In the third quarter of 2013, City National recorded a $0.5 million non-cash net expense to reflect results of the quarterly update of cash-flow projections for the FDIC-covered loans, compared to a $1.5 million expense recorded in the second quarter of 2013. The third-quarter expense reflects a $2.5 million provision for losses on covered loans and an offsetting $2.0 million of noninterest income related to City National's loss-sharing agreements with the FDIC. In addition to the $0.5 million non-cash net expense for the quarter, the company recognized $3.2 million of other covered assets income.City National will continue to update cash-flow projections for covered loans on a quarterly basis. Due to the uncertainty in the future performance of the covered loans, additional impairments may be recognized in the future.
City National Corporation's Net Income Grows To $63.6 Million In The Third Quarter Of 2013 And $174.9 Million Year To Date
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