City Holding Company ("Company" or "City") (NASDAQ:CHCO), a $6.0 billion bank holding company headquartered in Charleston, West Virginia, today announced net income of $88.1 million and record diluted earnings of $5.66 per share for the year ended December 31, 2021.

Net Interest Income

The Company's net interest income increased from $154.6 million for the year ended December 31, 2020 to $155.6 million for the year ended December 31, 2021. The Company's tax equivalent net interest income increased $1.2 million, or 0.8%, from $155.7 million for the year ended December 31, 2020 to $156.9 million for the year ended December 31, 2021. The Company recognized $4.0 million of loan fees associated with PPP loans during 2021 as compared to $1.6 million during 2020. However, lower loan yields (which fell 29 basis points) decreased net interest income by $10.0 million. Additionally, lower average loan balances ($95.6 million) lowered net interest income by $4.2 million and a decrease in accretion from fair value adjustments decreased interest income by $1.7 million. Higher investment balances (which increased $262.2 million) increased net interest income by $7.2 million, while investment yields (which decreased by 45 basis points) decreased net interest income by $6.0 million. Lower rates paid on interest bearing liabilities (40 basis points) and lower average time deposit balances (down $172.3 million) increased net interest income by $11.7 million and $2.6 million, respectively. The Company's reported net interest margin declined from 3.16% for the year ended December 31, 2020 to 2.89% for the year ended December 31, 2021. Excluding the favorable impact of the accretion from the fair value adjustments, the net interest margin would have been 2.85% for the year ended December 31, 2021 and 3.08% for the year ended December 31, 2020.

The Company's net interest income increased from $39.5 million during the third quarter of 2021 to $40.6 million during the fourth quarter of 2021. During the fourth quarter of 2021, the Company's tax equivalent net interest income increased $1.1 million, or 2.8%, to $40.9 million from $39.8 million during the third quarter of 2021. An increase in loan yields (which increased 16 basis points), largely due to interest recoveries on a loan that previously had been classified as a nonperforming loan, increased net interest income by $1.4 million, and lower rates paid on time deposits (which decreased 7 basis points) increased overall net interest income by $0.2 million. These increases were partially offset by lower investment yields (17 basis points) which lowered net interest income by $0.6 million. The Company's reported net interest margin increased from 2.89% for the third quarter of 2021 to 2.94% for the fourth quarter of 2021. Excluding the favorable impact of the accretion from fair value adjustments, the net interest margin would have been 2.91% for the quarter ended December 31, 2021 and 2.86% for the quarter ended September 30, 2021.

Credit Quality

The Company's ratio of nonperforming assets to total loans and other real estate owned decreased from 0.38% at December 31, 2020 to 0.21% at December 31, 2021. Total nonperforming assets decreased from $13.9 million at December 31, 2020 to $7.6 million at December 31, 2021. Total past due loans decreased from $8.9 million, or 0.25% of total loans outstanding, at December 31, 2020 to $6.8 million, or 0.19% of total loans outstanding, at December 31, 2021.

As a result of the Company's quarterly analysis of the adequacy of the ACL, the Company did not record a provision for credit losses in the fourth quarter of 2021 and a recovery of credit losses of $3.2 million for the year ended December 31, 2021, compared to a provision for credit losses of $0.5 million and $10.7 million for the comparable periods in 2020. The determination of the Company's allowance for credit losses is largely dependent on expected unemployment ranges. Due to improvements in the outlook for unemployment ranges utilized by the Company and adjustments to other qualitative and other factors, during 2021 the Company partially recovered a portion of the provision for credit losses incurred in the quarter ended March 31, 2020 related to the COVID-19 pandemic.

Non-interest Income

Non-interest income was $69.6 million for 2021 as compared to $82.7 million for 2020. During 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605 shares) in a cash transaction that resulted in a pre-tax gain of $17.8 million, or $0.84 diluted per share on an after-tax basis. Additionally, the Company reported $0.3 million of realized security gains on the sale of investment securities and $0.5 million of unrealized fair value gains on the Company's equity securities during 2021 compared to $0.9 million of unrealized fair value losses on the Company's equity securities during 2020. Exclusive of these items, non-interest income increased from $65.6 million for the year ended December 31, 2020 to $68.8 million for the year ended December 31, 2021. This increase was largely attributable to an increase of $3.9 million, or 17.0%, in bankcard revenues and a $0.7 million, or 8.8%, increase in trust and investment management fee income. These increases were partially offset by a decrease of $0.7 million, or 15.0%, in other income and a decrease of $0.5 million in bank owned life insurance due to lower death benefit proceeds received during 2021 compared to 2020.

Non-interest income was $17.6 million during the quarter ended December 31, 2021 as compared to $17.7 million during the quarter ended December 31, 2020. During the fourth quarter of 2021, the Company reported $0.1 million of unrealized fair value gains on the Company's equity securities compared to $0.8 million of unrealized fair value gains on the Company's equity securities during the fourth quarter of 2020. Exclusive of these unrealized fair value gains, non-interest income increased from $16.9 million for the fourth quarter of 2020 to $17.6 million for the fourth quarter of 2021. This increase was largely attributable to higher bankcard revenues ($0.8 million, or 12.9%) and service charges ($0.3 million, or 4.2%). These increases were partially offset by a decrease in other income ($0.3 million).

Non-interest Expenses

Non-interest expenses increased from $115.3 million for 2020 to $117.2 million for 2021. This increase was primarily due to an increase in telecommunication expenses ($0.7 million), FDIC insurance expense ($0.7 million), bankcard expenses ($0.6 million), occupancy related expenses ($0.3 million), advertising expenses ($0.3 million), and equipment and software related expense ($0.3 million). These increases were partially offset by a decrease in other expenses ($0.6 million) and repossessed asset gains ($0.3 million).

Non-interest expenses remained level at $28.6 million for both the quarter ended December 31, 2020 and the quarter ended December 31, 2021. A decrease in salaries and employee benefits expense of $0.7 million was essentially offset by increases in other expenses ($0.2 million), telecommunication expense ($0.2 million), and bankcard expenses ($0.1 million).

Balance Sheet Trends

Loans decreased $78.3 million (2.2%) from December 31, 2020 to $3.54 billion at December 31, 2021. PPP loans decreased $48.9 million from $55.4 million at December 31, 2020 to $6.6 million at December 31, 2021. Excluding outstanding PPP loans (included in the commercial and industrial loan category), total loans decreased $29.4 million, (0.8%), from December 31, 2020 to $3.54 billion at December 31, 2021. Residential real estate loans decreased $38.7 million (2.4%); home equity loans decreased $14.1 million (10.4%); and consumer loans decreased $6.8 million (14.2%). These decreases were partially offset by increases in commercial and industrial loans ($22.1 million, or 7.5%) (excluding PPP loans).

Total average depository balances for the year ended December 31, 2021 increased $486.5 million, or 11.2%, as compared to the year ended December 31, 2020. Average noninterest bearing demand deposits increased $280.0 million, average savings deposits increased $219.5 million, and average interest bearing demand deposits increased $159.3 million. These increases were partially offset by a decrease in average time deposits of $172.3 million. From December 31, 2020, to December 31, 2021, total demand deposit account households increased 2.6% and total demand deposit accounts increased 2.5%.

Income Tax Expense

The Company's effective income tax rate for the quarter and year ended December 31, 2021 was 21.1% and 20.8%, respectively, compared to 17.0% and 19.5% for the comparable periods in 2020.

Capitalization and Liquidity

The Company's loan to deposit ratio was 72.0% and the loan to asset ratio was 59.0% at December 31, 2021. The Company maintained investment securities totaling 23.9% of assets as of the same date. Because interest rates remain extremely low, at December 31, 2021 the company maintained significant cash and cash equivalent assets which totaled 10.5% of assets. The Company's deposit mix is weighted toward checking and saving accounts that fund 64.2% of assets at December 31, 2021. Time deposits fund 17.8% of assets at December 31, 2021, but very few of these deposits are in accounts that have balances of more than $250,000.

The Company continues to be strongly capitalized with tangible equity of $564 million at December 31, 2021. Due to the continued influx of deposits during 2021, the Company's tangible equity ratio decreased from 10.3% at December 31, 2020 to 9.6% at December 31, 2021. At December 31, 2021, City National Bank's Leverage Ratio was 8.45%, its Common Equity Tier I ratio was 14.35%, its Tier I Capital ratio was 14.35%, and its Total Risk-Based Capital ratio was 14.78%. These regulatory capital ratios are significantly above levels required to be considered "well capitalized," which is the highest possible regulatory designation.

On November 19, 2021, the Board approved a quarterly cash dividend of $0.60 cents per share payable January 31, 2022, to shareholders of record as of January 14, 2022. This represents a 3.45% increase from the $0.58 per share dividend paid on October 29, 2021. During the year ended December 31, 2021, the Company repurchased 760,000 common shares at a weighted average price of $77.21 per share as part of a one million share repurchase plan authorized by the Board of Directors in March 2021. As of December 31, 2021, the Company could repurchase approximately 315,000 shares under the current plan.

City Holding Company is the parent company of City National Bank of West Virginia. City National Bank operates 94 branches across West Virginia, Kentucky, Virginia, and Ohio.

Forward-Looking Information

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 uncertainty, risks, and changes in circumstances, many of which are outside of management's control. Uncertainty, risks, changes in circumstances and other factors could cause the Company's actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under "ITEM 1A Risk Factors" and the following: (1) general economic conditions, especially in the communities and markets in which we conduct our business; (2) the uncertainties on the Company's business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic; (3) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio; (4) changes in the real estate market, including the value of collateral securing portions of our loan portfolio; (5) changes in the interest rate environment; (6) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (7) changes in technology and increased competition, including competition from non-bank financial institutions; (8) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (9) difficulty growing loan and deposit balances; (10) our ability to effectively execute our business plan, including with respect to future acquisitions; (11) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries; (12) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (13) regulatory enforcement actions and adverse legal actions; (14) difficulty attracting and retaining key employees; (15) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting our operations. Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist stockholders and potential investors in understanding current and anticipated financial operations of the Company and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. Further, the Company is required to evaluate subsequent events through the filing of its December 31, 2021 Form 10-K. The Company will continue to evaluate the impact of any subsequent events on the preliminary December 31, 2021 results and will adjust the amounts if necessary.

CITY HOLDING COMPANY AND SUBSIDIARIES
Financial Highlights
(Unaudited)

	Three Months Ended															Twelve Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020

Earnings
Net Interest Income (fully taxable equivalent)	$	40,956		$	39,822		$	38,257		$	37,871		$	38,514		$	156,906		$	155,683
Net Income available to common shareholders		23,386			22,732			22,148			19,814			22,222			88,080			89,595

Per Share Data
Earnings per share available to common shareholders:
Basic	$	1.54		$	1.47		$	1.41		$	1.25		$	1.40		$	5.67		$	5.55
Diluted		1.54			1.47			1.41			1.25			1.40			5.66			5.55
Weighted average number of shares (in thousands):
Basic		15,026			15,279			15,573			15,656			15,708			15,381			15,975
Diluted		15,056			15,302			15,594			15,687			15,733			15,407			15,995
Period-end number of shares (in thousands)		15,062			15,192			15,527			15,724			15,768			15,062			15,768
Cash dividends declared	$	0.60		$	0.58		$	0.58		$	0.58		$	0.58		$	2.34		$	2.29
Book value per share (period-end)	$	45.22		$	44.58		$	44.79		$	43.99		$	44.47		$	45.22		$	44.47
Tangible book value per share (period-end)		37.44			36.85			37.20			36.47			36.94			37.44			36.94
Market data:
High closing price	$	83.14		$	79.99		$	83.85		$	87.41		$	70.77		$	87.41		$	82.40
Low closing price		76.52			72.29			74.44			69.05			56.98			69.05			55.18
Period-end closing price		81.79			77.91			75.24			81.78			69.55			81.79			69.55
Average daily volume (in thousands)		52			53			61			63			56			57			70
Treasury share activity:
Treasury shares repurchased (in thousands)		131			337			217			75			81			760			573
Average treasury share repurchase price	$	78.93		$	75.65		$	78.75		$	76.71		$	60.32		$	77.21		$	63.68

Key Ratios (percent)
Return on average assets		1.56	%		1.53	%		1.49	%		1.38	%		1.59	%		1.49	%		1.66	%
Return on average tangible equity		16.7	%		15.7	%		15.2	%		13.5	%		15.3	%		15.3	%		15.6	%
Yield on interest earning assets		3.08	%		3.04	%		3.00	%		3.17	%		3.32	%		3.07	%		3.64	%
Cost of interest bearing liabilities		0.19	%		0.22	%		0.27	%		0.37	%		0.47	%		0.26	%		0.66	%
Net Interest Margin		2.94	%		2.89	%		2.81	%		2.91	%		2.99	%		2.89	%		3.16	%
Non-interest income as a percent of total revenue		30.2	%		31.1	%		31.0	%		30.4	%		30.7	%		30.8	%		34.8	%
Efficiency Ratio		48.3	%		50.0	%		52.8	%		54.3	%		51.0	%		51.3	%		51.3	%
Price/Earnings Ratio (a)		13.27			13.22			13.35			16.30			12.41			14.42			12.52

Capital (period-end)
Average Shareholders' Equity to Average Assets		11.25	%		11.69	%		11.81	%		12.30	%		12.46	%
Tangible equity to tangible assets		9.58	%		9.59	%		9.98	%		9.93	%		10.33	%
Consolidated City Holding Company risk based capital ratios (b):
CET I		16.08	%		16.11	%		16.40	%		16.76	%		16.18	%
Tier I		16.08	%		16.11	%		16.40	%		16.76	%		16.18	%
Total		16.51	%		16.56	%		16.88	%		17.33	%		16.75	%
Leverage		9.44	%		9.46	%		9.70	%		10.06	%		10.22	%
City National Bank risk based capital ratios (b):
CET I		14.35	%		14.76	%		14.82	%		14.75	%		14.10	%
Tier I		14.35	%		14.76	%		14.82	%		14.75	%		14.10	%
Total		14.78	%		15.21	%		15.30	%		15.33	%		14.68	%
Leverage		8.45	%		8.73	%		8.80	%		8.91	%		8.97	%

Other (period-end)
Branches		94			94			94			94			94
FTE		905			921			912			916			926

Assets per FTE (in thousands)	$	6,637		$	6,463		$	6,477		$	6,434		$	6,219
Deposits per FTE (in thousands)		5,445			5,308			5,271			5,236			5,024


(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes).
(b) December 31, 2021 risk-based capital ratios are estimated.

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited) ($ in 000s, except per share data)

	Three Months Ended															Twelve Months Ended
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020

Interest Income
Interest and fees on loans	$	35,277		$	33,961		$	33,114		$	34,324		$	35,685		$	136,676		$	150,498
Interest on investment securities:
Taxable		5,753			6,144			5,932			5,242			5,500			23,071			23,355
Tax-exempt		1,226			1,257			1,291			1,253			1,254			5,027			3,914
Interest on deposits in depository institutions		217			196			162			118			60			693			492
Total Interest Income		42,473			41,558			40,499			40,937			42,499			165,467			178,259

Interest Expense
Interest on deposits		1,710			1,955			2,460			3,280			4,198			9,405			22,522
Interest on short-term borrowings		132			115			125			117			120			489			993
Interest on long-term debt		-			-			-			-			-			-			100
Total Interest Expense		1,842			2,070			2,585			3,397			4,318			9,894			23,615
Net Interest Income		40,631			39,488			37,914			37,540			38,181			155,573			154,644
(Recovery of) provision for credit losses		-			(725	)		(2,000	)		(440	)		474			(3,165	)		10,722
Net Interest Income After (Recovery of) Provision for Credit Losses		40,631			40,213			39,914			37,980			37,707			158,738			143,922

Non-Interest Income
Net gains on sale of investment securities		-			-			29			283			6			312			62
Unrealized gains (losses) recognized on equity securities still held		52			93			410			(51	)		835			504			(863	)
Service charges		7,057			6,706			5,895			5,881			6,771			25,539			25,733
Bankcard revenue		6,762			6,791			7,221			6,213			5,991			26,987			23,059
Trust and investment management fee income		2,198			2,172			2,012			2,033			2,162			8,415			7,736
Bank owned life insurance		748			747			940			1,460			813			3,895			4,424
Sale of VISA shares		-			-			-			-			-			-			17,837
Other income		799			1,438			941			811			1,143			3,989			4,692
Total Non-Interest Income		17,616			17,947			17,448			16,630			17,721			69,641			82,680

Non-Interest Expense
Salaries and employee benefits		15,299			15,321			15,559			15,671			15,989			61,850			62,074
Occupancy related expense		2,429			2,507			2,525			2,622			2,447			10,083			9,765
Equipment and software related expense		2,733			2,554			2,655			2,544			2,660			10,486			10,200
FDIC insurance expense		400			396			382			405			363			1,583			884
Advertising		582			804			824			881			538			3,091			2,776
Bankcard expenses		1,576			1,549			1,746			1,584			1,443			6,455			5,893
Postage, delivery, and statement mailings		590			573			568			592			546			2,323			2,268
Office supplies		378			406			371			392			413			1,547			1,556
Legal and professional fees		405			610			589			675			438			2,279			2,176
Telecommunications		702			790			676			690			540			2,858			2,129
Repossessed asset (gains) losses, net of expenses		(29	)		(108	)		1			79			(68	)		(57	)		245
Other expenses		3,559			3,776			3,678			3,674			3,332			14,687			15,324
Total Non-Interest Expense		28,624			29,178			29,574			29,809			28,641			117,185			115,290
Income Before Income Taxes		29,623			28,982			27,788			24,801			26,787			111,194			111,312
Income tax expense		6,237			6,250			5,640			4,987			4,565			23,114			21,717
Net Income Available to Common Shareholders	$	23,386		$	22,732		$	22,148		$	19,814		$	22,222		$	88,080		$	89,595

Distributed earnings allocated to common shareholders	$	8,949		$	8,726		$	8,921		$	9,037		$	9,053		$	34,901		$	35,745
Undistributed earnings allocated to common shareholders		14,211			13,786			13,021			10,598			12,947			52,336			52,963
Net earnings allocated to common shareholders	$	23,160		$	22,512		$	21,942		$	19,635		$	22,000		$	87,237		$	88,708

Average common shares outstanding		15,026			15,279			15,573			15,656			15,708			15,381			15,975
Shares for diluted earnings per share		15,056			15,302			15,594			15,687			15,733			15,407			15,995

Basic earnings per common share	$	1.54		$	1.47		$	1.41		$	1.25		$	1.40		$	5.67		$	5.55
Diluted earnings per common share	$	1.54		$	1.47		$	1.41		$	1.25		$	1.40		$	5.66		$	5.55

CITY HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
($ in 000s)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020

Assets
Cash and due from banks	$	101,804		$	103,841		$	97,523		$	97,709		$	77,412
Interest-bearing deposits in depository institutions		532,827			535,708			512,367			659,090			451,247
Cash and cash equivalents		634,631			639,549			609,890			756,799			528,659

Investment securities available-for-sale, at fair value		1,408,165			1,372,077			1,339,436			1,183,253			1,176,797
Other securities		25,531			25,497			25,793			29,174			29,364
Total investment securities		1,433,696			1,397,574			1,365,229			1,212,427			1,206,161

Gross loans		3,543,814			3,521,925			3,529,416			3,546,723			3,622,119
Allowance for credit losses		(18,166	)		(18,751	)		(20,016	)		(24,076	)		(24,549	)
Net loans		3,525,648			3,503,174			3,509,400			3,522,647			3,597,570

Bank owned life insurance		120,978			120,238			119,491			118,976			118,243
Premises and equipment, net		74,071			75,156			76,263			76,529			76,925
Accrued interest receivable		15,627			16,224			15,967			16,231			15,793
Net deferred tax assets		63			90			-			1,395			-
Intangible assets		117,121			117,489			117,857			118,224			118,592
Other assets		81,860			82,419			89,958			71,142			96,697
Total Assets	$	6,003,695		$	5,951,913		$	5,904,055		$	5,894,370		$	5,758,640

Liabilities
Deposits:
Noninterest-bearing	$	1,373,125		$	1,311,464		$	1,279,932		$	1,244,175		$	1,176,990
Interest-bearing:
Demand deposits		1,135,848			1,139,033			1,070,004			1,077,749			1,027,201
Savings deposits		1,347,448			1,332,910			1,301,219			1,265,038			1,188,003
Time deposits		1,068,915			1,104,069			1,153,391			1,209,873			1,260,022
Total deposits		4,925,336			4,887,476			4,804,546			4,796,835			4,652,216
Short-term borrowings
Customer repurchase agreements		312,458			296,642			311,316			316,003			295,956
Net deferred tax liabilities		-			-			2,310			-			3,202
Other liabilities		84,796			90,499			90,407			89,847			106,160
Total Liabilities		5,322,590			5,274,617			5,208,579			5,202,685			5,057,534

Stockholders' Equity
Preferred stock		-			-			-			-			-
Common stock		47,619			47,619			47,619			47,619			47,619
Capital surplus		170,942			170,300			169,674			170,526			171,304
Retained earnings		641,826			627,463			613,553			600,396			589,988
Cost of common stock in treasury		(193,542	)		(183,303	)		(157,936	)		(142,484	)		(139,038	)
Accumulated other comprehensive income:
Unrealized gain on securities available-for-sale		17,745			20,878			28,227			21,289			36,894
Underfunded pension liability		(3,485	)		(5,661	)		(5,661	)		(5,661	)		(5,661	)
Total Accumulated Other Comprehensive Income		14,260			15,217			22,566			15,628			31,233
Total Stockholders' Equity		681,105			677,296			695,476			691,685			701,106
Total Liabilities and Stockholders' Equity	$	6,003,695		$	5,951,913		$	5,904,055		$	5,894,370		$	5,758,640

Regulatory Capital
Total CET 1 capital	$	555,532		$	550,426		$	561,317		$	563,523		$	557,641
Total tier 1 capital		555,532			550,426			561,317			563,523			557,641
Total risk-based capital		570,336			565,712			577,543			582,816			577,292
Total risk-weighted assets		3,453,893			3,417,020			3,421,764			3,362,595			3,446,774

CITY HOLDING COMPANY AND SUBSIDIARIES
Loan Portfolio
(Unaudited) ($ in 000s)


	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020

Commercial and industrial	$	346,184	$	353,046	$	358,583	$	371,195	$	372,989

1-4 Family		107,873		108,913		108,079		108,131		109,812
Hotels		311,315		297,341		290,119		293,176		294,464
Multi-family		215,677		215,307		212,715		212,561		215,671
Non Residential Non-Owner Occupied		639,818		664,365		653,264		649,683		641,351
Non Residential Owner Occupied		204,233		205,579		209,100		199,130		213,484
Commercial real estate ⁽¹⁾		1,478,916		1,491,505		1,473,277		1,462,681		1,474,782

Residential real estate ⁽²⁾		1,548,965		1,506,572		1,521,102		1,532,907		1,587,694
Home equity		122,345		124,806		127,608		130,009		136,469
Consumer		40,901		43,296		45,184		47,224		47,688
DDA overdrafts		6,503		2,700		3,662		2,707		2,497
Gross Loans	$	3,543,814	$	3,521,925	$	3,529,416	$	3,546,723	$	3,622,119

Construction loans included in:
⁽¹⁾ - Commercial real estate loans	$	11,783	$	19,360	$	43,904	$	39,101	$	40,449
⁽²⁾ - Residential real estate loans		17,252		19,059		20,838		22,129		27,078

CITY HOLDING COMPANY AND SUBSIDIARIES

City Holding Company Announces Annual Earnings