City Holding Co. of Charleston, W.Va., said it lost $921,000 in the third quarter, or 5 cents per share, after a $2.3 million profit a year earlier.
The $2.7 billion-asset company attributed the loss to several nonperforming loans at its lead subsidiary, City National Bank, as well as one-time charges and continued troubles with its nonbank units.
City National boosted its provision for loan losses by $2 million in the quarter, to $4.3 million, and took a $2.5 million charge to cover losses and taxes associated with the sale of $9.49 million in junior-lien mortgage loans.
Philip L. McLaughlin, the chairman of the holding company, said it is trying to sell some nonbank subsidiaries that are draining earnings. It owns a direct marketing firm and an Internet services provider, among other nonbank operations.
City Holding is also still looking to sell the banks it owns in California so it can focus better on core banking in its home state, Mr. McLaughlin said.
