62,352			63,556
DDA overdrafts			3,785			5,697			4,166			3,683			3,495
Gross Loans		$	4,285,824		$	4,274,776		$	4,157,830		$	4,112,873		$	4,091,788
Construction loans included in:
(1) - Commercial real estate loans		$	25,683		$	24,681		$	2,736		$	2,233		$	6,651
(2) - Residential real estate loans			5,276			7,547			7,604			9,766			19,709

CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
		Three Months Ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Allowance for Credit Losses
Balance at beginning of period		$	21,922			$	21,832			$	22,688			$	22,310			$	22,745
Charge-offs:
Commercial and industrial			(30	)			(99	)			(206	)			(61	)			(306	)
Commercial real estate			(220	)			-				(1,909	)			(40	)			(31	)
Residential real estate			-				(75	)			(43	)			(286	)			(19	)
Home equity			(1	)			(23	)			(57	)			(121	)			(27	)
Consumer			(129	)			(23	)			(24	)			(20	)			(115	)
DDA overdrafts			(379	)			(405	)			(436	)			(373	)			(356	)
Total charge-offs			(759	)			(625	)			(2,675	)			(901	)			(854	)
Recoveries:
Commercial and industrial			37				1				24				38				25
Commercial real estate			30				12				193				165				11
Residential real estate			1				3				27				179				49
Home equity			4				17				13				38				9
Consumer			9				15				25				24				98
DDA overdrafts			425				367				337				335				407
Total recoveries			506				415				619				779				599
Net charge-offs			(253	)			(210	)			(2,056	)			(122	)			(255	)
Provision for (Recovery of) credit losses			-				300				1,200				500				(180	)
Balance at end of period		$	21,669			$	21,922			$	21,832			$	22,688			$	22,310
Loans outstanding		$	4,285,824			$	4,274,776			$	4,157,830			$	4,112,873			$	4,091,788
Allowance as a percent of loans outstanding			0.51	%			0.51	%			0.53	%			0.55	%			0.55	%
Allowance as a percent of non-performing loans			135.5	%			154.3	%			141.1	%			236.8	%			206.8	%
Average loans outstanding		$	4,292,794			$	4,215,962			$	4,133,520			$	4,092,464			$	4,092,529
Net charge-offs (annualized) as a percent of average loans outstanding			0.02	%			0.02	%			0.20	%			0.01	%			0.02	%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Nonaccrual Loans
Residential real estate		$	3,226			$	2,823			$	2,596			$	3,214			$	3,452
Home equity			269				212				109				63				121
Commercial and industrial			2,781				3,161				3,631				3,135				3,405
Commercial real estate			9,692				7,833				9,031				3,118				3,807
Consumer			-				-				-				-				1
Total nonaccrual loans			15,968				14,029				15,367				9,530				10,786
Accruing loans past due 90 days or more			26				182				102				50				-
Total non-performing loans			15,994				14,211				15,469				9,580				10,786
Other real estate owned			457				754				729				629				752
Total non-performing assets		$	16,451			$	14,965			$	16,198			$	10,209			$	11,538
Non-performing assets as a percent of loans and other real estate owned			0.38	%			0.35	%			0.39	%			0.25	%			0.28	%
Past Due Loans
Residential real estate		$	5,936			$	7,012			$	8,205			$	7,991			$	5,035
Home equity			892				902				1,571				819				1,028
Commercial and industrial			4				-				57				1,087				26
Commercial real estate			476				240				992				565				138
Consumer			9				273				161				97				75
DDA overdrafts			214				391				333				327				406
Total past due loans		$	7,531			$	8,818			$	11,319			$	10,886			$	6,708
Total past due loans as a percent of loans outstanding			0.18	%			0.21	%			0.27	%			0.26	%			0.16	%

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
	Three Months Ended
	March 31, 2025										December 31, 2024										March 31, 2024
	Average							Yield/			Average							Yield/			Average							Yield/
	Balance				Interest			Rate			Balance				Interest			Rate			Balance				Interest			Rate
Assets:
Loan portfolio (1):
Residential real estate (2)	$	2,035,999			$	26,122		5.20	%		$	2,010,476			$	25,835		5.11	%		$	1,953,647			$	24,148		4.97	%
Commercial, financial, and agriculture (2)		2,195,307				33,876		6.26	%			2,141,481				34,859		6.48	%			2,070,054				33,980		6.60	%
Installment loans to individuals (2), (3)		61,488				919		6.06	%			64,005				1,007		6.26	%			68,828				999		5.84	%
Total loans		4,292,794				60,917		5.76	%			4,215,962				61,701		5.82	%			4,092,529				59,127		5.81	%
Securities:
Taxable		1,318,675				13,945		4.29	%			1,334,368				13,742		4.10	%			1,200,310				12,040		4.03	%
Tax-exempt (4)		134,567				916		2.76	%			154,097				999		2.58	%			160,847				1,051		2.63	%
Total securities		1,453,242				14,861		4.15	%			1,488,465				14,741		3.94	%			1,361,157				13,091		3.87	%
Deposits in depository institutions		164,069				1,802		4.45	%			217,056				2,588		4.74	%			115,953				1,570		5.45	%
Total interest-earning assets		5,910,105				77,580		5.32	%			5,921,483				79,030		5.31	%			5,569,639				73,788		5.33	%
Cash and due from banks		98,843										105,485										98,966
Premises and equipment, net		70,296										70,759										71,954
Goodwill and intangible assets		159,714										160,413										162,257
Other assets		298,473										282,298										306,278
Less: Allowance for credit losses		(22,285	)									(22,178	)									(23,142	)
Total assets	$	6,515,146									$	6,518,260									$	6,185,952
Liabilities:
Interest-bearing demand deposits	$	1,335,691			$	3,297		1.00	%		$	1,367,370			$	3,951		1.15	%		$	1,283,868			$	3,439		1.08	%
Savings deposits		1,237,116				2,271		0.74	%			1,204,625				2,212		0.73	%			1,254,253				2,273		0.73	%
Time deposits (2)		1,265,163				11,284		3.62	%			1,225,654				11,300		3.67	%			1,073,083				8,385		3.14	%
Customer repurchase agreements		333,562				3,169		3.85	%			375,304				4,191		4.44	%			313,623				3,621		4.64	%
FHLB long-term advances		150,000				1,552		4.20	%			150,000				1,586		4.21	%			136,813				1,423		4.18	%
Total interest-bearing liabilities		4,321,532				21,573		2.02	%			4,322,953				23,240		2.14	%			4,061,640				19,141		1.90	%
Noninterest-bearing demand deposits		1,336,365										1,347,457										1,322,540
Other liabilities		104,301										100,707										115,589
Stockholders' equity		752,948										747,143										686,183
Total liabilities and
Stockholders' equity	$	6,515,146									$	6,518,260									$	6,185,952
Net interest income					$	56,007									$	55,790									$	54,647
Net yield on earning assets								3.84	%									3.75	%									3.95	%
(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					$	201									$	175									$	133
(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					$	22									$	57									$	45
Commercial, financial, and agriculture						530										802										1,065
Installment loans to individuals						4										4										6
Time deposits						7										12										63
					$	563									$	875									$	1,179
(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%.

CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited) ($ in 000s, except per share data)
		Three Months Ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024		March 31, 2024
Net Interest Income/Margin
Net interest income ("GAAP")		$	55,815			$	55,580			$	55,605			$54,625		$	54,427
Taxable equivalent adjustment			192				210				218			222			220
Net interest income, fully taxable equivalent		$	56,007			$	55,790			$	55,823			$54,847		$	54,647
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")			11.41	%			11.31	%			11.52	%		10.83%			10.81	%
Effect of goodwill and other intangibles, net			(2.18	)%			(2.25	)%			(2.26	)%		(2.33)%			(2.35	)%
Tangible common equity to tangible assets			9.23	%			9.06	%			9.26	%		8.50%			8.46	%
Commercial Loan Information (period end)
Commercial Sector		Total				% of Total Loans				Average DSC				Average LTV
Natural Gas Extraction		$	44,817				1.05	%			2.84			NA
Natural Gas Distribution			13,600				0.32	%			2.55			NA
Masonry Contractors			24,811				0.58	%			1.01			100%
Sheet Metal Work Manufacturing			23,735				0.56	%			1.40			68%
Beer & Ale Merchant Wholesalers			26,051				0.61	%			1.78			NA
Gasoline Stations with Convenience Stores			37,039				0.87	%			5.95			65%
Lessors of Residential Buildings & Dwellings			471,441				11.03	%			1.90			67%
1-4 Family			185,469				4.34	%			2.96			71%
Multi-Family			195,546				4.58	%			1.80			68%
Lessors of Nonresidential Buildings			622,294				14.57	%			1.40			65%
Office Buildings			171,838				4.02	%			1.65			62%
Lessors of Mini-Warehouses & Self-Storage Units			55,638				1.30	%			1.69			60%
Assisted Living Facilities			26,444				0.62	%			1.90			52%
Hotels & Motels			373,150				8.73	%			1.87			67%
		Average Balance				Median Balance
Commercial, Financial, and Agriculture Loans		$	475			$	96
Commercial Real Estate Loans			546				126
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
		March 31, 2025				December 31, 2024
Noninterest-Bearing Demand Deposits			15	%			17	%
Interest-Bearing Deposits
Demand Deposits			15	%			15	%
Savings Deposits			13	%			12	%
Time Deposits			17	%			16	%
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 $250,000 or not collateralized by investment securities).
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Net Growth in DDA Accounts
Year		New DDA Accounts				Net Number of New Accounts				Percentage
2025			6,818				837				0.3	%
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).

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422094444/en/

The City Holding Stock at the time of publication of the news with a raise of +2,01 % to 117,5USD on Nasdaq stock exchange (23. April 2025, 12:20 Uhr).