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City Holding Company Announces 2012 Earnings

City Holding Company, “the Company” (NASDAQ:CHCO), a $2.9 billion bank holding company headquartered in Charleston, today announced net income of $38.9 million, or $2.61 per diluted share for the year ended December 31, 2012. During 2012, City’s net interest income increased $5.6 million from 2011, loan balances increased $173 million, and noninterest income (exclusive of investment security gains) increased $1.9 million. For 2012, the Company achieved a return on assets of 1.37%, a return on tangible equity of 14.7%, a net interest margin of 3.96%, and an efficiency ratio of 57.2%. 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.

For the fourth quarter of 2012 the Company reported net income of $10.9 million, or $0.73 per diluted share. The Company also achieved a return on assets of 1.49%, a return on tangible equity of 16.2%, a net interest margin of 3.99%, and an efficiency ratio of 53.1% in the fourth quarter of 2012.

City’s CEO Charles Hageboeck stated that, “2012 was an exciting and important year for City. The acquisition of Virginia Savings Bancorp marked our first acquisition in seven years and earlier this month, we completed our acquisition of Community Financial Corporation. With these acquisitions, City now has total assets of $3.4 billion, and 15 branch locations in Virginia. We look forward to continuing the development of our presence in Virginia.”

“Net interest income in 2012 was up $5.6 million due to the acquisition of Virginia Savings Bancorp, core loan growth of $101 million, and lower deposit pricing. As a result, our net interest margin increased from 3.89% for 2011 to 3.96% for 2012.”

“Our asset quality continues to remain strong with stable and relatively low levels of past due loans. The ratio of non-performing assets to total loans and other real estate owned of 1.41% at December 31, 2012 was down compared to the prior quarter’s ratio of 1.53%. Provision expense was higher for 2012 due to loan growth throughout the year, particularly in the fourth quarter, rather than due to deteriorating asset quality.”

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