David L. Bumgarner, Executive Vice President and Chief Financial Officer
(304) 769-1169
City Holding Company Announces Quarterly Results
Charleston, West Virginia – City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.8 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $31.7 million and diluted earnings of $2.20 per share for the quarter ended March 31, 2026. For the quarter ended March 31, 2026, the Company achieved a return on assets of 1.92% and a return on tangible equity of 19.3%.
Net Interest Income
The Company’s net interest income decreased approximately $1.0 million, or 1.6%, from $60.6 million during the fourth quarter of 2025 to $59.6 million during the first quarter of 2026. The Company’s tax equivalent net interest income decreased approximately $0.9 million, or 1.5%, from $60.8 million for the fourth quarter of 2025 to $59.9 million for the first quarter of 2026. This decrease was primarily due to a decrease in the yield on loans and a decrease in the yield on investments which decreased net interest income by $1.5 million and $1.1 million, respectively. The decline in net interest income due to the decrease in the yield on investments was primarily attributable to the maturities of $150 million of swap agreements in October 2025 ($50 million) and November 2025 ($100 million). In addition, net interest income decreased $0.4 million due to a decrease in the average balances of investments ($36.1 million) and $0.3 million due to a decrease in average balances of deposits in depository institutions ($34.9 million).
These decreases were partially offset by a decrease in the cost of interest bearing liabilities (11 basis points) and an increase in average loans outstanding ($60.5 million), which increased net interest income by $1.6 million and $0.9 million, respectively. The Company’s reported net interest margin improved from 3.94% for the fourth quarter of 2025 to 3.97% for the first quarter of 2026.
Credit Quality
The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.32%, or $14.4 million, at December 31, 2025 to 0.27%, or $12.2 million, at March 31, 2026. Total past due loans increased modestly from $8.5 million, or 0.19% of total loans outstanding, at December 31, 2025, to $8.8 million, or 0.20% of total loans outstanding, at March 31, 2026.
As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a provision for credit losses of $0.6 million in the first quarter of 2026, compared to no provision for credit losses for the comparable period in 2025, and a provision for credit losses of $1.1 million for the fourth quarter of 2025. The provision for credit losses in the first quarter of 2026 was primarily related to a commercial loan for a movie theater that had been transferred to nonaccrual status in the third quarter of 2024. Due to further cash flow deterioration, a $0.85 million charge-off was recorded in the quarter ending March 31, 2026, leaving an outstanding balance of approximately $5.0 million. This charge-off was partially offset by a decline in loan balances from the fourth quarter of 2025 and net recoveries (exclusive of the movie theater charge-off) during the quarter ended March 31, 2026.
Non-interest Income
Non-interest income increased $0.9 million from $18.7 million in the first quarter of 2025 to $19.6 million in the first quarter of 2026. This increase was due to an increase of $0.4 million, or 14.3%, in wealth and investment management fee income, a $0.3 million, or 43.6%, increase in other income, and an increase of $0.2 million, or 3.4%, in service charges. These increases were partially offset by a decrease in bank owned life insurance of $0.2 million.
Non-interest Expenses
Non-interest expenses increased $1.8 million, or 4.6%, from $37.6 million in the first quarter of 2025 to $39.4 million in the first quarter of 2026. This increase was largely due to an increase in salaries and employee benefit expenses ($1.0 million due to salary adjustments (3.5%) and increased health insurance (11.3%)), other tax related matters ($0.4 million), and equipment and software related expenses ($0.2 million).
Balance Sheet Trends
Loans decreased $11.3 million (0.3%) from December 31, 2025 to $4.50 billion at March 31, 2026. Commercial and industrial loans decreased $12.4 million and consumer loans decreased $4.4 million during the quarter ended March 31, 2026. These decreases were partially offset by increases in residential real estate loans of $3.3 million (0.2%) and commercial real estate loans of $1.6 million (0.1%).
Period-end deposit balances increased $42.6 million from December 31, 2025, to March 31, 2026. Total average depository balances decreased $15.4 million (0.3%) from the quarter ended December 31, 2025 to the quarter ended March 31, 2026 to $5.27 billion. Average interest-bearing demand balances decreased $20.0 million and average balances of noninterest-bearing demand deposits decreased $13.0 million. These decreases were partially offset by increases in savings deposit balances of $13.8 million and average time deposits of $3.8 million.
Income Tax Expense
The Company’s effective income tax rate for the first quarter of 2026 was 19.2%, compared to 19.2% for the year ended December 31, 2025, and 17.8% for the quarter ended March 31, 2025.
Capitalization and Liquidity
The Company’s loan to deposit ratio was 84.1% and its loan to asset ratio was 66.5% at March 31, 2026. 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 59.7% of assets at March 31, 2026. Time deposits funded 19.4% of assets at March 31, 2026, 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 March 31, 2026, City National had the capacity to borrow an additional $1.8 billion from these existing borrowing facilities. In addition, approximately $709 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $762 million of City National’s investment securities unpledged at March 31, 2026.
The Company continues to be strongly capitalized with tangible equity of $637 million at March 31, 2026. The Company’s tangible equity ratio decreased from 9.9% at December 31, 2025 to 9.7% at March 31, 2026. At March 31, 2026, 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 14.8%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.
On March 25, 2026, the Board of Directors of the Company approved a quarterly cash dividend of $0.87 per share, payable April 30, 2026, to shareholders of record as of April 15, 2026. On March 25, 2026, the Company announced that the Board of Directors authorized the Company to buy back up to 1,000,000 shares of its common stock (approximately 7% of outstanding shares) in open market transactions at prices that are accretive to the earnings per share of continuing shareholders (the “2026 Program”). No time limit was placed on the duration of the 2026 Program. As part of this authorization, the Company terminated its previous repurchase program that was approved in January 2024 (the "2024 Program"). The Company had repurchased 822,634 shares under the 2024 Program. During the quarter ended March 31, 2026, the Company repurchased 262,017 common shares at a weighted average price of $117.79 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of March 31, 2026, the Company could repurchase approximately 985,000 shares under the current plan (2026 Program).
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, 2025 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 or financial technology companies; (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; (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, 2026 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2026 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Earnings
Net Interest Income (fully taxable equivalent)
$
59,890
$
60,825
$
61,294
$
59,116
$
56,007
Net Income available to common shareholders
31,735
31,568
35,188
33,387
30,342
Per Share Data
Earnings per share available to common shareholders:
Basic
$
2.20
$
2.18
$
2.41
$
2.29
$
2.06
Diluted
2.20
2.18
2.41
2.29
2.06
Weighted average number of shares (in thousands):
Basic
14,270
14,359
14,457
14,466
14,616
Diluted
14,274
14,366
14,463
14,471
14,631
Period-end number of shares (in thousands)
14,111
14,354
14,495
14,495
14,650
Cash dividends declared
$
0.87
$
0.87
$
0.87
$
0.79
$
0.79
Book value per share (period-end)
56.29
56.41
55.12
52.72
51.63
Tangible book value per share (period-end)
45.14
45.41
44.19
41.76
40.74
Market data:
High closing price
$
127.84
$
126.71
$
133.58
$
123.42
$
120.39
Low closing price
116.62
117.04
118.89
108.93
114.48
Period-end closing price
119.52
119.20
123.87
122.42
117.47
Average daily volume (in thousands)
111
90
112
76
63
Treasury share activity:
Treasury shares repurchased (in thousands)
262
141
—
175
81
Average treasury share repurchase price
$
117.79
$
119.12
$
—
$
111.09
$
117.42
Key Ratios (percent)
Return on average assets
1.92
%
1.86
%
2.11
%
2.03
%
1.89
%
Return on average tangible equity
19.3
%
19.2
%
22.5
%
22.7
%
20.7
%
Yield on interest earning assets
5.24
%
5.29
%
5.43
%
5.38
%
5.32
%
Cost of interest bearing liabilities
1.76
%
1.87
%
1.91
%
1.95
%
2.02
%
Net Interest Margin
3.97
%
3.94
%
4.04
%
3.95
%
3.84
%
Non-interest income as a percent of total revenue
24.8
%
24.9
%
24.7
%
24.7
%
25.1
%
Efficiency Ratio
48.9
%
48.2
%
46.0
%
49.0
%
49.6
%
Price/Earnings Ratio (a)
13.56
13.68
12.84
13.38
14.26
Capital (period-end)
Average Shareholders' Equity to Average Assets
12.32
%
12.04
%
11.81
%
11.37
%
11.56
%
Tangible equity to tangible assets
9.65
%
9.93
%
9.84
%
9.40
%
9.23
%
Consolidated City Holding Company risk based capital ratios (b):
CET I
16.87
%
16.94
%
17.19
%
16.78
%
16.84
%
Tier I
16.87
%
16.94
%
17.19
%
16.78
%
16.84
%
Total
17.33
%
17.40
%
17.66
%
17.26
%
17.36
%
Leverage
10.86
%
10.96
%
11.06
%
10.70
%
10.76
%
City National Bank risk based capital ratios (b):
CET I
14.35
%
13.42
%
15.83
%
15.10
%
14.38
%
Tier I
14.35
%
13.42
%
15.83
%
15.10
%
14.38
%
Total
14.81
%
13.88
%
16.30
%
15.58
%
14.90
%
Leverage
9.23
%
8.68
%
10.18
%
9.63
%
9.19
%
Other (period-end)
Branches
96
96
96
96
97
FTE
928
934
934
934
942
Assets per FTE (in thousands)
$
7,284
$
7,201
$
7,138
$
7,064
$
7,028
Deposits per FTE (in thousands)
5,757
5,679
5,629
5,619
5,580
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) March 31, 2026 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,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Interest Income
Interest and fees on loans
$
63,671
$
64,376
$
64,606
$
62,588
$
60,917
Interest on investment securities:
Taxable
13,129
14,657
15,947
15,347
13,945
Tax-exempt
1,027
1,014
708
712
724
Interest on deposits in depository institutions
942
1,400
829
1,644
1,802
Total Interest Income
78,769
81,447
82,090
80,291
77,388
Interest Expense
Interest on deposits
14,756
15,811
16,201
16,492
16,852
Interest on customer repurchase agreements
2,844
3,493
3,196
3,307
3,169
Interest on FHLB long-term advances
1,552
1,586
1,586
1,568
1,552
Total Interest Expense
19,152
20,890
20,983
21,367
21,573
Net Interest Income
59,617
60,557
61,107
58,924
55,815
Provision for (recovery of) credit losses
600
1,100
(500)
(2,000)
—
Net Interest Income After (Recovery of) Provision for Credit Losses
59,017
59,457
61,607
60,924
55,815
Non-Interest Income
Net gains on sale of investment securities
—
—
37
150
—
Unrealized gains (losses) recognized on securities still held
7
(416)
96
(263)
(5)
Service charges
7,391
7,713
7,852
7,264
7,151
Bankcard revenue
6,889
7,291
7,324
7,233
6,807
Wealth and investment management fee income
3,317
3,352
3,075
3,016
2,902
Bank owned life insurance
979
864
919
942
1,153
Other income
1,047
834
851
894
729
Total Non-Interest Income
19,630
19,638
20,154
19,236
18,737
Non-Interest Expense
Salaries and employee benefits
20,183
20,198
19,779
19,995
19,194
Occupancy related expense
2,632
2,316
2,340
2,316
2,582
Equipment and software related expense
3,665
3,812
3,618
3,554
3,470
Bankcard expenses
2,118
2,376
2,191
2,203
2,215
Other tax-related matters
2,681
2,312
2,104
2,327
2,262
Advertising
884
577
668
964
873
FDIC insurance expense
805
756
761
756
776
Legal and professional fees
553
552
549
651
582
Other expenses
5,864
6,655
5,905
6,233
5,681
Total Non-Interest Expense
39,385
39,554
37,915
38,999
37,635
Income Before Income Taxes
39,262
39,541
43,846
41,161
36,917
Income tax expense
7,527
7,973
8,658
7,774
6,575
Net Income Available to Common Shareholders
$
31,735
$
31,568
$
35,188
$
33,387
$
30,342
Distributed earnings allocated to common shareholders
$
12,166
$
12,372
$
12,495
$
11,346
$
11,483
Undistributed earnings allocated to common shareholders
19,284
18,903
22,370
21,735
18,624
Net earnings allocated to common shareholders
$
31,450
$
31,275
$
34,865
$
33,081
$
30,107
Average common shares outstanding
14,270
14,359
14,457
14,466
14,616
Shares for diluted earnings per share
14,274
14,366
14,463
14,471
14,631
Basic earnings per common share
$
2.20
$
2.18
$
2.41
$
2.29
$
2.06
Diluted earnings per common share
$
2.20
$
2.18
$
2.41
$
2.29
$
2.06
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Assets
Cash and due from banks
$
135,816
$
152,111
$
129,665
$
145,876
$
135,029
Interest-bearing deposits in depository institutions
163,201
39,808
95,929
26,248
249,676
Cash and cash equivalents
299,017
191,919
225,594
172,124
384,705
Investment securities available-for-sale, at fair value
1,441,098
1,503,358
1,510,772
1,562,423
1,416,808
Other securities
29,462
29,474
29,878
29,768
29,809
Total investment securities
1,470,560
1,532,832
1,540,650
1,592,191
1,446,617
Gross loans
4,495,698
4,507,005
4,412,775
4,339,196
4,285,824
Allowance for credit losses
(19,713)
(19,862)
(19,658)
(19,724)
(21,669)
Net loans
4,475,985
4,487,143
4,393,117
4,319,472
4,264,155
Bank owned life insurance
124,976
124,370
123,506
122,587
121,738
Premises and equipment, net
68,740
69,133
69,539
69,038
69,696
Accrued interest receivable
21,645
20,718
21,890
21,654
21,603
Net deferred tax assets
31,652
30,005
32,159
33,994
35,184
Goodwill and other intangible assets, net
157,383
157,871
158,414
158,957
159,501
Other assets
110,311
108,027
102,763
108,120
119,757
Total Assets
$
6,760,269
$
6,722,018
$
6,667,632
$
6,598,137
$
6,622,956
Liabilities
Deposits:
Noninterest-bearing
$
1,410,861
$
1,413,621
$
1,377,313
$
1,383,247
$
1,365,870
Interest-bearing:
Demand deposits
1,345,723
1,339,435
1,338,872
1,333,858
1,355,806
Savings deposits
1,276,884
1,244,571
1,238,832
1,244,179
1,260,903
Time deposits
1,310,136
1,303,361
1,302,575
1,287,536
1,275,890
Total deposits
5,343,604
5,300,988
5,257,592
5,248,820
5,258,469
Customer repurchase agreements
374,825
367,674
369,012
339,834
347,729
FHLB long-term advances
150,000
150,000
150,000
150,000
150,000
Other liabilities
97,450
93,676
92,085
95,268
110,422
Total Liabilities
$
5,965,879
$
5,912,338
$
5,868,689
$
5,833,922
$
5,866,620
Stockholders' Equity
Preferred stock
—
—
—
—
—
Common stock
47,619
47,619
47,619
47,619
47,619
Capital surplus
173,130
174,598
173,733
172,853
174,300
Retained earnings
954,407
935,046
915,971
893,422
871,406
Treasury stock
(299,503)
(270,967)
(254,153)
(254,181)
(237,038)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale
(80,388)
(75,741)
(82,785)
(94,056)
(98,509)
Underfunded pension liability
(875)
(875)
(1,442)
(1,442)
(1,442)
Total Accumulated Other Comprehensive Loss
(81,263)
(76,616)
(84,227)
(95,498)
(99,951)
Total Stockholders' Equity
794,390
809,680
798,943
764,215
756,336
Total Liabilities and Stockholders' Equity
$
6,760,269
$
6,722,018
$
6,667,632
$
6,598,137
$
6,622,956
Regulatory Capital
Total CET 1 capital
$
720,535
$
730,453
$
726,739
$
702,729
$
698,721
Total tier 1 capital
720,535
730,453
726,739
702,729
698,721
Total risk-based capital
740,252
750,319
746,422
722,477
720,400
Total risk-weighted assets
4,270,400
4,312,112
4,226,712
4,186,844
4,150,062
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Commercial and industrial
$
441,617
$
453,975
$
426,654
$
409,317
$
423,265
1-4 Family
221,165
210,232
204,280
199,400
195,641
Hotels
395,857
398,608
397,338
380,496
372,758
Multi-family
227,687
237,424
233,678
221,970
215,546
Non Residential Non-Owner Occupied
772,778
767,580
728,625
740,104
742,323
Non Residential Owner Occupied
251,382
253,398
239,058
236,935
232,732
Commercial real estate (1)
1,868,869
1,867,242
1,802,979
1,778,905
1,759,000
Residential real estate (2)
1,913,389
1,910,060
1,909,791
1,884,449
1,841,851
Home equity
224,723
224,701
218,750
207,906
203,253
Consumer
42,994
47,353
50,056
52,795
54,670
DDA overdrafts
4,106
3,674
4,545
5,824
3,785
Gross Loans
$
4,495,698
$
4,507,005
$
4,412,775
$
4,339,196
$
4,285,824
Construction loans included in:
(1) - Commercial real estate loans
$
39,519
$
35,781
$
31,892
$
28,781
$
25,683
(2) - Residential real estate loans
9,612
9,907
6,785
6,416
5,276
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Allowance for Loan Losses
Balance at beginning of period
$
19,862
$
19,658
$
19,724
$
21,669
$
21,922
Charge-offs:
Commercial and industrial
(4)
—
(7)
—
(30)
Commercial real estate
(856)
(27)
(2)
—
(220)
Residential real estate
(134)
(181)
(160)
(49)
—
Home equity
(62)
(102)
(55)
(97)
(1)
Consumer
(71)
(36)
(9)
(36)
(129)
DDA overdrafts
(382)
(387)
(399)
(327)
(379)
Total charge-offs
(1,509)
(733)
(632)
(509)
(759)
Recoveries:
Commercial and industrial
5
(347)
400
15
37
Commercial real estate
235
(144)
202
51
30
Residential real estate
30
(29)
35
49
1
Home equity
90
17
64
96
4
Consumer
20
4
16
25
9
DDA overdrafts
380
336
349
328
425
Total recoveries
760
(163)
1,066
564
506
Net (charge-offs) recoveries
(749)
(896)
434
55
(253)
Provision for (recovery of) credit losses
600
1,100
(500)
(2,000)
—
Balance at end of period
$
19,713
$
19,862
$
19,658
$
19,724
$
21,669
Loans outstanding
$
4,495,698
$
4,507,005
$
4,412,775
$
4,339,196
$
4,285,824
Allowance as a percent of loans outstanding
0.44
%
0.44
%
0.45
%
0.45
%
0.51
%
Allowance as a percent of non-performing loans
171.6
%
142.7
%
142.5
%
140.3
%
135.5
%
Average loans outstanding
$
4,496,109
$
4,435,631
$
4,378,342
$
4,310,222
$
4,292,794
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding
0.07
%
0.08
%
(0.04)
%
(0.01)
%
0.02
%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, Continued
(Unaudited) ($ in 000s)
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Nonaccrual Loans
Residential real estate
$
4,274
$
4,497
$
2,624
$
3,602
$
3,226
Home equity
313
308
498
283
269
Commercial and industrial
431
557
555
600
2,781
Commercial real estate
6,403
8,448
9,169
9,515
9,692
Consumer
2
—
—
—
—
Total nonaccrual loans
11,423
13,810
12,846
14,000
15,968
Accruing loans past due 90 days or more
64
109
946
63
26
Total non-performing loans
11,487
13,919
13,792
14,063
15,994
Other real estate owned
693
482
485
185
457
Total Non-Performing Assets
$
12,180
$
14,401
$
14,277
$
14,248
$
16,451
Non-performing assets as a percent of loans and other real estate owned
0.27
%
0.32
%
0.32
%
0.33
%
0.38
%
Past Due Loans
Residential real estate
$
6,440
$
6,461
$
5,635
$
6,497
$
5,936
Home equity
840
772
651
788
892
Commercial and industrial
273
279
140
—
4
Commercial real estate
670
291
1,314
202
476
Consumer
267
308
221
163
9
DDA overdrafts
342
436
328
336
214
Total Past Due Loans
$
8,832
$
8,547
$
8,289
$
7,986
$
7,531
Total past due loans as a percent of loans outstanding
0.20
%
0.19
%
0.19
%
0.18
%
0.18
%
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets:
Loan portfolio (1):
Residential real estate (2)
$
2,135,883
$
28,309
5.38
%
$
2,131,861
$
28,476
5.30
%
$
2,035,999
$
26,122
5.20
%
Commercial, financial, and agriculture (2)
2,310,646
34,557
6.07
%
2,250,036
35,022
6.18
%
2,195,307
33,876
6.26
%
Installment loans to individuals (2), (3)
49,580
805
6.58
%
53,734
878
6.48
%
61,488
919
6.06
%
Total loans
4,496,109
63,671
5.74
%
4,435,631
64,376
5.76
%
4,292,794
60,917
5.76
%
Securities:
Taxable
1,357,848
13,129
3.92
%
1,396,313
14,656
4.16
%
1,318,675
13,945
4.29
%
Tax-exempt (4)
159,841
1,300
3.30
%
157,476
1,283
3.23
%
134,567
916
2.76
%
Total securities
1,517,689
14,429
3.86
%
1,553,789
15,939
4.07
%
1,453,242
14,861
4.15
%
Deposits in depository institutions
103,353
942
3.70
%
138,253
1,400
4.02
%
164,069
1,802
4.45
%
Total interest-earning assets
6,117,151
79,042
5.24
%
6,127,673
81,715
5.29
%
5,910,105
77,580
5.32
%
Cash and due from banks
96,384
101,928
98,843
Premises and equipment, net
68,933
69,445
70,296
Goodwill and intangible assets
157,616
158,080
159,714
Other assets
279,291
280,293
298,473
Less: Allowance for credit losses
(20,276)
(19,497)
(22,285)
Total Assets
$
6,699,099
$
6,717,922
$
6,515,146
Liabilities:
Interest-bearing demand deposits
$
1,326,489
$
2,774
0.85
%
$
1,346,533
$
3,217
0.95
%
$
1,335,691
$
3,297
1.00
%
Savings deposits
1,253,525
2,342
0.76
%
1,239,715
2,370
0.76
%
1,237,116
2,271
0.74
%
Time deposits (2)
1,307,231
9,640
2.99
%
1,303,470
10,224
3.11
%
1,265,163
11,284
3.62
%
Customer repurchase agreements
368,483
2,844
3.13
%
386,270
3,493
3.59
%
333,562
3,169
3.85
%
FHLB long-term advances
150,000
1,552
4.20
%
150,000
1,586
4.19
%
150,000
1,552
4.20
%
Total interest-bearing liabilities
4,405,728
19,152
1.76
%
4,425,988
20,890
1.87
%
4,321,532
21,573
2.02
%
Noninterest-bearing demand deposits
1,380,136
1,393,103
1,336,365
Other liabilities
87,987
89,884
104,301
Stockholders' equity
825,248
808,947
752,948
Total Liabilities and Stockholders' Equity
$
6,699,099
$
6,717,922
$
6,515,146
Net Interest Income
$
59,890
$
60,825
$
56,007
Net Yield on Earning Assets
3.97
%
3.94
%
3.84
%
(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
$
53
$
111
$
201
(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
$
65
$
107
$
22
Commercial, financial, and agriculture
440
476
$
530
Installment loans to individuals
3
4
$
4
Time deposits
2
2
$
7
Total
$
510
$
589
$
563
(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,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Net Interest Income/Margin
Net interest income ("GAAP")
$
59,617
$
60,557
$
61,107
$
58,924
$
55,815
Taxable equivalent adjustment
273
268
187
192
192
Net interest income, fully taxable equivalent
$
59,890
$
60,825
$
61,294
$
59,116
$
56,007
Tangible Equity Ratio (period-end)
Equity to assets ("GAAP")
11.75
%
12.04
%
11.98
%
11.58
%
11.41
%
Effect of goodwill and other intangibles, net
(2.10)
(2.11)
(2.14)
(2.18)
(2.18)
Tangible common equity to tangible assets
9.65
%
9.93
%
9.84
%
9.40
%
9.23
%
Commercial Loan Information (period-end)
Commercial Sector
Total
% of Total Loans
Average DSC
Average LTV
Natural Gas Extraction
$
45,646
1.02%
3.60
NA
Natural Gas Distribution
13,789
0.31
3.08
NA
Masonry Contractors
22,488
0.50
1.04
100%
Sheet Metal Work Manufacturing
26,686
0.60
1.40
68%
Beer & Ale Merchant Wholesalers
24,041
0.54
1.59
NA
Gasoline Stations with Convenience Stores
47,605
1.06
2.02
65%
Lessors of Residential Buildings & Dwellings
506,935
11.31
1.56
66%
1-4 Family
194,628
4.34
1.82
63%
Multi-Family
200,859
4.48
1.76
68%
Lessors of Nonresidential Buildings
627,094
13.99
1.33
65%
Office Buildings
160,662
3.58
1.65
62%
Lessors of Mini-Warehouses & Self-Storage Units
55,554
1.24
1.44
64%
Assisted Living Facilities
25,223
0.56
1.58
41%
Hotels & Motels
396,263
8.84
1.75
58%
Average Balance
Median Balance
Commercial Loans
$
504
$
104
Commercial Real Estate Loans
572
132
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
2026
7,527
420
0.2
%
2025
31,427
3,548
1.3
%
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
%
* - amounts exclude accounts added in connection with the acquisition of Citizens Commerce Bancshares, Inc. (2023).