City Holding Company Announces Record Annual Earnings

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 $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 7.3%, and trust and investment management fee income of $0.4 million, or 15.0%, 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 ($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, City Holding 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 Ended Twelve Months Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023 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 shareholders

28,654

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

Diluted

1.94

2.02

1.96

1.97

1.84

7.89

7.61

Weighted average number of shares (in thousands): Basic

14,634

14,633

14,695

14,795

14,758

14,676

14,868

Diluted

14,655

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

0.72

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 price

113.37

104.53

98.35

99.28

87.43

98.35

83.57

Period-end closing price

118.48

117.39

106.25

104.22

110.26

118.48

110.26

Average daily volume (in thousands)

Treasury share activity: Treasury shares repurchased (in thousands)

142

179

667

Average treasury share repurchase price

100.24

90.61

100.24

90.21

Key Ratios (percent) Return on average assets

1.75

1.87

1.85

1.92

1.78

1.85

1.87

Return on average tangible equity

19.4

20.9

22.2

22.7

23.5

21.2

23.8

Yield on interest earning assets

5.31

5.43

5.38

5.33

5.23

5.36

4.96

Cost of interest bearing liabilities

2.14

2.13

2.06

1.90

1.70

2.06

1.32

Net Interest Margin

3.75

3.87

3.95

3.98

3.86

4.01

Non-interest income as a percent of total revenue

25.8

26.5

25.3

25.0

25.6

25.7

25.6

Efficiency Ratio

48.4

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 Assets

11.46

11.45

10.90

11.09

10.27

Tangible equity to tangible assets

9.06

9.26

8.50

8.46

8.57

Consolidated City Holding Company risk based capital ratios (b): CET I

16.51

16.64

16.10

16.15

15.70

Tier I

16.51

16.64

16.10

16.15

15.70

Total

17.02

17.17

16.64

16.69

16.23

Leverage

10.62

10.59

10.30

10.45

10.23

City National Bank risk based capital ratios (b): CET I

13.55

16.00

15.17

14.60

13.79

Tier I

13.55

16.00

15.17

14.60

13.79

Total

14.05

16.52

15.72

15.14

14.32

Leverage

8.72

10.17

9.68

9.42

8.94

Other (period-end) Branches

FTE

941

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 Ended Twelve Months Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023 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: Taxable

13,742

14,403

13,947

12,040

12,336

54,132

48,335

Tax-exempt

789

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 Income

78,820

78,051

75,990

73,568

71,864

306,429

271,264

Interest Expense Interest on deposits

17,463

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

1,568

1,423

1,026

6,163

2,709

Total Interest Expense

23,240

22,446

21,365

19,141

17,198

86,192

52,023

Net Interest Income

55,580

55,605

54,625

54,427

54,666

220,237

219,241

Provision for (Recovery of) credit losses

300

1,200

500

(180

)

(300

)

1,820

3,243

Net Interest Income After Provision for (Recovery of) Credit Losses

55,280

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

)

(4,951

)

(2,825

)

(4,908

)

Unrealized (losses) gains recognized on equity securities still held

(390

)

353

364

(152

)

365

175

432

Service charges

7,679

7,531

6,980

7,035

7,158

29,225

27,751

Bankcard revenue

7,109

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 insurance

855

1,435

775

927

1,218

3,992

6,037

Other income

739

772

785

716

774

3,012

3,794

Total Non-Interest Income

16,127

20,348

18,911

17,948

14,236

73,334

70,629

Non-Interest Expense Salaries and employee benefits

19,489

19,245

18,751

18,878

18,772

76,363

73,163

Occupancy related expense

2,696

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 expense

729

734

718

711

868

2,892

2,922

Advertising

901

1,081

972

867

588

3,821

3,112

Bankcard expenses

1,909

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 supplies

444

480

432

453

477

1,809

1,945

Legal and professional fees

629

500

551

482

478

2,162

2,035

Telecommunications

510

578

624

600

614

2,312

2,411

Repossessed asset (gains) losses, net of expenses

(10

)

229

(50

)

246

Other expenses

5,261

5,857

5,728

5,206

4,992

22,052

24,985

Total Non-Interest Expense

36,925

37,638

36,772

35,900

35,109

147,235

143,521

Income Before Income Taxes

34,482

37,115

36,264

36,655

34,093

144,516

143,106

Income tax expense

5,828

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 shareholders

16,881

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 outstanding

14,634

14,633

14,695

14,795

14,758

14,676

14,868

Shares for diluted earnings per share

14,655

14,654

14,710

14,819

14,785

14,697

14,891

Basic earnings per common share

1.94

2.02

1.96

1.98

1.84

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 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 Assets Cash and due from banks

117,580

161,333

141,168

121,853

123,033

Interest-bearing deposits in depository institutions

107,809

132,616

76,818

196,829

33,243

Cash and cash equivalents

225,389

293,949

217,986

318,682

156,276

Investment securities available-for-sale, at fair value

1,421,306

1,462,795

1,456,685

1,347,657

1,338,137

Other securities

29,803

30,859

31,237

30,681

30,966

Total investment securities

1,451,109

1,493,654

1,487,922

1,378,338

1,369,103

Gross loans

4,274,776

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 loans

4,252,854

4,135,998

4,090,185

4,069,478

4,103,178

Bank owned life insurance

120,887

120,061

119,650

118,875

118,122

Premises and equipment, net

70,539

70,651

71,041

71,623

72,146

Accrued interest receivable

20,650

21,785

21,826

21,759

20,290

Net deferred tax assets

41,704

33,497

43,602

43,969

42,216

Goodwill and intangible assets

160,044

160,640

161,236

161,832

162,568

Other assets

116,283

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 deposits

1,335,220

1,351,239

1,333,169

1,330,268

1,291,011

Savings deposits

1,215,358

1,208,828

1,233,834

1,266,211

1,259,457

Time deposits

1,249,123

1,203,046

1,145,617

1,100,250

1,040,990

Total deposits

5,144,150

5,102,651

5,067,280

5,055,801

4,934,262

Short-term borrowings FHLB short-term advances

25,000

Customer repurchase agreements

325,655

339,153

322,668

304,941

309,856

FHLB long-term advances

150,000

100,000

Other liabilities

108,990

101,211

114,707

121,210

121,868

Total Liabilities

5,728,795

5,693,015

5,654,655

5,631,952

5,490,986

Stockholders' Equity Preferred stock

Common stock

47,619

Capital surplus

176,506

175,602

174,834

175,747

177,424

Retained earnings

852,757

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' Equity

730,664

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 capital

688,707

669,862

650,108

644,235

627,579

Total risk-based capital

709,820

690,857

671,959

665,707

648,646

Total risk-weighted assets

4,171,271

4,024,686

4,037,614

3,989,171

3,996,688

CITY HOLDING COMPANY AND SUBSIDIARIES Loan Portfolio (Unaudited) ($ in 000s) December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 Commercial and industrial

419,838

424,414

408,312

407,770

426,950

1-4 Family

197,258

194,670

195,992

202,378

206,237

Hotels

389,660

383,232

370,954

354,929

357,142

Multi-family

240,943

193,875

190,390

186,555

189,165

Non Residential Non-Owner Occupied

707,265

665,210

668,330

682,609

680,590

Non Residential Owner Occupied

233,497

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 equity

199,192

190,149

179,607

171,292

167,201

Consumer

57,816

58,710

62,352

63,556

65,246

DDA overdrafts

5,697

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 loans

7,547

7,604

9,766

19,709

23,066

CITY HOLDING COMPANY AND SUBSIDIARIES Asset Quality Information (Unaudited) ($ in 000s) Three Months Ended Twelve Months Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023 Allowance for Credit 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

)

(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

)

(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 industrial

836

Commercial real estate

193

165

381

277

Residential real estate

179

258

Home equity

Consumer

162

123

DDA overdrafts

367

337

335

407

368

1,446

1,402

Total recoveries

415

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 losses

300

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 outstanding

0.51

0.53

0.55

Allowance as a percent of non-performing loans

154.3

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 outstanding

0.02

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 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 Nonaccrual Loans Residential real estate

2,823

2,596

3,214

3,452

2,849

Home equity

212

109

121

111

Commercial and industrial

3,161

3,631

3,135

3,405

2,211

Commercial real estate

7,833

9,031

3,118

3,807

2,387

Consumer

Total nonaccrual loans

14,029

15,367

9,530

10,786

7,558

Accruing loans past due 90 days or more

182

102

270

Total non-performing loans

14,211

15,469

9,580

10,786

7,828

Other real estate owned

754

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 owned

0.35

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 equity

902

1,571

819

1,028

1,235

Commercial and industrial

1,087

435

Commercial real estate

240

992

565

138

715

Consumer

273

161

129

DDA overdrafts

391

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 outstanding

0.21

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, 2024 September 30, 2024 December 31, 2023 Average Yield/ Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate Balance Interest Rate 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 loans

4,215,962

61,701

5.82

4,133,520

61,407

5.91

4,045,889

57,757

5.66

Securities: Taxable

1,334,368

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 securities

1,488,465

14,741

3.94

1,502,548

15,445

4.09

1,347,652

13,389

3.94

Deposits in depository institutions

217,056

2,588

4.74

103,322

1,417

5.46

71,624

941

5.21

Total interest-earning assets

5,921,483

79,030

5.31

5,739,390

78,269

5.43

5,465,165

72,087

5.23

Cash and due from banks

105,485

110,765

87,633

Premises and equipment, net

70,759

70,998

72,435

Goodwill and intangible assets

160,413

161,009

163,220

Other assets

282,298

292,758

342,669

Less: Allowance for credit 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 deposits

1,204,625

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 borrowings

375,304

4,191

4.44

323,844

3,788

4.65

312,941

3,693

4.68

FHLB long-term advances

150,000

1,586

4.21

150,000

1,586

4.21

100,000

1,026

4.07

Total interest-bearing liabilities

4,322,953

23,240

2.14

4,189,992

22,446

2.13

4,013,220

17,199

1.70

Noninterest-bearing demand deposits

1,347,457

1,334,762

1,334,021

Other liabilities

100,707

99,797

132,862

Stockholders' equity

747,143

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 assets

3.75

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

Commercial, financial, and agriculture

802

752

702

Installment loans to individuals

Time deposits

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, 2024 December 31, 2023 Average Yield/ Average Yield/ Balance Interest Rate Balance Interest Rate 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 loans

4,133,843

241,520

5.84

3,900,913

212,694

5.45

Securities: Taxable

1,295,289

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 securities

1,453,546

58,285

4.01

1,449,057

53,213

3.67

Deposits in depository institutions

144,134

7,495

5.20

142,299

6,382

4.48

Total interest-earning assets

5,731,523

307,300

5.36

5,492,269

272,289

4.96

Cash and due from banks

104,575

74,443

Premises and equipment, net

71,298

72,582

Goodwill and intangible assets

161,318

153,937

Other assets

299,378

329,198

Less: Allowance for credit 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 deposits

1,231,698

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 borrowings

337,368

15,500

4.59

290,440

12,027

4.14

FHLB long-term advances

146,721

6,163

4.20

66,849

2,709

4.05

Total interest-bearing liabilities

4,189,067

86,192

2.06

3,950,379

52,023

1.32

Noninterest-bearing demand deposits

1,336,625

1,389,295

Other liabilities

107,061

125,377

Stockholders' equity

712,535

635,289

Total liabilities and stockholders' equity

6,345,288

6,100,340

Net interest income

221,108

220,266

Net yield on earning assets

3.86

4.01

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 agriculture

3,301

2,276

Installment loans to individuals

Time deposits

110

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 Ended Twelve Months Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023 Net Interest Income/Margin Net interest income ("GAAP")

55,580

55,605

54,625

54,427

54,666

220,237

219,241

Taxable equivalent adjustment

210

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

8.50

8.46

8.57

Commercial Loan Information (period end) Commercial Sector Total % of TotalLoans AverageDSC AverageLTV Natural Gas Extraction

26,966

0.63

3.71

Natural Gas Distribution

23,495

0.55

5.46

Masonry Contractors

25,197

0.59

1.04

84%

Sheet Metal Work Manufacturing

26,422

0.62

1.22

68%

Beer & Ale Merchant Wholesalers

26,565

0.62

3.28

Gasoline Stations with Convenience Stores

39,009

0.91

4.76

65%

Lessors of Residential Buildings & Dwellings

494,952

11.60

1.89

66%

1-4 Family

185,720

4.35

2.97

67%

Multi-Family

224,401

5.26

1.84

64%

Lessors of Nonresidential Buildings

593,179

13.90

1.70

65%

Office Buildings

133,513

3.13

1.64

62%

Lessors of Mini-Warehouses & Self-Storage Units

55,980

1.31

1.43

61%

Assisted Living Facilities

26,169

0.61

1.38

61%

Hotels & Motels

390,075

9.14

1.45

63%

Average Balance Median Balance Commercial, Financial, and Agriculture Loans

476

Commercial Real Estate Loans

549

127

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 Deposits

17%

18%

Interest-Bearing Deposits Demand Deposits

15%

16%

Savings Deposits

12%

Time Deposits

16%

Total Deposits

15%

The amounts listed above represent management's best estimate as of the respective period shown of uninsured deposits (either with balances above $250,000 or not collateralized by investment securities). CITY HOLDING COMPANY AND SUBSIDIARIES Non-GAAP Reconciliations, continued (Unaudited) ($ in 000s, except per share data) Net Growth in DDA Accounts Year New DDA Accounts Net Number ofNew Accounts Percentage

2024

32,238

4,497

1.8%

2023*

31,745

4,768

1.9%

2022

28,442

4,544

1.9%

2021

32,800

8,860

3.8%

2020

30,360

6,740

3.0%

2019

32,040

3,717

1.7%

2018*

30,400

4,310

2.2%

2017

28,525

2,711

1.4%

2016

28,650

2,820

1.5%

* - 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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250121464243/en/

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

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