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CITY HOLDING COMPANY ANNOUNCES THIRD QUARTER EARNINGS

 CHARLESTON, W.Va., Oct. 26 /PRNewswire/ -- Steven J. Day, president and chief executive officer of City Holding Company (NASDAQ: CHCO), a $585 million bank holding company headquartered in Charleston, announces the Sept. 30, 1993, third quarter earnings. City Holding Company earned $1,426,000 during the third quarter of 1993, a 17.75 percent increase over the $1,211,000 reported for the third quarter of 1992. City Holding Company earned $4,185,000 for the nine months ended Sept. 30, 1993, an increase of 15.74 percent as compared to the $3,616,000 reported for the nine months ended Sept. 30, 1992. On a per share basis, City Holding Company's earnings are presented as follows:
 Period Ended Nine Months Quarter
 Sept. 30 1993 1992 Increase 1993 1992 Increase
 Per Common Share
 Net income $1.42 $1.21 17.36 pct. $.48 $.41 17.07 pct.
 Cash dividends $0.46 $0.40 15.00 $.16 $.14 14.29
 Book value $15.62 $14.52 7.58 $15.62 $14.52 7.58
 Summary Financial Data
 At Period End
 Sept. 30, 1993 Sept. 30, 1992
 (in millions) (in millions)
 Total assets $585 $462
 Loans, net of unearned income 359 254
 Deposits 511 402
 Shareholders' equity 47 43
 Third Quarter 1993 1992
 (In thousands)
 Net income $1,426 $1,211
 Net interest income 6,429 5,561
 Non-interest income 755 442
 Non-interest expense 4,815 3,714
 Provision for possible loan loss 295 497
 Net charge-offs 33 157
 Year To Date 1993 1992
 (In thousands)
 Net income $4,185 $3,616
 Net interest income 19,049 16,023
 Non-interest income 2,071 1,308
 Non-interest expense 13,911 10,630
 Provision for possible loan loss 958 1,432
 Net charge-offs 746 477
 The return on average assets (ROA) for the third quarter of 1993 was 1.00 percent compared to 1.06 percent for the third quarter of 1992. The return on average shareholders' equity (ROE) for the third quarter of 1993 was 12.33 percent, up from an 11.20 percent ROE for the third quarter of 1992. For the first nine months of 1993, ROA was 1.01 percent compared to 1.09 percent for the nine months ended 1992. ROE was 12.38 percent and 11.45 percent for the first nine months of 1993 and 1992, respectively.
 The company's ROA has declined slightly and the company's ROE has improved primarily due to the addition of the Buffalo Bank of Eleanor. The acquisition of the Buffalo Bank of Eleanor (December 1992) was accounted for using the purchase method of accounting and accordingly increased the company's consolidated average assets for the first nine months of 1993 while having no effect on consolidated average equity.
 Day reported that the company's earnings were up primarily due to a continued strong net interest margin (5.06 percent (federal taxable equivalent) for the nine months ended September 1993), the acquisition of the Buffalo Bank and a lower provision for possible loan losses. Day reported that the company's asset quality continues to remain strong and at the high end of peer group comparisons. The company's non-performing assets, consisting of nonaccrual loans, restructured loans and foreclosed properties, totaled $2 million at Sept. 30, 1993. This represents .57 percent of period end total loans at Sept. 30, 1993, as compared to 1.12 percent at Dec. 31, 1992. At period end, the company's allowance for loan loses was 1.47 percent of total loans and 258 percent of previously defined non-performing assets.
 Analysis of the Allowance for Loan Losses
 Nine Months Ended Sept. 30 1993 1992
 (In thousands)
 Balance at the beginning of period $4,949 $1,993
 Net charge-offs (746) (477)
 Provision for possible loan loss 958 1,432
 Balance of acquired subsidiary 107 0
 Balance at end of period 5,268 2,948
 Day reported that $461,000 of the $746,000 in net charge-offs for the first nine months of 1993 were related to pre-acquisition loans at Buffalo Bank and were not an indication of deterioration in the company's credit quality.
 City Holding Company is the parent company of The City National Bank of Charleston, Peoples Bank of Point Pleasant, First State Bank & Trust, The Bank of Ripley, Home National Bank of Sutton, Blue Ridge Bank, The Buffalo Bank of Eleanor and First National Bank-Beckley, which currently operate 27 banking offices in the state of West Virginia.
 -0- 10/26/93
 /CONTACT: Steven J. Day, president and CEO of City Holding, 304-926-3330/
 (CHCO)


CO: City Holding Company ST: West Virginia IN: FIN SU: ERN

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Publication:PR Newswire
Date:Oct 26, 1993
Words:770
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