City Holding Company Announces Record Annual Earnings

CHARLESTON, W.Va.--(BUSINESS WIRE)--City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.7 billion bank holding company headquartered in Charleston, West Virginia, today announced record net income of $130.5 million and record diluted earnings of $8.93 per share for the year ended December 31, 2025. For the year ended December 31, 2025, the Company achieved a return on assets of 1.97% and a return on tangible equity of 21.2%.

“City’s financial performance in 2025 speaks for itself, but undergirding that financial performance, and less well known outside of City’s branch footprint, is a long track record of documented levels of exceptional customer service; community engagement; and strong employee morale,” said City’s President and CEO Charles Hageboeck. “Fifty years ago, there were over 14,000 banks. Today there are less than 4,000. Historically, community banks focused on customers, communities, and employees. Today, there are more large banks, and their primary focus seems to be getting bigger rather than getting better. Our view at City is that focusing on growth for the sake of growth is a recipe for bureaucracy and mediocrity. City’s profitability is among the best in the nation, and our stock price relative to book value is one of the highest in the nation. I believe that this is specifically because our focus is on growing our customer base, engaging within our communities, and striving to be a good employer. That is what I think any good community bank should be doing and is our current focus and strategy.”

Net Interest Income

The Company’s net interest income increased from $220.2 million for the year ended December 31, 2024 to $236.4 million for the year ended December 31, 2025. The Company’s tax equivalent net interest income increased $16.1 million, or 7.3%, from $221.1 million for the year ended December 31, 2024 to $237.2 million for the year ended December 31, 2025. Due to an increase in average loan balances ($220.9 million) net interest income increased by $12.8 million. Additionally, net interest income increased by $7.5 million due to a decrease in the cost of interest bearing liabilities of 12 basis points, by $3.5 million due to an increase in the average balance of investments ($75.7 million), and by $2.1 million due to an increase in the yield on investment securities of 17 basis points.

These increases were partially offset by an increase in the average balances of interest bearing liabilities ($184.3 million) which decreased net interest income by $6.1 million. Decreases in the yield on deposits in depository institutions (87 basis points) and loans (1 basis point) also decreased net interest income by $1.1 million and $0.8 million, respectively. The Company’s reported net interest margin increased from 3.86% for the year ended December 31, 2024 to 3.94% for the year ended December 31, 2025.

For the quarter, the Company’s net interest income decreased approximately $0.6 million, or 0.9%, from $61.1 million during the third quarter of 2025 to $60.6 million during the fourth quarter of 2025. The Company’s tax equivalent net interest income decreased $0.5 million, or 0.8%, from $61.3 million for the third quarter of 2025 to $60.8 million for the fourth quarter of 2025. This decrease was primarily due to a decrease in the yield on loans (11 basis points) which decreased net interest income by $1.1 million. In addition, net interest income decreased $0.7 million due to a decrease in the yield on investments (22 basis points) and by $0.5 million due to an increase in the average balances of interest bearing liabilities ($65.9 million). 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). We anticipate that this decline in investment income will be essentially offset in the first quarter of 2026 by loan growth that the Company experienced late in the quarter ended December 31, 2025.

These quarterly decreases were partially offset by an increase in average loans outstanding ($57.3 million), an increase in the average balances of deposits in depository institutions ($63.3 million), and a decrease in the cost of interest bearing liabilities (4 basis points), which increased net interest income by $0.8 million, $0.7 million, and $0.6 million, respectively. The Company’s reported net interest margin decreased from 4.04% for the third quarter of 2025 to 3.94% for the fourth quarter of 2025.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.35%, or $15.0 million, at December 31, 2024 to 0.32%, or $14.4 million at December 31, 2025. Total past due loans decreased from $8.8 million, or 0.21% of total loans outstanding, at December 31, 2024 to $8.5 million, or 0.19% of total loans outstanding, at December 31, 2025.

As a result of the Company’s quarterly analysis of the adequacy of the Allowance for Credit Losses (“ACL”), the Company recorded a provision for credit losses of $1.1 million for the fourth quarter of 2025 and a recovery of credit losses of $1.4 million for the year ended December 31, 2025, compared to a $0.3 million provision for credit losses for the fourth quarter and a provision for credit losses of $1.8 million for the year ended December 31, 2024. The recovery of credit losses recognized during 2025 related primarily to the upgrade of a specific credit that was downgraded in the third quarter of 2023 but has since seen improved financial performance. This upgrade released $1.4 million of ACL reserves.

Non-interest Income

Non-interest income was $77.8 million for the year ended December 31, 2025, as compared to $73.3 million for the year ended December 31, 2024. In 2025, the Company reported $0.2 million of realized security gains and $0.6 million of unrealized security losses on the Company’s equity securities as compared to $2.8 million realized security losses and $0.2 million of unrealized security gains on the Company’s equity securities in 2024.

Exclusive of these realized and unrealized gains and losses, non-interest income increased $2.2 million, or 2.9%, from $76.0 million for 2024 to $78.2 million for 2025. This increase was largely attributable to an increase of $1.1 million, or 9.7%, in wealth and investment management fee income and an increase of $0.8 million, or 2.6%, from service charges. Additionally, other income increased $0.3 million, or 9.8%, from the year ended December 31, 2024.

During the quarter ended December 31, 2025, non-interest income was $19.6 million, as compared to $16.1 million during the quarter ended December 31, 2024. During the fourth quarter of 2025, the Company reported $0.4 million of unrealized fair value losses on the Company’s equity securities, as compared to $2.8 million of realized security losses and $0.4 million of unrealized fair value losses on the Company’s equity securities, during the fourth quarter of 2024.

Exclusive of these realized and unrealized gains and losses, non-interest income increased from $19.3 million for the fourth quarter of 2024 to $20.1 million for the fourth quarter of 2025. This increase was primarily attributable to increased wealth and investment management fee income of $0.4 million, or 13.7%, and higher bankcard revenue of $0.2 million, or 2.6%.

Non-interest Expenses

Non-interest expenses increased $6.9 million, or 4.7%, from $147.2 million for 2024 to $154.1 million for 2025. This increase was primarily due to an increase in salaries and employee benefit expenses ($2.8 million due to salary adjustments and increased health insurance costs); other tax-related matters ($1.3 million); and equipment and software related expense ($1.3 million). In addition, other expenses increased $1.0 million and bankcard expense increased $0.5 million. These expenses were partially offset by lower advertising expenses of $0.7 million.

In the fourth quarter of 2025, non-interest expenses increased $2.6 million (7.1%) from $36.9 million in the fourth quarter of 2024 to $39.5 million. This increase was largely due to increases in other expenses of $1.1 million and salaries and employee benefits of $0.7 million. In addition, bankcard expenses increased $0.5 million and other tax-related matters increased $0.4 million. These increases were partially offset by decreased advertising expenses of $0.3 million.

Balance Sheet Trends

Loans increased $232.2 million (5.4%) from December 31, 2024 to $4.51 billion at December 31, 2025. Commercial real estate loans increased $98.6 million (5.6%); residential real estate loans increased $86.5 million (4.7%); commercial and industrial loans increased $34.1 million (8.1%); and home equity loans increased $25.5 million (12.8%). These increases were partially offset by a decrease in consumer loans ($10.5 million).

Period-end deposit balances increased $156.8 million, or 3.0%, from December 31, 2024, to December 31, 2025. Average depository balances for the year ended December 31, 2025 increased $192.8 million from the year ended December 31, 2024 to $5.23 billion. Average time deposits increased $137.3 million; average noninterest bearing demand deposits increased $30.4 million; average interest bearing demand deposits increased $15.2 million; and average savings deposits increased $9.8 million.

Income Tax Expense

The Company’s effective income tax rates for the quarter and year ended December 31, 2025 were 20.2% and 19.2%, respectively, compared to 16.9% and 19.0% for the comparable periods in 2024.

Capitalization and Liquidity

The Company’s gross loan to deposit ratio was 85.0% and its gross loan to asset ratio was 67.0% at December 31, 2025. The Company maintained investment securities totaling 22.8% of assets as of the same date. The Company’s deposit mix is weighted toward checking and saving accounts that fund 59.5% of total assets at December 31, 2025. Time deposits fund 19.4% of total assets at December 31, 2025, with only 15.0% 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 December 31, 2025, City National had the capacity to borrow an additional $1.7 billion from these existing borrowing facilities. In addition, approximately $817 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $716 million of City National’s investment securities unpledged at December 31, 2025.

The Company continues to be strongly capitalized with tangible equity of $652 million at December 31, 2025. The Company’s tangible equity ratio increased from 9.1% at December 31, 2024 to 9.9% at December 31, 2025. This increase was attributable to the Company’s net income for 2025 less share repurchases and dividends.

At December 31, 2025, City National’s Leverage Ratio was 8.7%, its Common Equity Tier I ratio was 13.4%, its Tier I Capital ratio was 13.4%, and its Total Risk-Based Capital ratio was 13.9%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On November 18, 2025, the Company’s Board of Directors approved a quarterly cash dividend of $0.87 cents per share payable January 30, 2026, to shareholders of record as of January 15, 2026. During the year ended December 31, 2025, the Company repurchased 397,000 common shares at a weighted average price of $115.24 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of December 31, 2025, the Company could repurchase an additional approximately 424,000 shares under the current plan. City Holding Company had a cash balance of $149 million at December 31, 2025. The parent company’s annual expenditures are approximately $50 million (based on the Company’s operating expenses, contractual obligations and current quarterly dividend ($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 December 31, 2025 Form 10-K. The Company will continue to evaluate the impact of any subsequent events on the preliminary December 31, 2025 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
	Three Months Ended															Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Earnings
Net Interest Income (fully taxable equivalent)	$	60,825		$	61,294		$	59,116		$	56,007		$	55,790		$	237,242		$	221,108
Net Income available to common shareholders		31,568			35,188			33,387			30,342			28,654			130,485			117,101
Per Share Data
Earnings per share available to common shareholders:
Basic	$	2.18		$	2.41		$	2.29		$	2.06		$	1.94		$	8.94		$	7.91
Diluted		2.18			2.41			2.29			2.06			1.94			8.93			7.89
Weighted average number of shares (in thousands):
Basic		14,359			14,457			14,466			14,616			14,634			14,474			14,676
Diluted		14,366			14,463			14,471			14,631			14,655			14,482			14,697
Period-end number of shares (in thousands)		14,354			14,495			14,495			14,650			14,705			14,354			14,705
Cash dividends declared	$	0.87		$	0.87		$	0.79		$	0.79		$	0.79		$	3.32		$	3.01
Book value per share (period-end)	$	56.41		$	55.12		$	52.72		$	51.63		$	49.69		$	56.41		$	49.69
Tangible book value per share (period-end)		45.41			44.19			41.76			40.74			38.80			45.41			38.80
Market data:
High closing price	$	126.71		$	133.58		$	123.42		$	120.39		$	134.35		$	133.58		$	134.35
Low closing price		117.04			118.89			108.93			114.48			113.37			108.93			98.35
Period-end closing price		119.20			123.87			122.42			117.47			118.48			119.20			118.48
Average daily volume (in thousands)		90			112			76			63			53			85			57
Treasury share activity:
Treasury shares repurchased (in thousands)		141			-			175			81			-			397			179
Average treasury share repurchase price	$	119.12			-		$	111.09		$	117.42			-		$		115.24	$	100.24
Key Ratios (percent)
Return on average assets		1.86	%		2.11	%		2.03	%		1.89	%		1.75	%		1.97	%		1.85	%
Return on average tangible equity		19.2	%		22.5	%		22.7	%		20.7	%		19.4	%		21.2	%		21.2	%
Yield on interest earning assets		5.29	%		5.43	%		5.38	%		5.32	%		5.31	%		5.35	%		5.36	%
Cost of interest bearing liabilities		1.87	%		1.91	%		1.95	%		2.02	%		2.14	%		1.94	%		2.06	%
Net Interest Margin		3.94	%		4.04	%		3.95	%		3.84	%		3.75	%		3.94	%		3.86	%
Non-interest income as a percent of total revenue		24.9	%		24.7	%		24.7	%		25.1	%		25.8	%		24.7	%		25.7	%
Efficiency Ratio		48.2	%		46.0	%		49.0	%		49.6	%		48.4	%		48.2	%		48.8	%
Price/Earnings Ratio (a)		13.68			12.84			13.38			14.26			15.27			13.34			14.99
Capital (period-end)
Average Shareholders' Equity to Average Assets		12.04	%		11.81	%		11.37	%		11.56	%		11.46	%
Tangible equity to tangible assets		9.93	%		9.84	%		9.40	%		9.23	%		9.06	%
Consolidated City Holding Company risk based capital ratios (b):
CET I		16.94	%		17.19	%		16.78	%		16.84	%		16.51	%
Tier I		16.94	%		17.19	%		16.78	%		16.84	%		16.51	%
Total		17.40	%		17.66	%		17.26	%		17.36	%		17.02	%
Leverage		10.96	%		11.06	%		10.70	%		10.76	%		10.62	%
City National Bank risk based capital ratios (b):
CET I		13.42	%		15.83	%		15.10	%		14.38	%		13.55	%
Tier I		13.42	%		15.83	%		15.10	%		14.38	%		13.55	%
Total		13.88	%		16.30	%		15.58	%		14.90	%		14.05	%
Leverage		8.68	%		10.18	%		9.63	%		9.19	%		8.72	%
Other (period-end)
Branches		96			96			96			97			97
FTE		934			934			934			942			941
Assets per FTE (in thousands)	$	7,201		$	7,138		$	7,064		$	7,028		$	6,864
Deposits per FTE (in thousands)		5,679			5,629			5,619			5,580			5,467
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) December 31, 2025 risk-based capital ratios are estimated.

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
	Three Months Ended															Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Interest Income
Interest and fees on loans	$	64,376		$	64,606		$	62,588		$	60,917		$	61,701		$	252,487		$	241,521
Interest on investment securities:
Taxable		14,657			15,947			15,347			13,945			13,742			59,896			54,132
Tax-exempt		1,014			708			712			724			789			3,158			3,281
Interest on deposits in depository institutions		1,400			829			1,644			1,802			2,588			5,675			7,495
Total Interest Income		81,447			82,090			80,291			77,388			78,820			321,216			306,429
Interest Expense
Interest on deposits		15,811			16,201			16,492			16,852			17,463			65,356			64,529
Interest on customer repurchase agreements		3,493			3,196			3,307			3,169			4,191			13,165			15,500
Interest on FHLB long-term advances		1,586			1,586			1,568			1,552			1,586			6,292			6,163
Total Interest Expense		20,890			20,983			21,367			21,573			23,240			84,813			86,192
Net Interest Income		60,557			61,107			58,924			55,815			55,580			236,403			220,237
Provision for (Recovery of) credit losses		1,100			(500	)		(2,000	)		-			300			(1,400	)		1,820
Net Interest Income After Provision for (Recovery of) Credit Losses		59,457			61,607			60,924			55,815			55,280			237,803			218,417
Non-Interest Income
Net gains (losses) on sale of investment securities		-			37			150			-			(2,812	)		187			(2,825	)
Unrealized (losses) gains recognized on equity securities still held		(416	)		96			(263	)		(5	)		(390	)		(588	)		175
Service charges		7,713			7,852			7,264			7,151			7,679			29,980			29,225
Bankcard revenue		7,291			7,324			7,233			6,807			7,109			28,655			28,500
Wealth and investment management fee income		3,352			3,075			3,016			2,902			2,947			12,345			11,255
Bank owned life insurance		864			919			942			1,153			855			3,878			3,992
Other income		834			851			894			729			739			3,308			3,012
Total Non-Interest Income		19,638			20,154			19,236			18,737			16,127			77,765			73,334
Non-Interest Expense
Salaries and employee benefits		20,198			19,779			19,995			19,194			19,489			79,166			76,363
Occupancy related expense		2,316			2,340			2,316			2,582			2,214			9,554			9,217
Equipment and software related expense		3,812			3,618			3,554			3,470			3,683			14,454			13,173
Bankcard expenses		2,376			2,191			2,203			2,215			1,909			8,985			8,509
Other tax-related matters		2,312			2,104			2,327			2,262			1,873			9,005			7,677
Advertising		577			668			964			873			901			3,082			3,821
FDIC insurance expense		756			761			756			776			729			3,049			2,892
Legal and professional fees		552			549			651			582			629			2,334			2,162
Repossessed asset (gains) losses, net of expenses		(6	)		37			292			(66	)		(10	)		257			246
Other expenses		6,661			5,868			5,941			5,747			5,508			24,217			23,175
Total Non-Interest Expense		39,554			37,915			38,999			37,635			36,925			154,103			147,235
Income Before Income Taxes		39,541			43,846			41,161			36,917			34,482			161,465			144,516
Income tax expense		7,973			8,658			7,774			6,575			5,828			30,980			27,415
Net Income Available to Common Shareholders	$	31,568		$	35,188		$	33,387		$	30,342		$	28,654		$	130,485		$	117,101
Distributed earnings allocated to common shareholders	$	12,372		$	12,495		$	11,346		$	11,483		$	11,511		$	47,211		$	43,857
Undistributed earnings allocated to common shareholders		18,903			22,370			21,735			18,624			16,881			82,117			72,175
Net earnings allocated to common shareholders	$	31,275		$	34,865		$	33,081		$	30,107		$	28,392		$	129,328		$	116,032
Average common shares outstanding		14,359			14,457			14,466			14,616			14,634			14,474			14,676
Shares for diluted earnings per share		14,366			14,463			14,471			14,631			14,655			14,482			14,697
Basic earnings per common share	$	2.18		$	2.41		$	2.29		$	2.06		$	1.94		$	8.94		$	7.91
Diluted earnings per common share	$	2.18		$	2.41		$	2.29		$	2.06		$	1.94		$	8.93		$	7.89

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
				(Unaudited)			(Unaudited)			(Unaudited)
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Assets
Cash and due from banks	$	152,111		$	129,665		$	145,876		$	135,029		$	117,580
Interest-bearing deposits in depository institutions		39,808			95,929			26,248			249,676			107,809
Cash and cash equivalents		191,919			225,594			172,124			384,705			225,389
Investment securities available-for-sale, at fair value		1,503,358			1,510,772			1,562,423			1,416,808			1,421,306
Other securities		29,474			29,878			29,768			29,809			29,803
Total investment securities		1,532,832			1,540,650			1,592,191			1,446,617			1,451,109
Gross loans		4,507,005			4,412,775			4,339,196			4,285,824			4,274,776
Allowance for credit losses		(19,862	)		(19,658	)		(19,724	)		(21,669	)		(21,922	)
Net loans		4,487,143			4,393,117			4,319,472			4,264,155			4,252,854
Bank owned life insurance		124,370			123,506			122,587			121,738			120,887
Premises and equipment, net		69,133			69,539			69,038			69,696			70,539
Accrued interest receivable		20,718			21,890			21,654			21,603			20,650
Net deferred tax assets		30,005			32,159			33,994			35,184			41,704
Goodwill and intangible assets		157,871			158,414			158,957			159,501			160,044
Other assets		108,027			102,763			108,120			119,757			116,283
Total Assets	$	6,722,018		$	6,667,632		$	6,598,137		$	6,622,956		$	6,459,459
Liabilities
Deposits:
Noninterest-bearing	$	1,413,621		$	1,377,313		$	1,383,247		$	1,365,870		$	1,344,449
Interest-bearing:
Demand deposits		1,339,435			1,338,872			1,333,858			1,355,806			1,335,220
Savings deposits		1,244,571			1,238,832			1,244,179			1,260,903			1,215,358
Time deposits		1,303,361			1,302,575			1,287,536			1,275,890			1,249,123
Total deposits		5,300,988			5,257,592			5,248,820			5,258,469			5,144,150
Customer repurchase agreements		367,674			369,012			339,834			347,729			325,655
FHLB long-term advances		150,000			150,000			150,000			150,000			150,000
Other liabilities		93,676			92,085			95,268			110,422			108,990
Total Liabilities		5,912,338			5,868,689			5,833,922			5,866,620			5,728,795
Stockholders' Equity
Preferred stock		-			-			-			-			-
Common stock		47,619			47,619			47,619			47,619			47,619
Capital surplus		174,598			173,733			172,853			174,300			176,506
Retained earnings		935,046			915,971			893,422			871,406			852,757
Treasury stock		(270,967	)		(254,153	)		(254,181	)		(237,038	)		(230,499	)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale		(75,741	)		(82,785	)		(94,056	)		(98,509	)		(114,277	)
Underfunded pension liability		(875	)		(1,442	)		(1,442	)		(1,442	)		(1,442	)
Total Accumulated Other Comprehensive Loss		(76,616	)		(84,227	)		(95,498	)		(99,951	)		(115,719	)
Total Stockholders' Equity		809,680			798,943			764,215			756,336			730,664
Total Liabilities and Stockholders' Equity	$	6,722,018		$	6,667,632		$	6,598,137		$	6,622,956		$	6,459,459
Regulatory Capital
Total CET 1 capital	$	730,453		$	726,739		$	702,729		$	698,721		$	688,707
Total tier 1 capital		730,453			726,739			702,729			698,721			688,707
Total risk-based capital		750,319			746,422			722,477			720,400			709,820
Total risk-weighted assets		4,312,112			4,226,712			4,186,844			4,150,062			4,171,271

CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Commercial and industrial	$	453,975	$	426,654	$	409,317	$	423,265	$	419,838
1-4 Family		210,232		204,280		199,400		195,641		197,258
Hotels		398,608		397,338		380,496		372,758		389,660
Multi-family		237,424		233,678		221,970		215,546		240,943
Non Residential Non-Owner Occupied		767,580		728,625		740,104		742,323		707,265
Non Residential Owner Occupied		253,398		239,058		236,935		232,732		233,497
Commercial real estate ^(1)		1,867,242		1,802,979		1,778,905		1,759,000		1,768,623
Residential real estate ^(2)		1,910,060		1,909,791		1,884,449		1,841,851		1,823,610
Home equity		224,701		218,750		207,906		203,253		199,192
Consumer		47,353		50,056		52,795		54,670		57,816
DDA overdrafts		3,674		4,545		5,824		3,785		5,697
Gross Loans	$	4,507,005	$	4,412,775	$	4,339,196	$	4,285,824	$	4,274,776
Construction loans included in:
^(1) - Commercial real estate loans	$	35,781	$	31,892	$	28,781	$	25,683	$	24,681
^(2) - Residential real estate loans		9,907		6,785		6,416		5,276		7,547

CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
	Three Months Ended															Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Allowance for Credit Losses
Balance at beginning of period	$	19,658		$	19,724		$	21,669		$	21,922		$	21,832		$	21,922		$	22,745
Charge-offs:
Commercial and industrial		-			(7	)		-			(30	)		(99	)		(37	)		(672	)
Commercial real estate		(27	)		(2	)		-			(220	)		-			(249	)		(1,980	)
Residential real estate		(181	)		(160	)		(49	)		-			(75	)		(390	)		(423	)
Home equity		(102	)		(55	)		(97	)		(1	)		(23	)		(255	)		(228	)
Consumer		(36	)		(9	)		(36	)		(129	)		(23	)		(210	)		(182	)
DDA overdrafts		(387	)		(399	)		(327	)		(379	)		(405	)		(1,492	)		(1,570	)
Total charge-offs		(733	)		(632	)		(509	)		(759	)		(625	)		(2,633	)		(5,055	)
Recoveries:
Commercial and industrial		(347	)		400			15			37			1			105			88
Commercial real estate		(144	)		202			51			30			12			139			381
Residential real estate		(29	)		35			49			1			3			56			258
Home equity		17			64			96			4			17			181			77
Consumer		4			16			25			9			15			54			162
DDA overdrafts		336			349			328			425			367			1,438			1,446
Total recoveries		(163	)		1,066			564			506			415			1,973			2,412
Net (charge-offs) recoveries		(896	)		434			55			(253	)		(210	)		(660	)		(2,643	)
Provision for (recovery of) credit losses		1,100			(500	)		(2,000	)		-			300			(1,400	)		1,820
Balance at end of period	$	19,862		$	19,658		$	19,724		$	21,669		$	21,922		$	19,862		$	21,922
Loans outstanding	$	4,507,005		$	4,412,775		$	4,339,196		$	4,285,824		$	4,274,776
Allowance as a percent of loans outstanding		0.44	%		0.45	%		0.45	%		0.51	%		0.51	%
Allowance as a percent of non-performing loans		142.7	%		142.5	%		140.3	%		135.5	%		154.3	%
Average loans outstanding	$	4,435,631		$	4,378,342		$	4,310,222		$	4,292,794		$	4,215,962		$	4,354,704		$	4,133,843
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding		0.08	%		(0.04	)%		(0.01	)%		0.02	%		0.02	%		0.02	%		0.06	%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Nonaccrual Loans
Residential real estate	$	4,497		$	2,624		$	3,602		$	3,226		$	2,823
Home equity		308			498			283			269			212
Commercial and industrial		557			555			600			2,781			3,161
Commercial real estate		8,448			9,169			9,515			9,692			7,833
Consumer		-			-			-			-			-
Total nonaccrual loans		13,810			12,846			14,000			15,968			14,029
Accruing loans past due 90 days or more		109			946			63			26			182
Total non-performing loans		13,919			13,792			14,063			15,994			14,211
Other real estate owned		482			485			185			457			754
Total non-performing assets	$	14,401		$	14,277		$	14,248		$	16,451		$	14,965
Non-performing assets as a percent of loans and other real estate owned		0.32	%		0.32	%		0.33	%		0.38	%		0.35	%
Past Due Loans
Residential real estate	$	6,461		$	5,635		$	6,497		$	5,936		$	7,012
Home equity		772			651			788			892			902
Commercial and industrial		279			140			-			4			-
Commercial real estate		291			1,314			202			476			240
Consumer		308			221			163			9			273
DDA overdrafts		436			328			336			214			391
Total past due loans	$	8,547		$	8,289		$	7,986		$	7,531		$	8,818
Total past due loans as a percent of loans outstanding		0.19	%		0.19	%		0.18	%		0.18	%		0.21	%

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
	Three Months Ended
	December 31, 2025							September 30, 2025							December 31, 2024
	Average					Yield/		Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets:
Loan portfolio ^(1):
Residential real estate ^(2)	$	2,131,861		$	28,476	5.30	%	$	2,106,823		$	28,235	5.32	%	$	2,010,476		$	25,835	5.11	%
Commercial, financial, and agriculture ^(2)		2,250,036			35,022	6.18	%		2,215,319			35,443	6.35	%		2,141,481			34,859	6.48	%
Installment loans to individuals ^(2), (3)		53,734			878	6.48	%		56,200			928	6.55	%		64,005			1,007	6.26	%
Total loans		4,435,631			64,376	5.76	%		4,378,342			64,606	5.85	%		4,215,962			61,701	5.82	%
Securities:
Taxable		1,396,313			14,656	4.16	%		1,435,540			15,947	4.41	%		1,334,368			13,742	4.10	%
Tax-exempt ^(4)		157,476			1,283	3.23	%		127,878			895	2.78	%		154,097			999	2.58	%
Total securities		1,553,789			15,939	4.07	%		1,563,418			16,842	4.27	%		1,488,465			14,741	3.94	%
Deposits in depository institutions		138,253			1,400	4.02	%		74,918			829	4.39	%		217,056			2,588	4.74	%
Total interest-earning assets		6,127,673			81,715	5.29	%		6,016,678			82,277	5.43	%		5,921,483			79,030	5.31	%
Cash and due from banks		101,928							96,097							105,485
Premises and equipment, net		69,445							69,355							70,759
Goodwill and intangible assets		158,080							158,619							160,413
Other assets		280,293							282,993							282,298
Less: Allowance for credit losses		(19,497	)						(20,109	)						(22,178	)
Total assets	$	6,717,922						$	6,603,633						$	6,518,260
Liabilities:
Interest-bearing demand deposits	$	1,346,533		$	3,217	0.95	%	$	1,329,234		$	3,378	1.01	%	$	1,367,370		$	3,951	1.15	%
Savings deposits		1,239,715			2,370	0.76	%		1,241,494			2,348	0.75	%		1,204,625			2,212	0.73	%
Time deposits ^(2)		1,303,470			10,224	3.11	%		1,295,424			10,475	3.21	%		1,225,654			11,300	3.67	%
Customer repurchase agreements		386,270			3,493	3.59	%		343,903			3,196	3.69	%		375,304			4,191	4.44	%
FHLB long-term advances		150,000			1,586	4.19	%		150,000			1,586	4.19	%		150,000			1,586	4.21	%
Total interest-bearing liabilities		4,425,988			20,890	1.87	%		4,360,055			20,983	1.91	%		4,322,953			23,240	2.14	%
Noninterest-bearing demand deposits		1,393,103							1,374,486							1,347,457
Other liabilities		89,884							89,456							100,707
Stockholders' equity		808,947							779,636							747,143
Total liabilities and
Stockholders' equity	$	6,717,922						$	6,603,633						$	6,518,260
Net interest income				$	60,825						$	61,294						$	55,790
Net yield on earning assets						3.94	%						4.04	%						3.75	%
(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				$	111						$	39						$	175
(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				$	107						$	166						$	57
Commercial, financial, and agriculture					476							535							802
Installment loans to individuals					4							2							4
Time deposits					2							3							12
				$	589						$	706						$	875
(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)
	Twelve Months Ended
	December 31, 2025							December 31, 2024
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets:
Loan portfolio ^(1):
Residential real estate ^(2)	$	2,086,207		$	109,849	5.27	%	$	1,978,804		$	100,401	5.07	%
Commercial, financial, and agriculture ^(2)		2,210,665			138,980	6.29	%		2,088,474			137,071	6.56	%
Installment loans to individuals ^(2), (3)		57,832			3,658	6.33	%		66,565			4,048	6.08	%
Total loans		4,354,704			252,487	5.80	%		4,133,843			241,520	5.84	%
Securities:
Taxable		1,392,157			59,896	4.30	%		1,295,289			54,132	4.18	%
Tax-exempt ^(4)		137,059			3,997	2.92	%		158,257			4,153	2.62	%
Total securities		1,529,216			63,893	4.18	%		1,453,546			58,285	4.01	%
Deposits in depository institutions		131,001			5,675	4.33	%		144,134			7,495	5.20	%
Total interest-earning assets		6,014,921			322,055	5.35	%		5,731,523			307,300	5.36	%
Cash and due from banks		97,771							104,575
Premises and equipment, net		69,651							71,298
Goodwill and intangible assets		158,889							161,318
Other assets		288,361							299,378
Less: Allowance for credit losses		(20,994	)						(22,804	)
Total assets	$	6,608,599						$	6,345,288
Liabilities:
Interest-bearing demand deposits	$	1,338,751		$	13,224	0.99	%	$	1,323,507		$	15,335	1.16	%
Savings deposits		1,241,530			9,291	0.75	%		1,231,698			8,917	0.72	%
Time deposits ^(2)		1,287,094			42,841	3.33	%		1,149,773			40,277	3.50	%
Customer repurchase agreements		355,952			13,165	3.70	%		337,368			15,500	4.59	%
FHLB long-term advances		150,000			6,292	4.19	%		146,721			6,163	4.20	%
Total interest-bearing liabilities		4,373,327			84,813	1.94	%		4,189,067			86,192	2.06	%
Noninterest-bearing demand deposits		1,367,035							1,336,625
Other liabilities		95,225							107,061
Stockholders' equity		773,012							712,535
Total liabilities and
stockholders' equity	$	6,608,599						$	6,345,288
Net interest income				$	237,242						$	221,108
Net yield on earning assets						3.94	%						3.86	%
(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				$	357						$	494
(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				$	352						$	202
Commercial, financial, and agriculture					2,217							3,301
Installment loans to individuals					10							21
Time deposits					15							110
				$	2,594						$	3,634
(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															Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025		December 31, 2024
Net Interest Income/Margin
Net interest income ("GAAP")	$	60,557		$	61,107		$	58,924		$	55,815		$	55,580		$	236,403	$	220,237
Taxable equivalent adjustment		268			187			192			192			210			839		871
Net interest income, fully taxable equivalent	$	60,825		$	61,294		$	59,116		$	56,007		$	55,790		$	237,242	$	221,108
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")		12.04	%		11.98	%		11.58	%		11.41	%		11.31	%
Effect of goodwill and other intangibles, net		(2.11	)%		(2.14	)%		(2.18	)%		(2.18	)%		(2.25	)%
Tangible common equity to tangible assets		9.93	%		9.84	%		9.40	%		9.23	%		9.06	%
Commercial Loan Information (period end)
Commercial Sector	Total			% of Total Loans			Average DSC			Average LTV
Natural Gas Extraction	$	48,905			1.09	%		2.86		NA
Natural Gas Distribution		20,589			0.46	%		2.55		NA
Masonry Contractors		24,220			0.54	%		1.01			100	%
Sheet Metal Work Manufacturing		25,453			0.57	%		1.40			68	%
Beer & Ale Merchant Wholesalers		24,324			0.54	%		1.53		NA
Gasoline Stations with Convenience Stores		48,613			1.08	%		5.07			65	%
Lessors of Residential Buildings & Dwellings		505,385			11.24	%		1.64			67	%
1-4 Family		192,476			4.28	%		2.96			71	%
Multi-Family		211,742			4.71	%		1.80			68	%
Lessors of Nonresidential Buildings		634,739			14.12	%		1.42			65	%
Office Buildings		165,866			3.69	%		1.65			62	%
Lessors of Mini-Warehouses & Self-Storage Units		54,837			1.22	%		1.23			60	%
Assisted Living Facilities		25,444			0.57	%		1.46			52	%
Hotels & Motels		399,051			8.88	%		1.77			67	%
	Average Balance			Median Balance
Commercial, Financial, and Agriculture Loans	$	505		$	103
Commercial Real Estate Loans		572			131
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
	December 31, 2025			September 30, 2025
Noninterest-Bearing Demand Deposits		16	%		17	%
Interest-Bearing Deposits
Demand Deposits		14	%		15	%
Savings Deposits		13	%		13	%
Time Deposits		17	%		17	%
Total Deposits		15	%		15	%
The amounts listed above represent management's best estimate as of the respective period shown of uninsured deposits (either with balances above $250,000 or not collateralized by investment securities).
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Net Growth in DDA Accounts
Year	New DDA Accounts			Net Number of New Accounts			Percentage
2025		31,427			3,548			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).