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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