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EX - 99.1 2 chco09-30x21exhibit991.htm EX - 99.1 NEWS RELEASE For Immediate Release October 21 , 2021 For Further Information Contact : Charles R. Hageboeck , Chief Executive Officer and President ( 304 ) 769-1102 City Holding Company Announces Third Quarter Results Charleston , West Virginia - City Holding Company ( “ Company ” or “ City " ) ( NASDAQ : CHCO ) , a $ 6.0 billion bank holding company headquartered in Charleston , West Virginia , today announced quarterly net income of $ 22.7 million and diluted earnings of $ 1.47 per share for the quarter ended September 30 , 2021. For the third quarter of 2021 , the Company achieved a return on assets of 1.53 % and a return on tangible equity of 15.7 % . For the nine months ended September 30 , 2021 , City reported net income of $ 64.7 million , or diluted earnings per share of $ 4.13 . Charles R. ( " Skip " ) Hageboeck , the President and Chief Executive Officer of City Holding Company , commented : " While our financial performance is not quite back to pre - COVID levels , City's financial performance continued on an upward swing in the third quarter of 2021. Net interest income , largely on the strength of fee income related to Government sponsored Paycheck Protection Program ( “ PPP ” ) loans , increased $ 1.6 million from the quarter ended June 30 , 2021 and noninterest income , exclusive of security items , was up $ 1.3 million from the quarter ended September 30 , 2020. " " Asset quality continues to be a hallmark for City with nonperforming assets dropping to below $ 10 million ( $ 9.0 million or just 0.26 % of total loans and other real estate owned ) . Past due loans and troubled debt restructurings also declined during the quarter ended September 30 , 2021. Deferrals on commercial loans have also declined significantly during the quarter to just $ 15 million and are solely related to hotel and lodging customers . " “ While consumer related lending continues to be challenging with the current interest rate environment , commercial loans grew $ 36 million , or 2 % ( 8.1 % annualized ) , during the quarter ended September 30 , 2021 , exclusive of PPP balances . As of September 30 , 2021 , our PPP balances have declined to $ 26 million with less than $ 1 million remaining outstanding from PPP loans originated in 2020 and approximately 45 % of loans originated in 2021 already forgiven . "