Merger expenses drive City Holding earnings down in 2012 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Merger expenses drive City Holding earnings down in 2012

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City Holding Co. earnings dropped about 4.3 percent in 2012 in part because of mer-related expenses, but fourth-quarter earnings were up nearly 13 percent.

The company on Jan. 29 reported net income of $38.9 million in 2012, down from $40.7 million in 2011. Fourth quarter net income was $10.9 million, up from 9.7 percent in 2011.

Merger-related expenses totaled about $4.7 million.

"The acquisition of Virginia Savings Bancorp marked our first acquisition in seven years, and earlier this month, we completed our acquisition of Community Financial Corp. With these acquisitions, City now has total assets of $3.4 billion, and 15 branch locations in Virginia. We look forward to continuing the development of our presence in Virginia," CEO Charles Hageboeck said in the quarterly earnings release.

As of Dec. 31, City National had total assets of about $2.9 billion, up from $2.8 billion a year earlier.

City Holding is the parent company of City National Bank, which has 83 banking offices in West Virginia, Virginia, Kentucky, and Ohio