Acquisition costs drive City Holding earnings down - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Acquisition costs drive City Holding earnings down

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Expenses related to acquisition of a Virginia-based banking company contributed to a 20 percent decrease in net income for City Holding Company in the first quarter.

The company on April 23 reported net income of $7.987 million, down from $10.031 million in the first quarter of 2012.

The results for the first quarter of 2013 include $5.5 million  of acquisition and integration expenses related to the acquisition of Community Financial Corporation.

"During the first quarter of 2013, we continued to expand our footprint in Virginia by successfully completing our acquisition of Community Bank. This marked our second acquisition in Virginia in the last 12 months and the ten branches of Community Bank added approximately $381 million in deposits and $363 million in loans, net of the credit mark of $45 million. We are excited about our growth in Virginia and look forward to ongoing efforts to further develop our Virginia presence," Charles Hageboeck, City's CEO, said in the quarterly earnings release.

The company's total assets ended the quarter at $3.427 billion, up from $2.917 billion a year ago. Stockholder equity also was up, to $364.5 million from $333.3 million.

City Holding Company is based in Charleston. It is the parent company of City National Bank of West Virginia. City National operates 83 branches across West Virginia, Virginia, Kentucky and Ohio.