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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

Third-quarter average commercial loans were up 23 percent from the same period in 2012 and 3 percent higher than the second quarter of 2013.

Average balances for commercial real estate mortgages were up 30 percent from the third quarter of 2012, and they increased 8 percent from the second quarter of 2013. Average balances for commercial real estate construction loans declined 17 percent from the third quarter of 2012 and were down 8 percent from the second quarter of 2013.

Average balances for single-family residential mortgage loans were up 10 percent from the year-ago period and 4 percent higher than the second quarter of 2013.

Average securities for the third quarter of 2013 totaled $8.6 billion, down 1 percent from the third quarter of 2012 and 3 percent lower than the second quarter of 2013. Total available-for-sale securities amounted to $6.9 billion at September 30, 2013, down from $7.9 billion at the end of the third quarter of 2012 and $7.0 billion at June 30, 2013.

The average duration of available-for-sale securities at September 30, 2013 was 2.9 years, up from 2.2 years at September 30, 2012 but down from 3.2 years at the end of the second quarter of 2013. The decrease from the second quarter of this year reflects a rotation from longer duration to shorter duration securities in the available-for-sale portfolio. The move to shorter-duration investments generated a $5.6 million net gain on securities, compared with net gains of $5.6 million in the second quarter of this year and $0.8 million in the third quarter of 2012.

City National's net interest margin in the third quarter of 2013 averaged 3.30 percent, compared with 3.24 percent in the second quarter of 2013. The modest increase was due to higher income from FDIC-covered loans that were repaid or charged off during the quarter. For the first nine months of 2013, City National's net interest margin averaged 3.25 percent, down from 3.74 percent in the previous year.

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