CHARLESTON, W.Va.--(BUSINESS WIRE)--July 22, 2026--
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 $33.3 million and diluted earnings of $2.35 per share for the quarter ended June 30, 2026. For the quarter ended June 30, 2026, the Company achieved a return on assets of 1.98% and a return on tangible equity of 20.7%.
Net Interest Income
The Company's net interest income increased approximately $1.2 million, or 1.9%, from $59.6 million during the first quarter of 2026 to $60.8 million during the second quarter of 2026. The Company's tax equivalent net interest income increased approximately $1.1 million, or 1.9%, from $59.9 million for the first quarter of 2026 to $61.0 million for the second quarter of 2026. This increase was primarily due to an increase in the yield on loans (2 basis points) and an increase in the average balances of deposits in depository institutions ($78.1 million) which increased net interest income by $0.9 million and $0.7 million, respectively. These increases were partially offset by an increase in the average balances of interest-bearing liabilities ($53.7 million) which decreased net interest income by $0.3 million. The Company's reported net interest margin remained at 3.97% for both the first quarter of 2026 and for the second quarter of 2026.
Credit Quality
The Company's ratio of nonperforming assets to total loans and other real estate owned decreased from 0.27%, or $12.2 million, at March 31, 2026 to 0.24%, or $10.6 million, at June 30, 2026. Total past due loans increased modestly from $8.5 million, or 0.19% of total loans outstanding, at March 31, 2026, to $8.6 million, or 0.19% of total loans outstanding, at June 30, 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 $0.4 million in the second quarter of 2026, compared to a recovery of credit losses of $1.9 million for the comparable period in 2025, and a provision for credit losses of $0.6 million for the first quarter of 2026. The provision for credit losses in the second quarter of 2026 was primarily related to the downgrade of a commercial real estate loan and a marginal increase in the historical loss rate for commercial and industrial loans during the quarter ended June 30, 2026, which were partially offset by net recoveries of $0.2 million during the quarter ended June 30, 2026.
Non-interest Income
Non-interest income increased $1.2 million from $19.5 million in the second quarter of 2025 to $20.8 million in the second quarter of 2026. During the second quarter of 2026, the Company reported $0.1 million of unrealized fair value gains on the Company's equity securities as compared to $0.2 million of realized investment gains and $0.3 million of unrealized fair value losses on the Company's equity securities during the second quarter of 2025.
Exclusive of these items, non-interest income increased $1.1 million, or 5.4%, from $19.6 million for the second quarter of 2025 to $20.7 million for the second quarter of 2026. This increase was due to an increase of $0.4 million, or 14.4%, in wealth and investment management fee income, an increase of $0.4 million, or 5.2%, in service charges, and a $0.3 million, or 4.4%, increase in bankcard revenue.
Non-interest Expenses
Non-interest expenses increased $0.6 million, or 1.5%, from $39.2 million in the second quarter of 2025 to $39.8 million in the second quarter of 2026. This increase was largely due to an increase in salaries and employee benefit expenses ($0.5 million) and equipment and software related expenses ($0.2 million).
Balance Sheet Trends
Loans increased $10.2 million (0.2%) from March 31, 2026 to $4.50 billion at June 30, 2026. Commercial and industrial loans increased $12.5 million (2.8%) and home equity loans increased $6.3 million (2.8%) during the quarter ended June 30, 2026. These increases were partially offset by decreases in residential real estate loans of $6.9 million and consumer loans of $3.1 million.
Period-end deposit balances declined $3.5 million from March 31, 2026, to June 30, 2026. Total average depository balances increased $59.5 million (1.1%) from the quarter ended March 31, 2026 to the quarter ended June 30, 2026 to $5.33 billion. Average noninterest-bearing demand balances increased $30.3 million and average balances of savings deposits balances increased $28.9 million.
Income Tax Expense
The Company's effective income tax rate for the second quarter of 2026 was 19.4%, compared to 19.2% for the year ended December 31, 2025, and 18.9% for the quarter ended June 30, 2025.
Capitalization and Liquidity
The Company's loan to deposit ratio was 84.3% and the loan to asset ratio was 66.5% at June 30, 2026. The Company maintained investment securities totaling 22.2% of assets as of the same date. The Company's deposit mix is weighted heavily toward checking and savings accounts, which fund 59.5% of assets at June 30, 2026. Time deposits funded 19.3% of assets at June 30, 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 June 30, 2026, City National had the capacity to borrow an additional $1.8 billion from these existing borrowing facilities. In addition, approximately $715 million of City National's investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $791 million of City National's investment securities unpledged at June 30, 2026.
The Company continues to be strongly capitalized with tangible equity of $652 million at June 30, 2026. The Company's tangible equity ratio remained at 9.9% at both December 31, 2025 and June 30, 2026. At June 30, 2026, City National's Leverage Ratio was 9.7%, its Common Equity Tier I ratio was 15.0%, its Tier I Capital ratio was 15.0%, and its Total Risk-Based Capital ratio was 15.5%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.
On May 27, 2026, the Board of Directors of the Company approved a quarterly cash dividend of $0.87 per share, payable July 31, 2026, to shareholders of record as of July 15, 2026. During the quarter ended June 30, 2026, the Company repurchased 59,156 common shares at a weighted average price of $122.46 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2026. As of June 30, 2026, the Company could repurchase approximately 926,000 shares under the current plan, which was approved by the Board of Directors on March 25, 2026 and authorizes 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").
City National operates 95 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 June 30, 2026 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary June 30, 2026 results and will adjust the amounts if necessary.
CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months Ended Six Months Ended
June 30, March 31, December 31, September 30, June 30, June 30, June 30,
2026 2026 2025 2025 2025 2026 2025
----------- ------------ ------------ ------------- ----------- ------------ ------------
Earnings
Net Interest
Income (fully
taxable
equivalent) $61,034 $59,890 $60,825 $61,294 $59,116 $120,924 $115,121
Net Income
available to
common
shareholders 33,298 31,735 31,568 35,188 33,387 65,033 63,729
Per Share Data
Earnings per share
available to
common
shareholders:
Basic $ 2.35 $ 2.20 $ 2.18 $ 2.41 $ 2.29 $ 4.55 $ 4.35
Diluted 2.35 2.20 2.18 2.41 2.29 4.55 4.35
Weighted average
number of shares
(in thousands):
Basic 14,046 14,270 14,359 14,457 14,466 14,151 14,541
Diluted 14,062 14,274 14,366 14,463 14,471 14,169 14,551
Period-end number
of shares (in
thousands) 14,052 14,111 14,354 14,495 14,495 14,052 14,495
Cash dividends
declared $ 0.87 $ 0.87 $ 0.87 $ 0.87 $ 0.79 $ 1.74 $ 1.58
Book value per
share
(period-end) $ 57.57 $ 56.29 $ 56.41 $ 55.12 $ 52.72 $ 57.57 $ 52.72
Tangible book
value per share
(period-end) 46.40 45.14 45.41 44.19 41.76 46.40 41.76
Market data:
High closing
price $134.02 $127.84 $126.71 $133.58 $123.42 $ 134.02 $ 123.42
Low closing
price 120.48 116.62 117.04 118.89 108.93 116.62 108.93
Period-end
closing price 132.64 119.52 119.20 123.87 122.42 132.64 122.42
Average daily
volume (in
thousands) 116 111 90 112 76 113 69
Treasury share
activity:
Treasury shares
repurchased
(in
thousands) 59 262 141 - 175 321 255
Average
treasury share
repurchase
price $122.46 $117.79 $119.12 $ - $111.09 $ 118.65 $ 113.09
Key Ratios (percent)
Return on average
assets 1.98% 1.92% 1.86% 2.11% 2.03% 1.95% 1.96%
Return on average
tangible equity 20.7% 19.3% 19.2% 22.5% 22.7% 20.0% 21.7%
Yield on interest
earning assets 5.24% 5.24% 5.29% 5.43% 5.38% 5.24% 5.36%
Cost of interest
bearing
liabilities 1.75% 1.76% 1.87% 1.91% 1.95% 1.76% 1.99%
Net Interest
Margin 3.97% 3.97% 3.94% 4.04% 3.95% 3.97% 3.90%
Non-interest
income as a
percent of total
revenue 25.4% 24.8% 24.9% 24.7% 24.7% 25.3% 25.1%
Efficiency Ratio 48.1% 48.9% 48.2% 46.0% 49.0% 48.6% 49.4%
Price/Earnings
Ratio (a) 14.09 13.56 13.68 12.84 13.38 14.58 14.09
Capital (period-end)
Average
Shareholders'
Equity to Average
Assets 11.87% 12.32% 12.04% 11.81% 11.37%
Tangible equity to
tangible assets 9.85% 9.65% 9.93% 9.84% 9.40%
Consolidated City Holding
Company risk based capital
ratios (b):
CET I 17.06% 16.87% 16.94% 17.19% 16.78%
Tier I 17.06% 16.87% 16.94% 17.19% 16.78%
Total 17.53% 17.33% 17.40% 17.66% 17.26%
Leverage 10.97% 10.86% 10.96% 11.06% 10.70%
City National Bank
risk based
capital ratios
(b):
CET I 15.01% 14.35% 13.42% 15.83% 15.10%
Tier I 15.01% 14.35% 13.42% 15.83% 15.10%
Total 15.48% 14.81% 13.88% 16.30% 15.58%
Leverage 9.65% 9.23% 8.68% 10.18% 9.63%
Other (period-end)
Branches 95 96 96 96 96
FTE 924 928 934 934 934
Assets per FTE (in
thousands) $ 7,333 $ 7,284 $ 7,201 $ 7,138 $ 7,064
Deposits per FTE
(in thousands) 5,781 5,757 5,679 5,629 5,619
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) June 30, 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 Six Months Ended
June March
30, 31, December September June 30, June 30, June 30,
2026 2026 31, 2025 30, 2025 2025 2026 2025
------- ------- ----------- ----------- -------- -------- -----------
Interest Income
Interest and fees
on loans $64,584 $63,671 $64,376 $64,606 $62,588 $128,255 $123,505
Interest on
investment
securities:
Taxable 12,920 13,129 14,657 15,947 15,347 26,049 29,292
Tax-exempt 1,031 1,027 1,014 708 712 2,057 1,436
Interest on
deposits in
depository
institutions 1,676 942 1,400 829 1,644 2,618 3,446
------ ------ ------ ------ ------ ------- -------
Total Interest
Income 80,211 78,769 81,447 82,090 80,291 158,979 157,679
Interest Expense
Interest on
deposits 14,924 14,756 15,811 16,201 16,492 29,680 33,345
Interest on
customer
repurchase
agreements 2,959 2,844 3,493 3,196 3,307 5,803 6,476
Interest on FHLB
advances 1,569 1,552 1,586 1,586 1,568 3,120 3,120
------ ------ ------ ------ ------ ------- -------
Total Interest
Expense 19,452 19,152 20,890 20,983 21,367 38,603 42,941
------ ------ ------ ------ ------ ------- -------
Net Interest
Income 60,759 59,617 60,557 61,107 58,924 120,376 114,738
Provision for
(Recovery of)
credit losses 436 613 1,117 (528) (1,909) 1,049 (1,787)
------ ------ ------ ------ ------ ------- -------
Net Interest
Income After
Provision for
(Recovery of)
Credit
Losses 60,323 59,004 59,440 61,635 60,833 119,327 116,525
Non-Interest Income
Net gains on sale
of investment
securities - - - 37 150 - 150
Unrealized gains
(losses)
recognized on
equity
securities still
held 58 7 (416) 96 (263) 65 (268)
Service charges 7,947 7,761 8,057 8,221 7,551 15,708 15,063
Bankcard revenue 7,548 6,889 7,291 7,324 7,233 14,437 14,040
Wealth and
investment
management fee
income 3,451 3,317 3,352 3,075 3,016 6,768 5,918
Bank owned life
insurance 886 979 864 919 942 1,865 2,095
Other income 874 1,047 834 851 894 1,921 1,623
------ ------ ------ ------ ------ ------- -------
Total
Non-Interest
Income 20,764 20,000 19,982 20,523 19,523 40,764 38,621
Non-Interest Expense
Salaries and
employee
benefits 20,455 20,183 20,198 19,779 19,995 40,638 39,189
Occupancy related
expense 2,428 2,632 2,316 2,340 2,316 5,060 4,898
Equipment and
software related
expense 3,746 3,665 3,812 3,618 3,554 7,411 7,024
Bankcard expenses 2,147 2,118 2,376 2,191 2,203 4,266 4,418
Other tax-related
matters 2,438 2,681 2,312 2,104 2,327 5,119 4,589
Advertising 1,016 884 577 668 964 1,900 1,837
FDIC insurance
expense 772 805 756 761 756 1,577 1,532
Legal and
professional
fees 612 553 552 549 651 1,165 1,233
Other expenses 6,153 6,221 6,982 6,302 6,429 12,373 12,348
------ ------ ------ ------ ------ ------- -------
Total
Non-Interest
Expense 39,767 39,742 39,881 38,312 39,195 79,509 77,068
------ ------ ------ ------ ------ ------- -------
Income Before
Income Taxes 41,320 39,262 39,541 43,846 41,161 80,582 78,078
Income tax
expense 8,022 7,527 7,973 8,658 7,774 15,549 14,349
------ ------ ------ ------ ------ ------- -------
Net Income
Available to
Common
Shareholders $33,298 $31,735 $31,568 $35,188 $33,387 $ 65,033 $ 63,729
====== ====== ====== ====== ====== ======= =======
Distributed earnings
allocated to common
shareholders $12,125 $12,166 $12,372 $12,495 $11,346 $ 24,251 $ 22,691
Undistributed
earnings allocated
to common
shareholders 20,931 19,284 18,903 22,370 21,735 40,255 40,497
------ ------ ------ ------ ------ ------- -------
Net earnings
allocated to common
shareholders $33,056 $31,450 $31,275 $34,865 $33,081 $ 64,506 $ 63,188
====== ====== ====== ====== ====== ======= =======
Average common
shares outstanding 14,046 14,270 14,359 14,457 14,466 14,151 14,541
Shares for diluted
earnings per share 14,062 14,274 14,366 14,463 14,471 14,169 14,551
Basic earnings per
common share $ 2.35 $ 2.20 $ 2.18 $ 2.41 $ 2.29 $ 4.55 $ 4.35
Diluted earnings per
common share $ 2.35 $ 2.20 $ 2.18 $ 2.41 $ 2.29 $ 4.55 $ 4.35
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance
Sheets
($ in 000s)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
June 30, March 31, December September
2026 2026 31, 2025 30, 2025 June 30, 2025
----------- ----------- ----------- ----------- -------------
Assets
Cash and due from banks $ 141,519 $ 135,816 $ 152,111 $ 129,665 $ 145,876
Interest-bearing
deposits in depository
institutions 125,683 163,201 39,808 95,929 26,248
--------- --------- --------- --------- ---------
Cash and cash
equivalents 267,202 299,017 191,919 225,594 172,124
Investment securities
available-for-sale, at
fair value 1,476,725 1,441,098 1,503,358 1,510,772 1,562,423
Other securities 29,755 29,462 29,474 29,878 29,768
--------- --------- --------- --------- ---------
Total
investment
securities 1,506,480 1,470,560 1,532,832 1,540,650 1,592,191
Gross loans 4,501,774 4,491,592 4,503,331 4,408,230 4,333,372
Allowance for credit
losses (19,839) (19,195) (19,329) (19,057) (19,101)
--------- --------- --------- --------- ---------
Net loans 4,481,935 4,472,397 4,484,002 4,389,173 4,314,271
Bank owned life
insurance 125,860 124,976 124,370 123,506 122,587
Premises and equipment,
net 67,190 68,740 69,133 69,539 69,038
Accrued interest
receivable 21,300 21,645 20,718 21,890 21,654
Deferred tax assets,
net 31,603 31,652 30,005 32,159 33,994
Goodwill and intangible
assets, net 156,895 157,383 157,871 158,414 158,957
Other assets 115,530 113,899 111,168 106,707 113,321
--------- --------- --------- --------- ---------
Total Assets $6,773,995 $6,760,269 $6,722,018 $6,667,632 $6,598,137
========= ========= ========= ========= =========
Liabilities
Deposits:
Noninterest-bearing $1,421,693 $1,410,861 $1,413,621 $1,377,313 $1,383,247
Interest-bearing:
Demand deposits 1,321,556 1,345,723 1,339,435 1,338,872 1,333,858
Savings deposits 1,288,260 1,276,884 1,244,571 1,238,832 1,244,179
Time deposits 1,308,641 1,310,136 1,303,361 1,302,575 1,287,536
--------- --------- --------- --------- ---------
Total deposits 5,340,150 5,343,604 5,300,988 5,257,592 5,248,820
Customer repurchase
agreements 377,551 374,825 367,674 369,012 339,834
FHLB advances 150,000 150,000 150,000 150,000 150,000
Other liabilities 97,345 97,450 93,676 92,085 95,268
--------- --------- --------- --------- ---------
Total
Liabilities 5,965,046 5,965,879 5,912,338 5,868,689 5,833,922
Stockholders' Equity
Preferred stock - - - - -
Common stock 47,619 47,619 47,619 47,619 47,619
Capital surplus 174,805 173,130 174,598 173,733 172,853
Retained earnings 975,454 954,407 935,046 915,971 893,422
Treasury Stock (306,813) (299,503) (270,967) (254,153) (254,181)
Accumulated other
comprehensive loss:
Unrealized loss on
securities
available-for-sale (81,241) (80,388) (75,741) (82,785) (94,056)
Underfunded pension
liability (875) (875) (875) (1,442) (1,442)
--------- --------- --------- --------- ---------
Total
Accumulated
Other
Comprehensive
Loss (82,116) (81,263) (76,616) (84,227) (95,498)
--------- --------- --------- --------- ---------
Total
Stockholders'
Equity 808,949 794,390 809,680 798,943 764,215
--------- --------- --------- --------- ---------
Total
Liabilities
and
Stockholders'
Equity $6,773,995 $6,760,269 $6,722,018 $6,667,632 $6,598,137
========= ========= ========= ========= =========
Regulatory Capital
Total CET 1 capital $ 736,703 $ 720,535 $ 730,453 $ 726,739 $ 702,729
Total tier 1 capital 736,703 720,535 730,453 726,739 702,729
Total risk-based
capital 757,074 740,252 750,319 746,422 722,477
Total risk-weighted
assets 4,318,183 4,270,400 4,312,112 4,226,712 4,186,844
CITY HOLDING COMPANY AND SUBSIDIARIES
Loan
Portfolio
(Unaudited)
($ in 000s)
June 30, March 31, December September June 30,
2026 2026 31, 2025 30, 2025 2025
---------- ---------- ---------- ---------- ------------
Commercial
and
industrial $ 454,122 $ 441,617 $ 453,975 $ 426,654 $ 409,317
1-4 Family 223,301 221,165 210,232 204,280 199,400
Hotels 396,079 395,857 398,608 397,338 380,496
Multi-family 231,946 227,687 237,424 233,678 221,970
Non
Residential
Non-Owner
Occupied 765,358 772,778 767,580 728,625 740,104
Non
Residential
Owner
Occupied 253,471 251,382 253,398 239,058 236,935
--------- --------- --------- --------- -----------
Commercial
real estate
(1) 1,870,155 1,868,869 1,867,242 1,802,979 1,778,905
Residential
real estate
(2) 1,906,534 1,913,389 1,910,060 1,909,791 1,884,449
Home equity 231,057 224,723 224,701 218,750 207,906
Consumer 39,906 42,994 47,353 50,056 52,795
--------- --------- --------- --------- -----------
Gross
Loans $4,501,774 $4,491,592 $4,503,331 $4,408,230 $ 4,333,372
========= ========= ========= ========= ===========
Construction
loans
included
in:
(1) -
Commercial
real estate
loans $ 43,363 $ 39,519 $ 35,781 $ 31,892 $ 28,781
(2) -
Residential
real estate
loans 11,144 9,612 9,907 6,785 6,416
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
Three Months Ended Six Months Ended
December 31, September 30,
June 30, 2026 March 31, 2026 2025 2025 June 30, 2025 June 30, 2026 June 30, 2025
-------------- -------------- -------------- --------------- -------------- -------------- --------------
Allowance for Credit
Losses
Balance at beginning
of period $ 19,195 $ 19,329 $ 19,057 $ 19,101 $ 20,956 $ 19,329 $ 21,133
Charge-offs:
Commercial and
industrial (115) (4) - (7) - (119) (30)
Commercial real
estate (1) (856) (27) (2) - (857) (220)
Residential real
estate (147) (134) (181) (160) (49) (281) (49)
Home equity (46) (62) (102) (55) (97) (108) (98)
Consumer (97) (71) (36) (9) (36) (168) (165)
--------- --------- --------- --------- --------- --------- ---------
Total
charge-offs (406) (1,127) (346) (233) (182) (1,533) (562)
Recoveries:
Commercial and
industrial 70 5 (347) 400 15 75 52
Commercial real
estate 443 235 (144) 202 51 678 81
Residential real
estate 9 30 (29) 35 49 39 50
Home equity 72 90 17 64 96 162 100
Consumer 20 20 4 16 25 40 34
--------- --------- --------- --------- --- --------- --------- ---------
Total
recoveries 614 380 (499) 717 236 994 317
Net recoveries
(charge-offs) 208 (747) (845) 484 54 (539) (245)
Provision for
(recovery of)
credit losses 436 613 1,117 (528) (1,909) 1,049 (1,787)
--------- --------- --------- --------- --------- --------- ---------
Balance at end of
period $ 19,839 $ 19,195 $ 19,329 $ 19,057 $ 19,101 $ 19,839 $ 19,101
========= ========= ========= ========= === ========= ========= =========
Loans outstanding $4,501,774 $4,491,592 $4,503,331 $4,408,230 $4,333,372
Allowance as a
percent of loans
outstanding 0.44% 0.43% 0.43% 0.43% 0.44%
Allowance as a
percent of
non-performing
loans 196.4% 167.1% 138.9% 138.2% 135.8%
Average loans
outstanding $4,497,044 $4,491,591 $4,431,079 $4,373,773 $4,305,865 $4,494,331 $4,297,023
Net (recoveries)
charge-offs
(annualized) as a
percent of average
loans outstanding (0.02)% 0.07% 0.08% (0.04)% (0.01)% 0.02% 0.01%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
December 31, September 30,
June 30, 2026 March 31, 2026 2025 2025 June 30, 2025
-------------- -------------- -------------- --------------- --------------
Nonaccrual Loans
Residential real
estate $ 3,186 $ 4,274 $ 4,497 $ 2,624 $ 3,602
Home equity 132 313 308 498 283
Commercial and
industrial 377 431 557 555 600
Commercial real
estate 6,322 6,403 8,448 9,169 9,515
Consumer - 2 - - -
--------- --------- --------- --------- --- ---------
Total nonaccrual
loans 10,017 11,423 13,810 12,846 14,000
Accruing loans past
due 90 days or
more 82 64 109 946 63
--------- --------- --------- --------- --- ---------
Total
non-performing
loans 10,099 11,487 13,919 13,792 14,063
Other real estate
owned 495 693 482 485 185
--------- --------- --------- --------- --- ---------
Total
non-performing
assets $ 10,594 $ 12,180 $ 14,401 $ 14,277 $ 14,248
========= ========= ========= ========= === =========
Non-performing
assets as a percent
of loans and other
real estate owned 0.24% 0.27% 0.32% 0.32% 0.33%
Past Due Loans
Residential real
estate $ 7,282 $ 6,440 $ 6,461 $ 5,635 $ 6,497
Home equity 711 840 772 651 788
Commercial and
industrial - 273 279 140 -
Commercial real
estate 532 670 291 1,314 202
Consumer 119 267 308 221 163
--------- --------- --------- --------- --- ---------
Total past due
loans $ 8,644 $ 8,490 $ 8,111 $ 7,961 $ 7,650
========= ========= ========= ========= === =========
Total past due loans
as a percent of
loans outstanding 0.19% 0.19% 0.18% 0.18% 0.18%
CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
Average Yield/ Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate Balance Interest Rate
----------- -------- -------- ----------- ---------- -------- ----------- ---------- --------
Assets:
Loan portfolio (1) :
Residential real estate
(2) $2,138,621 $28,665 5.38% $2,135,883 $ 28,309 5.38% $2,068,082 $ 27,015 5.24%
Commercial, financial,
and agriculture (2) 2,316,904 35,138 6.08% 2,310,646 34,557 6.07% 2,184,357 34,640 6.36%
Installment loans to
individuals (2), (3) 41,519 781 7.54% 45,062 805 7.24% 53,426 935 7.02%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total loans 4,497,044 64,584 5.76% 4,491,591 63,671 5.75% 4,305,865 62,590 5.83%
Securities:
Taxable 1,325,318 12,920 3.91% 1,357,848 13,129 3.92% 1,416,770 15,347 4.34%
Tax-exempt (4) 157,007 1,305 3.33% 159,841 1,300 3.30% 128,165 902 2.82%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total securities 1,482,325 14,225 3.85% 1,517,689 14,429 3.86% 1,544,935 16,249 4.22%
Deposits in depository
institutions 181,432 1,676 3.71% 103,353 942 3.70% 147,662 1,644 4.47%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total
interest-earning
assets 6,160,801 80,485 5.24% 6,112,633 79,042 5.24% 5,998,462 80,483 5.38%
Cash and due from banks 105,656 96,384 94,199
Premises and equipment,
net 68,421 68,933 69,523
Goodwill and intangible
assets 157,083 157,616 159,164
Other assets 289,904 283,283 295,632
Less: Allowance for
credit losses (19,797) (19,750) (21,459)
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total assets $6,762,068 $6,699,099 $6,595,521
========= ====== ==== ========= ====== ==== ========= ====== ====
Liabilities:
Interest-bearing demand
deposits $1,324,095 $ 2,784 0.84% $1,326,489 $ 2,774 0.85% $1,343,532 $ 3,332 0.99%
Savings deposits 1,282,409 2,456 0.77% 1,253,525 2,342 0.76% 1,247,766 2,302 0.74%
Time deposits (2) 1,309,954 9,683 2.96% 1,307,231 9,640 2.99% 1,283,806 10,858 3.39%
Customer repurchase
agreements 392,974 2,959 3.02% 368,483 2,844 3.13% 359,626 3,307 3.69%
FHLB advances 150,000 1,569 4.20% 150,000 1,552 4.20% 150,000 1,568 4.19%
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total
interest-bearing
liabilities 4,459,432 19,451 1.75% 4,405,728 19,152 1.76% 4,384,730 21,367 1.95%
Noninterest-bearing demand
deposits 1,410,471 1,380,136 1,363,481
Other liabilities 89,801 87,987 97,481
Stockholders' equity 802,364 825,248 749,830
--------- ------ ---- --------- ------ ---- --------- ------ ----
Total liabilities and
Stockholders' equity $6,762,068 $6,699,099 $6,595,522
========= ====== ==== ========= ====== ==== ========= ====== ====
Net interest income $61,034 $ 59,890 $ 59,116
========= ====== ==== ========= ====== ==== ========= ====== ====
Net yield on earning
assets 3.97% 3.97% 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 $ (106) $ 53 $ 6
(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 $ 46 $ 65 $ 57
Commercial, financial,
and agriculture 529 440 676
Installment loans to
individuals 1 3 -
Time deposits 2 2 3
------ ------ ------
$ 578 $ 510 $ 736
====== ====== ======
(3) Includes the Company's consumer loan category.
(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)
Six Months Ended
June 30, 2026 June 30, 2025
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
----------- --------- -------- ----------- -------- --------
Assets:
Loan portfolio (1) :
Residential real estate
(2) $2,136,121 $ 56,974 5.38% $2,051,918 $ 53,137 5.22%
Commercial, financial,
and agriculture (2) 2,314,988 69,695 6.07% 2,189,980 68,516 6.31%
Installment loans to
individuals (2), (3) 43,222 1,586 7.40% 55,125 1,853 6.78%
--------- ------- ---- --------- ------- ----
Total loans 4,494,331 128,255 5.75% 4,297,023 123,506 5.80%
Securities:
Taxable 1,341,493 26,049 3.92% 1,367,994 29,292 4.32%
Tax-exempt (4) 158,416 2,605 3.32% 131,348 1,817 2.79%
--------- ------- ---- --------- ------- ----
Total securities 1,499,909 28,654 3.85% 1,499,342 31,109 4.18%
Deposits in depository
institutions 142,608 2,618 3.70% 155,820 3,446 4.46%
--------- ------- ---- --------- ------- ----
Total
interest-earning
assets 6,136,848 159,527 5.24% 5,952,185 158,061 5.36%
Cash and due from banks 101,046 96,508
Premises and equipment,
net 68,676 69,907
Goodwill and intangible
assets 157,348 159,438
Other assets 286,606 299,017
Less: Allowance for
credit losses (19,767) (21,500)
--------- ------- ---- --------- ------- ----
Total assets $6,730,757 $6,555,555
========= ======= ==== ========= ======= ====
Liabilities:
Interest-bearing demand
deposits $1,325,285 $ 5,558 0.85% $1,339,633 $ 6,629 1.00%
Savings deposits 1,268,047 4,798 0.76% 1,242,470 4,573 0.74%
Time deposits (2) 1,308,600 19,324 2.98% 1,274,536 22,142 3.50%
Customer repurchase
agreements 380,796 5,803 3.07% 346,666 6,476 3.77%
FHLB advances 150,000 3,120 4.19% 150,000 3,120 4.19%
--------- ------- ---- --------- ------- ----
Total interest-bearing
liabilities 4,432,728 38,603 1.76% 4,353,305 42,940 1.99%
Noninterest-bearing demand
deposits 1,395,387 1,349,998
Other liabilities 88,899 100,872
Stockholders' equity 813,743 751,380
--------- ------- ---- --------- ------- ----
Total liabilities and
stockholders' equity $6,730,757 $6,555,555
========= ======= ==== ========= ======= ====
Net interest income $120,924 $115,121
========= ======= ==== ========= ======= ====
Net yield on earning
assets 3.97% 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 $ (53) $ 207
(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 $ 111 $ 79
Commercial, financial, and
agriculture 969 1,206
Installment loans to
individuals 4 4
Time deposits 4 10
------- -------
$ 1,088 $ 1,299
======= =======
(3) Includes the Company's consumer category.
(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 Six Months Ended
December 31, September 30, June 30, June 30, June 30,
June 30, 2026 March 31, 2026 2025 2025 2025 2026 2025
------------- -------------- ------------ ------------- ----------- -------- ------------
Net Interest
Income/Margin
Net interest income
("GAAP") $ 60,759 $59,617 $60,557 $61,107 $58,924 $120,376 $ 114,738
Taxable equivalent
adjustment 275 273 268 187 192 548 382
------- --- ------ ----- ------ --- ------ ---- ------ ------- -----------
Net interest
income, fully
taxable
equivalent $ 61,034 $59,890 $60,825 $61,294 $59,116 $120,924 $ 115,120
======= === ====== ===== ====== === ====== ==== ====== ======= ===========
Tangible Equity
Ratio (period
end)
Equity to assets
("GAAP") 11.94% 11.75% 12.04% 11.98% 11.58%
Effect of goodwill
and other
intangibles, net (2.09)% (2.10)% (2.11)% (2.14)% (2.18)%
------- ------ --- ------ ------ ------
Tangible common
equity to
tangible
assets 9.85% 9.65% 9.93% 9.84% 9.40%
======= ====== ==== ====== ====== === ======
Commercial Loan Information (period end)
% of Total
Commercial Sector Total Loans Average DSC Average LTV
------------------- ------------- -------------- ------------ -------------
Natural Gas
Extraction $ 41,928 0.94% 3.60 NA
Natural Gas
Distribution 17,753 0.40% 3.08 NA
Masonry Contractors 16,365 0.37% 1.04 100%
Sheet Metal Work
Manufacturing 26,507 0.59% 1.40 68%
Beer & Ale Merchant
Wholesalers 24,653 0.55% 1.59 NA
Gasoline Stations
with Convenience
Stores 47,505 1.06% 2.02 65%
Lessors of
Residential
Buildings &
Dwellings 510,911 11.40% 1.56 66%
1-4 Family 195,204 4.36% 1.82 63%
Multi-Family 205,114 4.58% 1.76 68%
Lessors of
Nonresidential
Buildings 607,556 13.56% 1.33 65%
Office
Buildings 159,241 3.55% 1.65 62%
Lessors of
Mini-Warehouses &
Self-Storage
Units 55,190 1.23% 1.44 64%
Assisted Living
Facilities 24,998 0.56% 1.58 41%
Hotels & Motels 396,475 8.85% 1.75 58%
Average
Balance Median Balance
------------- --------------
Commercial,
Financial, and
Agriculture Loans $ 508 $ 107
Commercial Real
Estate Loans 576 136
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
------------------- ------------- -------------- ------------
2026 16,175 2,081 0.8%
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 acquisitions of Citizens Commerce Bancshares, Inc. (2023).
View source version on businesswire.com: https://www.businesswire.com/news/home/20260722300457/en/
CONTACT: For Further Information Contact:
David L. Bumgarner, Senior Executive Vice President and Chief Financial Officer
(304) 769-1169
(END) Dow Jones Newswires
July 22, 2026 07:30 ET