In the second quarter of 2013, City National recorded a $1.5 million non-cash net expense to reflect results of the quarterly update of cash-flow projections for the FDIC-covered loans, compared to a $0.1 million expense recorded in the first quarter of 2013. Due to improvements in the portfolio's credit quality and general market conditions, the company recorded an $11.9 million reversal of its allowance for covered loans in the second quarter of 2013. The reversal of the allowance was offset by the expense on the related indemnification asset.In addition to the $1.5 million non-cash net expense for the quarter, the company recognized $0.5 million of other covered assets expense.
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
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