That brings year to date originations to $1.6 billion, also an all-time high for City National. Total net loans - not just originations - are up 16% for the first half of the year, including the First American portfolio.
As you saw, City National recorded a very modest second quarter loan loss provision of just $1 million. That’s primarily a reflection of loan growth and also the fact that we had a net pickup of $2.7 million from loan recoveries. At quarter end, the company remained well-reserved, at 2% of the higher number of total loans.
Deposits also continued to grow, increasing to another new record of $21 billion, up 12% from the same period last year. Non-interest-bearing deposits actually decreased 33%. Our strong deposit base and growth reflects our growing client base, as well as our focused business strategy and value proposition as a premiere private and business bank.
Turning to our wealth management business, second quarter income from trust, investment, mutual fund, and brokerage fees totaled $39 million, up 2% from the first quarter of the year. In this quarter, as I mentioned, City National took a significant step to improve and grow our wealth management business for the future, with the addition of Rochdale Investment Management. That will bring our total client investment assets that our various wealth management companies manage or administer to more than $63 billion.Rochdale, which is headquartered in Manhattan, manages almost $5 billion in assets for affluent and high net worth clients with their financial advisors in New York, California, and across the nation. Early next year, we will combine Rochdale with one of our key wealth management companies, City National Asset Management, to create a stronger and more diversified national wealth management company, City National Rochdale Investments, under the leadership of Rochdale’s excellent CEO, Garrett D’Alessandro.Read the rest of this transcript for free on seekingalpha.com
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