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
Fee income from foreign exchange services and letters of credit totaled $10.9 million in the second quarter of 2013, up 9 percent from the second quarter of 2012 and up 13 percent from the first quarter of 2013. First-half 2013 foreign exchange services and letters of credit fee income totaled $20.5 million, up 9 percent from the same period last year. The increases were due primarily to increased client activity and the addition of new clients.
Other income was $20.4 million in the second quarter of 2013, up 17 percent from the second quarter of 2012 and 11 percent higher than the first quarter of 2013. Other income in the first half of this year was $38.8 million, up 25 percent from the year-ago period. The increases from the year-ago periods were due primarily to higher lease income and higher income from client swap transactions. Second-quarter 2012 results included only two months of lease income from the April 30, 2012, acquisition of First American Equipment Finance.
City National's second-quarter 2013 noninterest expense amounted to $211.4 million, up 9 percent from the second quarter of 2012. Excluding the acquisitions of Rochdale and First American Equipment Finance, noninterest expense was up 2 percent from the second quarter of last year. 1 Noninterest expense was virtually unchanged from the first quarter of 2013.Noninterest expense for the first six months of 2013 amounted to $422.8 million, up 7 percent from the first half of last year. CREDIT QUALITY The following credit quality information excludes loans subject to loss-sharing agreements involving City National's FDIC-assisted transactions: Net recoveries in the second quarter of 2013 totaled $7.5 million, or 0.20 percent of total loans and leases on an annualized basis. The company realized net recoveries of $2.7 million, or 0.08 percent, in the second quarter of 2012 and net recoveries of $4.8 million, or 0.13 percent, in the first quarter of 2013. Net recoveries for the first half of 2013 were $12.3 million, or 0.16 percent of total loans and leases. This compares with net recoveries of $7.2 million, or 0.11 percent, in the first half of last year.
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