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City National Corporation Grows Second-Quarter 2013 Net Income To $59.7 Million, Up 9 Percent From Second-Quarter 2012; First-Half 2013 Net Income Totals $111.3 Million, Up 10 Percent

Stocks in this article: CYN

Second-quarter average commercial loans were up 25 percent from the same period in 2012 and 6 percent higher than the first quarter of 2013.

Average balances for commercial real estate mortgages were up 29 percent from the second quarter of 2012, and they increased 3 percent from the first quarter of 2013. Average balances for commercial real estate construction loans declined 23 percent from the second quarter of 2012, but were up 2 percent from the first quarter of 2013.

Average balances for single-family residential mortgage loans were up 7 percent from the year-ago period and 3 percent higher than the first quarter of 2013.

Average securities for the second quarter of 2013 totaled $8.9 billion, up 14 percent from the second quarter of 2012 but down 9 percent from the first quarter of 2013. Total available-for-sale securities amounted to $7.0 billion at June 30, 2013, up from $6.9 billion at the end of the second quarter of 2012 but down from $7.7 billion at March 31, 2013.

The average duration of available-for-sale securities at June 30, 2013 was 3.2 years, up from 2.5 years at June 30, 2012 and 2.8 years at the end of the first quarter of 2013. These increases largely reflect higher long-term interest rates, which have slowed down mortgage prepayment expectations and increased the anticipated duration of mortgage-backed securities.

City National's net interest margin in the second quarter of 2013 averaged 3.24 percent, compared with 3.21 percent in the first quarter of 2013. The modest increase was due to strong loan growth and a reduction of short-term borrowings. For the first six months of 2013, City National's net interest margin averaged 3.22 percent, down from 3.83 percent in the previous year.

Second-quarter net interest income included $15.9 million from FDIC-covered loans that were repaid or charged off during the quarter. This compares with $27.4 million in the second quarter of 2012 and $15.6 million in the first quarter of 2013.

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