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EX - 99.1 2 chco06-30x21 exhibit991.htm EX - 99.1 NEWS RELEASE For Immediate Release July 22 , 2021 For Further Information Contact : Charles R. Hageboeck , Chief Executive Officer and President ( 304 ) 769-1102 City Holding Company Announces Second Quarter 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 $ 22.1 million and diluted earnings of $ 1.41 per share for the quarter ended June 30 , 2021. For the second quarter of 2021 , the Company achieved a return on assets of 1.49 % and a return on tangible equity of 15.2 % . Charles R. ( " Skip " ) Hageboeck , the President and Chief Executive Officer of City , commented : “ As the impacts of the COVID - 19 pandemic continue to diminish and economic activity continues to rebound to customary levels , City's financial performance also trended upward in the second quarter of 2021. Net interest income increased $ 0.4 million from the quarter ended March 31 , 2021 and noninterest income improved significantly ( $ 2.8 million or 19.3 % ) as compared to the quarter ended June 30 , 2020. Net interest income improved as a portion of our excess liquidity was used to purchase investment securities and improve interest income and interest bearing deposits continue to migrate to lower rate or noninterest - bearing deposit options . Debit card usage by our customers continued to hit new highs in the second quarter of 2021 as we saw our bankcard revenues increase almost 23 % compared to the quarter ended June 30 , 2020. " " As the economic outlook improved during the second quarter of 2021 and unemployment forecasts improved , City was able to release $ 2.0 million of its allowance for credit losses at June 30 , 2021. Asset quality remains impeccable with nonperforming assets at historical low levels and both past dues and troubled debt restructurings are below December 31 , 2020 levels . Loan deferrals have also declined to very low levels at June 30 , 2021 with commercial loan deferrals at $ 92 million , or 5 % of total commercial balances . Hotel and lodging customers comprise essentially all of these deferrals and based on current occupancy levels , we expect these deferrals to continue to decline . Residential mortgages deferrals are now less than 0.1 % of total residential real estate balances at June 30 , 2021. " " While loan growth continues to be difficult , we were able to grow commercial loan balances , net of government- sponsored Paycheck Protection Program ( “ PPP ” ) loans administered by the Small Business Administration ( " SBA " ) , approximately 2.5 % on an annualized basis during the second quarter of 2021 .