City Holding Q3 earnings hit $33.3 million
- City Holding reported second-quarter net income of $33.3 million, with diluted EPS rising to $2.35.
- City Holding last closed down 0.7% at $134.99, with no verified post-release trading move available.
- Higher net interest income and lower nonperforming assets supported the quarterly results.
City Holding Company (NASDAQ:CHCO) reported second-quarter net income of $33.3 million, or $2.35 per diluted share.
Profit increased from $31.7 million and $2.20 per share in Q1, while year-earlier profit was $33.4 million.
Net interest income rose 1.9% sequentially to $60.8 million, while the net interest margin remained at 3.97%.
Loans increased $10.2 million to $4.50 billion, while nonperforming assets declined from $12.2 million to $10.6 million.
Following the announcement, City Holding's share price had no verified post-release move and was last down 0.7% at $134.99.
Average deposits rose $59.5 million to $5.33 billion, while adjusted non-interest income increased 5.4% from last year.
City Holding repurchased 59,156 shares, declared a $0.87 dividend and ended the quarter with 95 branches.
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