CHARLESTON, W.V.--(BUSINESS WIRE)--October 22, 2025--
City Holding Company ("Company" or "City") (NASDAQ:CHCO), a $6.7 billion bank holding company headquartered in Charleston, West Virginia, today announced record quarterly net income of $35.2 million and diluted earnings of $2.41 per share for the quarter ended September 30, 2025, driven by strong loan growth, higher net interest income, and continued credit quality stability. In the third quarter of 2025, the Company achieved a return on assets of 2.11% and a return on tangible equity of 22.5%.
Net Interest Income
The Company's net interest income increased approximately $2.2 million, or 3.7%, from $58.9 million during the second quarter of 2025 to $61.1 million during the third quarter of 2025. The Company's tax equivalent net interest income increased $2.2 million, or 3.7%, from $59.1 million for the second quarter of 2025 to $61.3 million for the third quarter of 2025. This increase was primarily due to an increase in the yield on loans (8 basis points) and an increase in average loans outstanding ($68.1 million), which increased net interest income by $1.0 million and $1.0 million, respectively. In addition, net interest income increased $0.4 million due to an increase in the yield on investments (9 basis points), and by $0.3 million due to a decrease in the cost of interest bearing liabilities (3 basis points). These increases were partially offset by a decrease in the average balance of deposits in depository institutions ($72.7 million) which decreased net interest income by $0.8 million. The Company's reported net interest margin increased from 3.95% for the second quarter of 2025 to 4.04% for the third quarter of 2025.
Credit Quality
The Company's ratio of nonperforming assets to total loans and other real estate owned remained stable at 0.32%, or $14.3 million, at September 30, 2025 compared to 0.33%, or $14.2 million, at June 30, 2025. Total past due loans increased slightly from $8.0 million, or 0.18% of total loans outstanding, at June 30, 2025, to $8.3 million, or 0.19% of total loans outstanding at September 30, 2025.
As a result of the Company's quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a recovery of credit losses of $0.5 million in the third quarter of 2025, compared to a provision for credit losses of $1.2 million for the comparable period in 2024, and a recovery of credit losses of $2.0 million for the second quarter of 2025. The recovery of credit losses in the third quarter was primarily related to net recoveries of $0.4 million for the quarter ended September 30, 2025.
Non-interest Income
Non-interest income was $20.2 million during the quarter ended September 30, 2025, as compared to $20.3 million during the quarter ended September 30, 2024. During the third quarter of 2025, the Company reported $0.1 million of unrealized fair value gains 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 third quarter of 2024.
Exclusive of these items, non-interest income remained consistent at $20.0 million for both the third quarter of 2024 and the third quarter of 2025. Increases of $0.3 million (4.3%) in service fees and $0.2 million (5.2%) in wealth and investment management fee income were essentially offset by lower bank owned life insurance (due to death benefit proceeds in the third quarter of 2024) of $0.5 million.
Non-interest Expenses
Non-interest expenses increased $0.3 million, or 0.7%, from $37.6 million in the third quarter of 2024 to $37.9. million in the third quarter of 2025. This increase was largely due to an increase in salaries and employee benefits of $0.5 million and an increase of $0.3 million in other tax-related matters. These increases were partially offset by lower advertising $0.4 million and other expenses $0.3 million.
Balance Sheet Trends
Gross loans increased $73.6 million (1.7%) from June 30, 2025 to $4.41 billion at September 30, 2025. Residential real estate loans increased $25.3 million (1.3%), commercial real estate loans increased $24.1 million (1.4%), commercial and industrial loans increased $17.3 million (4.2%), and home equity loans increased $10.8 million (5.2%) during the quarter ended September 30, 2025.
Period-end deposit balances increased $8.8 million, or 0.2%, from June 30, 2025, to September 30, 2025. Total average depository balances remained flat from the quarter ended June 30, 2025 to the quarter ended September 30, 2025. Increases in average time deposit balances of $11.6 million and average noninterest-bearing demand deposit balances of $11.0 million were essentially offset by decreases in average interest bearing demand deposits of $14.3 million and average savings deposit balances of $6.3 million.
Income Tax Expense
The Company's effective income tax rate for the third quarter of 2025 was 19.7% compared to 19.0% for the year ended December 31, 2024 and 19.7% for the quarter ended September 30, 2024.
Capitalization and Liquidity
The Company's gross loan to deposit ratio was 83.9% and its gross loan to asset ratio was 66.2% at September 30, 2025. The Company maintained investment securities totaling 23.1% of assets as of the same date. The Company's deposit mix is weighted heavily toward checking and saving accounts, which funded 58.7% of assets at September 30, 2025. Time deposits funded 19.5% of assets at September 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 September 30, 2025, City National had the capacity to borrow an additional $1.7 billion from these existing borrowing facilities. In addition, approximately $725 million of City National's investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $815 million of City National's investment securities unpledged at September 30, 2025.
The Company continues to be strongly capitalized with tangible equity of $641 million at September 30, 2025. The Company's tangible equity ratio increased from 9.1% at December 31, 2024 to 9.8% at September 30, 2025. At September 30, 2025, City National's Leverage Ratio was 10.2%, its Common Equity Tier I ratio was 15.8%, its Tier I Capital ratio was 15.8%, and its Total Risk-Based Capital ratio was 16.3%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.
On September 24, 2025, the Board of Directors of the Company approved a quarterly cash dividend of $0.87 per share, payable October 31, 2025 to shareholders of record as of October 15, 2025. This represents a 10.0% increase from the $0.79 per share dividend paid on July 31, 2025. At September 30, 2025, City Holding Company had significant resources available to repurchase shares with a cash balance of $54 million and dividends available from City National of $100 million through the nine months ended September 30, 2025. The parent company's annual expenditures are approximately $50 million (based on the Company's operating expenses, contractual obligations and current quarterly dividend of $0.87 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 September 30, 2025 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary September 30, 2025 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months Ended Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30, September 30,
2025 2025 2025 2024 2024 2025 2024
------------- ----------- ------------ ------------ ------------- ------------- -------------
Earnings
Net Interest
Income (fully
taxable
equivalent) $61,294 $59,116 $56,007 $55,790 $55,823 $176,416 $165,318
Net Income
available to
common
shareholders 35,188 33,387 30,342 28,654 29,809 98,917 88,447
Per Share Data
Earnings per share
available to
common
shareholders:
Basic $ 2.41 $ 2.29 $ 2.06 $ 1.94 $ 2.02 $ 6.76 $ 5.96
Diluted 2.41 2.29 2.06 1.94 2.02 6.75 5.96
Weighted average
number of shares
(in thousands):
Basic 14,457 14,466 14,616 14,634 14,633 14,512 14,691
Diluted 14,463 14,471 14,631 14,655 14,654 14,521 14,711
Period-end number
of shares (in
thousands) 14,495 14,495 14,650 14,705 14,702 14,495 14,702
Cash dividends
declared $ 0.87 $ 0.79 $ 0.79 $ 0.79 $ 0.79 $ 2.45 $ 2.22
Book value per
share
(period-end) $ 55.12 $ 52.72 $ 51.63 $ 49.69 $ 50.42 $ 55.12 $ 50.42
Tangible book
value per share
(period-end) 44.19 41.76 40.74 38.80 39.49 44.19 39.49
Market data:
High closing
price $133.58 $123.42 $120.39 $134.35 $123.29 $ 133.58 $ 123.29
Low closing
price 118.89 108.93 114.48 113.37 104.53 108.93 98.35
Period-end
closing price 123.87 122.42 117.47 118.48 117.39 123.87 117.39
Average daily
volume (in
thousands) 112 76 63 53 56 84 59
Treasury share
activity:
Treasury shares
repurchased
(in
thousands) - 175 81 - - 255 179
Average
treasury share
repurchase
price $ - $111.09 $117.42 $ - $ - $ 113.09 $ 100.24
Key Ratios (percent)
Return on average
assets 2.11% 2.03% 1.89% 1.75% 1.87% 2.01% 1.88%
Return on average
tangible equity 22.5% 22.7% 20.7% 19.4% 20.9% 22.0% 21.9%
Yield on interest
earning assets 5.43% 5.38% 5.32% 5.31% 5.43% 5.38% 5.38%
Cost of interest
bearing
liabilities 1.91% 1.95% 2.02% 2.14% 2.13% 1.96% 2.03%
Net Interest
Margin 4.04% 3.95% 3.84% 3.75% 3.87% 3.95% 3.90%
Non-interest
income as a
percent of total
revenue 24.7% 24.7% 25.1% 25.8% 26.5% 24.8% 25.8%
Efficiency Ratio 46.0% 49.0% 49.6% 48.4% 48.8% 48.1% 48.9%
Price/Earnings
Ratio (a) 12.84 13.38 14.26 15.27 14.54 13.75 14.76
Capital (period-end)
Average
Shareholders'
Equity to
Average Assets 11.81% 11.37% 11.56% 11.46% 11.45%
Tangible equity
to tangible
assets 9.84% 9.40% 9.23% 9.06% 9.26%
Consolidated City Holding
Company risk based capital
ratios (b):
CET I 17.19% 16.78% 16.84% 16.51% 16.64%
Tier I 17.19% 16.78% 16.84% 16.51% 16.64%
Total 17.66% 17.26% 17.36% 17.02% 17.17%
Leverage 11.06% 10.70% 10.76% 10.62% 10.59%
City National
Bank risk based
capital ratios
(b):
CET I 15.83% 15.10% 14.38% 13.55% 16.00%
Tier I 15.83% 15.10% 14.38% 13.55% 16.00%
Total 16.30% 15.58% 14.90% 14.05% 16.52%
Leverage 10.18% 9.63% 9.19% 8.72% 10.17%
Other (period-end)
Branches 96 96 97 97 97
FTE 934 934 942 941 940
Assets per FTE (in
thousands) $ 7,138 $ 7,064 $ 7,028 $ 6,864 $ 6,845
Deposits per FTE
(in thousands) 5,629 5,619 5,580 5,467 5,428
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) September 30, 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 Nine Months Ended
March
September June 30, 31, December September September September
30, 2025 2025 2025 31, 2024 30, 2024 30, 2025 30, 2024
----------- -------- -------- ----------- ----------- ------------ ------------
Interest Income
Interest and fees
on loans $64,606 $62,588 $60,917 $61,701 $61,407 $188,111 $179,820
Interest on
investment
securities:
Taxable 15,947 15,347 13,945 13,742 14,403 45,239 40,390
Tax-exempt 708 712 724 789 824 2,144 2,492
Interest on
deposits in
depository
institutions 829 1,644 1,802 2,588 1,417 4,275 4,907
------ ------ ------ ------ ------ ------- -------
Total Interest
Income 82,090 80,291 77,388 78,820 78,051 239,769 227,609
Interest Expense
Interest on
deposits 16,201 16,492 16,852 17,463 17,072 49,545 47,066
Interest on
short-term
borrowings 3,196 3,307 3,169 4,191 3,788 9,672 11,309
Interest on FHLB
long-term
advances 1,586 1,568 1,552 1,586 1,586 4,706 4,577
------ ------ ------ ------ ------ ------- -------
Total Interest
Expense 20,983 21,367 21,573 23,240 22,446 63,923 62,952
------ ------ ------ ------ ------ ------- -------
Net Interest
Income 61,107 58,924 55,815 55,580 55,605 175,846 164,657
(Recovery of)
Provision for
credit losses (500) (2,000) - 300 1,200 (2,500) 1,520
------ ------ ------ ------ ------ ------- -------
Net Interest
Income After
(Recovery of)
Provision for
Credit
Losses 61,607 60,924 55,815 55,280 54,405 178,346 163,137
Non-Interest Income
Net gains
(losses) on sale
of investment
securities 37 150 - (2,812) (12) 187 (13)
Unrealized gains
(losses)
recognized on
equity
securities still
held 96 (263) (5) (390) 353 (172) 565
Service charges 7,852 7,264 7,151 7,679 7,531 22,267 21,546
Bankcard revenue 7,324 7,233 6,807 7,109 7,346 21,364 21,391
Wealth and
investment
management fee
income 3,075 3,016 2,902 2,947 2,923 8,993 8,308
Bank owned life
insurance 919 942 1,153 855 1,435 3,014 3,137
Other income 851 894 729 739 772 2,474 2,273
------ ------ ------ ------ ------ ------- -------
Total
Non-Interest
Income 20,154 19,236 18,737 16,127 20,348 58,127 57,207
Non-Interest Expense
Salaries and
employee
benefits 19,779 19,995 19,194 19,489 19,245 58,968 56,874
Occupancy related
expense 2,340 2,316 2,582 2,308 2,387 7,238 7,307
Equipment and
software related
expense 3,618 3,554 3,470 3,683 3,431 10,642 9,490
Bankcard expenses 2,191 2,203 2,215 1,909 2,271 6,609 6,600
Other tax-related
matters 2,104 2,327 2,262 1,873 1,756 6,693 5,803
Advertising 668 964 873 901 1,081 2,505 2,920
FDIC insurance
expense 761 756 776 729 734 2,293 2,163
Legal and
professional
fees 549 651 582 629 500 1,782 1,533
Repossessed asset
losses (gains),
net of expenses 37 292 (66) (10) 21 263 256
Other expenses 5,868 5,941 5,747 5,414 6,212 17,556 17,364
------ ------ ------ ------ ------ ------- -------
Total
Non-Interest
Expense 37,915 38,999 37,635 36,925 37,638 114,549 110,310
------ ------ ------ ------ ------ ------- -------
Income Before
Income Taxes 43,846 41,161 36,917 34,482 37,115 121,924 110,034
Income tax expense 8,658 7,774 6,575 5,828 7,306 23,007 21,587
------ ------ ------ ------ ------ ------- -------
Net Income
Available to
Common
Shareholders $35,188 $33,387 $30,342 $28,654 $29,809 $ 98,917 $ 88,447
====== ====== ====== ====== ====== ======= =======
Distributed earnings
allocated to common
shareholders $12,495 $11,346 $11,483 $11,511 $11,506 $ 35,186 $ 32,333
Undistributed
earnings allocated
to common
shareholders 22,370 21,735 18,624 16,881 18,025 62,867 55,291
------ ------ ------ ------ ------ ------- -------
Net earnings
allocated to common
shareholders $34,865 $33,081 $30,107 $28,392 $29,531 $ 98,053 $ 87,624
====== ====== ====== ====== ====== ======= =======
Average common
shares outstanding 14,457 14,466 14,616 14,634 14,633 14,512 14,691
Shares for diluted
earnings per share 14,463 14,471 14,631 14,655 14,654 14,521 14,711
Basic earnings per
common share $ 2.41 $ 2.29 $ 2.06 $ 1.94 $ 2.02 $ 6.76 $ 5.96
Diluted earnings per
common share $ 2.41 $ 2.29 $ 2.06 $ 1.94 $ 2.02 $ 6.75 $ 5.96
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
September June 30, March 31, December September 30,
30, 2025 2025 2025 31, 2024 2024
----------- ----------- ----------- ----------- -------------
Assets
Cash and due from banks $ 129,665 $ 145,876 $ 135,029 $ 117,580 $ 161,333
Interest-bearing
deposits in depository
institutions 95,929 26,248 249,676 107,809 132,616
--------- --------- --------- --------- ---------
Cash and cash
equivalents 225,594 172,124 384,705 225,389 293,949
Investment securities
available-for-sale, at
fair value 1,510,772 1,562,423 1,416,808 1,421,306 1,462,795
Other securities 29,878 29,768 29,809 29,803 30,859
--------- --------- --------- --------- ---------
Total investment
securities 1,540,650 1,592,191 1,446,617 1,451,109 1,493,654
Gross loans 4,412,775 4,339,196 4,285,824 4,274,776 4,157,830
Allowance for credit
losses (19,658) (19,724) (21,669) (21,922) (21,832)
--------- --------- --------- --------- ---------
Net loans 4,393,117 4,319,472 4,264,155 4,252,854 4,135,998
Bank owned life
insurance 123,506 122,587 121,738 120,887 120,061
Premises and equipment,
net 69,539 69,038 69,696 70,539 70,651
Accrued interest
receivable 21,890 21,654 21,603 20,650 21,785
Net deferred tax assets 32,159 33,994 35,184 41,704 33,497
Goodwill and intangible
assets 158,414 158,957 159,501 160,044 160,640
Other assets 102,763 108,120 119,757 116,283 104,079
--------- --------- --------- --------- ---------
Total Assets $6,667,632 $6,598,137 $6,622,956 $6,459,459 $6,434,314
========= ========= ========= ========= =========
Liabilities
Deposits:
Noninterest-bearing $1,377,313 $1,383,247 $1,365,870 $1,344,449 $1,339,538
Interest-bearing:
Demand deposits 1,338,872 1,333,858 1,355,806 1,335,220 1,351,239
Savings deposits 1,238,832 1,244,179 1,260,903 1,215,358 1,208,828
Time deposits 1,302,575 1,287,536 1,275,890 1,249,123 1,203,046
--------- --------- --------- --------- ---------
Total deposits 5,257,592 5,248,820 5,258,469 5,144,150 5,102,651
Short-term borrowings
Customer repurchase
agreements 369,012 339,834 347,729 325,655 339,153
FHLB long-term advances 150,000 150,000 150,000 150,000 150,000
Other liabilities 92,085 95,268 110,422 108,990 101,211
--------- --------- --------- --------- ---------
Total Liabilities 5,868,689 5,833,922 5,866,620 5,728,795 5,693,015
Stockholders' Equity
Preferred stock - - - - -
Common stock 47,619 47,619 47,619 47,619 47,619
Capital surplus 173,733 172,853 174,300 176,506 175,602
Retained earnings 915,971 893,422 871,406 852,757 835,778
Cost of common stock in
treasury (254,153) (254,181) (237,038) (230,499) (230,836)
Accumulated other
comprehensive loss:
Unrealized loss on
securities
available-for-sale (82,785) (94,056) (98,509) (114,277) (84,283)
Underfunded pension
liability (1,442) (1,442) (1,442) (1,442) (2,581)
--------- --------- --------- --------- ---------
Total Accumulated
Other
Comprehensive
Loss (84,227) (95,498) (99,951) (115,719) (86,864)
--------- --------- --------- --------- ---------
Total
Stockholders'
Equity 798,943 764,215 756,336 730,664 741,299
--------- --------- --------- --------- ---------
Total Liabilities
and
Stockholders'
Equity $6,667,632 $6,598,137 $6,622,956 $6,459,459 $6,434,314
========= ========= ========= ========= =========
Regulatory Capital
Total CET 1 capital $ 726,739 $ 702,729 $ 698,721 $ 688,707 $ 669,862
Total tier 1 capital 726,738 702,729 698,721 688,707 669,862
Total risk-based
capital 746,422 722,477 720,400 709,820 690,857
Total risk-weighted
assets 4,226,712 4,186,844 4,150,062 4,171,271 4,024,686
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
September June 30, March 31, December September
30, 2025 2025 2025 31, 2024 30, 2024
---------- ---------- ---------- ---------- ------------
Commercial
and
industrial $ 426,654 $ 409,317 $ 423,265 $ 419,838 $ 424,414
1-4 Family 204,280 199,400 195,641 197,258 194,670
Hotels 397,338 380,496 372,758 389,660 383,232
Multi-family 233,678 221,970 215,546 240,943 193,875
Non
Residential
Non-Owner
Occupied 728,625 740,104 742,323 707,265 665,210
Non
Residential
Owner
Occupied 239,058 236,935 232,732 233,497 236,826
--------- --------- --------- --------- ---------
Commercial
real estate
(1) 1,802,979 1,778,905 1,759,000 1,768,623 1,673,813
Residential
real estate
(2) 1,909,791 1,884,449 1,841,851 1,823,610 1,806,578
Home equity 218,750 207,906 203,253 199,192 190,149
Consumer 50,056 52,795 54,670 57,816 58,710
DDA
overdrafts 4,545 5,824 3,785 5,697 4,166
--------- --------- --------- --------- ---------
Gross
Loans $4,412,775 $4,339,196 $4,285,824 $4,274,776 $4,157,830
========= ========= ========= ========= =========
Construction
loans
included
in:
(1) -
Commercial
real estate
loans $ 31,892 $ 28,781 $ 25,683 $ 24,681 $ 2,736
(2) -
Residential
real estate
loans 6,785 6,416 5,276 7,547 7,604
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
Three Months Ended Nine Months Ended
September 30, December 31, September 30, September 30, September 30,
2025 June 30, 2025 March 31, 2025 2024 2024 2025 2024
--------------- -------------- -------------- -------------- --------------- --------------- ---------------
Allowance for Credit
Losses
Balance at beginning
of period $ 19,724 $ 21,669 $ 21,922 $ 21,832 $ 22,688 $ 21,922 $ 22,745
Charge-offs:
Commercial and
industrial (7) - (30) (99) (206) (37) (573)
Commercial real
estate (2) - (220) - (1,909) (222) (1,980)
Residential real
estate (160) (49) - (75) (43) (209) (348)
Home equity (55) (97) (1) (23) (57) (153) (205)
Consumer (9) (36) (129) (23) (24) (174) (159)
DDA overdrafts (399) (327) (379) (405) (436) (1,105) (1,165)
--------- --------- --------- --------- --------- --------- ---------
Total
charge-offs (632) (509) (759) (625) (2,675) (1,900) (4,430)
Recoveries:
Commercial and
industrial 400 15 37 1 24 452 87
Commercial real
estate 202 51 30 12 193 283 369
Residential real
estate 35 49 1 3 27 85 255
Home equity 64 96 4 17 13 164 60
Consumer 16 25 9 15 25 50 147
DDA overdrafts 349 328 425 367 337 1,102 1,079
--------- --- --------- --------- --------- --------- --- --------- --- --------- ---
Total
recoveries 1,066 564 506 415 619 2,136 1,997
Net recoveries
(charge-offs) 434 55 (253) (210) (2,056) 236 (2,433)
(Recovery of)
provision for
credit losses (500) (2,000) - 300 1,200 (2,500) 1,520
--------- --------- --------- --------- --------- --- --------- --------- ---
Balance at end of
period $ 19,658 $ 19,724 $ 21,669 $ 21,922 $ 21,832 $ 19,658 $ 21,832
========= === ========= ========= ========= ========= === ========= === ========= ===
Loans outstanding $4,412,775 $4,339,196 $4,285,824 $4,274,776 $4,157,830
Allowance as a
percent of loans
outstanding 0.45% 0.45% 0.51% 0.51% 0.53%
Allowance as a
percent of
non-performing
loans 142.5% 140.3% 135.5% 154.3% 141.1%
Average loans
outstanding $4,378,342 $4,310,222 $4,292,794 $4,215,962 $4,133,520 $4,327,432 $4,106,271
Net (recoveries)
charge-offs
(annualized) as a
percent of average
loans outstanding (0.04)% (0.01)% 0.02% 0.02% 0.20% (0.01)% 0.08%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
------------- ----------- ------------ ------------ -------------
Nonaccrual Loans
Residential real
estate $ 2,624 $ 3,602 $ 3,226 $ 2,823 $ 2,596
Home equity 498 283 269 212 109
Commercial and
industrial 555 600 2,781 3,161 3,631
Commercial real
estate 9,169 9,515 9,692 7,833 9,031
Consumer - - - - -
------ ---- ------ ------ --- ------ --- ------ ----
Total
nonaccrual
loans 12,846 14,000 15,968 14,029 15,367
Accruing loans
past due 90 days
or more 946 63 26 182 102
------ ---- ------ ------ --- ------ --- ------ ----
Total
non-performing
loans 13,792 14,063 15,994 14,211 15,469
Other real estate
owned 485 185 457 754 729
------ ---- ------ ------ --- ------ --- ------ ----
Total
non-performing
assets $14,277 $14,248 $16,451 $14,965 $16,198
====== ==== ====== ====== === ====== === ====== ====
Non-performing
assets as a
percent of loans
and other real
estate owned 0.32% 0.33% 0.38% 0.35% 0.39%
Past Due Loans
Residential real
estate $ 5,635 $ 6,497 $ 5,936 $ 7,012 $ 8,205
Home equity 651 788 892 902 1,571
Commercial and
industrial 140 - 4 - 57
Commercial real
estate 1,314 202 476 240 992
Consumer 221 163 9 273 161
DDA overdrafts 328 336 214 391 333
------ ---- ------ ------ --- ------ --- ------ ----
Total past due
loans $ 8,289 $ 7,986 $ 7,531 $ 8,818 $11,319
====== ==== ====== ====== === ====== === ====== ====
Total past due
loans as a
percent of loans
outstanding 0.19% 0.18% 0.18% 0.21% 0.27%
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
Three Months Ended
September 30, 2025 June 30, 2025 September 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) $2,106,823 $ 28,235 5.32% $2,068,082 $ 27,015 5.24% $1,984,502 $ 25,654 5.14%
Commercial, financial,
and agriculture (2) 2,215,319 35,443 6.35% 2,184,357 34,640 6.36% 2,082,888 34,708 6.63%
Installment loans to
individuals (2), (3) 56,200 928 6.55% 57,783 935 6.49% 66,130 1,045 6.29%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total loans 4,378,342 64,606 5.85% 4,310,222 62,590 5.82% 4,133,520 61,407 5.91%
Securities:
Taxable 1,435,540 15,947 4.41% 1,416,770 15,347 4.34% 1,343,323 14,402 4.27%
Tax-exempt (4) 127,878 895 2.78% 128,165 902 2.82% 159,225 1,043 2.61%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total securities 1,563,418 16,842 4.27% 1,544,935 16,249 4.22% 1,502,548 15,445 4.09%
Deposits in depository
institutions 74,918 829 4.39% 147,662 1,644 4.47% 103,322 1,417 5.46%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total
interest-earning
assets 6,016,678 82,277 5.43% 6,002,819 80,483 5.38% 5,739,390 78,269 5.43%
Cash and due from banks 96,097 94,199 110,765
Premises and equipment,
net 69,355 69,523 70,998
Goodwill and intangible
assets 158,619 159,164 161,009
Other assets 282,993 291,943 292,758
Less: Allowance for
credit losses (20,109) (22,127) (23,205)
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total assets $6,603,633 $6,595,521 $6,351,715
========= ====== ==== ========= ====== ==== ========= ====== ====
Liabilities:
Interest-bearing demand
deposits $1,329,234 $ 3,378 1.01% $1,343,532 $ 3,332 0.99% $1,321,922 $ 4,100 1.23%
Savings deposits 1,241,494 2,348 0.75% 1,247,766 2,302 0.74% 1,220,009 2,200 0.72%
Time deposits (2) 1,295,424 10,475 3.21% 1,283,806 10,858 3.39% 1,174,217 10,772 3.65%
Short-term borrowings 343,903 3,196 3.69% 359,626 3,307 3.69% 323,844 3,788 4.65%
FHLB long-term advances 150,000 1,586 4.19% 150,000 1,568 4.19% 150,000 1,586 4.21%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total interest-bearing
liabilities 4,360,055 20,983 1.91% 4,384,730 21,367 1.95% 4,189,992 22,446 2.13%
Noninterest-bearing demand
deposits 1,374,486 1,363,481 1,334,762
Other liabilities 89,456 97,480 99,797
Stockholders' equity 779,636 749,830 727,164
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total liabilities and
Stockholders' equity $6,603,633 $6,595,521 $6,351,715
========= ====== ==== ========= ====== ==== ========= ====== ====
Net interest income $ 61,294 $ 59,116 $ 55,823
========= ====== ==== ========= ====== ==== ========= ====== ====
Net yield on earning
assets 4.04% 3.95% 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 $ 39 $ 6 $ 127
(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 $ 166 $ 57 $ 27
Commercial, financial,
and agriculture 535 676 752
Installment loans to
individuals 2 - 5
Time deposits 3 3 14
------ ------ ------
$ 706 $ 736 $ 798
====== ====== ======
(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
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
Nine Months Ended
September 30, 2025 September 30, 2024
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
----------- -------- -------- ----------- -------- --------
Assets:
Loan portfolio (1) :
Residential real estate
(2) $2,068,502 $ 81,373 5.26% $1,968,377 $ 74,566 5.06%
Commercial, financial,
and agriculture (2) 2,200,471 103,959 6.32% 2,070,431 102,211 6.59%
Installment loans to
individuals (2), (3) 58,459 2,779 6.36% 67,463 3,042 6.02%
--------- ------- ---- --------- ------- ----
Total loans 4,327,432 188,111 5.81% 4,106,271 179,819 5.85%
Securities:
Taxable 1,390,756 45,239 4.35% 1,282,167 40,390 4.21%
Tax-exempt (4) 130,179 2,714 2.79% 159,654 3,154 2.64%
--------- ------- ---- --------- ------- ----
Total securities 1,520,935 47,953 4.22% 1,441,821 43,544 4.03%
Deposits in depository
institutions 128,556 4,275 4.45% 119,649 4,907 5.48%
--------- ------- ---- --------- ------- ----
Total
interest-earning
assets 5,976,923 240,339 5.38% 5,667,741 228,270 5.38%
Cash and due from banks 96,370 104,269
Premises and equipment,
net 69,721 71,479
Goodwill and intangible
assets 159,162 161,622
Other assets 291,080 305,113
Less: Allowance for
credit losses (21,499) (23,014)
--------- ------- ---- --------- ------- ----
Total assets $6,571,757 $6,287,210
========= ======= ==== ========= ======= ====
Liabilities:
Interest-bearing demand
deposits $1,336,129 $ 10,007 1.00% $1,308,779 $ 11,384 1.16%
Savings deposits 1,242,141 6,921 0.74% 1,240,788 6,705 0.72%
Time deposits (2) 1,281,575 32,616 3.40% 1,124,295 28,977 3.44%
Short-term borrowings 345,735 9,672 3.74% 324,631 11,309 4.65%
FHLB long-term advances 150,000 4,707 4.20% 145,620 4,577 4.20%
--------- ------- ---- --------- ------- ----
Total interest-bearing
liabilities 4,355,580 63,923 1.96% 4,144,113 62,952 2.03%
Noninterest-bearing demand
deposits 1,358,250 1,332,988
Other liabilities 97,024 109,194
Stockholders' equity 760,903 700,915
--------- ------- ---- --------- ------- ----
Total liabilities and
stockholders' equity $6,571,757 $6,287,210
========= ======= ==== ========= ======= ====
Net interest income $176,416 $165,318
========= ======= ==== ========= ======= ====
Net yield on earning
assets 3.95% 3.90%
========= ======= ==== ========= ======= ====
(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 $ 246 $ 320
(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 $ 245 $ 145
Commercial, financial,
and agriculture 1,741 2,499
Installment loans to
individuals 6 17
Time deposits 13 98
------- -------
$ 2,005 $ 2,759
======= =======
(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 Nine Months Ended
September 30, March 31, December 31, September 30, September September 30,
2025 June 30, 2025 2025 2024 2024 30, 2025 2024
------------- ------------- ------------ ------------ ------------- ----------- -------------
Net Interest
Income/Margin
Net interest income
("GAAP") $ 61,107 $58,924 $55,815 $55,580 $55,605 $ 175,846 $ 164,657
Taxable equivalent
adjustment 187 192 192 210 218 570 661
------- --- ------ ---- ------ --- ------ --- ------ ---- ------- -------
Net interest
income, fully
taxable
equivalent $ 61,294 $59,116 $56,007 $55,790 $55,823 $ 176,416 $ 165,318
======= === ====== ==== ====== === ====== === ====== ==== ======= =======
Tangible Equity
Ratio (period end)
Equity to assets
("GAAP") 11.98% 11.58% 11.41% 11.31% 11.52%
Effect of goodwill
and other
intangibles, net (2.14)% (2.18)% (2.18)% (2.25)% (2.26)%
------- ------ ------ ------ ------
Tangible common
equity to
tangible assets 9.84% 9.40% 9.23% 9.06% 9.26%
======= ====== === ====== ====== ====== ===
Commercial Loan Information (period end)
% of Total
Commercial Sector Total Loans Average DSC Average LTV
-------------------- ------------- ------------- ------------ ------------
Natural Gas
Extraction $ 48,855 1.11% 2.86 NA
Natural Gas
Distribution 13,033 0.30% 2.55 NA
Masonry Contractors 26,460 0.60% 1.01 100%
Sheet Metal Work
Manufacturing 27,357 0.62% 1.40 68%
Beer & Ale Merchant
Wholesalers 25,487 0.58% 1.53 NA
Gasoline Stations
with Convenience
Stores 41,152 0.94% 5.07 65%
Lessors of
Residential
Buildings &
Dwellings 495,937 11.27% 1.64 67%
1-4 Family 190,495 4.33% 2.96 71%
Multi-Family 209,438 4.76% 1.80 68%
Lessors of
Nonresidential
Buildings 606,257 13.78% 1.42 65%
Office
Buildings 166,592 3.79% 1.65 62%
Lessors of
Mini-Warehouses &
Self-Storage Units 54,757 1.24% 1.23 60%
Assisted Living
Facilities 25,712 0.58% 1.46 52%
Hotels & Motels 397,755 9.04% 1.77 67%
Average Median
Balance Balance
------------- -------------
Commercial,
Financial, and
Agriculture Loans $ 487 $ 100
Commercial Real
Estate Loans 555 129
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
September 30,
2025 June 30, 2025
------------- -------------
Noninterest-Bearing
Demand Deposits 17% 16%
Interest-Bearing
Deposits
Demand Deposits 15% 14%
Savings Deposits 13% 12%
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 $250,000 or not collateralized by investment securities).
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Net Growth in DDA Accounts
New DDA Net Number of
Year Accounts New Accounts Percentage
-------------------- ------------- ------------- ------------
2025 24,379 3,763 1.4%
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/20251020809241/en/
CONTACT: For Further Information Contact:
David L. Bumgarner, Executive Vice President and Chief Financial Officer
(304) 769-1169
(END) Dow Jones Newswires
October 22, 2025 07:30 ET (11:30 GMT)