Fee income from foreign exchange services and letters of credit totaled $10.9 million in the third quarter of 2013, up 11 percent from the third quarter of 2012 but virtually unchanged from the second quarter of 2013. Year-to-date 2013 foreign exchange services and letters of credit fee income totaled $31.5 million, up 10 percent from the same period last year. The increases from the year-ago periods were due primarily to increased client activity and the addition of new clients.
Other income was $21.2 million in the third quarter of 2013, down 23 percent from the third quarter of 2012 but 4 percent higher than the second quarter of 2013. The decrease from the third quarter of 2012 was due primarily to lower distribution income from investments. Other income in the first nine months of this year was $60.0 million, up 2 percent from the year-ago period.
City National's third-quarter 2013 noninterest expense amounted to $209.4 million, up 1 percent from the third quarter of 2012 but down 1 percent from the second quarter of 2013.Noninterest expense for the first nine months of 2013 amounted to $632.1 million, up 5 percent from the same period of last year. Excluding the company's 2012 acquisitions of Rochdale and First American Equipment Finance, noninterest expense was virtually unchanged from the first nine months of 2012. 1 CREDIT QUALITY The following credit quality information excludes loans subject to loss-sharing agreements involving City National's FDIC-assisted transactions: Net recoveries in the third quarter of 2013 totaled $6.8 million, or 0.17 percent of total loans and leases on an annualized basis. The company realized net charge-offs of $2.2 million, or 0.06 percent, in the third quarter of 2012 and net recoveries of $7.5 million, or 0.20 percent, in the second quarter of 2013. Net recoveries for the first nine months of 2013 were $19.1 million, or 0.17 percent of total loans and leases. This compares with net recoveries of $5.0 million, or 0.05 percent, in the first nine months of last year.
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