Here are a few analogies for City (CHCO):

• A regional version of Bank of America.
• Like a smaller-scale Wells Fargo.

• Retail Banking: Provides checking and savings accounts, loans (mortgages, auto, personal), and other basic financial services to individual consumers.
• Commercial Banking: Offers deposit accounts, commercial real estate loans, lines of credit, and other financial solutions for businesses.
• Wealth Management & Trust Services: Delivers investment management, financial planning, and trust administration for individuals and institutions.
• Brokerage Services: Facilitates buying and selling of securities and provides investment advisory services.

City Holding Company (symbol: CHCO) is a financial holding company that operates City National Bank. As a bank, it sells its financial products and services primarily to a broad base of individuals, businesses, and governmental entities rather than having a few major corporate customers.

The company serves the following categories of customers:

1. Individuals: This category includes consumers who utilize a wide range of personal banking services such as checking and savings accounts, certificates of deposit, mortgages, home equity loans, personal loans, debit and credit cards, and wealth management services.
2. Businesses: City National Bank serves small to medium-sized businesses, offering commercial loans, lines of credit, treasury management services, business checking and savings accounts, merchant services, and other financial solutions tailored to corporate needs.
3. Governmental Entities: The bank provides banking services to various state and local governmental agencies and municipalities, including public funds management, treasury services, and lending solutions.

Charles R. Hageboeck, President and Chief Executive Officer

Charles R. Hageboeck has served as the Chief Executive Officer of City Holding Company since February 2005. He initially joined City Holding Company as Chief Financial Officer in 2001. Prior to his tenure at City Holding, Mr. Hageboeck was the Chief Financial Officer of Peoples Bank in Indianapolis, which was subsequently sold to Fifth Third Bank in 1999. He began his banking career as a financial analyst at Indiana National Bank and rose to head the bank's Asset/Liability Management Committee. Mr. Hageboeck holds a doctorate in Economics from Indiana University and a Bachelor of Science in Economics from Butler University.

David L. Bumgarner, Chief Financial Officer and Executive Vice President

David L. Bumgarner has been the Chief Financial Officer and Executive Vice President of City Holding Company since April 2019. Before joining City Holding, he worked as a Senior Manager of Audit at Arnett & Foster, P.L.L.C. from 2000 to 2005.

Jeffrey D. Legge, Executive Vice President, Chief Administrative Officer and Chief Information Officer

Jeffrey D. Legge has held the position of Chief Information Officer and Executive Vice President of City Holding Company since 2019. He also serves as the Chief Administrative Officer.

Key Risks to City Holding Company (CHCO)

1. Exposure to Loan Portfolio Weaknesses and Credit Risk: City Holding Company faces significant risk due to its loan portfolio's exposure to cyclical industries, such as hospitality, and a high concentration in commercial and industrial, and commercial real estate loans. An economic downturn could lead to increased credit losses and potential defaults, especially if the company's allowance for loan losses proves to be insufficient.
2. Interest Rate Risk: The company's financial performance is highly sensitive to changes in interest rates. Significant fluctuations in interest rates, particularly those initiated by the Federal Reserve, can adversely affect the fair value of its investment securities portfolio, the interest paid on borrowings, and the interest earned on its loan portfolio and deposits. A decline in interest rates could also lead to capital depreciation.
3. Regulatory and Compliance Risks: As a financial holding company, CHCO relies on dividends from its subsidiaries, which are subject to extensive state and federal regulations. These regulations include restrictions on dividend payments and mandates for maintaining minimum capital levels. Changes in these regulatory frameworks or non-compliance could materially and adversely affect the company's business, financial condition, and results of operations.

The increasing market penetration and technological advancements of financial technology (fintech) companies and digital-first banks (neobanks), which offer alternative banking services with often superior digital experiences and lower operating costs, directly challenging the traditional branch-based community banking model.

City Holding Company (CHCO) operates as a financial holding company for City National Bank of West Virginia, offering a range of banking, trust and investment management, and other financial solutions in the United States.

The addressable markets for their main products and services in the U.S. are as follows:

• Community Banking: The U.S. community banking market reached a valuation of approximately $6.35 billion in 2024.
• Residential Mortgage Originations: The U.S. market for residential mortgage originations was $1.69 trillion in 2024.
• Outstanding Residential Mortgage Balances: Americans collectively owe $12.94 trillion on mortgages.
• Commercial Real Estate Lending Originations: Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024.
• Outstanding Commercial Real Estate Mortgage Debt: Total commercial and multifamily mortgage debt outstanding in the U.S. increased to $4.79 trillion in Q4 2024.
• Commercial Lending: The North American commercial lending market had a value of approximately $985.6 billion in 2023.

Here are 3-5 expected drivers of future revenue growth for City Holding (CHCO) over the next 2-3 years:

1. Continued Loan Growth: City Holding has demonstrated strong loan growth, which has been a primary driver of net interest income. For example, in Q3 2025, record quarterly net income was driven by strong loan growth and higher net interest income. The company's strategy includes cultivating strong customer relationships to ensure a steady inflow of deposits, which enables it to fund a robust loan portfolio spanning personal, mortgage, and commercial loans.
2. Optimized Net Interest Margin (NIM): Improvements in net interest margin have consistently contributed to revenue growth for City Holding. In Q3 2025, the net interest margin improved to 4.04% from 3.95% in the previous quarter, reflecting enhanced profitability from interest-earning assets. The company's ability to effectively manage the difference between interest earned on loans and interest paid on deposits is crucial for its net interest income, which makes up a significant portion of its total revenue.
3. Growth in Fee-Based Services: Beyond traditional lending, City Holding generates substantial revenue from diverse fee-based services. These include banking, credit, wealth management, and trading operations, as well as insurance services and transaction processing. For example, in Q2 2025, non-interest income saw an increase in service fees and wealth and investment management fee income. Expanding the customer base and enhancing these offerings could further drive non-interest income growth.
4. Strategic Acquisitions and Market Expansion: City Holding has a history of strengthening its market presence through acquisitions. The acquisition of Citizens Commerce Bancshares in March 2023 allowed City to expand its presence in the Lexington, KY MSA and offer enhanced products and services to new customers. While specific future acquisitions are not detailed, continued strategic inorganic growth could be a driver for expanding its customer base and geographical footprint across West Virginia, Kentucky, Virginia, and Ohio.

Share Repurchases

• On January 31, 2024, City Holding Company's board authorized the repurchase of up to 1,000,000 common shares (approximately 7% of outstanding shares) with no expiry date, superseding the May 25, 2022 plan.
• Through January 31, 2024, the company repurchased 849,681 shares under the May 2022 plan.
• As of September 30, 2025, 434,023 shares have been repurchased for $46.79 million under the February 1, 2024 buyback plan. In the first quarter of 2025 (through March 31, 2025), 80,600 shares were repurchased at a weighted average price of $117.42 per share.
• During the six months ended June 30, 2022, City Holding Company repurchased 3,887,191 shares of Class A common stock for $184.4 million, which included 967,600 shares from Searchlight for $43.1 million.

Share Issuance

• City Holding Company has seen a net decrease in outstanding shares over the last few years, indicating that share repurchases have outpaced any new issuances. Outstanding shares decreased from 15.12 million in 2021 to 14.49 million by September 9, 2025.
• No significant share issuances for capital raising purposes were identified in the period.

Inbound Investments

• No significant inbound investments by third parties into City Holding Company were identified during the last 3-5 years.

Outbound Investments

• On March 13, 2023, City Holding Company completed the acquisition of Citizens Commerce Bancshares, the parent company of Citizens Commerce Bank, for approximately $62.1 million. This was a stock transaction.

Capital Expenditures

• City Holding Company reported quarterly capital expenditures of $388,000 for June 2025.
• Depreciation expense, which can serve as an approximation for maintenance capital expenditures, was $5.8 million in both 2021 and 2020.