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CITY HOLDING COMPANY ANNOUNCES FIRST QUARTER NET INCOME LARGEST IN COMPANY HISTORY

 CHARLESTON, W.Va., April 20 /PRNewswire/ -- Steven J. Day, President and Chief Executive Officer of City Holding Company (NASDAQ: CHCO), a $540 million bank holding company headquartered in Charleston, today announced the largest reported first quarter net income in the Company's history. City Holding Company earned $1,346,000 during the first quarter of 1993, a 20.18 percent increase over the $1,120,000 reported for 1992. On a per share basis, City Holding Company's earnings are presented as follows:
 CITY HOLDING COMPANY
 Three months ended March 31 Year ended Dec. 31
 Percent Percent
 1993 1992 Increase 1992 1991 Increase
 PER COMMON SHARE:
 Net Income $0.45 $0.38 18.42 $1.69 $1.23 37.40
 Cas
 At Period End
 March 31, 1993 Dec. 31, 1992 Percent
 (in millions) (in millions) Increase
 Total Assets $540 $533 1.31
 Loans, Nets of
 unearned income 307 298 3.02
 Deposits 472 470 .43
 Shareholder Equity 44 44 N/A
 The return on average assets (ROA) for the first quarter of 1993 was 1.01 percent, compared to 1.06 percent in the first quarter of 1992. The return on average shareholders' equity (ROE) for 1993 was 12.13 percent, up from a 10.9 percent ROE for the first quarter of 1992.
 ROA declined slightly and ROE improved approximately 11 percent 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 quarter 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 (in excess of 5 percent) and the acquisition of the Buffalo Bank. In addition, Day reported that the Company's asset quality continues to remain at the high end of peer group comparisons. The Company's non-performing assets, consisting of nonaccrual loans, restructured loans and foreclosed properties totaled $2.4 million at March 31, 1993. This represents .79 percent of period end total loans at March 31, 1993, as compared to 1.12 percent at Dec. 31, 1992. The Company had net charge-offs of $262,000 for the three months ended March 31, 1993, compared to $134,000 in the first three months of 1992 (which does not include charge-offs at the Buffalo Bank). At period end, the Company's allowance for loan losses was 1.64 percent of total loans and 206 percent of previously defined


non-performing assets.
 City Holding Company is the parent company of The City National Bank of Charleston; The Bank of Cross Lanes; Peoples Bank of Point Pleasant; First State Bank & Trust; The Bank of Ripley; Home National Bank of Sutton; Blue Ridge Bank; and The Buffalo Bank of Eleanor, which operate 19 banking offices in the state of West Virginia.
 -0- 4/20/93
 /CONTACT: Steven J. Day, president and CEO of City Holding Company, 304-925-6611/
 (CHCO)


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

JM-LJ -- PG014 -- 8022 04/20/93 11:35 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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