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EX - 99.1 2 chco03-31x21 exhibit991.htm EX - 99.1 , PRESS RELEASE CHCO 1Q2021 EARNINGS NEWS RELEASE For Further Information Contact : Charles R. Hageboeck , Chief Executive Officer and President ( 304 ) 769-1102 For Immediate Release April 21 , 2021 City Holding Company Announces Quarterly Results Charleston , West Virginia - City Holding Company ( “ Company ” or “ City ” ) ( NASDAQ : CHCO ) , a $ 5.9 billion bank holding company headquartered in Charleston , West Virginia , today announced quarterly net income of $ 19.8 million and diluted earnings of $ 1.25 per share for the quarter ended March 31 , 2021 . Charles R. ( “ Skip ” ) Hageboeck , the President and Chief Executive Officer of City Holding Company , commented : " Our country and the communities that we serve are emerging from the COVID - 19 pandemic and it is encouraging to see economic activity returning to more “ normal ” conditions . However , the impacts of this crisis continued to impact our financial performance during the first quarter of 2021. Our reported net interest income dipped $ 0.7 million from the linked quarter ended December 31 , 2020 and our net interest margin dropped 8 basis points to 2.91 % . Deposit balances continue to grow primarily as a result of the third round of stimulus payments with average deposit balances increasing over $ 150 million from the quarter ended December 31 , 2020. City continues to participate in the government - sponsored Paycheck Protection Program ( “ PPP ” ) loans administered by the Small Business Administration ( " SBA " ) . Thus far , City has assisted customers in obtaining almost $ 40 million in new PPP loans during the second round . " " A hallmark for City over the last several years has been our asset quality . Our asset quality remains very strong at March 31 , 2021. Nonperforming assets , past due loans , and troubled debt restructurings remain at or below the levels reported at December 31 , 2020. Deferred commercial loans remained relatively low at approximately 6 % of total commercial balances at March 31 , 2021. Hotel and lodging related loans comprise $ 105 million of the $ 115 million of these deferrals at March 31 , 2021 , and our hotel and lodging loan customers are experiencing increasing occupancy rates . Residential mortgage deferrals have dropped to approximately $ 3 million at March 31 , 2021. ” “ Loan growth has been a particular challenge with interest rates at historic lows . Although our residential mortgage origination levels hit record highs in 2020 , balances have decreased as some mortgages were refinanced into fixed rate loans not predominately offered by City . Those trends continued in the first quarter of 2021 , but we believe that as mortgage rates and fees charged by agencies increase , our