City Holding Company (CHCO) has reported 8.44 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $14.66 million, or $0.97 a share in the quarter, compared with $13.52 million, or $0.88 a share for the same period last year.
Revenue during the quarter grew 7.36 percent to $43.45 million from $40.47 million in the previous year period. Net interest income for the quarter rose 4 percent over the prior year period to $30.38 million. Non-interest income for the quarter rose 2.11 percent over the last year period to $14.37 million.
City Holding Company has made provision of $1.30 million for loan losses during the quarter, down 53.75 percent from $2.81 million in the same period last year.
Net interest margin contracted 20 basis points to 3.42 percent in the quarter from 3.62 percent in the last year period. Efficiency ratio for the quarter deteriorated to 48.90 percent from 48.50 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Liabilities outpace assets growth
Total assets stood at $3,969.65 million as on Dec. 31, 2016, up 6.88 percent compared with $3,714.06 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,527.16 million as on Dec. 31, 2016, up 7.05 percent from $3,294.79 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,026.50 million as on Dec. 31, 2016, up 6.44 percent compared with $2,843.28 million on Dec. 31, 2015. Deposits stood at $3,231.65 million as on Dec. 31, 2016, up 4.79 percent compared with $3,083.98 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $672.29 million or 20.80 percent of total deposits on Dec. 31, 2016, compared with $621.07 million or 20.14 percent of total deposits on Dec. 31, 2015.
Investments stood at $539.60 million as on Dec. 31, 2016, up 14.49 percent or $68.29 million from year-ago. Shareholders equity stood at $442.49 million as on Dec. 31, 2016, up 5.54 percent or $23.22 million from year-ago.
Return on average assets moved up 1 basis points to 1.49 percent in the quarter from 1.48 percent in the last year period. At the same time, return on average equity increased 60 basis points to 16.10 percent in the quarter from 15.50 percent in the last year period.
Average equity to average assets ratio was 11.25 percent for the quarter, down from 11.65 percent for the previous year quarter. Book value per share was $29.25 for the quarter, up 5.90 percent or $1.63 compared to $27.62 for the same period last year.
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