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

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 Deposits  22,411.0  20,217.4 11  23,386.3 (4)
Average Core Deposits  21,815.2  19,520.7 12  22,781.3 (4)
Fully Taxable-Equivalent          
Net Interest Income  206.3  205.4 0  209.1 (1)
Net Interest Margin  3.21%   3.74%  (14)  3.27%  (2)

COVERED ASSETS

Loans and other real estate owned (OREO) assets acquired in City National's FDIC‑assisted bank acquisitions totaled $953.3 million at the end of the first quarter of 2013, compared to $1.4 billion at March 31, 2012 and $1.0 billion at December 31, 2012.

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