City Holding Company · NASDAQ:CHCO
City — Janney CEO Forum 2026
37 slides from City's conference presentation, February 2026
Slide 1: Janney CEO Forum
Janney CEO Forum Scottsdale, AZ February 4th - 5th, 2026 www.bankatcity.com
Slide 2: Forward Looking Statements
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
Slide 3: City Holding Snapshot
CITY HOLDING MARKETS Stable, slow growing, & less competitive CUSTOMERS SNAPSHOT Robust retail customer base ASSET QUALITY Demonstrated strong track record $6.7 BILLION 934 PERFORMANCE Total Assets FTE Long record as a high performer GROWTH Succeeding in slow-growth markets & expanding into new mark
Slide 4: CHCO ROA: A Perennial High-Performing Bank
CHCO A PERENNIAL HIGH-PERFORMING BANK 2.25% 2.00% 1.75% ROA 1.50% 1.25% 1.00% 0.75% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source - S&P Global MI. Peer data as of CHCO (adjusted for M&A exp & VISA gain) $1B - $10B September 30, 2025.
Slide 5: Financial Performance: Best in Class
FINANCIAL PERFORMANCE: BEST IN CLASS Source – Bank Director 2024 Results
Slide 6: CHCO Performance Metrics
2025 2024 EPS $8.93 $7.89 ROA 1.97% 1.85% ROACTE 21.2% 21.2% CHCO NIM 3.94% 3.86% PERFORMANCE EFFICIENCY 48.2% 48.8% TANG. BOOK VALUE $45.41 $38.80 METRICS SHARE PRICE @EOP $119.20 $118.48 NPA’s/LOANS & OREO 0.32% 0.35% PAST DUE LOANS 0.19% 0.21% NCO/LOANS 0.02% 0.06%
Slide 7: City's NIM
Historically, City outperforms peers in high interest rate environments 4.00% 3.75% CITY’S 3.50% 3.25% NIM 3.00% 2.75% 2.50% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CHCO excluding PSLs, PPP Fees, & Accretion $1B to $10B Peer
Slide 8: Deposit Costs
12/31/2025 Qtr CHCO benefits from many small deposit 9/30/2025 Qtr accounts that aren’t rate sensitive 6/30/2025 Qtr 3/31/2025 Qtr Fed Funds 12/31/2024 Qtr 9/30/2024 Qtr 6/30/2024 QTR 3/31/2024 Cost of Interest Bearing Deposits QTR 12/31/23 QTR 9/30/23 Qtr 6/30/23 Qtr 3/31/23 Qtr 12/31/22 Qtr 12/31/
Slide 9: Deposit Franchise
96 BRANCHES Among Top 100 Banks $55MM* DEPOSIT Average Deposits per Branch 2,159 FRANCHISE Average Households per Branch ONE KEY TO CITY’S $9,400** ENVIABLE SUCCESSS Average DDA Balance $41,500 Average Business DDA * For CHCO’s self-defined peer group – average deposits per branch is $103 million. C
Slide 10: Strong Deposit Franchise
STRONG DEPOSIT FRANCHISE MANY SMALL ACCOUNTS Avg. Avg. # of Avg. $/ # of $ in Account Accounts/ Branch in Accounts Billions Size Branch Millions Checking 251,400 $2.7 $10,900 2,620 $28.6 Accounts Savings 66,300 $1.3 $18,900 690 $13.0 Accounts CDs 29,700 $1.3 $43,800 310 $13.6
Slide 11: 2025 Debit Card Revenues
2025 DEBIT CARD REVENUES Assets Debit Card Revenues City $6.7 Billion $29 Million Stockyard $9.5 Billion $20 Million Peoples $9.6 Billion $25 Million S&T Bancorp $9.9 Billion $18 Million Wesbanco $27.7 Billion $26 Million The Data is clear: CHCO has a deeper customer base relative to its size.
Slide 12: City National Deposit Markets
3rd Branch Share Winchester VA & WV Panhandle $8.6 Billion Major Competitors: TFC, UBSI, WFC 1st Branch Share & 2nd Deposit Share (14%) In Charleston MSA/Huntington MSA; $15.0 Billion CITY NATIONAL Major Competitors: TFC, JPM, HBAN, UBSI 1st Branch Share & 4th Deposit Share (10%) DEPOSIT in Staunton
Slide 13: Deposit Franchise: Mostly in Slow-Growth WV and Eastern KY
MOSTLY IN SLOW-GROWTH WV AND EASTERN KY DEPOSIT Key Deposit Markets Deposits FRANCHISE West Virginia & Eastern Kentucky 73% - dating to 1870 New Markets 27%
Slide 14: Exceptional Retail Strength
Deposits Deposit Branch Household Market Branches ($MM) Share Share Share EXCEPTIONAL Charleston, WV $1,030 15% 13 30% 34% Huntington, WV $599 14% 10 19% 23% RETAIL Ashland, KY $568 21% 12 26% 32% STRENGTH Beckley, WV $578 23% 9 27% 36% BRANCH DISTRIBUTION Lewisburg, WV $362 36% 7 39% 53% Staunton,
Slide 15: Market Position: Newer Markets
MARKET POSITION: NEWER MARKETS HIGH POPULATION GROWTH & HIGHER INCOMES Population Median Projected Change Market Population Projected Change Household in HHLD Income 2020-2025 Income 2020-2025 Charleston/Huntington/ 611,000 (2.3)% $46,000 4.5% Ashland MSA Note: Orange highlight indicates Beckley/Lew
Slide 16: Internal DDA Growth
INTERNAL DDA GROWTH New DDA Net Growth in % Increase in Year Accounts DDA Accounts DDA Accounts 2021 32,800 8,860 3.8% City Household 2022 28,442 4,544 1.9% Growth = 0.9% (2024) 2023* 31,745 4,768 1.9% U.S. Population 2024 32,238 4,497 1.8% Growth: 0.6% 2025 31,427 3,548 1.4% * - Amounts exclude acc
Slide 17: Age Distribution of Customer Base (2025)
AGE DISTRIBUTION OF Customer Base (2025) All City Customers New City Customers -2025 20.0% 30.0% 17.8% 27.1% 18.0% 16.4% 15.6% 25.0% 16.0% 13.8% 14.0% 13.2% 20.0% 12.1% 12.0% 11.2% 15.6% 15.1% 10.0% 15.0% 14.5% 13.4% 8.0% 10.0% 9.5% 6.0% 4.0% 4.7% 5.0% 2.0% 0.0% 0.0% <24 25-34 35-44 45-54 55-64 65-7
Slide 18: Customer Experience: Best in Class
CUSTOMER EXPERIENCE: BEST IN CLASS Voted Best in Customer Satisfaction for Consumer Banking in the North Central Region 2018 | 2019 | 2020 | 2022 | 2024
Slide 19: Market Disruptions: St. Albans, WV
St. Albans, WV $120 5,500 $100 4,795 4,821 4,871 4,915 5,000 4,914 MARKET $80 4,262 4,500 4,068 $60 DISRUPTIONS Millions $112 3,898 $107 $110 $102 $101 4,000 3,723 $95 $40 STRONG GROWTH $20 $78 3,500 OPPORTUNITIES $59 $70 $0 3,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 City's Branch Deposit Ci
Slide 20: Market Disruptions: Lewisburg, WV
Lewisburg, WV $250 6,000 5,705 5,625 5,699 5,472 5,571 5,331 5,500 $200 5,153 4,985 5,015 MARKET 4,916 5,000 4,707 $150 4,500 DISRUPTIONS Millions $100 $210 $199 $198 $193 $196 $177 4,000 $149 STRONG GROWTH $50 $128 $144 3,500 OPPORTUNITIES $105 $117 $0 3,000 2015 2016 2017 2018 2019 2020 2021 2022
Slide 21: Loan Markets
LOAN MARKETS CHARLOTTE Size of bubbles are representative of City’s loan distribution
Slide 22: Diversified Commercial Loan Portfolio
DIVERSIFIED COMMERCIAL LOAN PORTFOLIO Percent of Key Loan Markets Commercial Portfolio West Virginia & Eastern Kentucky - dating to 1870 37% Virginia/Eastern Panhandle Markets - acquired 2012-2013 14% Lexington, KY - acquired 2015 26% Columbus, OH & Cincinnati, OH 23%
Slide 23: Asset Quality
NON-PERFORMING ASSETS - 32BP PAST DUE LOANS - 19BP ASSET Lowest in 20+ years QUALITY OREO - $0.5MM Lowest in 15+ years AT HISTORIC HIGHS NET CONSUMER LOSS RATE – 36BP 2nd lowest in 10+ years AVERAGE PROVISION EXPENSE/ AVERAGE LOAN BALANCES 2005-2025 14BP
Slide 24: Net Charge-Off Details
$8,000 0.5% $7,000 NET 0.4% $6,000 0.3% CHARGE-OFF $5,000 $4,000 0.2% DETAILS $3,000 $2,000 0.1% 2013-2025 $1,000 0.0% $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -0.1% ($1,000) ($2,000) -0.2% Commercial Retail NSF related Net Losses/Average Loans
Slide 25: Loans Outstanding
$4.75 14.0% End of Period Balances Annualized % Fluctuation 12.5% 11.0% $4.50 9.5% Loans $4.25 8.0% 6.5% Outstanding In Billions 5.0% $4.00 3.5% Since March 2023 Acquisition 2.0% 0.5% $3.75 -1.0% -2.5% $3.50 -4.0% 11/1/2023 11/1/2024 11/1/2025 3/1/2023 5/1/2023 7/1/2023 9/1/2023 1/1/2024 3/1/2024 5/
Slide 26: Cash Dividends/Share Declared
Cash Dividends/Share Declared & Dividend Payout Ratio $3.50 70% $3.25 60% CAPITAL $3.00 Cash Dividends/Share Declared $2.75 50% Dividend Payout Ratio $2.50 MANAGEMENT 40% $2.25 $2.00 30% $1.75 A LONG-TERM $1.50 20% CORE COMPETENCY $1.25 10% $1.00 $0.75 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 27: Share Activity
City’s strong capital and high profitability have allowed aggressive share repurchases 760,033 $70 800,000 666,575 $60 700,000 572,917 600,000 $50 397,090 SHARE 500,000 $40 $90.21 Millions 324,513 400,000 $30 260,674 $77.21 $115.24 ACTIVITY 300,000 $63.68 178,529 $20 $81.50 200,000 $10 $100.24 100,0
Slide 28: Repurchases More Than Offset Shares Issued for Acquisitions
REPURCHASES MORE THAN OFFSET SHARES ISSUED FOR ACQUISITIONS SHARE ACTIVITY (IN THOUSANDS OF SHARES) 19,000 18,000 Classic May ‘05 1,580,000 At Mkt Dec ‘16- 17,000 Feb ‘17 - 550,000 Community Jan ‘13 16,000 767,000 Poage Dec ‘18 1,142,000 CCVS Mar ‘23 15,000 VSB May ‘12 667,000 240,000 14,000 13,000
Slide 29: Loans, Deposits & Fee Income on a Per Share Basis
$400 $4.50 $4.00 $350 LOANS, Loans/Deposits per Share $3.50 Service Fees per Share $300 $3.00 DEPOSITS & $250 $2.50 $200 FEE INCOME $2.00 $150 $1.50 ON A PER SHARE BASIS $100 $1.00 2019 2020 2021 2022 2023 2024 2025 Loans (Avg Bal) Deposits (Avg Bal) Fee Income
Slide 30: Acquisition Territory
ACQUISITION TERRITORY Small Community Banks will struggle with lower net interest income, asset quality challenges, lack of scale, and limited liquidity for their stock. Underperforming small banks may be interested in joining a stronger partner rather than to continue to perform poorly. City is wel
Slide 31: Acquisition History
2005: CLASSIC BANK, ASHLAND KY Approx. 25% Household Share, adjacent mkt 2012: VIRGINIA SAVINGS BANK, WINCHESTER VA 5 Branches in adjacent mkt; Strong Growth for City 2013: COMMUNITY BANK, STAUNTON VA Solid franchise in adjacent mkts; Was a “Problem Bank” and CHCO had significant financial gains fro
Slide 32: Acquisition Profile: Impacted by Durbin Amendment
MARKET: • Strong share and unfocused competitors; ACQUISITION • Overlapping or adjacent to CHCO markets PROFILE: DEPOSITS: Impacted by • Strong core deposit base Durbin • Above average household count Strong Debit Card revenue Amendment • LOANS: • Solid Commercial Lending Team • Meaningful Business
Slide 33: City: Still a Community Bank
CITY: Still a Community Bank and Engaged in our Communities
Slide 34: City's Employee Net Promoter Score
CITY’S EMPLOYEE NET PROMOTER SCORE DISTRIBUTION OF RESPONSES Promoters 43.4% 18.9% Detractors 12.1% 10.5% 5.7% 4.8% 0.6% 0.6% 0.7% 0.9% 1.8% 0 1 2 3 4 5 6 7 8 9 10
Slide 35: Investment Thesis
INVESTMENT THESIS: CHCO’S FRANCHISE IS EXCEPTIONAL DUE TO: • Strong NIM driven by extraordinary Deposit Franchise • Proven culture of conservative lending • Shareholder focused capital management • Acquisition philosophy focused on earnings and not asset size • Community banking philosophy focused o
Slide 36: CHCO Represents Value and Stability
2.70% CHCO Dividend Yield REPRESENTS VALUE AND 37% STABILITY Dividend Payout Ratio 9.9% Tangible Capital/Tangible Pricing Metrics* Assets*** • 219% Price to Book 72% • 272% Price to Tangible Book Institutional Ownership • 13.7X Price to Projected Earnings** $11.4 million Average Daily Volume * Based
Slide 37: Questions?
Questions?