Merger expenses drive City Holding earnings down in 2012 - WTRF 7 News Sports Weather - Wheeling Steubenville

Merger expenses drive City Holding earnings down in 2012

Posted: Updated:

  • BusinessBusiness

  • Saturday, May 18 2013 5:10 PM EDT2013-05-18 21:10:05 GMT
    CHARLESTON, W.Va. (AP) — The Division of Natural Resources says a record rainbow trout was caught in Berkeley County. DNR director Frank Jezioro says the trout was caught by Tony Corbin of Gerrardstown
    The Division of Natural Resources says a record rainbow trout was caught in Berkeley County.

  • Saturday, May 18 2013 1:18 PM EDT2013-05-18 17:18:32 GMT
    JARED HUNT Charleston Daily Mail CHARLESTON, W.Va. (AP) - 3-D technology isn't just for movie theatres and comic books anymore. In fact, it may very well reshape the landscape for American manufacturing. It's
    3-D technology isn't just for movie theatres and comic books anymore. In fact, it may very well reshape the landscape for American manufacturing.

  • Saturday, May 18 2013 11:36 AM EDT2013-05-18 15:36:30 GMT
    RICK STEELHAMMER,The Charleston Gazette SUMMERSVILLE, W.Va. (AP) — Surrounded by an armada of bass boat trailers in the parking area of the Battle Run boat launch area at Summersville Lake, the owners
    Surrounded by an armada of bass boat trailers in the parking area of the Battle Run boat launch area at Summersville Lake, the owners of a small wind-powered fleet were busy raising masts and securing jibs and mainsails.
    •   

City Holding Co. earnings dropped about 4.3 percent in 2012 in part because of mer-related expenses, but fourth-quarter earnings were up nearly 13 percent.

The company on Jan. 29 reported net income of $38.9 million in 2012, down from $40.7 million in 2011. Fourth quarter net income was $10.9 million, up from 9.7 percent in 2011.

Merger-related expenses totaled about $4.7 million.

"The acquisition of Virginia Savings Bancorp marked our first acquisition in seven years, and earlier this month, we completed our acquisition of Community Financial Corp. 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," CEO Charles Hageboeck said in the quarterly earnings release.

As of Dec. 31, City National had total assets of about $2.9 billion, up from $2.8 billion a year earlier.

City Holding is the parent company of City National Bank, which has 83 banking offices in West Virginia, Virginia, Kentucky, and Ohio