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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

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 Loans

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.

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