City Holding Co. reports earnings decrease - WOWK 13 Charleston, Huntington WV News, Weather, Sports

City Holding Co. reports earnings decrease

Posted: Updated:
  • BusinessBusinessMore>>

  • 'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    Thursday, August 21 2014 3:16 PM EDT2014-08-21 19:16:18 GMT
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...
  • US existing home sales rise for 4th straight month

    US existing home sales rise for 4th straight month

    Thursday, August 21 2014 10:33 AM EDT2014-08-21 14:33:29 GMT
    Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.
    Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.
  • 2014 West Virginia Broadband Conference highlights NTIA grant

    2014 West Virginia Broadband Conference highlights NTIA grant

    Wednesday, August 20 2014 3:13 PM EDT2014-08-20 19:13:42 GMT
    At the West Virginia Broadband Conference: Investing in the Future, at the Charleston Mariott Town Center Aug. 19, presenters highlighted the multiple sectors in the Mountain State's 11 planning and development regions that received monetary funds through a grant by the National Telecommunications and Information Administration of the United State Department of Commerce.
    At the West Virginia Broadband Conference: Investing in the Future, at the Charleston Mariott Town Center Aug. 19, presenters highlighted the multiple sectors in the Mountain State's 11 planning and development regions that received monetary funds through a grant by the National Telecommunications and Information Administration of the United State Department of Commerce.

City Holding Co. on Oct. 24 reported lower earnings for the third quarter and for the nine months that ended Sept. 30.

The company reported net income available to common stockholders of $10.6 million, down from $11.6 million a year ago. Year-to-date income was $28 million, down from $31 million.

"City's results for the third quarter of 2012 are down slightly as compared to the third quarter of 2011 because we recorded no provision for loan losses during the quarter ended September 30, 2011," said Charles Hageboeck, City's CEO, in a news release accompanying the earnings results.

"In a difficult economic climate, City's financial performance in the third quarter was solid. Our net interest margin was up; the company experienced loan and deposit growth, and asset quality remained strong and stable compared to peers. The third quarter marks the first full quarter since our acquisition of Virginia Savings Bank, which was completed on May 31, 2012."

The company had slightly less than $2.9 billion in assets as of Sept. 30, up from $2.78 billion a year earlier.

City Holding Co. is the parent company of City National Bank of West Virginia. City National operates 73 branches across West Virginia, Kentucky, Virginia and Ohio.

On Aug. 2, City Holding announced that it had agreed to acquire Community Financial Corp. Staunton, Va., and its principal banking subsidiary, Community Bank. The proposed merger is expected to close in the first quarter of 2013. The transaction will expand City's presence in Virginia with an additional 10 branches.