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

City Holding Co. reports earnings decrease

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By Jim Ross - email

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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.