today declared a dividend of 58 cents per common share for shareholders of record as of January 15, 2021. The dividend is payable on January 29, 2021. The dividend represents a 1.75% increase from the 57 cents per share cash dividend paid in the third quarter of 2020.

“I am very pleased with the Board's decision to once again increase the quarterly cash dividend,” stated Charles (Skip) Hageboeck, President and CEO. “This increase reaffirms the Company's commitment of returning value to its shareholders. The decision to increase the dividend to $2.32 on an annualized basis is based on the Company's current strong capital and liquidity position, our financial performance during 2020, and our confidence in the Company's ability to sustain this performance.”

City is covered by analysts at Boenning & Scattergood, Inc., D.A. Davidson & Co., Hovde Group, LLC, Keefe, Bruyette & Woods Inc., Piper Sandler, and Stephens Inc. The mean analyst estimate for 2021 earnings is $4.02 per share. With this increase in the dividend rate, City’s dividend payout ratio will approximate 55% of earnings estimates and affirms our commitment to return our profits to our shareholders. Over the last five years, City has returned approximately 79% of its earnings to shareholders either through dividends, share repurchases or cash acquisitions.