Fee income from foreign exchange services and letters of credit totaled $9.6 million in the first quarter of 2013, up 9 percent from the first quarter of 2012, reflecting increased client activity and the addition of new relationships. Fee income was down 15 percent from the fourth quarter of 2012, which included unusually strong year-end foreign exchange activity.Other income was $18.4 million in the first quarter of 2013, up 36 percent from the first quarter of 2012 but down 24 percent from the fourth quarter of 2012. The increase from the year-ago period was due largely to the First American acquisition, as well as higher gains on transfers of covered loans to OREO. The decrease from the fourth quarter of last year reflects reduced income from client swap transactions, lower distribution income from investments and lower lease residual income. This was partly offset by higher gains on transfers of covered loans to OREO.
City National Corporation Grows First-Quarter 2013 Net Income To $51.5 Million, Up 11 Percent From First-Quarter 2012
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.