0000726854false00007268542025-01-232025-01-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): January 23, 2025

a92019chcodivimage1a02.jpg
CITY HOLDING COMPANY
(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-11733

West Virginia55-0619957
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)
 
25 Gatewater Road, Cross Lanes, West Virginia 25313
(Address of Principal Executive Offices, Including Zip Code)
 
304-769-1100
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Stock $2.50 Par ValueCHCONASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

-1-


Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On January 23, 2025, City Holding Company ("the Company") issued a news release, attached as Exhibit 99.1, announcing the Company's earnings results for the fourth quarter ended December 31, 2024. Furnished as Exhibit 99.1 and incorporated herein by reference is the news release issued by the Company.


Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits
News Release issued January 23, 2025


Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

Dated: January 23, 2025
City Holding Company
By:/s/ David L. Bumgarner
David L. Bumgarner
Executive Vice President & Chief Financial Officer

-2-








NEWS RELEASE

For Immediate Release
January 23, 2025

For Further Information Contact:
David L. Bumgarner, Executive Vice President and Chief Financial Officer
(304) 769-1169

City Holding Company Announces Record Annual Earnings

Charleston, West Virginia – City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $6.5 billion bank holding company headquartered in Charleston, West Virginia, today announced record net income of $117.1 million and record diluted earnings of $7.89 per share for the year ended December 31, 2024. For the year ended December 31, 2024, the Company achieved a return on assets of 1.85% and a return on tangible equity of 21.2%.

“For the fifth time in the last seven years, City was once again honored to be ranked #1 in customer satisfaction for consumer banking in the North Central Region in the J.D. Power 2024 U.S. Retail Banking Satisfaction Study," said City’s President and CEO, Charles Hageboeck. “We believe that this award goes further than just providing excellent service to our customers. It reflects how our employees interact and support their customers, communities, and fellow employees on a daily basis. This dedication by our employees enables us to produce excellent results year after year.

“As we start 2025, City’s strengths from a year ago remain in place. We continue to have an exceptional customer franchise, an extraordinary team, an enviable cost of funds, strong asset quality, and some competitors who seem focused on making their customers banking experiences more difficult.”

Net Interest Income

The Company’s net interest income increased from $219.2 million for the year ended December 31, 2023 to $220.2 million for the year ended December 31, 2024. The Company’s tax equivalent net interest income increased $0.8 million, or 0.4%, from $220.3 million for the year ended December 31, 2023 to $221.1 million for the year ended December 31, 2024. Due to increases in loan yields (net of loan fees and accretion) of 40 basis points and an increase in average loan balances ($185.5 million), net interest income increased by $15.2 million and $10.3 million, respectively. Additionally, an increase in the yield on investment securities of 34 basis points increased net interest income by $4.7. million and a 72 basis point increase on deposits in depository institutions increased net interest income by $1.0 million. The acquisition of Citizens Commerce Bancshares, Inc., and its subsidiary, Citizens Commerce Bank ("Citizens") of Versailles, Kentucky during the first quarter of 2023 added $2.8 million of net interest income during the year ended December 31, 2024.

These increases were partially offset by an increase in the cost of interest bearing liabilities (78 basis points), which decreased net interest income by $25.5 million, and higher balances of interest bearing


liabilities ($193.8 million) that lowered net interest income by $7.9 million. The Company’s reported net interest margin decreased from 4.01% for the year ended December 31, 2023 to 3.86% for the year ended December 31, 2024.

The Company’s net interest income remained flat at $55.6 million for both the fourth quarter of 2024 and the third quarter of 2024. The Company’s tax equivalent net interest income also remained flat at $55.8 million for both the fourth quarter of 2024 and the third quarter of 2024. Due to an increase in balances of interest bearing liabilities ($133.0 million), net interest income decreased $1.2 million and a decrease in the yield on loans (17 basis points, net of loan fees and accretion) decreased net interest income $1.2 million. Additionally, lower yields on investment securities (19 basis points) lowered net interest income $0.6 million. These decreases were essentially offset by an increase in the balance of deposits in depository institution balances ($113.7 million) that increased net interest income $1.6 million and an increase in loan balances ($82.4 million) which increased net interest income $1.3 million. The Company’s reported net interest margin decreased from 3.87% for the third quarter of 2024 to 3.75% for the fourth quarter of 2024.

Credit Quality

The Company’s ratio of nonperforming assets to total loans and other real estate owned increased from 0.21%, or $8.6 million, at December 31, 2023 to 0.35%, or $15.0 million at December 31, 2024. This increase is primarily due to a commercial loan for a movie theater (originated in 2014) that experienced operating weakness during the third quarter of the year ended December 31, 2024. As a result, the Company recognized a $2.0 million charge-off for this loan and moved the remaining balance to nonaccrual. Total past due loans decreased from $10.9 million, or 0.27% of total loans outstanding, at December 31, 2023 to $8.8 million, or 0.21% of total loans outstanding, at December 31, 2024.

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 $0.3 million for the fourth quarter of 2024 and a provision for credit losses of $1.8 million for the year ended December 31, 2024, compared to a $0.3 million recovery of credit losses for the fourth quarter and a provision for credit losses of $3.2 million for the year ended December 31, 2023. The provision for credit losses recognized during 2024 related primarily to the aforementioned movie theater ($2.0 million), loan growth during the year ending December 31, 2024, and an increase in the loss rate for residential real estate loans. These increases were partially offset by $1.7 million of reversals of reserves due primarily to payoffs on purchase credit deteriorated loans during the year ending December 31, 2024. Additionally, the provision for credit losses for the year ended December 31, 2023 included $2.0 million of credit loss expense associated with loans acquired from Citizens.

Non-interest Income

Non-interest income was $73.3 million for the year ended December 31, 2024, as compared to $70.6 million for the year ended December 31, 2023. In 2024, the Company reported $2.8 million of realized security losses and $0.2 million of unrealized security gains on the Company’s equity securities as compared to $4.9 million realized security losses and $0.4 million of unrealized security gains on the Company’s equity securities in 2023. The realized security losses during both 2024 and 2023, which lowered diluted earnings per share by $0.15 and $0.25, respectively, and were executed to reposition a portion of our investment securities.

Exclusive of these realized and unrealized gains and losses, non-interest income increased $0.9 million, or 1.2%, from $75.1 million for 2023 to $76.0 million for 2024. This increase was largely attributable to an increase of $1.7 million, or 17.7%, in trust and investment management fee income and an increase of $1.5 million, or 5.3%, from service charges. Additionally, bankcard revenues increased $0.5 million, or


1.9%, from the year ended December 31, 2023. These increases were partially offset by a decrease of $2.0 million from bank owned life insurance (lower death benefits) and $0.8 million in other income.

During the quarter ended December 31, 2024, non-interest income was $16.1 million, as compared to $14.2 million during the quarter ended December 31, 2023. During the fourth quarter of 2024, the Company reported $2.8 million of realized security losses and $0.4 million of unrealized fair value losses on the Company’s equity securities, as compared to $5.0 million of realized security losses and $0.4 million of unrealized fair value gains on the Company’s equity securities during the fourth quarter of 2023.

Exclusive of these realized and unrealized gains and losses, non-interest income increased from $18.8 million for the fourth quarter of 2023 to $19.3 million for the fourth quarter of 2024. Higher service charges of $0.5 million, or a 7.3% increase, and trust and investment management fee income of $0.4 million, or a 15.0% increase, were partially offset by lower death benefits from bank owned life insurance of $0.4 million.

Non-interest Expenses

Non-interest expenses increased $3.7 million, or 2.6%, from $143.5 million for 2023 to $147.2 million for 2024. This increase was primarily due to an increase in salaries and employee benefit expenses of $3.2 million (due to salary adjustments (4.1%) and increased health insurance (5.0%)) and equipment and software related expense ($1.5 million). In addition, bankcard expense increased $1.1 million and advertising expenses increased $0.7 million. These expenses were partially offset by lower other expenses of $2.9 million which were primarily related to acquisition and integration expenses associated with the Citizens acquisition completed in 2023 ($5.2 million).

In the fourth quarter of 2024, non-interest expenses increased $1.8 million (5.2%) from $35.1 million in the fourth quarter of 2023 to $36.9 million. This increase was largely due to an increase in equipment and software related expense of $0.9 million and salaries and employee benefits of $0.7 million. In addition, advertising expenses increased $0.3 million.

Balance Sheet Trends

Loans increased $148.9 million (3.6%) from December 31, 2023 to $4.27 billion at December 31, 2024. Commercial real estate loans increased $95.2 million (5.7%); residential real estate loans increased $35.5 million (2.0%); and home equity loans increased $32.0 million (19.1%). These increases were partially offset by decreases in consumer loans ($7.4 million) and commercial and industrial loans ($7.1 million).

Period-end deposit balances increased $209.9 million, or 4.3%, from December 31, 2023, to December 31, 2024. Average depository balances for the year ended December 31, 2024 increased $59.2 million from the year ended December 31, 2023 to $5.04 billion. Average time deposits increased $180.4 million and average interest bearing demand deposits increased $32.3 million. These increases were partially offset by a decrease in average savings deposits of $100.8 million and a decrease in noninterest bearing demand deposits of $52.7 million. The cost of interest bearing liabilities for the Company for the quarter ending December 31, 2024 were as follows: interest bearing demand deposits – 115 basis points; savings deposits – 73 basis points; and time deposits – 367 basis points.

Income Tax Expense

The Company’s effective income tax rates for the quarter and year ended December 31, 2024 were 16.9% and 19.0%, respectively, compared to 19.5% and 20.1% for the comparable periods in 2023.




Capitalization and Liquidity

The Company’s gross loan to deposit ratio was 83.1% and its gross loan to asset ratio was 66.2% at December 31, 2024. The Company maintained investment securities totaling 22.5% of assets as of the same date. The Company’s deposit mix is weighted toward checking and saving accounts that fund 60.3% of total assets at December 31, 2024. Time deposits fund 19.3% of total assets at December 31, 2024, with only 14.7% 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, 2024, City National had the capacity to borrow an additional $1.5 billion from these existing borrowing facilities. In addition, approximately $695 million of City National’s investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $755 million of City National’s investment securities unpledged at December 31, 2024.

The Company continues to be strongly capitalized with tangible equity of $571 million at December 31, 2024. The Company’s tangible equity ratio increased from 8.6% at December 31, 2023 to 9.1% at December 31, 2024. This increase was attributable to the Company’s net income for 2024, less dividends.

At December 31, 2024, City National’s Leverage ratio was 8.7%, its Common Equity Tier I ratio was 13.6%, its Tier I Capital ratio was 13.6%, and its Total Risk-Based Capital ratio was 14.1%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

On November 20, 2024, the Company’s Board of Directors approved a quarterly cash dividend of $0.79 cents per share payable January 31, 2025, to shareholders of record as of January 15, 2025. During the year ended December 31, 2024, the Company repurchased 179,000 common shares at a weighted average price of $100.24 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of December 31, 2024, the Company could repurchase an additional approximately 821,000 shares under the current plan. As a result of lower share repurchases in 2024, the Company had a cash balance of $117 million at December 31, 2024 and annual expenditures are approximately $45 million (based on the Company’s operating expenses, contractual obligations and current quarterly dividend ($0.79 per share)).

City National operates 97 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, 2023 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, 2024 Form 10-K. The Company will continue to evaluate the impact of any subsequent events on the preliminary December 31, 2024 results and will adjust the amounts if necessary.


CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2024202420242024202320242023
Earnings
Net Interest Income (fully taxable equivalent)$55,790 $55,823 $54,847 $54,647 $54,889 $221,108 $220,266 
Net Income available to common shareholders28,654 29,809 29,115 29,523 27,452 117,101 114,365 
Per Share Data
Earnings per share available to common shareholders:
   Basic$1.94 $2.02 $1.96 $1.98 $1.84 $7.91 $7.62 
   Diluted1.94 2.02 1.96 1.97 1.84 7.89 7.61 
Weighted average number of shares (in thousands):
   Basic14,634 14,633 14,695 14,795 14,758 14,676 14,868 
   Diluted14,655 14,654 14,710 14,819 14,785 14,697 14,891 
Period-end number of shares (in thousands)14,705 14,702 14,701 14,825 14,832 14,705 14,832 
Cash dividends declared$0.79 $0.79 $0.72 $0.72 $0.72 $3.01 $2.73 


Book value per share (period-end)49.69 50.42 46.71 46.02 45.65 49.69 45.65 
Tangible book value per share (period-end)38.80 39.49 35.75 35.10 34.69 38.80 34.69 
Market data:
   High closing price$134.35 $123.29 $106.43 $111.40 $115.77 $134.35 $115.77 
   Low closing price113.37 104.53 98.35 99.28 87.43 98.35 83.57 
   Period-end closing price118.48 117.39 106.25 104.22 110.26 118.48 110.26 
   Average daily volume (in
   thousands)		53 56 57 63 62 57 72 
Treasury share activity:
      Treasury shares repurchased
     (in thousands)		— — 142 36 70 179 667 
      Average treasury share repurchase price
$— $— $100.24 $100.24 $90.61 $100.24 $90.21 
Key Ratios (percent)
Return on average assets1.75 %1.87 %1.85 %1.92 %1.78 %1.85 %1.87 %
Return on average tangible equity19.4 %20.9 %22.2 %22.7 %23.5 %21.2 %23.8 %
Yield on interest earning assets5.31 %5.43 %5.38 %5.33 %5.23 %5.36 %4.96 %
Cost of interest bearing liabilities2.14 %2.13 %2.06 %1.90 %1.70 %2.06 %1.32 %
Net Interest Margin3.75 %3.87 %3.87 %3.95 %3.98 %3.86 %4.01 %
Non-interest income as a percent of total revenue25.8 %26.5 %25.3 %25.0 %25.6 %25.7 %25.6 %
Efficiency Ratio48.4 %48.8 %49.3 %48.5 %47.4 %48.8 %46.0 %
Price/Earnings Ratio (a)15.27 14.54 13.53 13.17 14.95 14.99 14.47 
Capital (period-end)
Average Shareholders' Equity to Average Assets11.46 %11.45 %10.90 %11.09 %10.27 %
Tangible equity to tangible assets9.06 %9.26 %8.50 %8.46 %8.57 %
Consolidated City Holding Company risk based capital ratios (b):
   CET I16.51 %16.64 %16.10 %16.15 %15.70 %
   Tier I16.51 %16.64 %16.10 %16.15 %15.70 %
   Total17.02 %17.17 %16.64 %16.69 %16.23 %
   Leverage10.62 %10.59 %10.30 %10.45 %10.23 %
City National Bank risk based capital ratios (b):
   CET I13.55 %16.00 %15.17 %14.60 %13.79 %
   Tier I13.55 %16.00 %15.17 %14.60 %13.79 %
   Total14.05 %16.52 %15.72 %15.14 %14.32 %
   Leverage8.72 %10.17 %9.68 %9.42 %8.94 %
Other (period-end)
Branches97 97 97 97 98 
FTE941 940 948 953 957 
   Assets per FTE (in thousands)$6,864 $6,845 $6,689 $6,625 $6,447 
   Deposits per FTE (in thousands)5,467 5,428 5,345 5,304 5,157 


(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) December 31, 2024 risk-based capital ratios are estimated.




CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)
Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2024202420242024202320242023
Interest Income
   Interest and fees on loans$61,701 $61,407 $59,285 $59,128 $57,755 $241,521 $212,693 
   Interest on investment securities:
     Taxable13,742 14,403 13,947 12,040 12,336 54,132 48,335 
     Tax-exempt789 824 838 830 832 3,281 3,854 
   Interest on deposits in depository institutions
2,588 1,417 1,920 1,570 941 7,495 6,382 
Total Interest Income78,820 78,051 75,990 73,568 71,864 306,429 271,264 
Interest Expense
   Interest on deposits17,463 17,072 15,897 14,097 12,479 64,529 37,287 
   Interest on short-term borrowings
4,191 3,788 3,900 3,621 3,693 15,500 12,027 
Interest on FHLB long-term advances
1,586 1,586 1,568 1,423 1,026 6,163 2,709 
Total Interest Expense23,240 22,446 21,365 19,141 17,198 86,192 52,023 
Net Interest Income55,580 55,605 54,625 54,427 54,666 220,237 219,241 
Provision for (recovery of) credit losses300 1,200 500 (180)(300)1,820 3,243 
Net Interest Income After Provision for (Recovery of) Credit Losses55,280 54,405 54,125 54,607 54,966 218,417 215,998 
Non-Interest Income
Net losses on sale of investment securities(2,812)(12)— (1)(4,951)(2,825)(4,908)
Unrealized (losses) gains recognized on securities still held(390)353 364 (152)365 175 432 
   Service charges7,679 7,531 6,980 7,035 7,158 29,225 27,751 
   Bankcard revenue7,109 7,346 7,245 6,800 7,109 28,500 27,960 
   Trust and investment management fee income
2,947 2,923 2,762 2,623 2,563 11,255 9,563 
   Bank owned life insurance855 1,435 775 927 1,218 3,992 6,037 
   Other income739 772 785 716 774 3,012 3,794 
Total Non-Interest Income16,127 20,348 18,911 17,948 14,236 73,334 70,629 
Non-Interest Expense
   Salaries and employee benefits19,489 19,245 18,751 18,878 18,772 76,363 73,163 
   Occupancy related expense2,696 2,774 2,856 2,840 2,917 11,166 11,318 
   Equipment and software related expense
3,683 3,431 3,130 2,929 2,824 13,173 11,629 
   FDIC insurance expense729 734 718 711 868 2,892 2,922 
   Advertising901 1,081 972 867 588 3,821 3,112 


   Bankcard expenses1,909 2,271 2,290 2,039 2,014 8,509 7,447 
   Postage, delivery, and statement mailings
684 666 714 666 615 2,730 2,526 
   Office supplies444 480 432 453 477 1,809 1,945 
   Legal and professional fees629 500 551 482 478 2,162 2,035 
   Telecommunications510 578 624 600 614 2,312 2,411 
   Repossessed asset (gains) losses, net of expenses(10)21 6 229 (50)246 28 
   Other expenses5,857 5,728 5,206 4,992 4,800 16,791 19,993 
Total Non-Interest Expense36,925 37,638 36,772 35,900 35,109 147,235 143,521 
Income Before Income Taxes34,482 37,115 36,264 36,655 34,093 144,516 143,106 
   Income tax expense5,828 7,306 7,149 7,132 6,641 27,415 28,741 
Net Income Available to Common Shareholders$28,654 $29,809 $29,115 $29,523 $27,452 $117,101 $114,365 
Distributed earnings allocated to common shareholders$11,511 $11,506 $10,418 $10,505 $10,508 $43,857 $40,121 
Undistributed earnings allocated to common shareholders16,881 18,025 18,439 18,757 16,696 72,175 73,208 
Net earnings allocated to common shareholders$28,392 $29,531 $28,857 $29,262 $27,204 $116,032 $113,329 
Average common shares outstanding14,634 14,633 14,695 14,795 14,758 14,676 14,868 
Shares for diluted earnings per share14,655 14,654 14,710 14,819 14,785 14,697 14,891 
Basic earnings per common share$1,940.00 $2,020.00 $1,960.00 $1,980.00 $1,840.00 $7.91 $7.62 
Diluted earnings per common share$1.94 $2.02 $1.96 $1.97 $1.84 $7.89 $7.61 



CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
(Unaudited)(Unaudited)(Unaudited)
December 31,September 30,June 30,March 31,December 31,
20242024202420242023
Assets
Cash and due from banks$117,580 $161,333 $141,168 $121,853 $123,033 
Interest-bearing deposits in depository institutions107,809 132,616 76,818 196,829 33,243 
Cash and cash equivalents225,389 293,949 217,986 318,682 156,276 
Investment securities available-for-sale, at fair value1,421,306 1,462,795 1,456,685 1,347,657 1,338,137 
Other securities29,803 30,859 31,237 30,681 30,966 
Total investment securities1,451,109 1,493,654 1,487,922 1,378,338 1,369,103 
Gross loans4,274,776 4,157,830 4,112,873 4,091,788 4,125,923 
Allowance for credit losses(21,922)(21,832)(22,688)(22,310)(22,745)
Net loans4,252,854 4,135,998 4,090,185 4,069,478 4,103,178 
Bank owned life insurance120,887 120,061 119,650 118,875 118,122 
Premises and equipment, net70,539 70,651 71,041 71,623 72,146 
Accrued interest receivable20,650 21,785 21,826 21,759 20,290 
Net deferred tax assets41,704 33,497 43,602 43,969 42,216 
Intangible assets160,044 160,640 161,236 161,832 162,568 
Other assets116,283 104,079 127,947 129,627 124,153 
Total Assets$6,459,459 $6,434,314 $6,341,395 $6,314,183 $6,168,052 
Liabilities
Deposits:
   Noninterest-bearing$1,344,449 $1,339,538 $1,354,660 $1,359,072 $1,342,804 
   Interest-bearing:
   Demand deposits1,335,220 1,351,239 1,333,169 1,330,268 1,291,011 
   Savings deposits1,215,358 1,208,828 1,233,834 1,266,211 1,259,457 
   Time deposits1,249,123 1,203,046 1,145,617 1,100,250 1,040,990 
Total deposits5,144,150 5,102,651 5,067,280 5,055,801 4,934,262 
Short-term borrowings
FHLB short-term advances
— — — — 25,000 
   Customer repurchase agreements325,655 339,153 322,668 304,941 309,856 
FHLB long-term advances150,000 150,000 150,000 150,000 100,000 
Other liabilities108,990 101,211 114,707 121,210 121,868 
Total Liabilities5,728,795 5,693,015 5,654,655 5,631,952 5,490,986 


Stockholders' Equity
Preferred stock— — — — — 
Common stock47,619 47,619 47,619 47,619 47,619 
Capital surplus176,506 175,602 174,834 175,747 177,424 
Retained earnings852,757 835,778 817,549 799,024 780,299 
Cost of common stock in treasury(230,499)(230,836)(230,944)(218,555)(217,737)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale(114,277)(84,283)(119,737)(119,023)(107,958)
Underfunded pension liability
(1,442)(2,581)(2,581)(2,581)(2,581)
Total Accumulated Other Comprehensive Loss(115,719)(86,864)(122,318)(121,604)(110,539)
Total Stockholders' Equity730,664 741,299 686,740 682,231 677,066 
Total Liabilities and Stockholders' Equity$6,459,459 $6,434,314 $6,341,395 $6,314,183 $6,168,052 
Regulatory Capital
Total CET 1 capital$688,707 $669,862 $650,108 $644,235 $627,579 
Total tier 1 capital688,707 669,862 650,108 644,235 627,579 
Total risk-based capital709,820 690,857 671,959 665,707 648,646 
Total risk-weighted assets4,171,271 4,024,686 4,037,614 3,989,171 3,996,688 




CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)
December 31,September 30,June 30,March 31,December 31,
20242024202420242023
Commercial and industrial$419,838 $424,414 $408,312 $407,770 $426,950 
1-4 Family197,258 194,670 195,992 202,378 206,237 
Hotels389,660 383,232 370,954 354,929 357,142 
Multi-family240,943 193,875 190,390 186,555 189,165 
Non Residential Non-Owner Occupied707,265 665,210 668,330 682,609 680,590 
Non Residential Owner Occupied233,497 236,826 235,993 232,440 240,328 
Commercial real estate (1)
1,768,623 1,673,813 1,661,659 1,658,911 1,673,462 
Residential real estate (2)
1,823,610 1,806,578 1,797,260 1,786,764 1,788,150 
Home equity199,192 190,149 179,607 171,292 167,201 
Consumer57,816 58,710 62,352 63,556 65,246 
DDA overdrafts5,697 4,166 3,683 3,495 4,914 
Gross Loans$4,274,776 $4,157,830 $4,112,873 $4,091,788 $4,125,923 
Construction loans included in:
(1) - Commercial real estate loans$24,681 $2,736 $2,233 $6,651 $2,459 
(2) - Residential real estate loans7,547 7,604 9,766 19,709 23,066 



CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information
(Unaudited) ($ in 000s)

Three Months EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2024202420242024202320242023
Allowance for Loan Losses
Balance at beginning of period$21,832 $22,688 $22,310 $22,745 $23,128 $22,745 $17,108 
Charge-offs:
Commercial and industrial(99)(206)(61)(306)(84)(672)(153)
Commercial real estate— (1,909)(40)(31)(5)(1,980)(381)
Residential real estate(75)(43)(286)(19)(68)(423)(208)
Home equity(23)(57)(121)(27)(21)(228)(400)
Consumer(23)(24)(20)(115)(6)(182)(187)
DDA overdrafts(405)(436)(373)(356)(416)(1,570)(1,645)
Total charge-offs(625)(2,675)(901)(854)(600)(5,055)(2,974)
Recoveries:
Commercial and industrial1 24 38 25 70 88 836 
Commercial real estate12 193 165 11 17 381 277 
Residential real estate3 27 179 49 4 258 47 
Home equity17 13 38 9 13 77 47 
Consumer15 25 24 98 45 162 123 
DDA overdrafts367 337 335 407 368 1,446 1,402 
Total recoveries415 619 779 599 517 2,412 2,732 
Net charge-offs(210)(2,056)(122)(255)(83)(2,643)(242)
Provision for (Recovery of) credit losses300 1,200 500 (180)(300)1,820 3,243 
PCD Loan Reserves— — — — — — 2,811 
Adoption of ASU 2022-02— — — — — — (175)
Balance at end of period$21,922 $21,832 $22,688 $22,310 $22,745 $21,922 $22,745 
Loans outstanding$4,274,776$4,157,830$4,112,873$4,091,788$4,125,923
Allowance as a percent of loans outstanding0.51 %0.53 %0.55 %0.55 %0.55 %
Allowance as a percent of non-performing loans154.3 %141.1 %236.8 %206.8 %290.6 %
Average loans outstanding$4,215,962 $4,133,520 $4,092,464 $4,092,529 $4,045,889 $4,133,843 $3,900,913 
Net charge-offs (annualized) as a percent of average loans outstanding0.02 %0.20 %0.01 %0.02 %0.01 %0.06 %0.01 %






CITY HOLDING COMPANY AND SUBSIDIARIES
Asset Quality Information, Continued
(Unaudited) ($ in 000s)
December 31,September 30,June 30,March 31,December 31,
20242024202420242023
Nonaccrual Loans
Residential real estate$2,823 $2,596 $3,214 $3,452 $2,849 
Home equity212 109 63 121 111 
Commercial and industrial3,161 3,631 3,135 3,405 2,211 
Commercial real estate7,833 9,031 3,118 3,807 2,387 
Consumer— — — 1 — 
   Total nonaccrual loans14,029 15,367 9,530 10,786 7,558 
Accruing loans past due 90 days or more182 102 50 — 270 
   Total non-performing loans14,211 15,469 9,580 10,786 7,828 
Other real estate owned754 729 629 752 731 
   Total non-performing assets$14,965 $16,198 $10,209 $11,538 $8,559 
Non-performing assets as a percent of loans and other real estate owned0.35 %0.39 %0.25 %0.28 %0.21 %
Past Due Loans
Residential real estate$7,012 $8,205 $7,991 $5,035 $8,059 
Home equity902 1,571 819 1,028 1,235 
Commercial and industrial— 57 1,087 26 435 
Commercial real estate240 992 565 138 715 
Consumer273 161 97 75 129 
DDA overdrafts391 333 327 406 364 
   Total past due loans$8,818 $11,319 $10,886 $6,708 $10,937 
Total past due loans as a percent of loans outstanding0.21 %0.27 %0.26 %0.16 %0.27 %





CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Average Balance Sheets, Yields, and Rates
(Unaudited) ($ in 000s)

Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
AverageYield/AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$2,010,476 $25,835 5.11 %$1,984,502 $25,654 5.14 %$1,945,185 $23,673 4.83 %
Commercial, financial, and agriculture (2)
2,141,481 34,859 6.48 %2,082,888 34,708 6.63 %2,031,089 33,038 6.45 %
Installment loans to individuals (2), (3)
64,005 1,007 6.26 %66,130 1,045 6.29 %69,615 1,046 5.96 %
Total loans4,215,962 61,701 5.82 %4,133,520 61,407 5.91 %4,045,889 57,757 5.66 %
Securities:
Taxable1,334,368 13,742 4.10 %1,343,323 14,402 4.27 %1,194,448 12,336 4.10 %
Tax-exempt (4)
154,097 999 2.58 %159,225 1,043 2.61 %153,204 1,053 2.73 %
Total securities1,488,465 14,741 3.94 %1,502,548 15,445 4.09 %1,347,652 13,389 3.94 %
Deposits in depository institutions217,056 2,588 4.74 %103,322 1,417 5.46 %71,624 941 5.21 %
Total interest-earning assets5,921,483 79,030 5.31 %5,739,390 78,269 5.43 %5,465,165 72,087 5.23 %
Cash and due from banks105,485 110,765 87,633 
Premises and equipment, net70,759 70,998 72,435 
Goodwill and intangible assets160,413 161,009 163,220 
Other assets282,298 292,758 342,669 
Less: Allowance for loan losses(22,178)(23,205)(23,532)
       Total assets$6,518,260 $6,351,715 $6,107,590 
Liabilities:
Interest-bearing demand deposits$1,367,370 $3,951 1.15 %$1,321.922 $4,100 1.23 %$1,299.683 $3,467 1.06 %
Savings deposits1,204,625 2,212 0.73 %1,220,009 2,200 0.72 %1,274,726 2,369 0.74 %
Time deposits (2)
1,225,654 11,300 3.67 %1,174,217 10,772 3.65 %1,025,870 6,644 2.57 %
Short-term borrowings375,304 4,191 4.44 %323,844 3,788 4.65 %312,941 3,693 4.68 %
FHLB long-term advances150,000 1,586 4.21 %150,000 1,586 4.21 %100,000 1,026 4.07 %
   Total interest-bearing liabilities4,322,953 23,240 2.14 %4,189,992 22,446 2.13 %4,013,220 17,199 1.70 %
Noninterest-bearing demand deposits1,347,457 1,334,762 1,334,021 
Other liabilities100,707 99,797 132,862 
Stockholders' equity747,143 727,164 627,487 
Total liabilities and
stockholders' equity$6,518,260 $6,351,715 $6,107,590 
Net interest income$55,790 $55,823 $54,888 
Net yield on earning assets3.75 %3.87 %3.98 %
(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$175 $127 $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$57 $27 $78 
Commercial, financial, and agriculture802 752 702 
Installment loans to individuals4 5 26 
Time deposits12 14 131 
$875 $798 $937 
(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, 2024December 31, 2023
AverageYield/AverageYield/
BalanceInterestRateBalanceInterestRate
Assets:
Loan portfolio (1):
Residential real estate (2)
$1,978,804 $100,401 5.07 %$1,899,239 $88,083 4.64 %
Commercial, financial, and agriculture (2)
2,088,474 137,071 6.56 %1,935,038 120,783 6.24 %
Installment loans to individuals (2), (3)
66,565 4,048 6.08 %66,636 3,828 5.74 %
Total loans4,133,843 241,520 5.84 %3,900,913 212,694 5.45 %
Securities:
Taxable1,295,289 54,132 4.18 %1,273,674 48,335 3.79 %
Tax-exempt (4)
158,257 4,153 2.62 %175,383 4,878 2.78 %
Total securities1,453,546 58,285 4.01 %1,449,057 53,213 3.67 %
Deposits in depository institutions144,134 7,495 5.20 %142,299 6,382 4.48 %
Total interest-earning assets5,731,523 307,300 5.36 %5,492,269 272,289 4.96 %
Cash and due from banks104,575 74,443 
Premises and equipment, net71,298 72,582 
Goodwill and intangible assets161,318 153,937 
Other assets299,378 329,198 
Less: Allowance for loan losses(22,804)(22,089)
       Total assets$6,345,288 $6,100,340 
Liabilities:
Interest-bearing demand deposits$1,323,507 $15,335 1.16 %$1,291,234 $11,048 0.86 %
Savings deposits1,231,698 8,917 0.72 %1,332,527 7,979 0.60 %
Time deposits (2)
1,149,773 40,277 3.50 %969,329 18,260 1.88 %
Short-term borrowings337,368 15,500 4.59 %290,440 12,027 4.14 %
FHLB long-term advances146,721 6,163 4.20 %66,849 2,709 4.05 %
   Total interest-bearing liabilities4,189,067 86,192 2.06 %3,950,379 52,023 1.32 %
Noninterest-bearing demand deposits1,336,625 1,389,295 
Other liabilities107,061 125,377 
Stockholders' equity712,535 635,289 
Total liabilities and
Stockholders' equity$6,345,288 $6,100,340 
Net interest income$221,108 $220,266 
Net yield on earning assets3.86 %4.01 %
(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$494 $1,366 


(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$202 $243 
Commercial, financial, and agriculture3,301 2,276 
Installment loans to individuals21 41 
Time deposits110 535 
$3,634 $3,095 
(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 EndedTwelve Months Ended
December 31,September 30,June 30,March 31,December 31,December 31,December 31,
2024202420242024202320242023
Net Interest Income/Margin
Net interest income ("GAAP")$55,580 $55,605 $54,625 $54,427 $54,666 $220,237 $219,241 
Taxable equivalent adjustment210 218 222 220 223 871 1,025 
Net interest income, fully taxable equivalent
$55,790 $55,823 $54,847 $54,647 $54,889 $221,108 $220,266 
Tangible Equity Ratio (period end)
Equity to assets ("GAAP")11.31 %11.52 %10.83 %10.81 %10.98 %
Effect of goodwill and other intangibles, net(2.25)(2.26)(2.33)(2.35)(2.41)
Tangible common equity to tangible assets
9.06 %9.26 %8.5 %8.46 %8.57 %


Commercial Loan Information (period end)
Commercial SectorTotal % of Total LoansAverage DSCAverage LTV
Natural Gas Extraction$26,966 0.63%3.71NA
Natural Gas Distribution23,4950.555.46NA
Masonry Contractors25,1970.591.0484%
Sheet Metal Work Manufacturing26,4220.621.2268%
Beer & Ale Merchant Wholesalers26,5650.623.28NA
Gasoline Stations with Convenience Stores39,0090.914.7665%
Lessors of Residential Builidings & Dwellings494,95211.601.8966%
1-4 Family185,7204.352.9767%
Multi-Family224,4015.261.8464%
Lessors of Nonresidential Buildings593,17913.901.7065%
Office Buildings133,5133.131.6462%
Lessors of Mini-Warehouses & Self-Storage Units55,9801.311.4361%
Assisted Living Facilities26,1690.611.3861%
Hotels & Motels390,0759.141.4563%
Average BalanceMedian Balance
Commercial Loans$476 $97 
Commercial Real Estate Loans549127




CITY HOLDING COMPANY AND SUBSIDIARIES
Non-GAAP Reconciliations, continued
(Unaudited) ($ in 000s, except per share data)
Estimated Uninsured Deposits by Deposit Type
December 31, 2024
September 30, 2024
Noninterest-Bearing Demand Deposits17 %18 %
Interest-Bearing Deposits
   Demand Deposits15 %16 %
   Savings Deposits12 %12 %
   Time Deposits16 %16 %
Total Deposits15 %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
YearNew DDA AccountsNet Number of New AccountsPercentage
202432,2384,4971.8 %
2023*31,7454,7681.9 %
202228,4424,5441.9 %
202132,8008,8603.8 %
202030,3606,7403.0 %
201932,0403,7171.7 %
2018*30,4004,3102.2 %
201728,5252,7111.4 %
* - 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).

v3.24.4
Document and Entity Information Document
Jan. 23, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name CITY HOLDING COMPANY
Entity Central Index Key 0000726854
Amendment Flag false
Entity Incorporation, State or Country Code WV
Entity File Number 0-11733
Entity Tax Identification Number 55-0619957
Entity Address, Address Line One 25 Gatewater Road
Entity Address, City or Town Cross Lanes
Entity Address, State or Province WV
Entity Address, Postal Zip Code 25313
City Area Code 304
Local Phone Number 769-1100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock $2.50 Par Value
Trading Symbol CHCO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
City (NASDAQ:CHCO)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025 Click aqui para mais gráficos City.
City (NASDAQ:CHCO)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025 Click aqui para mais gráficos City.