City Holding Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 28, 2014 at 09:55 am
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City Holding Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $35,116,000 against $28,884,000 a year ago. Net interest income was $32,001,000 against $25,524,000 a year ago. Income before income taxes was $20,814,000 against $16,742,000 a year ago. Net income available to common shareholders was $13,699,000 or $0.86 diluted per share against $10,894,000 or $0.73 basic and diluted per share a year ago. The company achieved a return on assets of 1.61% against 1.49% a year ago. Return on tangible equity of 17.73% against 16.15% a year ago. Book value per share was $24.64 against $22.47 a year ago. Tangible book value per share was $19.78 against $18.08 a year ago.
For the year, the company reported total interest income of $138,539,000 against $112,212,000 a year ago. Net interest income was $125,238,000 against $97,762,000 a year ago. Income before income taxes was $74,180,000 against $59,243,000 a year ago. Net income available to common shareholders was $48,667,000 or $3.06 diluted per share against $38,945,000 or $2.61 diluted per share a year ago. The company's net income increased $9.7 million from 2012 due primarily to the acquisitions of Virginia Savings Bank in the second quarter of 2012 and Community Financial Corporation in the first quarter of 2013. For 2013, the company achieved a return on assets of 1.44% against 1.37% a year ago. Return on tangible equity of 16.4% against 14.74% a year ago. This increase in net interest income was due primarily to loan growth from the acquisition of Community Bank as of January 9, 2013 and accretion of the fair value adjustments related to the acquisitions of Virginia Savings Bank and Community Bank.
For the fourth quarter of 2013, the company reported net charge-offs of $1,976,000 against $1,952,000 a year ago.
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 Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013