Acquisition costs drive City Holding earnings down - WTRF 7 News Sports Weather - Wheeling Steubenville

Acquisition costs drive City Holding earnings down

Posted: Updated:
  • BusinessBusinessMore>>

  • West Virginia University Children's Hospital Breaks Ground on New Expansion

    West Virginia University Children's Hospital Breaks Ground on New Expansion

    Tuesday, September 16 2014 10:48 AM EDT2014-09-16 14:48:24 GMT
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
    Monday marked the new beginning for the West Virginia University Children's Hospital. The hospital is expanding its walls to meet the growing needs of the community.
  • Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Wayne Lumber sawmill faces $85K penalty for OSHA safety and health violations

    Monday, September 15 2014 11:07 AM EDT2014-09-15 15:07:16 GMT
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
    Wayne Lumber and Mulch Inc. faces $85,080 in proposed penalties for safety and health hazards at its sawmill in Wayne, West Virginia following two investigations by the U.S. Department of Labor's Occupational Safety and Health Administration.
  • ASBDC to honor small business coach

    ASBDC to honor small business coach

    Sunday, September 14 2014 4:00 PM EDT2014-09-14 20:00:15 GMT
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.
    America's Small Business Development Centers recently announced James Epling has been selected as the West Virginia 2014 State Star. The ASBDC State Star honors outstanding employees from Small Business Development Centers.

Expenses related to acquisition of a Virginia-based banking company contributed to a 20 percent decrease in net income for City Holding Company in the first quarter.

The company on April 23 reported net income of $7.987 million, down from $10.031 million in the first quarter of 2012.

The results for the first quarter of 2013 include $5.5 million  of acquisition and integration expenses related to the acquisition of Community Financial Corporation.

"During the first quarter of 2013, we continued to expand our footprint in Virginia by successfully completing our acquisition of Community Bank. This marked our second acquisition in Virginia in the last 12 months and the ten branches of Community Bank added approximately $381 million in deposits and $363 million in loans, net of the credit mark of $45 million. We are excited about our growth in Virginia and look forward to ongoing efforts to further develop our Virginia presence," Charles Hageboeck, City's CEO, said in the quarterly earnings release.

The company's total assets ended the quarter at $3.427 billion, up from $2.917 billion a year ago. Stockholder equity also was up, to $364.5 million from $333.3 million.

City Holding Company is based in Charleston. It is the parent company of City National Bank of West Virginia. City National operates 83 branches across West Virginia, Virginia, Kentucky and Ohio.