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City Holding Co. here, parent of City National Bank of West Virginia, reported net income of $11.7 million in the first quarter, a 6.2% increase from the year earlier period.
But the banking firm said that "previously securitized" loans, consisting of 125% loan-to-value ratio loans originated and securitized between 1997 and 1999, continue to decline in value.
During that time, the company originated and securitized six pools totaling $760 million in 125 LTV...
