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Acquisitions boost City Holding earnings

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City Holding Co. reported record earnings for the third quarter on Oct. 23.

City Holding said its net income in the quarter was $13.975 million, up from $10.607 million in the third quarter last year. The company ended the quarter with $3.4 billion in total assets, up from $2.9 billion as of Dec. 31, 2012.

City Holding Co. is the parent company of City National Bank of West Virginia. City National operates 83 branches across West Virginia, Virginia, Kentucky and Ohio.

The company's earnings release attributed the increase in net income mainly to the acquisitions of Virginia Savings Bank in the second quarter of 2012 and the acquisition of Community Financial Corp. in the first quarter of 2013.

"We continue to be very pleased with the results from our acquisitions of Virginia Savings Bank and Community Bank, especially with our success in resolving problem loans associated with these acquisitions," Charles Hageboeck, City Holding's CEO, said in the earnings release.

"Primarily as a result of our efforts to effectively work out a number of these problem loans, our past-due loans and other asset quality indicators continue to show improvement. While there is still work to be done in regards to credit-impaired loans, particularly those associated with Community Bank, we are pleased with our progress in resolving these acquired loans."