At June 30, 2013, City National's allowance for loan and lease losses totaled $289.9 million, or 1.83 percent of total loans and leases. That compares with $269.5 million, or 2.00 percent, at June 30, 2012 and $282.3 million, or 1.86 percent, at the end of the first quarter of 2013. The company also maintains an additional $25.1 million in reserves for off-balance-sheet credit commitments.
Commercial loan net recoveries were $2.9 million in the second quarter of 2013. This compares to net recoveries of $8.1 million in the year-earlier period and net recoveries of $2.2 million in the first quarter of 2013. Net recoveries in the first half of 2013 amounted to $5.0 million, compared to net recoveries of $13.4 million in the first half of last year.
Commercial loans on nonaccrual totaled $11.7 million in the second quarter of 2013, compared to $19.1 million at June 30, 2012 and $7.3 million at March 31, 2013.Real Estate Construction Loans City National's $217.8 million commercial real estate construction portfolio includes secured loans to developers of residential and nonresidential properties. This portfolio represents less than 2 percent of the company's total loans. Second-quarter net recoveries of construction loans were $2.7 million, compared to net charge-offs of $4.8 million in the second quarter of 2012 and net recoveries of $2.7 million in the first quarter of 2013. Net recoveries amounted to $5.3 million in the first half of 2013, compared with net charge-offs of $4.7 million in the first half of last year. At June 30, 2013, construction loans on nonaccrual totaled $25.7 million, compared to $29.7 million at June 30, 2012 and $39.6 million at March 31, 2013. Commercial Real Estate Mortgage Loans Second-quarter net recoveries in the company's $3.1 billion commercial real estate mortgage portfolio were $1.0 million compared to net recoveries of $1.1 million in the second quarter of 2012 and a small net recovery in the first quarter of 2013. Net recoveries amounted to $1.0 million in the first-half of 2013, compared with net recoveries of $0.4 million in the first half of last year.
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