CITY HOLDING Business Summary

City Holding Company (CHCO) operates as a financial holding company for City National Bank of West Virginia, generating revenue primarily through net interest income from its lending operations and non-interest income derived from service charges, debit card fees, and trust services. The company’s business is structured into three primary segments: Commercial Banking, which provides credit and treasury management to business clients; Consumer Banking, offering retail deposit and mortgage products; and Trust and Investment Management, which handles estate planning and wealth advisory. CHCO maintains a dominant market share in the Appalachian region, particularly along the I-64 and I-81 corridors, leveraging a granular, low-cost deposit base to achieve best-in-class efficiency ratios. It competes directly with regional peers such as Community Trust Bancorp (CTBI), First Financial Bancorp (FFBC), and Northwest Bancshares (NWBI), distinguishing itself through superior asset quality and a consistently high return on assets (ROA) relative to the broader mid-cap banking sector. Incorporated in 1957, the company is currently led by a seasoned executive team with an average tenure exceeding 20 years. President and CEO Charles R. "Skip" Hageboeck, who holds a Ph.D. in Economics, has spearheaded the firm’s strategic growth since 2005, supported by Executive Vice President and CFO David L. Bumgarner and Jeffrey Legge, who serves as Chief Administrative and Information Officer. Following the retirement of John DeRito in late 2025, Timothy Whittaker oversees the commercial banking division, while Michael Quinlan leads retail operations. The Board of Directors is chaired by Dallas Kayser and includes notable members such as Major General (Ret.) James A. Hoyer, whose background in risk management and public administration provides high-level oversight. The company’s stable performance is backed by significant institutional investors, including The Vanguard Group, BlackRock, and State Street Corporation, which collectively hold a majority of the firm’s equity.