8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C., 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported)

March 4, 2009

CITY HOLDING COMPANY

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 0-11733

West Virginia	55-0619957
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

25 Gatewater Road, Cross Lanes, WV 25313

(Address of Principal Executive Offices, Including Zip Code)

304-769-1100

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

-1-

Section 7 – Regulation FD

Item 7.01 – Regulation FD Disclosure.

On March 4, 2009, Charles R. (Skip) Hageboeck, President and CEO of City Holding Company (“the Company") delivered a presentation regarding the Company’s financial performance to a group of analysts and investors at the Keefe Bruyette & Woods 2009 Regional Bank Conference held in Boston, MA.

Copies of the slides used in the presentation will be available on the Company’s web site at www.cityholding.com and are attached as Exhibit 99.1 and incorporated herein by reference.

This Report, including its exhibit, which is furnished under Section 7, Item 7.01 of Form 8-K, is not to be deemed an admission as to the materiality of any information in the Report that is required to be disclosed by Regulation FD.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1 Copy of slide presentation

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

Dated: March 4, 2009	City Holding Company
By:	/s/ David L. Bumgarner
	David L. Bumgarner
	Chief Financial Officer

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EX-99.1

Investor Presentation

March 2009

Forward Looking Statements

nTotal Assets at Dec 31, 2008$2.6 bil

nNet Income in 2008$28.1 mil

nBranches69

nFTE827

nMarket Cap$432 mil

nInstitutional Ownership57%

nAvg Daily Volume$3.1 mil

Key Markets

2nd & 9% Market Share

in Huntington WV/Ashland KY MSA

$3.9 Billion

8% Market Share in Morgan,

Berkeley & Jefferson Co. WV

$1.9 Billion

1st & 28% Market Share

$2.0 Billion

2nd & 10% Market Share

in WV’s largest market; $5.3B

CHCO is consistently among the
most profitable:

2004

2005

2006

2007

2008

2008 Peers

Median

Reported ROA

2.10%

2.09%

2.11%

2.03%

1.12%

0.58% - - 87th %ile

ROTE

23.2%

22.3%

22.4%

21.0%

11.4%

8.5% - - 69st %ile

Tangible Common
Equity/TA

9.7%

9.5%

10.1%

9.7%

8.83%

6.4% - - 90th %ile

NIM

4.29%

4.49%

4.56%

4.34%

4.64%

3.67%- 92nd %ile

Efficiency Ratio

48.7%

46.7%

44.5%

45.9%

46.3%

63.1% - - 92nd %ile

Non-Int
Rev/Total Rev

33%

34%

34%

34%

36%

23% - 94th %ile

* 2008 Non-Int Reve excludes gain on Visa IPO; Securities Losses

CHCO faced “normalization” of provision
and loss of PSL revenues from 2003-2008:

Yet, strong bottom line results continue
net of security gains & losses:

Core ROA

Core
EPS

Core ROA and Core EPS as reported by SNL Financial

Challenges to CHCO’s
earnings in 2008:

After-tax

Impact to NI

Loss on Preferred Stock

of FNMA/FHLMC$12.7MM

Impairment on Pooled Trust

PreferredSecurities$10.3MM

Increase in Provision

Expense in 08 vs. 07$3.0MM

Previously Securitized Loans:

Core growth in revenues in 2003-2008 offset
lower earnings from PSL balances

2004

2005

2006

2007

2008

2009
Projected

Average
Balances

$83.5
MM

$42.9
MM

$22.3
MM

$10.5
MM

$5.2MM

$4.0 MM

Rate

17.4%

26.6%

42.2%

69.1%

108%

108%

Gross
Interest
Revenue

$14.5
MM

$11.4
MM

$9.4
MM

$7.3 MM

$5.6MM

$4.1MM

CHCO is well positioned with respect to
interest rate risk:

Immediate Basis Point
Change in Interest
Rates

Estimated Increase of
Decrease in Net Income
between 1-12 months

+300 Bp

+9.2%

+200 Bp

6.3%

+100 Bp

3.2%

Data: December 31. 2008

Interest Rate Risk to Net
Interest Margin:

-Purchased 2005-2006
-Sold late 2008
-Positions CHCO for rising rates

Notional

Prime Rate

Term Date

$100MM

8%

June 2011

$100MM

7.75%

May 2011

$50MM

6.75%

Nov 2009

$50MM

6.75%

Nov 2008

$100MM

6%

June 2010

$100MM

6%

June 2009

Prime-based Floors:

Interest Rate Risk Summary:

uCHCO is less dependent upon NII than
its peers

tFee income in top 10% of peer group

uDue to Prime-based floors, CHCO’s NIM
is among the best in the industry at
these very low interest rates

uCHCO’s balance sheet is traditionally
asset-sensitive due to strong prime-
based portfolio supported by core
deposits, so CHCO is poised to benefit
from economic recovery

Conservative Loan Portfolio Mix

Loan to Deposits 88.8%

Loan to Deposits 98.8%

Sample of 266 publicly traded banks
and thrifts with assets between $1-$10
billion as of December 31, 2007

As of December 31, 2008

nOpportunity:
City’s mix is 40%
Commercial/60%
Retail reflecting
City’s historic retail
focus.

nOpportunity: Some
competitors have
stopped lending.

nOpportunity:
City has launched a
successful new cash
management initiative
to address depository
needs of larger
business customers.

Liabilities: Low Cost and Stable Deposits

Data: December 31, 2008

CHCO’s Cost of Funds Advantage:

CHCO

Peers

Advantage

CD’s

3.87%

3.81%

-6 Bps

Interest Bearing
Deposits

2.48%

2.74%

26 Bps

Total Deposits

2.08%

2.33%

25 Bps

Interest Bearing
Liabilities

2.48%

2.90%

52 Bps

Top quartile

Favorable Revenue Profile for the
current yield curve environment:

24%

76%

64%

*As of December 31, 2008. Non-
interest income excludes other than
temporary impairment losses and
VISA IPO gain

Sample of 249 reporting publicly traded
banks and thrifts with assets between
$1 and $10 billion as of December 31,
2008, excluding investment
gains/losses

94th percentile

Success in our Retail Banking unit
has led to strong growth in retail
branch service charges:

14.8% CAGR

2001 to 2008

Trust AUM: CAGR (04-08) 8%

City’s Insurance Division

n2006 Revenues$2.3 million

n2007 $4.1 million

n2008$4.2 million

Strategies:

uAdded Workers Compensation Dept in 2007

uAdded Personal Lines Department- goal of $3
million in revenue

uOpened Beckley WV Office in 2007

uOpened Martinsburg Office in 4th Q 2008

uOpened Ashland Office in 4th Q 2008

uAcquired Charleston-based agency in Dec 2008

WV Economy: Relatively Stable
Compared to U.S.

nJanuary 2009 Unemployment Rate

uWest Virginia6.2%

uU.S. 7.6%

nHousing Price Appreciation - last 12
months from OHFEO

uWest Virginia -.9% (7th best in U.S)

nForeclosure Rates (June 08)

uWest Virginia 1 of 10,450

uU.S. 1 of501

Source: Charleston Gazette & MBA 3rd Q 2008

$3.026 MM

$1.367MM

NPA’s to Loans & OREO

Non-performing Loans:
1.64% of Total Loans vs. 1.62% for 20
Regional Peers

27%

48%

Greenbrier Resort Speculative
Properties - Two Now in OREO

Current Book Balance @ 12/31/08$17MM

Non-Performing@12/31/08$12MM

Provision@ 12/31/08$3.6MM

Past-Due Loans (30+ days)

12/31/05

12/31/06

12/31/07

12/31/08

Residential

1.14%

0.76%

0.91%

1.01%

Home
Equity

0.37%

0.34%

0.63%

0.32%

Consumer

2.32%

0.99%

0.86%

0.58%

CMRE

0.11%

0.03%

0.26%

0.22%

C&I

0.12%

1.47%

0.02%

0.23%

Past-due loans trends are stable and reflect better
economics in City’s core markets

Asset Quality Summary:

uCharge-offs include overdrawn depository
accounts

uCHCO operates in markets where the economy is
“stable” ; Real estate prices in CHCO markets
have been stable

uNon-performing Loans comparable to peers

uNon-Performing Loans are concentrated in two
areas: Greenbrier Resort homes and the Eastern
Panhandle of West Virginia

uPast-due loans have been stable at relatively low
levels as compared to peers

uCHCO is well positioned in difficult economic
times

Investment Portfolio

Orig.

Cost

Other than
Temporary
Impairment
Charges (Cumm)

Unrealized
Gains/
(Losses)

Carrying
Value

% of
Original
Cost Still
Carried

Treasury

$0

Agency Debt

$0

Municipals

$44.8

$0

($0.5)

$44.3

99%

MBS

$284.6

$0

$3.7

$288.3

101%

Pool Bank Trust Pfd

$29.7

($16.2)

($10.1)

$3.4

11%

Single Issue Bank Trust
Pfd; Bank Holding
Company Pfd;

Sub-debt of FI’s

$112.7

$0

($15.3)

$96.5

86%

Money Markets &
Mutual Funds

$1.9

$0

$0

$1.8

98%

Fed & FHLB Stock

$ 13.0

$0

$0

$13.0

100%

Bank Equities

$ 7.9

$0

($2.4)

$5.5

70%

City is Highly Efficient

2004 Efficiency Ratio adjusted to eliminate $5.5 million in revenue from
Legal Settlement and associated legal expenses of $500M;Peers:
Sample of 225 reporting publicly traded banks and thrifts with assets
between $1 to $10 Billion as of December 31, 2007

94th percentile

CHCO:Value in the Banking Sector
- Strong Capital without TARP!!!

CHCO

12/31/08

Peer

Mean

12/31/08

Equity/Assets

10.9%

8.8%

Tang Equity/Tang
Assets

8.8%

7.3%

Leverage Ratio

9.5%

8.8%

Tier I Capital Ratio

12.3%

11.2%

Total Risk-based
Capital Ratio

13.4%

12.9%

Source: SNL for 253 publicly traded banks with total assets from $1 to $10
billionreporting to date - tangible equity measured at 12/31/08

CHCO: Capital Flexibility

Capital Flexibility

No TARP!!!!

Dividends

- Increased 10% in April 2004 to $0.88

-Increased 14% in April 2005 to $1.00

-Increased 12% in April 2006 to $1.12

-Increased 11% in April 2007 to $1.24

-Increased 10% in April 2008 to $1.36

-Dividend Yield over 5%!!!

Share Repurchases

-Purchased 1,651,172 shares in 2007 and 2008 (9.4% of
outstanding shares at 12/31/06)

-Driven by CHCO’s strong profitability, coupled with
CHCO’s dividend coverage ratio against first call
estimates, CHOC can achieve greater long-term share
repurchase activity than peers.

Pricing Metrics*:

nPrice to Book: 153%

nPrice to Tangible Book: 193%

nPrice to 2009 Projected Earnings**9.5x

nDividend Yield5.0%

nDiv Payout Ratio (First Call)**48%

nTangible Capital/Tangible Assets 8.83%

nInstitutional Ownership57%

*Based on Price of $27.00 (intra-day trade on 2/27/09)

** Based on analyst estimate of $2.85 (average of 6)

Does CHCO still represents good
value ???