Keefe, Bruyette & Woods Reports City Holding Maintaining 2011 And 2012 Estimates

According to Keefe, Bruyette & Woods, City Holding CHCO beat the Street and its estimate on a lower provision expense and better spread income, partially offset by a higher tax rate. Keefe, Bruyette & Woods said that service charges were down, as expected, due to 1Q seasonality. “NPAs climbed to 2.19% on the deterioration of a single large commercial credit. We are adjusting our forward 2011 and 2013 estimates, but maintain our $35 price target and Market Perform rating.” City Holding closed yesterday at $34.10.