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CITY HOLDING COMPANY ANNOUNCES SECOND QUARTER EARNINGS

 CHARLESTON, W.Va., July 16 /PRNewswire/ -- Steven J. Day, president and chief executive officer of City Holding Company (NASDAQ: CHCO), a $554 million bank holding company headquartered in Charleston, announced the June 30, 1993 second quarter earnings.
 City Holding Company earned $1,413,000 during the second quarter of 1993, a 9.96 percent increase over the $1,285,000 reported for the second quarter of 1992. City Holding Company earned $2,759,000 for the six months ended June 30, 1993, an increase of 14.72 percent as compared to the $2,405,000 reported for the six months ended June 30, 1992. On a per share basis, City Holding Company's earnings are presented as follows:
 Periods Ended Six Months Quarter
 June 30 1993 1992 Pct. 1993 1992 Pct.
 Increase Increase
 Per common share
 Net income $0.94 $0.81 16.05 $.48 $.43 11.63
 Cash dividends $0.30 $0.25 20.00 $.15 $.127 18.11
 Book value $15.39 $14.25 8.00 $15.39 $14.25 8.00
 At Period End 7/30/93 7/30/92 Pct. Increase
 (in millions) (in millions)
 Total assets $554 $452 22.57
 Loans, net of unearned income 327 245 33.47
 Deposits 481 389 23.65
 Shareholders' equity 45 42 7.14
 The return on average assets (ROA) for the second quarter of 1993 was 1.03 percent compared to 1.15 percent in the second quarter of 1992. The return on average shareholders' equity (ROE) for the second quarter of 1993 was 12.63 percent, up from a 12.20 percent ROE for the second quarter of 1992. For the first six months of 1993, ROA was 1.02 percent compared to 1.11 percent for the six months ended 1992. ROE was 12.38 percent and 11.57 percent for the first six 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 six 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 (4.96 percent for the six months ended June 1993) 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 $2.1 million at June 30, 1993. This represents .64 percent of period end total loans at June 30, 1993 as compared to 1.12 percent at Dec. 31, 1992. At period end, the company's allowance for loan losses was 1.50 percent of total loans and 233 percent of previously defined non-performing assets.
 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 and The Buffalo Bank of Eleanor, which operate 19 banking offices in the state of West Virginia.
 -0- 7/16/93
 /CONTACT: Steven J. Day, president and chief executive officer of City Holding Company, 304-925-6611/
 (CHCO)


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

CD-SB -- PG001 -- 2335 07/16/93 09:00 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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