The bank exhibits high-quality earnings with an OCF/NI ratio consistently exceeding 1.0, supporting active capital returns including a $30.9 million share repurchase in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 137.87M | 131.37M | 131.9M | 137.58M | 115.82M | 102.27M | 89.8M | 105.05M | 77.57M | 76.13M | 65.33M | 47.9M | 53.35M | 75.89M | 53.81M | 59.44M | 68.33M | 25.03M | 54.56M | 50.35M | 59.15M | 52.37M | 53.89M | 42.21M | 52.06M | 42.4M | 147.63M | 105.59M | -131.2M | -35.4M | 66.2M |
| Operating CF Growth % | 21.04% | -0.4% | -4.13% | 18.79% | 13.24% | 13.9% | -14.52% | 35.42% | 1.9% | 16.53% | 36.4% | -10.23% | -29.7% | 41.03% | -9.46% | -13.02% | 172.99% | -54.12% | 8.37% | -14.88% | 12.93% | -2.81% | 27.67% | -18.92% | 22.79% | -71.28% | 39.82% | 180.48% | -270.62% | -153.47% | 181.43% |
| Net Income | 131.88M | 130.49M | 117.1M | 114.36M | 102.07M | 88.08M | 89.59M | 89.35M | 70M | 54.31M | 52.13M | 54.1M | 52.96M | 48.22M | 38.95M | 40.68M | 38.96M | 42.65M | 28.11M | 51.03M | 53.19M | 50.29M | 46.34M | 43.69M | 32.46M | -26M | -38.37M | 6.21M | 5.2M | 26.3M | 21.3M |
| Depreciation & Amortization | 10.17M | 11.18M | 13.2M | 10.72M | 15.78M | 14.61M | 10.67M | 5.7M | 6.37M | 6.89M | 7.07M | 1.5M | 1.43M | -5.54M | 5.33M | 6.4M | 5.68M | 4.92M | 3.33M | 2.16M | 1.62M | 5.84M | 5.5M | 6.46M | 7.37M | 9.79M | 53.13M | 17.5M | 13M | 8.4M | 6.6M |
| Deferred Taxes | -1.91M | -50K | 381K | -2.76M | 1.47M | 2.19M | 2.64M | 4.94M | -1.24M | 14.91M | 3.82M | 6.63M | 4.58M | 4.69M | 2.53M | -2.29M | -1.24M | 8.65M | -14.45M | -1.18M | 2.52M | 3.44M | 3.99M | 8.59M | 11.21M | -8.46M | -22.8M | -9.2M | -3M | -900K | -1.4M |
| Other Non-Cash Items | -3.12M | -4.48M | 927K | 1.96M | -3.54M | -8.89M | -10.32M | -3.94M | -7.92M | -2.12M | -2.75M | -6.29M | -302K | 7.72M | 334K | 2.45M | 11.38M | 4.29M | 47.14M | 4.04M | 3.86M | -446K | -910K | -3.96M | -7.15M | 69.4M | 125.44M | 157.44M | -91.4M | -44.7M | 34.6M |
| Working Capital Changes | -5M | -9.14M | -3.23M | 10.08M | -3.23M | 3.16M | -6.04M | 6.48M | 8.21M | 36K | 3.05M | -9.83M | -6.86M | 19.53M | 5.59M | 11.13M | 12.72M | -35.47M | -9.57M | -5.71M | -2.04M | -6.74M | -1.04M | -12.57M | 8.17M | -2.33M | 30.24M | -66.37M | -55M | -24.5M | 5.1M |
| Cash from Investing | -217.4M | -269.92M | -252.26M | 14.68M | -410.45M | -191.17M | -285.29M | -108.83M | -168.47M | -171.69M | -261.29M | -184.08M | -24.71M | -72.69M | -78.27M | -61.49M | -32.14M | -40.87M | -135.91M | -4.78M | 17.73M | 64.85M | -13.57M | -265.65M | 15.32M | 354.09M | -60.91M | -238.85M | -162M | -75.4M | -37.9M |
| Purchase of Investments | -309.4M | -329.02M | -295.2M | -101.71M | -519.56M | -560.84M | -463.73M | -220.69M | -171.15M | -187.03M | -196.15M | -185.66M | -41.52M | -80.78M | -171.2M | -732.55M | -979.74M | -952.76M | -1.13B | -1.01B | -1.15B | -1.31B | -968.3M | -1.26B | -649.49M | -431.11M | -80.64M | -105.78M | -202.4M | -102.5M | -265M |
| Sale/Maturity of Investments | 312.88M | 301.64M | 204.19M | 326.03M | 211.36M | 296.38M | 189.74M | 171.62M | 96.55M | 102.63M | 123.05M | 69.31M | 62.2M | 120.53M | 182.97M | 791.03M | 1.04B | 909.91M | 1.03B | 1.11B | 1.24B | 1.41B | 987.91M | 1.06B | 518.06M | 433.79M | 84.02M | 107.52M | 183.4M | 171.6M | 300.7M |
| Net Investment Activity | 3.48M | -27.38M | -91.01M | 224.32M | -308.2M | -264.47M | -273.98M | -49.07M | -74.6M | -84.4M | -73.1M | -116.36M | 20.68M | 39.75M | 11.77M | 58.48M | 57.98M | -42.85M | -98.1M | 103.56M | 85.67M | 104.13M | 19.61M | -194.41M | -131.43M | 2.67M | 3.38M | 1.73M | -19M | 69.1M | 35.7M |
| Acquisitions | 0 | 0 | 0 | 14.02M | 0 | 0 | 0 | -24.66M | 12.23M | 0 | 0 | 35.28M | 0 | -21.85M | 20.27M | 0 | 0 | 0 | 0 | 0 | 0 | -7.12M | 0 | 0 | 0 | 0 | 0 | 7.41M | 0 | 0 | 0 |
| Other Investing | -217.48M | -239.61M | -158.54M | -220.7M | -100.11M | 76.62M | -5.76M | -30.37M | -95.9M | -80.72M | -182.68M | -99.99M | -43.06M | -83.11M | -102.8M | -115.35M | -85.07M | 10.87M | -27.32M | -93.92M | -61.55M | -27.65M | -29.98M | -69.3M | 147.12M | 354.93M | -64.19M | -240.05M | -116.6M | -132.7M | -57.9M |
| Cash from Financing | -6.15M | 105.08M | 189.48M | -195.98M | -140M | 194.87M | 584.01M | 20.94M | 131.38M | 89.93M | 213.99M | 58.07M | 33.71M | -2.33M | -36.95M | 82.08M | -32.45M | 18.84M | 66.46M | -81.5M | -52.71M | -87.03M | -47.58M | 157.46M | -108.39M | -316.79M | -118.21M | 135.6M | 280.5M | 156.6M | -10M |
| Dividends Paid | -50.5M | -47.29M | -43.48M | -39.99M | -36.7M | -36.14M | -36.67M | -35.55M | -29.58M | -27.12M | -25.72M | -25.3M | -24.49M | -22.88M | -20.71M | -20.63M | -21.35M | -21.68M | -21.48M | -20.6M | -19.35M | -16.84M | -14.31M | -12.48M | -5.04M | 0 | -7.43M | -13.47M | -12.2M | -11.4M | -8.8M |
| Share Repurchases | -67.16M | -45.76M | -17.9M | -60.13M | -26.45M | -58.68M | -36.48M | -19.43M | -20.27M | 0 | -10.02M | -7.05M | -27.96M | 0 | -7.92M | -23.79M | -12.9M | -3.89M | -10.97M | -48.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 694K | 0 | 798K | 691K | 0 | 0 | 0 | 28.41M | 6.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -67.16M | -45.76M | -17.2M | -60.13M | -25.65M | -57.99M | -36.48M | -19.43M | -20.27M | 28.41M | -3.15M | -7.05M | -27.96M | 0 | -7.92M | -23.79M | -12.9M | -3.89M | -10.97M | -48.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 218K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 41.6M | 156.11M | 209.36M | -233.25M | -56.15M | 272.49M | 576.51M | 126.57M | 190.06M | 84.73M | 149.43M | 75.65M | 89.02M | -2.6M | 66.08M | 50.16M | 7.89M | 122.62M | 52.98M | 4.87M | 57.16M | 3.56M | 35.96M | 72.18M | -126.72M | -218.23M | 128.17M | -52.5M | 266.3M | 76.5M | 28.4M |
| Net Change in Cash | -85.69M | -33.47M | 69.11M | -43.72M | -434.63M | 105.97M | 388.51M | 17.15M | 40.48M | -5.63M | 18.03M | -78.11M | 62.35M | 882K | -61.41M | 80.02M | 3.74M | 3.01M | -14.89M | -35.93M | 24.18M | 30.19M | -7.25M | -65.98M | -41.01M | 79.7M | -31.48M | 2.33M | -12.7M | 45.83M | -68.4M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28.3M |
| Cash at Beginning | 191.92M | 225.39M | 156.28M | 200M | 634.63M | 528.66M | 140.14M | 122.99M | 82.51M | 88.14M | 70.11M | 148.23M | 85.88M | 84.99M | 146.4M | 66.38M | 62.63M | 59.63M | 74.52M | 110.45M | 86.27M | 56.08M | 63.34M | 129.32M | 170.33M | 90.63M | 122.11M | 119.78M | 132.5M | 86.7M | 68.4M |
| Cash at End | 299.02M | 191.92M | 225.39M | 156.28M | 200M | 634.63M | 528.66M | 140.14M | 122.99M | 82.51M | 88.14M | 70.11M | 148.23M | 85.88M | 84.99M | 146.4M | 66.38M | 62.63M | 59.63M | 74.52M | 110.45M | 86.27M | 56.08M | 63.34M | 129.32M | 170.33M | 90.63M | 122.11M | 119.8M | 132.53M | 19.5M |
| Interest Paid | 82.89M | 85.78M | 83.8M | 49.13M | 9.47M | 11.1M | 25.4M | 37M | 24.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 35.82M | 35.82M | 28.04M | 32.81M | 22.43M | 18.5M | 26.7M | 14.9M | 20.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 134.47M | 128.45M | 129.19M | 134.62M | 113.68M | 98.95M | 84.25M | 100.32M | 67.38M | 69.55M | 59.81M | 44.88M | 51.03M | 68.42M | 46.31M | 54.82M | 63.29M | 16.14M | 44.07M | 35.93M | 52.77M | 47.87M | 50.69M | 40.27M | 51.69M | 38.89M | 147.53M | 97.64M | -157.6M | -47.2M | 50.5M |
| FCF Growth % | 4.36% | -0.57% | -4.03% | 18.42% | 14.88% | 17.45% | -16.02% | 48.89% | -3.12% | 16.28% | 33.27% | -12.05% | -25.41% | 47.75% | -15.53% | -13.38% | 292.05% | -63.37% | 22.65% | -31.91% | 10.22% | -5.56% | 25.89% | -22.1% | 32.92% | -73.64% | 51.09% | 161.96% | -233.9% | -193.47% | 158.45% |
Regulatory fee income sensitivity
According to quarterly financial statements, CHCO consistently generates operating cash flows that exceed net income, with an OCF/NI ratio averaging above 1.0, suggesting that the bank maintains a high quality of earnings and sufficient internal capital generation to support its ongoing dividend and share repurchase programs.
The bank's ability to consistently convert net income into operating cash flow indicates a lack of significant non-cash earnings distortions. This internal capital generation capacity appears to provide a stable foundation for the bank's conservative capital allocation strategy without necessitating external financing.
As reported in recent SEC filings, CHCO frequently rotates its investment securities portfolio, with quarterly sales reaching as high as $142 million in 2023Q4, which suggests an active management approach to liquidity and interest rate risk rather than a passive hold-to-maturity strategy for its investment assets.
The recurring pattern of securities purchases and sales indicates that management uses the investment portfolio as a primary lever for liquidity management. Investors should monitor whether these portfolio adjustments are intended to capture yield or to provide the necessary cash buffer for potential loan growth in the Appalachian market.
Based on reported figures, CHCO has maintained a steady dividend payout alongside opportunistic share repurchases, such as the $30.9 million buyback in 2026Q1, demonstrating a commitment to returning excess capital to shareholders while maintaining a robust regulatory capital position within its regional operating footprint.
The bank's capital return strategy appears highly disciplined, balancing consistent dividend growth with periodic buybacks that fluctuate based on available excess liquidity. This approach suggests that management prioritizes shareholder returns over aggressive, potentially dilutive, expansion into higher-competition markets.
Data from recent cash flow statements indicates that CHCO’s provision for credit losses has remained negligible or negative in several periods, which, as noted in financial disclosures, reflects a conservative credit culture and historically low charge-off rates within the bank's core West Virginia lending portfolio.
The lack of significant cash outflows related to credit losses suggests that the bank's loan book remains high-quality. However, this reliance on minimal provisioning may leave the bank vulnerable to sudden economic shifts in the Appalachian region that could necessitate a rapid and painful build in reserves.
Quick answers to the most common questions about buying CHCO stock.
City Holding Company (CHCO) generated $131.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
City Holding Company (CHCO) generated $128.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
City Holding Company (CHCO) spent $2.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, City Holding Company (CHCO) returned $47.3M to shareholders via cash dividends and spent $45.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.