Acquisition costs drive City Holding earnings down - Beckley, Bluefield & Lewisburg News, Weather, Sports

Acquisition costs drive City Holding earnings down

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Wednesday, July 30 2014 8:54 PM EDT2014-07-31 00:54:47 GMT
    Car rolled multiple times on I-77 North in Raleigh County.Car rolled multiple times on I-77 North in Raleigh County.
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
  • Flag cut down at Raleigh County Public Library in Beckley

    Flag cut down at Raleigh County Public Library in Beckley

    Wednesday, July 30 2014 8:46 PM EDT2014-07-31 00:46:27 GMT
     The incident happened at midnight between Sunday, July 27 and Monday, July 28. Officials with the library said that a person stood outside the library a made sure that no one was inside at the time.
     The incident happened at midnight between Sunday, July 27 and Monday, July 28. Officials with the library said that a person stood outside the library a made sure that no one was inside at the time.
  • Virginia shoppers can save big bucks on Back-to-School items during Tax-Free Weekend

    Virginia shoppers can save big bucks on Back-to-School items during Tax-Free Weekend

    Wednesday, July 30 2014 6:58 PM EDT2014-07-30 22:58:59 GMT
    Believe it or not, some students in our area are going back to school next week. For parents struggling to buy school supplies, Virginia is offering a tax-free holiday. 
    Believe it or not, some students in our area are going back to school next week. For parents struggling to buy school supplies, Virginia is offering a tax-free holiday. 

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.