At March 31, 2013, City National's allowance for loan and lease losses totaled $282.3 million, or 1.86 percent of total loans and leases. That compares with $266.1 million, or 2.09 percent, at March 31, 2012 and $277.9 million, or 1.88 percent, at the end of the fourth quarter of 2012. The company also maintains an additional $25.2 million in reserves for off-balance-sheet credit commitments.
Commercial loan net recoveries were $2.2 million in the first quarter of 2013. This compares to net recoveries of $5.3 million in the year-earlier period and $2.0 million in the fourth quarter of 2012.
Commercial loans on nonaccrual totaled $7.3 million in the first quarter of 2013, compared to $19.6 million at March 31, 2012 and $9.2 million at December 31, 2012.Construction Loans City National's $247.1 million commercial real estate construction portfolio includes secured loans to developers of residential and nonresidential properties. This portfolio now represents less than 2 percent of the company's total loans. First-quarter net recoveries of construction loans were $2.7 million, compared to net recoveries of $0.1 million in the first quarter of 2012 and $0.2 million in the fourth quarter of 2012. At March 31, 2013, construction loans on nonaccrual totaled $39.6 million, compared to $49.0 million at March 31, 2012 and $40.9 million at December 31, 2012. Commercial Real Estate Mortgage Loans In the first-quarter of 2013, the company recorded no net charge-offs in its $2.9 billion commercial real estate mortgage portfolio. This compares to net charge-offs of $0.7 million in the first quarter of 2012 and net charge-offs of $0.3 million in the fourth quarter of 2012. Commercial real estate mortgage loans on nonaccrual totaled $23.1 million, compared to $21.1 million at March 31, 2012 and $33.2 million at December 31, 2012. Residential Mortgage Loans and Equity Loans and Lines of Credit City National's $4.0 billion residential mortgage portfolio and $0.7 billion home equity portfolio continued to perform exceptionally well. Together, they accounted for $0.2 million in net charge-offs in the first quarter of 2013, compared to net charge-offs of $0.6 million at March 31, 2012 and net charge-offs of $0.2 million at December 31, 2012.
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