Average securities for the first quarter of 2013 totaled $9.8 billion, up 24 percent from the first quarter of 2012 and up 1 percent from the fourth quarter of last year. Total available-for-sale securities amounted to $7.7 billion at March 31, 2013, up from $6.8 billion at the end of the first quarter of 2012 but down from $9.2 billion at December 31, 2012. The average duration of available-for-sale securities at March 31, 2013 was 2.8, compared with 2.5 at March 31, 2012 and 2.3 at the end of the fourth quarter of last year, as short-term securities holdings were reduced to fund loan growth in light of stable deposit balances.
City National's net interest margin in the first quarter of 2013 averaged 3.21 percent, compared with 3.74 percent in the first quarter of last year and 3.27 percent in the fourth quarter of 2012. The decline from the fourth quarter of 2012 was due largely to lower income from covered loans due to repayments and expected portfolio run-off.
First-quarter net interest income included $15.6 million from the FDIC-covered loans that were repaid or charged off during the quarter. This compares with $15.7 million in the first quarter of 2012 and $17.5 million in the fourth quarter of last year.
At March 31, 2013, City National's prime lending rate was 3.25 percent, unchanged from both March 31, 2012 and December 31, 2012.
|For the three months ended||For the three|
|March 31,||%||months ended||%|
|Dollars in millions||2013||2012||Change||December 31, 2012||Change|
|Average Loans and Leases, excluding Covered Loans||$ 14,809.3||$ 12,432.3||19||$ 13,984.2||6|
|Average Covered Loans||989.5||1,438.7||(31)||1,089.9||(9)|
|Average Total Securities||9,796.3||7,929.3||24||9,652.7||1|
|Average Earning Assets||26,046.6||22,102.7||18||25,468.0||2|
|Average Core Deposits||21,815.2||19,520.7||12||22,781.3||(4)|
|Net Interest Income||206.3||205.4||0||209.1||(1)|
|Net Interest Margin||3.21%||3.74%||(14)||3.27%||(2)|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV