At a glance
City Holding Company is worth $2.00B, about 16 times its fiscal 2025 earnings. Revenue grew 7.0% to $314.2M in fiscal 2025, with 41.5% kept as profit; over 5 years it has grown 5.8% a year. It pays a 2.54% dividend yield, raised every year for at least 9 years, and returned $412.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +22.1% over the past year with dividends reinvested and +15.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.9% in the 2020 crash (S&P 500: 33.7%) and 13.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The business in plain English
City Holding Co. is a financial holding company, meaning a company that owns a bank, based in Charleston, West Virginia. It does its main business through City National Bank of West Virginia and reports one segment: community banking. Its annual report for 2025 lists 96 branches and 934 full-time equivalent staff. Of those branches, 58 are in West Virginia, 22 in Kentucky, 13 in Virginia and 3 in southeastern Ohio, mostly along the I-64 and I-81 highway corridors.
Like most banks, it earns most of its money from net interest income: the gap between what it collects on loans and investments and what it pays depositors. In fiscal 2025 that was $236.4 million of $314.2 million in total revenue. The other $77.8 million was noninterest income, such as fees. Beyond checking, savings and loans, the bank offers mortgages, wealth management, trust and estate administration, custody and retirement plan services.
Its borrowers are households and mainly small to mid-size businesses. At December 31, 2025, about 47% of loans were home mortgages and home equity loans, and about 52% were business loans, largely commercial real estate. That commercial real estate book totaled $1.87 billion, including $398.6 million in hotel loans. The company's annual report does not split revenue by product or by state.
Price history
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CHCO +22.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $81.5M, up 3.9% from a year earlier, and net income was $33.3M (-0.3%).
- For fiscal 2025, revenue was $314.2M (+7.0% year over year; +5.8% a year from FY2020 to FY2025) with a 41.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.8% good |
|---|---|
| Return on equity | 16.1% good |
| Net income / revenue | 41.5% good |
| Deposits | $5.34B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $237.3M | $89.6M | — |
| FY2021 | $225.2M | $88.1M | — |
| FY2022 | $252.1M | $102.1M | — |
| FY2023 | $289.9M | $114.4M | — |
| FY2024 | $293.6M | $117.1M | — |
| FY2025 | $314.2M | $130.5M | — |
Valuation snapshot
| Market value | $2.00B |
|---|---|
| P/E ratio | 15.9 |
| Dividend yield | 2.54% |
Rank among 1514 US companies
Market value at each year end
City Holding’s market value went from $1.01B at the end of 2016 to $2.00B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.00B | +16.4% |
| 2025 | $1.72B | -1.4% |
| 2024 | $1.74B | +6.5% |
| 2023 | $1.64B | +18.3% |
| 2022 | $1.38B | +11.8% |
| 2021 | $1.24B | +12.6% |
| 2020 | $1.10B | -17.8% |
| 2019 | $1.34B | +28.4% |
| 2018 | $1.04B | -1.3% |
| 2017 | $1.05B | +3.9% |
| 2016 | $1.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CHCO price data to Oct 28, 2026 | +22.7% | +22.1% | +18.9% | +15.7% | +13.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.7% |
| 2025 | +3.4% |
| 2024 | +10.4% |
| 2023 | +21.9% |
| 2022 | +17.2% |
| 2021 | +21.3% |
| 2020 | -12.2% |
| 2019 | +24.8% |
| 2018 | +2.9% |
| 2017 | +2.4% |
| 2016 | +53.6% |
| 2015 | +1.6% |
| 2014 | +4.1% |
| 2013 | +37.9% |
| 2012 | +7.0% |
| 2011 | -2.5% |
| 2010 | +17.0% |
| 2009 | -2.8% |
| 2008 | +6.5% |
| 2007 | -14.6% |
| 2006 | +17.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.4% over that stretch · deepest drop along the way 55%, back to its old high 48.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.5% over that stretch · deepest drop along the way 26.9%, back to its old high 11 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12.4% over that stretch · deepest drop along the way 13.5%, back to its old high 3.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 13 open-market purchases ($198K) and 10 sales ($2.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 28, 2026 | Charles R Hageboeck President & CEO, Director | sell | $734K |
| Jul 30, 2026 | Charles R Hageboeck President & CEO, Director | sell | $650K |
| May 29, 2026 | Charles R Hageboeck President & CEO, Director | sell | $231K |
| May 26, 2026 | Jeffrey Dale Legge EVP, CAO & CIO | sell | $164K |
| Apr 28, 2026 | Michael T Jr Quinlan EVP, Retail Banking | sell | $153K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.72% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.03% | Mar 31, 2026 |
ETFs with the most weight in CHCO
| FSCS First Trust SMID Capital Strength ETF | 1.04% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.8% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.62% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.52% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.52% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.51% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.38% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.32% |
What could go wrong
- Business tied to one four-state region. Its business is concentrated in West Virginia, Kentucky, Virginia and southeastern Ohio. A downturn there, rising joblessness or falling property values could raise loan losses and cut demand for its services.
- Local economies lean on energy industries. Oil, natural gas and coal are important to the economies it serves. Coal has long been declining and energy prices swing widely, which could squeeze local customers, though the bank has limited direct coal lending.
- Heavy reliance on real estate lending. At the end of 2025, about 47% of loans were home mortgages and home equity, and 52% were commercial, including $398.6 million to hotels. Falling property values could leave loans poorly secured.
- Interest rate shifts can squeeze profits. Most revenue is net interest income, the gap between what loans earn and deposits cost. If rate changes narrow that gap, or slow loan demand, earnings could fall.
- Loan loss reserves may prove too small. The bank sets aside reserves for expected loan losses. In fiscal 2025 it released $1.4 million from those reserves, helping earnings. If defaults rise more than expected, bigger reserves would cut profits directly.
- Banking rules limit dividend payments. As a holding company, City Holding depends largely on dividends from City National to pay shareholders. Banking regulators limit those payouts, so weak earnings or capital needs could restrict its dividend.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
- Executive or board change
- Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
City Holding has raised its regular dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $2.29 in fiscal 2020 to $3.32 in fiscal 2025, about 7.7% a year. The 2025 dividend used 36.2% of earnings, a moderate share. The yield was 2.54% as of October 28, 2026. From fiscal 2021 through 2025 the company also spent $208.9 million on buybacks, slightly more than the $203.6 million it paid in dividends, and its share count fell 7.1% between November 2021 and August 2026.
City Holding's share price dropped 55% in the 2008 financial crisis and took about 48 months to recover. It fell 26.9% in the 2020 COVID crash and recovered in 11 months. In the 2022 bear market it dipped 13.5%, recovered in 3.5 months and stood 12.4% higher at the market's October low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does City Holding make money?
Mostly by lending. In fiscal 2025, net interest income, which is what City National Bank earns on loans and investments minus what it pays depositors, was $236.4 million of $314.2 million in total revenue. The other $77.8 million was noninterest income, such as fees. The bank serves households and small to mid-size businesses through 96 branches in West Virginia, Kentucky, Virginia and southeastern Ohio, and also offers mortgages, trust and wealth management services.
Does City Holding raise its dividend every year?
Yes, so far. City Holding has raised its regular dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew from $2.29 in fiscal 2020 to $3.32 in fiscal 2025, about 7.7% a year, with no special dividends in that span. The 2025 dividend used 36.2% of earnings. The yield was 2.54% as of October 28, 2026. Past increases do not guarantee future ones.
Does City Holding buy back its own stock?
Yes. City Holding spent $208.9 million on buybacks from fiscal 2021 through fiscal 2025, slightly more than the $203.6 million it paid in dividends over those years. Buybacks shrink the share count, so each remaining share claims a larger slice of profits. Shares outstanding fell 7.1%, from about 15.1 million in November 2021 to about 14.0 million in August 2026. Yearly spending varied widely, from $17.9 million in fiscal 2024 to $60.1 million in fiscal 2023.
Is City Holding stock risky?
It can be. Over the year to October 28, 2026, it moved little with the market, but it has fallen hard in crises. Its beta, a measure of how closely a stock tracks market swings, was 0.1 over that year, and its largest drop was 8.8%. Yet the shares fell 55% in the 2008 financial crisis and took about 48 months to recover. Its business is also concentrated in four states where coal, oil and gas matter to local economies.
How has City Holding stock performed?
It has gained over every long period measured. Based on its price history, the stock returned 22.1% over the year to October 28, 2026, 15.7% a year over five years and 13.8% a year over ten years. Calendar years were uneven: it fell 12.15% in 2020 and rose 21.91% in 2023. The price-to-earnings ratio, share price divided by annual profit per share, was 15.9 on fiscal 2025 earnings as of the same date. Past returns do not predict future results.