City Holding Company ("Company" or "City") (NASDAQ:CHCO), a $6.6 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $30.3 million and diluted earnings of $2.06 per share for the quarter ended March 31, 2025. For the quarter ended March 31, 2025, the Company achieved a return on assets of 1.89% and a return on tangible equity of 20.7%.

Net Interest Income

The Company's net interest income increased approximately $0.2 million, or 0.4%, from $55.6 million during the fourth quarter of 2024 to $55.8 million during the first quarter of 2025. The Company's tax equivalent net interest income increased approximately $0.2 million, or 0.4%, from $55.8 million for the fourth quarter of 2024 to $56.0 million for the first quarter of 2025. Net interest income increased $1.5 million due to a decrease in the cost of interest-bearing liabilities (11 basis points) and by $1.1 million due to an increase in average loan balances ($76.8 million). Additionally, higher yields on investment securities increased net interest income by $0.4 million. These increases were partially offset by a decline of 4 basis points on loan yields which lowered net interest income by $1.6 million. Lower average balances of deposits in depository institutions ($53.0 million) and investments ($35.2 million) also lowered net interest income by $0.6 million and $0.3 million, respectively. The Company's reported net interest margin improved from 3.75% for the fourth quarter of 2024 to 3.84% for the first quarter of 2025.

Credit Quality

The Company's ratio of nonperforming assets to total loans and other real estate owned increased from 0.35%, or $15.0 million, at December 31, 2024 to 0.38%, or $16.5 million, at March 31, 2025. Total past due loans decreased from $8.8 million, or 0.21% of total loans outstanding, at December 31, 2024, to $7.5 million, or 0.18% of total loans outstanding, at March 31, 2025.

As a result of the Company's quarterly analysis of the adequacy of the allowance for credit losses, the Company did not record a provision for credit losses in the first quarter of 2025, compared to a recovery of credit losses of $0.2 million for the comparable period in 2024, and a provision for credit losses of $0.3 million for the fourth quarter of 2024. The Company did not record a provision for loan losses in the first quarter of 2025 due to an improvement in the loss rate for residential real estate loans that was essentially offset by net charge-offs during the quarter ended March 31, 2025.

Non-interest Income

Non-interest income was $18.7 million during the quarter ended March 31, 2025, as compared to $17.9 million during the quarter ended March 31, 2024. During the first quarter of 2024, the Company reported $0.2 million of unrealized fair value gains on the Company's equity securities.

Exclusive of this item, non-interest income increased $0.6 million, or 3.5%, from $18.1 million for the first quarter of 2024 to $18.7 million for the first quarter of 2025. This increase was due to an increase of $0.3 million, or 10.6%, in wealth and investment management fee income, and a $0.2 million, or 24.4%, increase in bank owned life insurance.

Non-interest Expenses

Non-interest expenses increased $1.7 million, or 4.8%, from $35.9 million in the first quarter of 2024 to $37.6 million in the first quarter of 2025. This increase was largely due to an increase of $0.5 million in equipment and software related expenses and a $0.5 million in other expenses. In addition, salaries and employee benefits increased $0.3 million, other tax-related matters increased $0.2 million, and bankcard expenses increased $0.2 million. These increases were partially offset by a decrease of $0.3 million in repossessed asset gains, net of expenses.

Balance Sheet Trends

Loans increased $11.0 million (0.3%) from December 31, 2024 to $4.29 billion at March 31, 2025. Residential real estate loans increased $18.2 million (1.0%), home equity loans increased $4.1 million (2.0%), and commercial and industrial loans increased $3.4 million (0.8%) during the quarter ended March 31, 2025. These increases were partially offset by a decrease in commercial real estate loans of $9.6 million.

Period-end deposit balances increased $114.3 million from December 31, 2024, to March 31, 2025. Total average depository balances increased $29.2 million (0.6%) from the quarter ended December 31, 2024 to the quarter ended March 31, 2025 to $5.17 billion. Average time deposits increased $39.5 million and savings deposit balances increased $32.5 million. These increases were partially offset by a decrease in average interest-bearing demand balances of $31.7 million and a decrease in average balances of noninterest-bearing demand deposits of $11.1 million.

Income Tax Expense

The Company's effective income tax rate for the first quarter of 2025 was 17.8%, compared to 19.0% for the year ended December 31, 2024, and 19.5% for the quarter ended March 31, 2024.

Capitalization and Liquidity

The Company's loan to deposit ratio was 81.5% and the loan to asset ratio was 64.7% at March 31, 2025. 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 60.1% of assets at March 31, 2025. Time deposits fund 19.3% of assets at March 31, 2025, with only 15.3% 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, 2025, City National had the capacity to borrow an additional $1.6 billion from these existing borrowing facilities. In addition, approximately $697 million of City National's investment securities were pledged to collateralize customer repurchase agreements and various deposit accounts, leaving approximately $750 million of City National's investment securities unpledged at March 31, 2025.

The Company continues to be strongly capitalized with tangible equity of $597 million at March 31, 2025. The Company's tangible equity ratio increased from 9.1% at December 31, 2024 to 9.2% at March 31, 2025. At March 31, 2025, 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 14.9%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.

On March 26, 2025, the Board of Directors of the Company approved a quarterly cash dividend of $0.79 per share, payable April 30, 2025, to shareholders of record as of April 15, 2025. During the quarter ended March 31, 2025, the Company repurchased 80,600 common shares at a weighted average price of $117.42 per share as part of a one million share repurchase plan authorized by the Board of Directors in January 2024. As of March 31, 2025, the Company could repurchase 740,900 additional shares under the current plan.

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, 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 March 31, 2025 Form 10-Q. The Company will continue to evaluate the impact of any subsequent events on the preliminary March 31, 2025 results and will adjust the amounts if necessary.


CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Earnings
Net Interest Income (fully taxable equivalent)	$	56,007		$	55,790		$	55,823		$	54,847		$	54,647
Net Income available to common shareholders		30,342			28,654			29,809			29,115			29,523

Per Share Data
Earnings per share available to common shareholders:
Basic	$	2.06		$	1.94		$	2.02		$	1.96		$	1.98
Diluted		2.06			1.94			2.02			1.96			1.97
Weighted average number of shares (in thousands):
Basic		14,616			14,634			14,633			14,695			14,795
Diluted		14,631			14,655			14,654			14,710			14,819
Period-end number of shares (in thousands)		14,650			14,705			14,702			14,701			14,825
Cash dividends declared	$	0.79		$	0.79		$	0.79		$	0.72		$	0.72
Book value per share (period-end)	$	51.63		$	49.69		$	50.42		$	46.71		$	46.02
Tangible book value per share (period-end)		40.74			38.80			39.49			35.75			35.10
Market data:
High closing price	$	120.39		$	134.35		$	123.29		$	106.43		$	111.40
Low closing price		114.48			113.37			104.53			98.35			99.28
Period-end closing price		117.47			118.48			117.39			106.25			104.22
Average daily volume (in thousands)		63			53			56			57			63
Treasury share activity:
Treasury shares repurchased (in thousands)		81			-			-			142			37
Average treasury share repurchase price	$	117.42		$	-		$	-		$	100.24		$	100.24

Key Ratios (percent)
Return on average assets		1.89	%		1.75	%		1.87	%		1.85	%		1.92	%
Return on average tangible equity		20.7	%		19.4	%		20.9	%		22.2	%		22.7	%
Yield on interest earning assets		5.32	%		5.31	%		5.43	%		5.38	%		5.33	%
Cost of interest bearing liabilities		2.02	%		2.14	%		2.13	%		2.06	%		1.90	%
Net Interest Margin		3.84	%		3.75	%		3.87	%		3.87	%		3.95	%
Non-interest income as a percent of total revenue		25.1	%		25.8	%		26.5	%		25.3	%		25.0	%
Efficiency Ratio		49.6	%		48.4	%		48.8	%		49.3	%		48.5	%
Price/Earnings Ratio (a)		14.26			15.27			14.54			13.53			13.17

Capital (period-end)
Average Shareholders' Equity to Average Assets		11.56	%		11.46	%		11.45	%		10.90	%		11.09	%
Tangible equity to tangible assets		9.23	%		9.06	%		9.26	%		8.50	%		8.46	%
Consolidated City Holding Company risk based capital ratios (b):
CET I		16.84	%		16.51	%		16.64	%		16.10	%		16.15	%
Tier I		16.84	%		16.51	%		16.64	%		16.10	%		16.15	%
Total		17.36	%		17.02	%		17.17	%		16.64	%		16.69	%
Leverage		10.76	%		10.62	%		10.59	%		10.30	%		10.45	%
City National Bank risk based capital ratios (b):
CET I		14.38	%		13.55	%		16.00	%		15.17	%		14.60	%
Tier I		14.38	%		13.55	%		16.00	%		15.17	%		14.60	%
Total		14.90	%		14.05	%		16.52	%		15.72	%		15.14	%
Leverage		9.19	%		8.72	%		10.17	%		9.68	%		9.42	%

Other (period-end)
Branches		97			97			97			97			97
FTE		942			941			940			948			953

Assets per FTE (in thousands)	$	7,028		$	6,864		$	6,845		$	6,689		$	6,625
Deposits per FTE (in thousands)		5,580			5,467			5,428			5,345			5,304


(a) The price/earnings ratio is computed based on annualized quarterly earnings.
(b) March 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
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024		March 31, 2024

Interest Income
Interest and fees on loans	$	60,917		$	61,701		$	61,407		$	59,285	$	59,128
Interest on investment securities:
Taxable		13,945			13,742			14,403			13,947		12,040
Tax-exempt		724			789			824			838		830
Interest on deposits in depository institutions		1,802			2,588			1,417			1,920		1,570
Total Interest Income		77,388			78,820			78,051			75,990		73,568

Interest Expense
Interest on deposits		16,852			17,463			17,072			15,897		14,097
Interest on customer repurchase agreements		3,169			4,191			3,788			3,900		3,621
Interest on FHLB long-term advances		1,552			1,586			1,586			1,568		1,423
Total Interest Expense		21,573			23,240			22,446			21,365		19,141
Net Interest Income		55,815			55,580			55,605			54,625		54,427
Provision for (Recovery of) credit losses		-			300			1,200			500		(180	)
Net Interest Income After Provision for (Recovery of) Credit Losses		55,815			55,280			54,405			54,125		54,607

Non-Interest Income
Net losses on sale of investment securities		-			(2,812	)		(12	)		-		(1	)
Unrealized (losses) gains recognized on equity securities still held		(5	)		(390	)		353			364		(152	)
Service charges		7,151			7,679			7,531			6,980		7,035
Bankcard revenue		6,807			7,109			7,346			7,245		6,800
Wealth and investment management fee income		2,902			2,947			2,923			2,762		2,623
Bank owned life insurance		1,153			855			1,435			775		927
Other income		729			739			772			785		716
Total Non-Interest Income		18,737			16,127			20,348			18,911		17,948

Non-Interest Expense
Salaries and employee benefits		19,194			19,489			19,245			18,751		18,878
Occupancy related expense		2,582			2,308			2,387			2,468		2,452
Equipment and software related expense		3,470			3,683			3,431			3,130		2,929
Bankcard expenses		2,215			1,909			2,271			2,290		2,039
Other tax-related matters		2,262			1,873			1,756			2,029		2,019
Advertising		873			901			1,081			972		867
FDIC insurance expense		776			729			734			718		711
Legal and professional fees		582			629			500			551		482
Repossessed asset (gains) losses, net of expenses		(66	)		(10	)		21			6		229
Other expenses		5,747			5,414			6,212			5,857		5,294
Total Non-Interest Expense		37,635			36,925			37,638			36,772		35,900
Income Before Income Taxes		36,917			34,482			37,115			36,264		36,655
Income tax expense		6,575			5,828			7,306			7,149		7,132
Net Income Available to Common Shareholders	$	30,342		$	28,654		$	29,809		$	29,115	$	29,523

Distributed earnings allocated to common shareholders	$	11,483		$	11,511		$	11,506		$	10,418	$	10,505
Undistributed earnings allocated to common shareholders		18,624			16,881			18,025			18,439		18,757
Net earnings allocated to common shareholders	$	30,107		$	28,392		$	29,531		$	28,857	$	29,262

Average common shares outstanding		14,616			14,634			14,633			14,695		14,795
Shares for diluted earnings per share		14,631			14,655			14,654			14,710		14,819

Basic earnings per common share	$	2.06		$	1.94		$	2.02		$	1.96	$	1.98
Diluted earnings per common share	$	2.06		$	1.94		$	2.02		$	1.96	$	1.97


CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Assets
Cash and due from banks	$	135,029		$	117,580		$	161,333		$	141,168		$	121,853
Interest-bearing deposits in depository institutions		249,676			107,809			132,616			76,818			196,829
Cash and cash equivalents		384,705			225,389			293,949			217,986			318,682

Investment securities available-for-sale, at fair value		1,416,808			1,421,306			1,462,795			1,456,685			1,347,657
Other securities		29,809			29,803			30,859			31,237			30,681
Total investment securities		1,446,617			1,451,109			1,493,654			1,487,922			1,378,338

Gross loans		4,285,824			4,274,776			4,157,830			4,112,873			4,091,788
Allowance for credit losses		(21,669	)		(21,922	)		(21,832	)		(22,688	)		(22,310	)
Net loans		4,264,155			4,252,854			4,135,998			4,090,185			4,069,478

Bank owned life insurance		121,738			120,887			120,061			119,650			118,875
Premises and equipment, net		69,696			70,539			70,651			71,041			71,623
Accrued interest receivable		21,603			20,650			21,785			21,826			21,759
Net deferred tax assets		35,184			41,704			33,497			43,602			43,969
Goodwill and intangible assets		159,501			160,044			160,640			161,236			161,832
Other assets		119,757			116,283			104,079			127,947			129,627
Total Assets	$	6,622,956		$	6,459,459		$	6,434,314		$	6,341,395		$	6,314,183

Liabilities
Deposits:
Noninterest-bearing	$	1,365,870		$	1,344,449		$	1,339,538		$	1,354,660		$	1,359,072
Interest-bearing:
Demand deposits		1,355,806			1,335,220			1,351,239			1,333,169			1,330,268
Savings deposits		1,260,903			1,215,358			1,208,828			1,233,834			1,266,211
Time deposits		1,275,890			1,249,123			1,203,046			1,145,617			1,100,250
Total deposits		5,258,469			5,144,150			5,102,651			5,067,280			5,055,801

Customer repurchase agreements		347,729			325,655			339,153			322,668			304,941
FHLB long-term advances		150,000			150,000			150,000			150,000			150,000
Other liabilities		110,422			108,990			101,211			114,707			121,210
Total Liabilities		5,866,620			5,728,795			5,693,015			5,654,655			5,631,952

Stockholders' Equity
Preferred stock		-			-			-			-			-
Common stock		47,619			47,619			47,619			47,619			47,619
Capital surplus		174,300			176,506			175,602			174,834			175,747
Retained earnings		871,406			852,757			835,778			817,549			799,024
Treasury stock		(237,038	)		(230,499	)		(230,836	)		(230,944	)		(218,555	)
Accumulated other comprehensive loss:
Unrealized loss on securities available-for-sale		(98,509	)		(114,277	)		(84,283	)		(119,737	)		(119,023	)
Underfunded pension liability		(1,442	)		(1,442	)		(2,581	)		(2,581	)		(2,581	)
Total Accumulated Other Comprehensive Loss		(99,951	)		(115,719	)		(86,864	)		(122,318	)		(121,604	)
Total Stockholders' Equity		756,336			730,664			741,299			686,740			682,231
Total Liabilities and Stockholders' Equity	$	6,622,956		$	6,459,459		$	6,434,314		$	6,341,395		$	6,314,183

Regulatory Capital
Total CET 1 capital	$	698,721		$	688,707		$	669,862		$	650,108		$	644,235
Total tier 1 capital		698,721			688,707			669,862			650,108			644,235
Total risk-based capital		720,400			709,820			690,857			671,959			665,707
Total risk-weighted assets		4,150,062			4,171,271			4,024,686			4,037,614			3,989,171


CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)


	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Commercial and industrial	$	423,265	$	419,838	$	424,414	$	408,312	$	407,770

1-4 Family		195,641		197,258		194,670		195,992		202,378
Hotels		372,758		389,660		383,232		370,954		354,929
Multi-family		215,546		240,943		193,875		190,390		186,555
Non Residential Non-Owner Occupied		742,323		707,265		665,210		668,330		682,609
Non Residential Owner Occupied		232,732		233,497		236,826		235,993		232,440
Commercial real estate ⁽¹⁾		1,759,000		1,768,623		1,673,813		1,661,659		1,658,911

Residential real estate ⁽²⁾		1,841,851		1,823,610		1,806,578		1,797,260		1,786,764
Home equity		203,253		199,192		190,149		179,607		171,292
Consumer		54,670		57,816		58,710		62,352		63,556
DDA overdrafts		3,785		5,697		4,166		3,683		3,495
Gross Loans	$	4,285,824	$	4,274,776	$	4,157,830	$	4,112,873	$	4,091,788

Construction loans included in:
⁽¹⁾ - Commercial real estate loans	$	25,683	$	24,681	$	2,736	$	2,233	$	6,651
⁽²⁾ - Residential real estate loans		5,276		7,547		7,604		9,766		19,709


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

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses
Balance at beginning of period	$	21,922		$	21,832		$	22,688		$	22,310		$	22,745

Charge-offs:
Commercial and industrial		(30	)		(99	)		(206	)		(61	)		(306	)
Commercial real estate		(220	)		-			(1,909	)		(40	)		(31	)
Residential real estate		-			(75	)		(43	)		(286	)		(19	)
Home equity		(1	)		(23	)		(57	)		(121	)		(27	)
Consumer		(129	)		(23	)		(24	)		(20	)		(115	)
DDA overdrafts		(379	)		(405	)		(436	)		(373	)		(356	)
Total charge-offs		(759	)		(625	)		(2,675	)		(901	)		(854	)

Recoveries:
Commercial and industrial		37			1			24			38			25
Commercial real estate		30			12			193			165			11
Residential real estate		1			3			27			179			49
Home equity		4			17			13			38			9
Consumer		9			15			25			24			98
DDA overdrafts		425			367			337			335			407
Total recoveries		506			415			619			779			599

Net charge-offs		(253	)		(210	)		(2,056	)		(122	)		(255	)
Provision for (Recovery of) credit losses		-			300			1,200			500			(180	)
Balance at end of period	$	21,669		$	21,922		$	21,832		$	22,688		$	22,310

Loans outstanding	$	4,285,824		$	4,274,776		$	4,157,830		$	4,112,873		$	4,091,788
Allowance as a percent of loans outstanding		0.51	%		0.51	%		0.53	%		0.55	%		0.55	%
Allowance as a percent of non-performing loans		135.5	%		154.3	%		141.1	%		236.8	%		206.8	%

Average loans outstanding	$	4,292,794		$	4,215,962		$	4,133,520		$	4,092,464		$	4,092,529
Net charge-offs (annualized) as a percent of average loans outstanding		0.02	%		0.02	%		0.20	%		0.01	%		0.02	%

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

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonaccrual Loans
Residential real estate	$	3,226		$	2,823		$	2,596		$	3,214		$	3,452
Home equity		269			212			109			63			121
Commercial and industrial		2,781			3,161			3,631			3,135			3,405
Commercial real estate		9,692			7,833			9,031			3,118			3,807
Consumer		-			-			-			-			1
Total nonaccrual loans		15,968			14,029			15,367			9,530			10,786
Accruing loans past due 90 days or more		26			182			102			50			-
Total non-performing loans		15,994			14,211			15,469			9,580			10,786
Other real estate owned		457			754			729			629			752
Total non-performing assets	$	16,451		$	14,965		$	16,198		$	10,209		$	11,538

Non-performing assets as a percent of loans and other real estate owned		0.38	%		0.35	%		0.39	%		0.25	%		0.28	%

Past Due Loans
Residential real estate	$	5,936		$	7,012		$	8,205		$	7,991		$	5,035
Home equity		892			902			1,571			819			1,028
Commercial and industrial		4			-			57			1,087			26
Commercial real estate		476			240			992			565			138
Consumer		9			273			161			97			75
DDA overdrafts		214			391			333			327			406
Total past due loans	$	7,531		$	8,818		$	11,319		$	10,886		$	6,708

Total past due loans as a percent of loans outstanding		0.18	%		0.21	%		0.27	%		0.26	%		0.16	%


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

	Three Months Ended
	March 31, 2025							December 31, 2024							March 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⁾	$	2,035,999		$	26,122	5.20	%	$	2,010,476		$	25,835	5.11	%	$	1,953,647		$	24,148	4.97	%
Commercial, financial, and agriculture ⁽²⁾		2,195,307			33,876	6.26	%		2,141,481			34,859	6.48	%		2,070,054			33,980	6.60	%
Installment loans to individuals ^{(2), (3)}		61,488			919	6.06	%		64,005			1,007	6.26	%		68,828			999	5.84	%
Total loans		4,292,794			60,917	5.76	%		4,215,962			61,701	5.82	%		4,092,529			59,127	5.81	%
Securities:
Taxable		1,318,675			13,945	4.29	%		1,334,368			13,742	4.10	%		1,200,310			12,040	4.03	%
Tax-exempt ⁽⁴⁾		134,567			916	2.76	%		154,097			999	2.58	%		160,847			1,051	2.63	%
Total securities		1,453,242			14,861	4.15	%		1,488,465			14,741	3.94	%		1,361,157			13,091	3.87	%
Deposits in depository institutions		164,069			1,802	4.45	%		217,056			2,588	4.74	%		115,953			1,570	5.45	%
Total interest-earning assets		5,910,105			77,580	5.32	%		5,921,483			79,030	5.31	%		5,569,639			73,788	5.33	%
Cash and due from banks		98,843							105,485							98,966
Premises and equipment, net		70,296							70,759							71,954
Goodwill and intangible assets		159,714							160,413							162,257
Other assets		298,473							282,298							306,278
Less: Allowance for credit losses		(22,285	)						(22,178	)						(23,142	)
Total assets	$	6,515,146						$	6,518,260						$	6,185,952

Liabilities:
Interest-bearing demand deposits	$	1,335,691		$	3,297	1.00	%	$	1,367,370		$	3,951	1.15	%	$	1,283,868		$	3,439	1.08	%
Savings deposits		1,237,116			2,271	0.74	%		1,204,625			2,212	0.73	%		1,254,253			2,273	0.73	%
Time deposits ⁽²⁾		1,265,163			11,284	3.62	%		1,225,654			11,300	3.67	%		1,073,083