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City Holding (CHCO) in Charleston, W.Va., said it will close a branch in Virginia Beach after determining that the location had an undesirable deposit mix.
September 6 -
City Holding in Cross Lanes, W.Va., continues to bulk up in Virginia, announcing late Thursday that it is buying Community Financial in Staunton for $26.1 million in stock.
August 3
City Holding Co. (CHCO) in Charleston, W.Va., reported a 32% increase in quarterly profit as acquisitions helped boost its interest income.
The $3.4 billion-asset company earned $14 million in the third quarter, up from $10.6 million in the same period in 2012, it announced Wednesday. Earnings per share of 88 cents were 12 cents higher than analysts polled by Bloomberg.
City Holdings' net interest income increased by 30%, to $32.4 million, as its net interest margin widened by 52 basis points, to 4.47%. Its loan portfolio grew by 23%, to $2.5 billion, aided by two recent acquisitions. It closed its
City Holdings made a $1.2 million provision for loan losses, up from $975,000, and its net chargeoffs were $617,000, down from $1.4 million.
The bank's noninterest income rose 7%, to $14.5 million, as service charges and card revenue ticked up. Noninterest expenses increased by 13%, to $24.7 million, on higher compensation costs. City Holdings attributed the added costs mainly to the Community Financial acquisition.
Last month, City Holding said it would