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.
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