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City National Corporation Grows 2012 Net Income To $208.0 Million, Up 21 Percent From 2011; Fourth Quarter 2012 Net Income Totals $47.2 Million, Or $0.87 Per Share

At December 31, 2012, nonperforming assets amounted to $120.8 million, or 0.81 percent of the company's total loans and leases and OREO, compared to $142.8 million, or 1.16 percent, at December 31, 2011 and $130.5 million, or 0.95 percent, at September 30, 2012.

Nonaccrual loans at December 31, 2012 were $99.8 million, compared to $112.0 million at December 31, 2011 and $103.5 million at September 30, 2012. Criticized and classified loans declined from the third quarter of 2012, and overall credit trends remain favorable.

  As of As of As of
  December 31, 2012 September 30, 2012 December 31, 2011
Period-end Loans (in millions) Total Nonaccrual Total Nonaccrual Total Nonaccrual
Commercial $ 6,949.1 $ 9.2 $ 6,264.6 $ 18.8 $ 5,246.1 $ 19.9
Commercial Real Estate Mortgages  2,829.7  33.2  2,463.7  36.6  2,110.8  21.9
Residential Mortgages  3,962.2  9.6  3,897.7  11.7  3,763.2  9.8
Real Estate Construction  222.8  40.9  242.1  29.0  315.6  50.9
Equity Lines of Credit  711.7  6.4  719.0  6.9  741.1  8.6
Other Loans  142.8  0.5  137.6  0.5  132.6  0.9
Total Loans (1) $ 14,818.3 $ 99.8 $ 13,724.7 $ 103.5 $ 12,309.4 $ 112.0
Other Real Estate Owned (1)    21.0    27.0    30.8
Total Nonperforming Assets, excluding            
Covered Assets   $ 120.8   $ 130.5   $ 142.8
             
(1) Excludes covered loans, net of allowance, of $1.0 billion, $1.1 billion and $1.4 billion at December 31, 2012, September 30, 2012 and December 31, 2011, respectively, and covered other real estate owned of $58.3 million, $83.6 million and $98.5 million at December 31, 2012, September 30, 2012 and December 31, 2011, respectively.

City National recorded a provision for credit losses of $7.0 million in the fourth quarter of 2012, bringing its total provisions for the year to $10.0 million. The company recorded total provisions of $12.5 million in 2011, including $5.0 million in the fourth quarter of 2011.

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