CHARLESTON, W.Va. - Though the year is less than four months old, troubled City Holding Co. is already predicting that it will not turn a profit in 2001.
On Tuesday the $2.5 billion-asset company reported a net loss of $5.7 million, or 34 cents per share, in the first quarter - its third consecutive losing quarter. The company earned $4 million, or 24 cents per share, in last year's first quarter.
The latest loss was primarily due to $7.9 million in nonrecurring expenses, including about $2 million related to the possible sale of its direct mail division; and to a $5.7 million provision for loan loss. The provision is up from $2 million in the first quarter of 2000.
The company said the remaining $19 million charge would be recorded in its second quarter, as will $11 million of unrealized losses from prior years in conjunction with its new accounting guidelines.
