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City National Corporation's Net Income Grows To $63.6 Million In The Third Quarter Of 2013 And $174.9 Million Year To Date

NET INTEREST INCOME

Fully taxable-equivalent net interest income was $220.0 million in the third quarter of 2013, up 2 percent from the same period of 2012 and 6 percent higher than the second quarter of this year. Fully taxable-equivalent net interest income for the first nine months of 2013 was $634.7 million, down 1 percent from $641.6 million in the year-ago period. 

Average third-quarter deposits were $24.3 billion, up 11 percent from the year-ago period and 5 percent higher than the second quarter of 2013. Average deposits for the first nine months of 2013 totaled $23.3 billion, up 11 percent from the same period of 2012. Period-end deposits totaled $25.2 billion, up 12 percent from September 30, 2012 and up 7 percent from June 30, 2013.

Average core deposits were $23.7 billion in the third quarter of 2013, up 12 percent from the same period of 2012 and up 6 percent from the second quarter of this year. Year-to-date 2013 average core deposits grew 11 percent from the year-ago period to $22.7 billion.

Third-quarter 2013 average noninterest-bearing deposits were up 14 percent from the same period of 2012 and 5 percent higher than the second quarter of 2013. Average noninterest-bearing balances in the first nine months of 2013 were up 17 percent from the same period last year.

Treasury Services deposit balances, which consist primarily of title, escrow and property management deposits, averaged $2.6 billion in the third quarter of 2013, up 15 percent from the same period of last year and up 2 percent from the second quarter of 2013. For the first nine months of 2013, Treasury Services deposit balances averaged $2.5 billion, up 17 percent from the same period of 2012. The year-over-year increases were due primarily to an increase in residential refinance activity, as well as existing home sales. 

Third-quarter average loan balances, excluding FDIC-covered loans, were $16.0 billion, up 18 percent from the third quarter of 2012 and up 4 percent from the second quarter of 2013. For the first nine months of 2013, City National's average loans, excluding FDIC-covered loans, were $15.4 billion, up 18 percent from the year-ago period.

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