City Holding Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 30, 2013 at 12:35 am IST
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City Holding Co. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $28,884,000, net interest income of $25,524,000, net interest income after provision for loan losses of $23,749,000, income before income taxes of $16,742,000 and net income available to common shareholders of $10,894,000 or $0.73 per diluted share compared to total interest income of $27,441,000, net interest income of $23,225,000, net interest income after provision for loan losses of $20,996,000, income before income taxes of $14,439,000 and net income available to common shareholders of $9,652,000 or $0.65 per diluted share a year ago period. The company also achieved a return on assets of 1.49% and return on tangible equity of 16.2% compared to return on assets of 1.43% and return on tangible equity of 14.93% a year ago period. Book value per share was $22.47.
For the full year, the company reported total interest income of $112,212,000, net interest income of $97,762,000, net interest income after provision for loan losses of $91,387,000, income before income taxes of $59,243,000 and
net income available to common shareholders of $38,945,000 or $2.61 per diluted share compared to total interest income of $112,888,000, net interest income of $92,130,000, net interest income after provision for loan losses of $87,530,000, income before income taxes of $61,249,000 and net income available to common shareholders of $40,678,000 or $2.67 per diluted share a year ago period. For 2012, the company achieved a return on assets of 1.37% and return on tangible equity of 14.74% compared to return on assets of 1.51% and return on tangible equity of 15.66% a year ago period. City's results for 2012 are down slightly compared to 2011 as a result of merger-related expenses of $4.7 million. Exclusive of the acquisition and integration expenses, 2012's results compared to 2011 were quite favorable. The Company's effective income tax rate for the quarter and year ended December 31, 2012 was 34.9% and 34.3%, respectively, compared to 33.2% and 33.6% for the quarter and year ended December 31, 2011, respectively.
The company reported net charge-offs for the fourth quarter of 2012 was $1,952,000 compared to $2,668,000 a year ago period.
City Holding Company is a financial holding company. The Company operates through its wholly owned subsidiary, City National Bank of West Virginia (City National). City National is a retail and consumer-oriented community bank with approximately 98 bank branches. City National provides credit, deposit, and trust and investment management services to its customers. City National include commercial banking, which offers a range of commercial banking services to corporations and other business customers; consumer banking that provides banking services to consumers, including checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts; and various other products. City National also provides mortgage banking services, trust, investment and custodial services, administration of personal trusts and estates, management of investment accounts for individuals, employee benefit plans and charitable foundations.
City Holding Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012