Thursday, City Holding Co. (CHCO) reported an increase in fourth quarter profit, attributable primarily to a significant reduction in provision for loan losses and increase in non-interest income.
According to the company, net income increased to $11.07 million or $0.70 per share from $4.24 million or $0.26 per share in the year-ago period.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.65 per share. Analysts' estimates typically exclude special items.
Net interest income for the quarter declined to $23.58 million from $26.08 million in the year-ago quarter. Total non-interest income surged to $12.9 million from $3.2 million a year ago.
Three Wall Street analysts estimated revenues of $38.30 million.
Net interest margin declined to 4.07% from 4.73% in the prior year period. Provision for loan losses for the quarter declined to $1.57 million from $5.34 million a year-ago. Allowance for loan losses declined to $18.68 million fro $22.25 million a year-ago.
Total non-interest expense increased to $19.21 million from $17.76 million a year-ago.
Net loans as of December 31 declined to $1.77 billion from $1.79 billion a year-ago. Total deposits increased to $2.16 billion from $2.04 billion a year-ago.
The company's year-to-date net income increased to $42.64 million or $2.68 per share from $28.10 million or $1.74 per share in the year-ago period. Net interest income for the fiscal year declined to $95.43 million from $101.75 million in the prior year period. Total non-interest income increased to $52.0 million from $22.10 million a year ago.
Analysts estimated earnings of $2.64 per share on revenues of $153 million for the full year.
CHCO is currently trading at $31.99, up $0.85 or 2.73%, on a volume of 118 thousand shares on the Nasdaq.
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