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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.

Stock quotes in this article: CYN 

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