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

At March 31, 2013, nonperforming assets amounted to $103.1 million, or 0.68 percent of the company's total loans and leases and OREO, compared to $141.9 million, or 1.11 percent, at March 31, 2012 and $120.8 million, or 0.81 percent, at December 31, 2012.

Nonaccrual loans at March 31, 2013 were $83.3 million, compared to $112.8 million at March 31, 2012 and $99.8 million at December 31, 2012. Criticized and classified loans declined from the fourth quarter of 2012, and overall credit trends remain favorable.

  As of As of As of
  March 31, 2013 December 31, 2012 March 31, 2012
Period-end Loans (in millions) Total Nonaccrual Total Nonaccrual Total Nonaccrual
Commercial $ 7,170.4 $ 7.3 $ 6,949.1 $ 9.2 $ 5,573.8 $ 19.6
Commercial Real Estate Mortgages  2,937.5  23.1  2,829.7  33.2  2,213.1  21.1
Residential Mortgages  4,027.7  9.1  3,962.2  9.6  3,805.8  13.6
Real Estate Construction  247.1  39.6  222.8  40.9  313.4  49.0
Home Equity Loans and Lines of Credit  696.7  4.1  711.7  6.4  716.0  8.8
Other Loans  137.5  0.1  142.8  0.5  125.8  0.7
 Total Loans (1) $ 15,216.9 $ 83.3 $ 14,818.3 $ 99.8 $ 12,747.9 $ 112.8
             
Other Real Estate Owned (1)    19.8    21.0    29.1
Total Nonperforming Assets, excluding            
 Covered Assets   $ 103.1   $ 120.8   $ 141.9
             
(1) Excludes covered loans, net of allowance, of $0.9 billion, $1.0 billion and $1.3 billion at March 31, 2013, December 31, 2012 and March 31, 2012, respectively, and covered other real estate owned of $43.8 million, $58.3 million and $78.5 million at March 31, 2013, December 31, 2012 and March 31, 2012, respectively.

City National recorded no provision for credit losses in the first quarter of 2013. The company recorded no provision in the first quarter of 2012 and a $7.0 million provision in the fourth quarter of last year.

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