City Holding Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 07:30 am
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City Holding Company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income $37,053,000 against $33,884,000 a year ago. Net interest income was $32,389,000 against $30,380,000 a year ago. Net interest income after provision for loan losses was $31,967,000 against $29,079,000 a year ago. Income before income taxes was $24,641,000 against $20,994,000 a year ago. Net income available to common shareholders was $9,669,000 against $14,656,000 a year ago. Net earnings allocated to common shareholders were $9,560,000 or $0.62 per basic and diluted share against $14,479,000 or $0.97 per basic and diluted share a year ago. Return on assets and return on tangible equity were 0.94% and 9.0%, respectively.
For the year, the company reported total interest income of $142,930,000 against $132,152,000 a year ago. Net Interest Income was $126,125,000 against $118,945,000 a year ago. Net interest income after provision for loan losses was $123,119,000 against $114,550,000 a year ago. Income before income taxes was $90,745,000 against $77,211,000 a year ago. Net income available to common shareholders was $54,310,000 against $52,128,000 a year ago. Net earnings allocated to common shareholders were $53,719,000 or $3.48 per diluted share against $51,505,000 or $3.45 per diluted share a year ago. Return on assets and return on tangible equity were 1.33% and 13.1%, respectively. Book value per share was $32.17 against $29.25 per share a year ago period. Tangible book value per share was $27.14 against $24.01 per share a year ago period.
For the quarter, the company reported net charge-offs of $1,140,000 against $1,121,000 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 Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017