Charleston, WV-based, $2.6 billion-asset City Holding Company reported new business pushed third quarter insurance commissions up 17.5% to $1.21 million, from $1.03 million in third quarter 2008. Bank-owned life insurance (BOLI) income rose 3.5% to $794,000, up from $767,000. In contrast, trust and investment management fee income fell 7.8% to $590,000, down from $640,000. Insurance brokerage commissions, BOLI income and trust and investment management fees comprised, respectively, 9.8%, 6.4% and 4.8% of $12.34 million in noninterest fee income, which a year ago showed a $12.76 million net loss tied to $27.5 million in securities losses. Net interest income on a 4.09% net interest margin decreased 8.1% to $21.98 million, down from $23.93 million, despite a $675,000 reduction in loan losses to $1.675 million. In contrast to a net loss of $2.6 million a year ago, City Holding reported $10.5 million in third quarter net income. City Holding CEO Charles Hageboeck said, “City continues to be one of the most profitable, most liquid and best capitalized publicly traded banks in the U.S., and we look forward to growing with and for our shareholders and customers.” In 2008, City Holding reported $4.2 million in insurance brokerage income, which comprised 7.1% of its noninterest income. The company ranked 41st in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Tuesday, December 15, 2009
INSURANCE, BOLI, TRUST & INVESTMENT MANAGEMENT FEES COMPRISE 21% OF NONINTEREST INCOME AT CITY HOLDING
Charleston, WV-based, $2.6 billion-asset City Holding Company reported new business pushed third quarter insurance commissions up 17.5% to $1.21 million, from $1.03 million in third quarter 2008. Bank-owned life insurance (BOLI) income rose 3.5% to $794,000, up from $767,000. In contrast, trust and investment management fee income fell 7.8% to $590,000, down from $640,000. Insurance brokerage commissions, BOLI income and trust and investment management fees comprised, respectively, 9.8%, 6.4% and 4.8% of $12.34 million in noninterest fee income, which a year ago showed a $12.76 million net loss tied to $27.5 million in securities losses. Net interest income on a 4.09% net interest margin decreased 8.1% to $21.98 million, down from $23.93 million, despite a $675,000 reduction in loan losses to $1.675 million. In contrast to a net loss of $2.6 million a year ago, City Holding reported $10.5 million in third quarter net income. City Holding CEO Charles Hageboeck said, “City continues to be one of the most profitable, most liquid and best capitalized publicly traded banks in the U.S., and we look forward to growing with and for our shareholders and customers.” In 2008, City Holding reported $4.2 million in insurance brokerage income, which comprised 7.1% of its noninterest income. The company ranked 41st in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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