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City Holding reports record yearly income

Wednesday - 1/29/2014, 4:12am  ET

CHARLESTON, W.Va. (AP) -- City Holding Co. has reported record net income for 2013.

Charleston-based City Holding said Tuesday that it earned $48.7 million, or $3.06 per share for the 12 months ending Dec. 31. The parent of City National Bank earned $38.9 million, or $2.61 per share, in 2012.

City Holding completed its acquisition of Virginia Savings Bank in the second quarter of 2012 and Virginia-based Community Financial Corp. in the first quarter of 2013. The company says its 2013 results include $5.5 million in merger-related expenses.

City Holding reported net fourth-quarter income of $13.7 million, or 86 cents per share, compared with $10.9 million, or 73 cents per share, for the 2012 period.

City Holding, with total assets of $3.4 billion, operates 82 branches in West Virginia, Kentucky, Ohio and Virginia.

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