City Holding Company Announces Quarterly Results

CHARLESTON, W.Va.--(BUSINESS WIRE)--City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.8 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $31.7 million and diluted earnings of $2.20 per share for the quarter ended March 31, 2026. For the quarter ended March 31, 2026, the Company achieved a return on assets of 1.92% and a return on tangible equity of 19.3%.

Net Interest Income

The Company’s net interest income decreased approximately $1.0 million, or 1.6%, from $60.6 million during the fourth quarter of 2025 to $59.6 million during the first quarter of 2026. The Company’s tax equivalent net interest income decreased approximately $0.9 million, or 1.5%, from $60.8 million for the fourth quarter of 2025 to $59.9 million for the first quarter of 2026. This decrease was primarily due to a decrease in the yield on loans and a decrease in the yield on investments which decreased net interest income by $1.5 million and $1.1 million, respectively. The decline in net interest income due to the decrease in the yield on investments was primarily attributable to the maturities of $150 million of swap agreements in October 2025 ($50 million) and November 2025 ($100 million). In addition, net interest income decreased $0.4 million due to a decrease in the average balances of investments ($36.1 million) and $0.3 million due to a decrease in average balances of deposits in depository institutions ($34.9 million).

These decreases were partially offset by a decrease in the cost of interest bearing liabilities (11 basis points) and an increase in average loans outstanding ($60.5 million), which increased net interest income by $1.6 million and $0.9 million, respectively. The Company’s reported net interest margin improved from 3.94% for the fourth quarter of 2025 to 3.97% for the first quarter of 2026.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned decreased from 0.32%, or $14.4 million, at December 31, 2025 to 0.27%, or $12.2 million, at March 31, 2026. Total past due loans increased modestly from $8.5 million, or 0.19% of total loans outstanding, at December 31, 2025, to $8.8 million, or 0.20% of total loans outstanding, at March 31, 2026.

As a result of the Company’s quarterly analysis of the adequacy of the allowance for credit losses, the Company recorded a provision for credit losses of $0.6 million in the first quarter of 2026, compared to no provision for credit losses for the comparable period in 2025, and a provision for credit losses of $1.1 million for the fourth quarter of 2025. The provision for credit losses in the first quarter of 2026 was primarily related to a commercial loan for a movie theater that had been transferred to nonaccrual status in the third quarter of 2024. Due to further cash flow deterioration, a $0.85 million charge-off was recorded in the quarter ending March 31, 2026, leaving an outstanding balance of approximately $5.0 million. This charge-off was partially offset by a decline in loan balances from the fourth quarter of 2025 and net recoveries (exclusive of the movie theater charge-off) during the quarter ended March 31, 2026.

Non-interest Income

Non-interest income increased $0.9 million from $18.7 million in the first quarter of 2025 to $19.6 million in the first quarter of 2026. This increase was due to an increase of $0.4 million, or 14.3%, in wealth and investment management fee income, a $0.3 million, or 43.6%, increase in other income, and an increase of $0.2 million, or 3.4%, in service charges. These increases were partially offset by a decrease in bank owned life insurance of $0.2 million.

Non-interest Expenses

Non-interest expenses increased $1.8 million, or 4.6%, from $37.6 million in the first quarter of 2025 to $39.4 million in the first quarter of 2026. This increase was largely due to an increase in salaries and employee benefit expenses ($1.0 million due to salary adjustments (3.5%) and increased health insurance (11.3%)), other tax related matters ($0.4 million), and equipment and software related expenses ($0.2 million).

Balance Sheet Trends

Loans decreased $11.3 million (0.3%) from December 31, 2025 to $4.50 billion at March 31, 2026. Commercial and industrial loans decreased $12.4 million and consumer loans decreased $4.4 million during the quarter ended March 31, 2026. These decreases were partially offset by increases in residential real estate loans of $3.3 million (0.2%) and commercial real estate loans of $1.6 million (0.1%).

Period-end deposit balances increased $42.6 million from December 31, 2025, to March 31, 2026. Total average depository balances decreased $15.4 million (0.3%) from the quarter ended December 31, 2025 to the quarter ended March 31, 2026 to $5.27 billion. Average interest-bearing demand balances decreased $20.0 million and average balances of noninterest-bearing demand deposits decreased $13.0 million. These decreases were partially offset by increases in savings deposit balances of $13.8 million and average time deposits of $3.8 million.

Income Tax Expense

The Company’s effective income tax rate for the first quarter of 2026 was 19.2%, compared to 19.2% for the year ended December 31, 2025, and 17.8% for the quarter ended March 31, 2025.

Capitalization and Liquidity

The Company’s loan to deposit ratio was 84.1% and the loan to asset ratio was 66.5% at March 31, 2026. The Company maintained investment securities totaling 21.8% of assets as of the same date. The Company’s deposit mix is weighted heavily toward checking and saving accounts, which fund 59.7% of assets at March 31, 2026. Time deposits funded 19.4% of assets at March 31, 2026, with only 14.9% of time deposits having balances of more than $250,000, reflecting the core retail orientation of the Company.

City Holding Company is the parent company of City National Bank of West Virginia (“City National”). City National has borrowing facilities with the Federal Reserve Bank and the Federal Home Loan Bank that can be accessed as necessary to fund operations and to provide contingency funding. These borrowing facilities are collateralized by various loans held on City National’s balance sheet. As of March 31, 2026, City National had the capacity to borrow an additional $1.8 billion from these existing borrowing facilities. In addition, approximately $709 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $762 million of City National’s investment securities unpledged at March 31, 2026.

The Company continues to be strongly capitalized with tangible equity of $637 million at March 31, 2026. The Company’s tangible equity ratio decreased from 9.9% at December 31, 2025 to 9.7% at March 31, 2026. At March 31, 2026, City National’s Leverage Ratio was 9.2%, its Common Equity Tier I ratio was 14.4%, its Tier I Capital ratio was 14.4%, and its Total Risk-Based Capital ratio was 14.8%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On March 25, 2026, the Board of Directors of the Company approved a quarterly cash dividend of $0.87 per share, payable April 30, 2026, to shareholders of record as of April 15, 2026. On March 25, 2026, the Company announced that the Board of Directors authorized the Company to buy back up to 1,000,000 shares of its common stock (approximately 7% of outstanding shares) in open market transactions at prices that are accretive to the earnings per share of continuing shareholders (the “2026 Program”). No time limit was placed on the duration of the 2026 Program. As part of this authorization, the Company terminated its previous repurchase program that was approved in January 2024 (the "2024 Program"). The Company had repurchased 822,634 shares under the 2024 Program. During the quarter ended March 31, 2026, the Company repurchased 262,017 common shares at a weighted average price of $117.79 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of March 31, 2026, the Company could repurchase approximately 985,000 shares under the current plan (2026 Program).

City National operates 96 branches across West Virginia, Kentucky, Virginia, and Ohio.

Forward-Looking Information

This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 under “ITEM 1A Risk Factors” and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions or financial technology companies; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers’ performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) our ability to effectively execute our business plan, including with respect to future acquisitions; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (11) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its March 31, 2026 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2026 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Earnings
Net Interest Income (fully taxable equivalent)	$	59,890		$	60,825		$	61,294		$	59,116		$	56,007
Net Income available to common shareholders		31,735			31,568			35,188			33,387			30,342
Per Share Data
Earnings per share available to common shareholders:
Basic	$	2.20		$	2.18		$	2.41		$	2.29		$	2.06
Diluted		2.20			2.18			2.41			2.29			2.06
Weighted average number of shares (in thousands):
Basic		14,270			14,359			14,457			14,466			14,616
Diluted		14,274			14,366			14,463			14,471			14,631
Period-end number of shares (in thousands)		14,111			14,354			14,495			14,495			14,650
Cash dividends declared	$	0.87		$	0.87		$	0.87		$	0.79		$	0.79
Book value per share (period-end)	$	56.29		$	56.41		$	55.12		$	52.72		$	51.63
Tangible book value per share (period-end)		45.14			45.41			44.19			41.76			40.74
Market data:
High closing price	$	127.84		$	126.71		$	133.58		$	123.42		$	120.39
Low closing price		116.62			117.04			118.89			108.93			114.48
Period-end closing price		119.52			119.20			123.87			122.42			117.47
Average daily volume (in thousands)		111			90			112			76			63
Treasury share activity:
Treasury shares repurchased (in thousands)		262			141			-			175			81
Average treasury share repurchase price	$	117.79		$	119.12		$	-		$	111.09		$	117.42
Key Ratios (percent)
Return on average assets		1.92	%		1.86	%		2.11	%		2.03	%		1.89	%
Return on average tangible equity		19.3	%		19.2	%		22.5	%		22.7	%		20.7	%
Yield on interest earning assets		5.24	%		5.29	%		5.43	%		5.38	%		5.32	%
Cost of interest bearing liabilities		1.76	%		1.87	%		1.91	%		1.95	%		2.02	%
Net Interest Margin		3.97	%		3.94	%		4.04	%		3.95	%		3.84	%
Non-interest income as a percent of total revenue		24.8	%		24.9	%		24.7	%		24.7	%		25.1	%
Efficiency Ratio		48.9	%		48.2	%		46.0	%		49.0	%		49.6	%
Price/Earnings Ratio (a)		13.56			13.68			12.84			13.38			14.26
Capital (period-end)
Average Shareholders' Equity to Average Assets		12.32	%		12.04	%		11.81	%		11.37	%		11.56	%
Tangible equity to tangible assets		9.65	%		9.93	%		9.84	%		9.40	%		9.23	%
Consolidated City Holding Company risk based capital ratios (b):
CET I		16.87	%		16.94	%		17.19	%		16.78	%		16.84	%
Tier I		16.87	%		16.94	%		17.19	%		16.78	%		16.84	%
Total		17.33	%		17.40	%		17.66	%		17.26	%		17.36	%
Leverage		10.86	%		10.96	%		11.06	%		10.70	%		10.76	%
City National Bank risk based capital ratios (b):
CET I		14.35	%		13.42	%		15.83	%		15.10	%		14.38	%
Tier I		14.35	%		13.42	%		15.83	%		15.10	%		14.38	%
Total		14.81	%		13.88	%		16.30	%		15.58	%		14.90	%
Leverage		9.23	%		8.68	%		10.18	%		9.63	%		9.19	%
Other (period-end)
Branches		96			96			96			96			97
FTE		928			934			934			934			942
Assets per FTE (in thousands)	$	7,284		$	7,201		$	7,138		$	7,064		$	7,028
Deposits per FTE (in thousands)		5,757			5,679			5,629			5,619			5,580
(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) March 31, 2026 risk-based capital ratios are estimated.

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
	Three Months Ended
	March 31, 2026		December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Interest Income
Interest and fees on loans	$	63,671	$	64,376		$	64,606		$	62,588		$	60,917
Interest on investment securities:
Taxable		13,129		14,657			15,947			15,347			13,945
Tax-exempt		1,027		1,014			708			712			724
Interest on deposits in depository institutions		942		1,400			829			1,644			1,802
Total Interest Income		78,769		81,447			82,090			80,291			77,388
Interest Expense
Interest on deposits		14,756		15,811			16,201			16,492			16,852
Interest on customer repurchase agreements		2,844		3,493			3,196			3,307			3,169
Interest on FHLB long-term advances		1,552		1,586			1,586			1,568			1,552
Total Interest Expense		19,152		20,890			20,983			21,367			21,573
Net Interest Income		59,617		60,557			61,107			58,924			55,815
Provision for (Recovery of) credit losses		600		1,100			(500	)		(2,000	)		-
Net Interest Income After Provision for (Recovery of) Credit Losses		59,017		59,457			61,607			60,924			55,815
Non-Interest Income
Net gains on sale of investment securities		-		-			37			150			-
Unrealized gains (losses) recognized on equity securities still held		7		(416	)		96			(263	)		(5	)
Service charges		7,391		7,713			7,852			7,264			7,151
Bankcard revenue		6,889		7,291			7,324			7,233			6,807
Wealth and investment management fee income		3,317		3,352			3,075			3,016			2,902
Bank owned life insurance		979		864			919			942			1,153
Other income		1,047		834			851			894			729
Total Non-Interest Income		19,630		19,638			20,154			19,236			18,737
Non-Interest Expense
Salaries and employee benefits		20,183		20,198			19,779			19,995			19,194
Occupancy related expense		2,632		2,316			2,340			2,316			2,582
Equipment and software related expense		3,665		3,812			3,618			3,554			3,470
Bankcard expenses		2,118		2,376			2,191			2,203			2,215
Other tax-related matters		2,681		2,312			2,104			2,327			2,262
Advertising		884		577			668			964			873
FDIC insurance expense		805		756			761			756			776
Legal and professional fees		553		552			549			651			582
Other expenses		5,864		6,655			5,905			6,233			5,681
Total Non-Interest Expense		39,385		39,554			37,915			38,999			37,635
Income Before Income Taxes		39,262		39,541			43,846			41,161			36,917
Income tax expense		7,527		7,973			8,658			7,774			6,575
Net Income Available to Common Shareholders	$	31,735	$	31,568		$	35,188		$	33,387		$	30,342
Distributed earnings allocated to common shareholders	$	12,166	$	12,372		$	12,495		$	11,346		$	11,483
Undistributed earnings allocated to common shareholders		19,284		18,903			22,370			21,735			18,624
Net earnings allocated to common shareholders	$	31,450	$	31,275		$	34,865		$	33,081		$	30,107
Average common shares outstanding		14,270		14,359			14,457			14,466			14,616
Shares for diluted earnings per share		14,274		14,366			14,463			14,471			14,631
Basic earnings per common share	$	2.20	$	2.18		$	2.41		$	2.29		$	2.06
Diluted earnings per common share	$	2.20	$	2.18		$	2.41		$	2.29		$	2.06

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Assets
Cash and due from banks	$	135,816		$	152,111		$	129,665		$	145,876		$	135,029
Interest-bearing deposits in depository institutions		163,201			39,808			95,929			26,248			249,676
Cash and cash equivalents		299,017			191,919			225,594			172,124			384,705
Investment securities available-for-sale, at fair value		1,441,098			1,503,358			1,510,772			1,562,423			1,416,808
Other securities		29,462			29,474			29,878			29,768			29,809
Total investment securities		1,470,560			1,532,832			1,540,650			1,592,191			1,446,617
Gross loans		4,495,698			4,507,005			4,412,775			4,339,196			4,285,824
Allowance for credit losses		(19,713	)		(19,862	)		(19,658	)		(19,724	)		(21,669	)
Net loans		4,475,985			4,487,143			4,393,117			4,319,472			4,264,155
Bank owned life insurance		124,976			124,370			123,506			122,587			121,738
Premises and equipment, net		68,740			69,133			69,539			69,038			69,696
Accrued interest receivable		21,645			20,718			21,890			21,654			21,603
Net deferred tax assets		31,652			30,005			32,159			33,994			35,184
Goodwill and other intangible assets, net		157,383			157,871			158,414			158,957			159,501
Other assets		110,311			108,027			102,763			108,120			119,757
Total Assets	$	6,760,269		$	6,722,018		$	6,667,632		$	6,598,137		$	6,622,956
Liabilities
Deposits:
Noninterest-bearing	$	1,410,861		$	1,413,621		$	1,377,313		$	1,383,247		$	1,365,870
Interest-bearing:
Demand deposits		1,345,723			1,339,435			1,338,872			1,333,858			1,355,806
Savings deposits		1,276,884			1,244,571			1,238,832			1,244,179			1,260,903
Time deposits		1,310,136			1,303,361			1,302,575			1,287,536			1,275,890
Total deposits		5,343,604			5,300,988			5,257,592			5,248,820			5,258,469
Customer repurchase agreements		374,825			367,674			369,012			339,834			347,729
FHLB long-term advances		150,000			150,000			150,000			150,000			150,000
Other liabilities		97,450			93,676			92,085			95,268			110,422
Total Liabilities		5,965,879			5,912,338			5,868,689			5,833,922			5,866,620
Stockholders' Equity
Preferred stock		-			-			-			-			-
Common stock		47,619			47,619			47,619			47,619			47,619
Capital surplus		173,130			174,598			173,733			172,853			174,300
Retained earnings		954,407			935,046			915,971			893,422			871,406
Treasury stock		(299,503	)		(270,967	)		(254,153	)		(254,181	)		(237,038	)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale		(80,388	)		(75,741	)		(82,785	)		(94,056	)		(98,509	)
Underfunded pension liability		(875	)		(875	)		(1,442	)		(1,442	)		(1,442	)
Total Accumulated Other Comprehensive Loss		(81,263	)		(76,616	)		(84,227	)		(95,498	)		(99,951	)
Total Stockholders' Equity		794,390			809,680			798,943			764,215			756,336
Total Liabilities and Stockholders' Equity	$	6,760,269		$	6,722,018		$	6,667,632		$	6,598,137		$	6,622,956
Regulatory Capital
Total CET 1 capital	$	720,535		$	730,453		$	726,739		$	702,729		$	698,721
Total tier 1 capital		720,535			730,453			726,739			702,729			698,721
Total risk-based capital		740,252			750,319			746,422			722,477			720,400
Total risk-weighted assets		4,270,400			4,312,112			4,226,712			4,186,844			4,150,062

CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Commercial and industrial	$	441,617	$	453,975	$	426,654	$	409,317	$	423,265
1-4 Family		221,165		210,232		204,280		199,400		195,641
Hotels		395,857		398,608		397,338		380,496		372,758
Multi-family		227,687		237,424		233,678		221,970		215,546
Non Residential Non-Owner Occupied		772,778		767,580		728,625		740,104		742,323
Non Residential Owner Occupied		251,382		253,398		239,058		236,935		232,732
Commercial real estate ^(1)		1,868,869		1,867,242		1,802,979		1,778,905		1,759,000
Residential real estate ^(2)		1,913,389		1,910,060		1,909,791		1,884,449		1,841,851
Home equity		224,723		224,701		218,750		207,906		203,253
Consumer		42,994		47,353		50,056		52,795		54,670
DDA overdrafts		4,106		3,674		4,545		5,824		3,785
Gross Loans	$	4,495,698	$	4,507,005	$	4,412,775	$	4,339,196	$	4,285,824
Construction loans included in:
^(1) - Commercial real estate loans	$	39,519	$	35,781	$	31,892	$	28,781	$	25,683
^(2) - Residential real estate loans		9,612		9,907		6,785		6,416		5,276

CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)
	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Allowance for Credit Losses
Balance at beginning of period	$	19,862		$	19,658		$	19,724		$	21,669		$	21,922
Charge-offs:
Commercial and industrial		(4	)		-			(7	)		-			(30	)
Commercial real estate		(856	)		(27	)		(2	)		-			(220	)
Residential real estate		(134	)		(181	)		(160	)		(49	)		-
Home equity		(62	)		(102	)		(55	)		(97	)		(1	)
Consumer		(71	)		(36	)		(9	)		(36	)		(129	)
DDA overdrafts		(382	)		(387	)		(399	)		(327	)		(379	)
Total charge-offs		(1,509	)		(733	)		(632	)		(509	)		(759	)
Recoveries:
Commercial and industrial		5			(347	)		400			15			37
Commercial real estate		235			(144	)		202			51			30
Residential real estate		30			(29	)		35			49			1
Home equity		90			17			64			96			4
Consumer		20			4			16			25			9
DDA overdrafts		380			336			349			328			425
Total recoveries		760			(163	)		1,066			564			506
Net (charge-offs) recoveries		(749	)		(896	)		434			55			(253	)
Provision for (recovery of) credit losses		600			1,100			(500	)		(2,000	)		-
Balance at end of period	$	19,713		$	19,862		$	19,658		$	19,724		$	21,669
Loans outstanding	$	4,495,698		$	4,507,005		$	4,412,775		$	4,339,196		$	4,285,824
Allowance as a percent of loans outstanding		0.44	%		0.44	%		0.45	%		0.45	%		0.51	%
Allowance as a percent of non-performing loans		171.6	%		142.7	%		142.5	%		140.3	%		135.5	%
Average loans outstanding	$	4,496,109		$	4,435,631		$	4,378,342		$	4,310,222		$	4,292,794
Net charge-offs (recoveries) (annualized) as a percent of average loans outstanding		0.07	%		0.08	%		(0.04	)%		(0.01	)%		0.02	%
CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, continued
(Unaudited) ($ in 000s)
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Nonaccrual Loans
Residential real estate	$	4,274		$	4,497		$	2,624		$	3,602		$	3,226
Home equity		313			308			498			283			269
Commercial and industrial		431			557			555			600			2,781
Commercial real estate		6,403			8,448			9,169			9,515			9,692
Consumer		2			-			-			-			-
Total nonaccrual loans		11,423			13,810			12,846			14,000			15,968
Accruing loans past due 90 days or more		64			109			946			63			26
Total non-performing loans		11,487			13,919			13,792			14,063			15,994
Other real estate owned		693			482			485			185			457
Total non-performing assets	$	12,180		$	14,401		$	14,277		$	14,248		$	16,451
Non-performing assets as a percent of loans and other real estate owned		0.27	%		0.32	%		0.32	%		0.33	%		0.38	%
Past Due Loans
Residential real estate	$	6,440		$	6,461		$	5,635		$	6,497		$	5,936
Home equity		840			772			651			788			892
Commercial and industrial		273			279			140			-			4
Commercial real estate		670			291			1,314			202			476
Consumer		267			308			221			163			9
DDA overdrafts		342			436			328			336			214
Total past due loans	$	8,832		$	8,547		$	8,289		$	7,986		$	7,531
Total past due loans as a percent of loans outstanding		0.20	%		0.19	%		0.19	%		0.18	%		0.18	%

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)
	Three Months Ended
	March 31, 2026							December 31, 2025							March 31, 2025
	Average					Yield/		Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets:
Loan portfolio ^(1):
Residential real estate ^(2)	$	2,135,883		$	28,309	5.38	%	$	2,131,861		$	28,476	5.30	%	$	2,035,999		$	26,122	5.20	%
Commercial, financial, and agriculture ^(2)		2,310,646			34,557	6.07	%		2,250,036			35,022	6.18	%		2,195,307			33,876	6.26	%
Installment loans to individuals ^(2), (3)		49,580			805	6.58	%		53,734			878	6.48	%		61,488			919	6.06	%
Total loans		4,496,109			63,671	5.74	%		4,435,631			64,376	5.76	%		4,292,794			60,917	5.76	%
Securities:
Taxable		1,357,848			13,129	3.92	%		1,396,313			14,656	4.16	%		1,318,675			13,945	4.29	%
Tax-exempt ^(4)		159,841			1,300	3.30	%		157,476			1,283	3.23	%		134,567			916	2.76	%
Total securities		1,517,689			14,429	3.86	%		1,553,789			15,939	4.07	%		1,453,242			14,861	4.15	%
Deposits in depository institutions		103,353			942	3.70	%		138,253			1,400	4.02	%		164,069			1,802	4.45	%
Total interest-earning assets		6,117,151			79,042	5.24	%		6,127,673			81,715	5.29	%		5,910,105			77,580	5.32	%
Cash and due from banks		96,384							101,928							98,843
Premises and equipment, net		68,933							69,445							70,296
Goodwill and other intangible assets, net		157,616							158,080							159,714
Other assets		279,291							280,293							298,473
Less: Allowance for credit losses		(20,276	)						(19,497	)						(22,285	)
Total assets	$	6,699,099						$	6,717,922						$	6,515,146
Liabilities:
Interest-bearing demand deposits	$	1,326,489		$	2,774	0.85	%	$	1,346,533		$	3,217	0.95	%	$	1,335,691		$	3,297	1.00	%
Savings deposits		1,253,525			2,342	0.76	%		1,239,715			2,370	0.76	%		1,237,116			2,271	0.74	%
Time deposits ^(2)		1,307,231			9,640	2.99	%		1,303,470			10,224	3.11	%		1,265,163			11,284	3.62	%
Customer repurchase agreements		368,483			2,844	3.13	%		386,270			3,493	3.59	%		333,562			3,169	3.85	%
FHLB long-term advances		150,000			1,552	4.20	%		150,000			1,586	4.19	%		150,000			1,552	4.20	%
Total interest-bearing liabilities		4,405,728			19,152	1.76	%		4,425,988			20,890	1.87	%		4,321,532			21,573	2.02	%
Noninterest-bearing demand deposits		1,380,136							1,393,103							1,336,365
Other liabilities		87,987							89,884							104,301
Stockholders' equity		825,248							808,947							752,948
Total liabilities and
Stockholders' equity	$	6,699,099						$	6,717,922						$	6,515,146
Net interest income				$	59,890						$	60,825						$	56,007
Net yield on earning assets						3.97	%						3.94	%						3.84	%
(1)For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income:
Loan fees, net				$	53						$	111						$	201
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions:
Residential real estate				$	65						$	107						$	22
Commercial, financial, and agriculture					440							476							530
Installment loans to individuals					3							4							4
Time deposits					2							2							7
				$	510						$	589						$	563
(3) Includes the Company’s consumer and DDA overdrafts loan categories.
(4) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.

CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited) ($ in 000s, except per share data)
	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net Interest Income/Margin
Net interest income ("GAAP")	$	59,617		$	60,557		$	61,107		$	58,924		$	55,815
Taxable equivalent adjustment		273			268			187			192			192
Net interest income, fully taxable equivalent	$	59,890		$	60,825		$	61,294		$	59,116		$	56,007
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")		11.75	%		12.04	%		11.98	%		11.58	%		11.41	%
Effect of goodwill and other intangibles, net		(2.10	)%		(2.11	)%		(2.14	)%		(2.18	)%		(2.18	)%
Tangible common equity to tangible assets		9.65	%		9.93	%		9.84	%		9.40	%		9.23	%
Commercial Loan Information (period end)
Commercial Sector	Total			% of Total Loans			Average DSC			Average LTV
Natural Gas Extraction	$	45,646		1.02%				3.60		NA
Natural Gas Distribution		13,789		0.31%				3.08		NA
Masonry Contractors		22,488		0.50%				1.04		100%
Sheet Metal Work Manufacturing		26,686		0.60%				1.40		68%
Beer & Ale Merchant Wholesalers		24,041		0.54%				1.59		NA
Gasoline Stations with Convenience Stores		47,605		1.06%				2.02		65%
Lessors of Residential Buildings & Dwellings		506,935		11.31%				1.56		66%
1-4 Family		194,628		4.34%				1.82		63%
Multi-Family		200,859		4.48%				1.76		68%
Lessors of Nonresidential Buildings		627,094		13.99%				1.33		65%
Office Buildings		160,662		3.58%				1.65		62%
Lessors of Mini-Warehouses & Self-Storage Units		55,554		1.24%				1.44		64%
Assisted Living Facilities		25,223		0.56%				1.58		41%
Hotels & Motels		396,263		8.84%				1.75		58%
	Average Balance			Median Balance
Commercial, Financial, and Agriculture Loans	$	504		$	104
Commercial Real Estate Loans		572			132
CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Net Growth in DDA Accounts
Year	New DDA Accounts			Net Number of New Accounts			Percentage
2026		7,527			420			0.2	%
2025		31,427			3,548			1.3	%
2024		32,238			4,497			1.8	%
2023*		31,745			4,768			1.9	%
2022		28,442			4,544			1.9	%
2021		32,800			8,860			3.8	%
2020		30,360			6,740			3.0	%
2019		32,040			3,717			1.7	%
* - amounts exclude accounts added in connection with the acquisitions of Citizens Commerce Bancshares, Inc. (2023).