CHARLESTON -- City Holding Company, a $2.6 billion bank holding company headquartered in Charleston, today announced net income per diluted share for the third quarter of $0.66 compared to a net loss of $(0.16) per diluted share in the third quarter of 2008.
Net income for the third quarter of 2009 was $10.5 million compared to a loss of $2.6 million in the third quarter of 2008. For the third quarter of 2009, the Company achieved a return on assets of 1.60%, a return on tangible equity of 17.49%, a net interest margin of 4.09%, and an efficiency ratio of 48.8%. Net income for the first nine months of 2009 was $31.6 million compared to $23.9 million in the first nine months of 2008. For the first nine months of 2009, the Company achieved a return on assets of 1.62%, a return on tangible equity of 18.1%, a net interest margin of 4.22%, and an efficiency ratio of 49.8%.
City's CEO Charles Hageboeck said in a prepared statement that, "Despite the continuing impact of the recession that the U.S. economy is experiencing, City's earnings have held up relatively well, and we believe that our shareholders will be pleased with our third quarter results during this challenging economic environment. Like many retail-deposit focused banking franchises, City's net interest income has been negatively impacted by historically low interest rates. However our asset quality improved during the third quarter of 2009 with net charge-offs, non-performing assets, and past due loans all declining as compared to the second quarter of 2009. City's franchise has benefited from lower unemployment rates within the markets it serves as compared to state and national averages. The unemployment rate for the markets served by City approximated 8.1% in July 2009 compared to 9.0% for the state of West Virginia and 9.4% for the United States. City's most significant asset quality problems continue to be non-owner occupied residential construction at the Greenbrier Resort in White Sulphur Springs, West Virginia and real estate in the Eastern Panhandle of West Virginia, a distant part of the Washington DC metropolitan area."
On September 30, 2009, the Board approved a quarterly cash dividend to 34 cents per share payable October 31, 2009, to shareholders of record as of October 15, 2009. During the quarter ended September 30, 2009, the Company repurchased 56,323 common shares at a weighted average price of $32.00 as part of a one million share repurchase plan authorized by the Board of Directors in August 2007.
City Holding Company is the parent company of City National Bank of West Virginia. City National operates 68 branches across West Virginia, Eastern Kentucky and Southern Ohio.
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