CHARLESTON, W.Va. - City Holding Co., parent company of City National Bank, reported Tuesday its second quarter net earnings jumped 75 percent compared to the second quarter of 2012.
The company, headquartered in Charleston, reported profits of $13 million for the quarter that ended June 30, up from $7.4 million during the same time period last year. Earnings-per-share increased 64 percent, from 50 to 82 cents over the same time period.
The company said its acquisitions of Fort Royal, Va.-based Virginia Savings Bank in 2012 and Staunton, Va.-based Community Financial Corp. earlier this year helped drive earnings growth during the last three months.
"City has been very pleased with the results of our acquisitions of Virginia Savings Bank ... and Community Bank," said Charles Hageboeck, City's chief executive officer. "Both of these new markets for City are experiencing higher growth levels than many of City's core banking markets."
The company reported that loans increased $30.4 million, or 1.2 percent, to $2.53 billion at during the quarter. Commercial real estate loans increased $21.9 million, or 2.2 percent, and residential real estate loans increased $20.7 million, or 1.8 percent.
Meanwhile, past due loans declined during the quarter. Total past due loans decreased from $31.1 million, or 1.25 percent of total loans outstanding, on March 31 to $30.4 million, or 1.2 percent of loans outstanding, on June 30.
Other Business HeadlinesJared Hunt: Most in US don't set family budget