City Holding Company reported a net income of $30.3 million for the first quarter of 2025, reflecting an increase from $29.5 million in the same period last year. This translates to earnings per share of $2.06, up from $1.98 in the prior year. The company's net interest income also saw a rise, reaching $55.8 million, compared to $54.4 million in the first quarter of 2024. The increase in net interest income was attributed to higher average loan balances and yields on investment securities, despite a slight decrease in the net interest margin from 3.95% to 3.84%.
In terms of balance sheet performance, total assets increased to $6.6 billion as of March 31, 2025, up from $6.5 billion at the end of 2024. Cash and cash equivalents rose significantly by 70.7% to $384.7 million, primarily due to an increase in deposit balances. Total deposits increased by 2.2% to $5.3 billion, driven by growth in savings and time deposits. Gross loans also saw a modest increase of 0.3%, totaling $4.29 billion, with notable growth in residential real estate and home equity loans.
The company did not record a provision for credit losses in the first quarter of 2025, contrasting with a recovery of $0.2 million in the same quarter of 2024. The allowance for credit losses slightly decreased to $21.7 million, reflecting management's assessment of the loan portfolio's risk. The company continues to monitor its loan portfolio closely, with a focus on maintaining adequate reserves in light of economic conditions.
Strategically, City Holding has been active in managing its capital structure, with shareholders' equity increasing to $756.3 million, up from $730.7 million at the end of 2024. This growth was supported by net income and comprehensive income, despite cash dividends declared totaling $11.7 million and the repurchase of 80,600 shares. The company remains committed to its share repurchase program, which aims to enhance shareholder value.
Looking ahead, City Holding's management expressed confidence in the company's financial position and operational strategies. The company is focused on maintaining its capital ratios in compliance with regulatory requirements while navigating potential market challenges. The outlook remains cautiously optimistic, with management emphasizing the importance of adapting to changing economic conditions and consumer behaviors.
About CITY HOLDING CO
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