This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

City National Corporation Grows First-Quarter 2013 Net Income To $51.5 Million, Up 11 Percent From First-Quarter 2012

NET INTEREST INCOME

Fully taxable-equivalent net interest income was $206.3 million in the first quarter of 2013, virtually unchanged from the same period of 2012 but down 1 percent from the fourth quarter of last year. 

Average first-quarter deposits were $22.4 billion, up 11 percent from the year-ago period but down 4 percent from the fourth quarter of 2012. Period-end deposits totaled $22.9 billion, up 10 percent from March 31, 2012 but down 2 percent from December 31, 2012. The declines from the fourth quarter of 2012 reflect traditional seasonal business patterns.

First-quarter 2013 average noninterest-bearing deposits were up 21 percent from the same period of 2012, but down 6 percent from the fourth quarter of last year.

Treasury Services deposit balances, which consist primarily of title, escrow and property management deposits, averaged $2.3 billion in the first quarter of 2013, up 15 percent from the same period of last year but down 6 percent from the fourth quarter of 2012.

First-quarter average loan balances, excluding FDIC-covered loans, were $14.8 billion, up 19 percent from the first quarter of 2012 and up 6 percent from the fourth quarter of last year.

First-quarter average commercial loans were up 29 percent from the same period in 2012 and 8 percent higher than the fourth quarter of 2012. The year-over-year increase was primarily due to organic loan growth, as well as the acquisition of First American Equipment Finance in the second quarter of 2012.

Average balances for commercial real estate mortgages were up 32 percent from the first quarter of 2012, and they increased 11 percent from the fourth quarter of last year. Average balances for commercial real estate construction loans declined 25 percent from the first quarter of 2012, but were virtually unchanged from the fourth quarter of last year.

Average balances for single-family residential mortgage loans were up 5 percent from the year-ago period and 1 percent higher than the fourth quarter of 2012.

3 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,996.69 -73.71 -0.41%
S&P 500 2,104.30 -10.19 -0.48%
NASDAQ 4,966.9720 -49.9570 -1.00%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs