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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

At September 30, 2013, nonperforming assets amounted to $88.5 million, or 0.53 percent of the company's total loans and leases and OREO, compared to $130.5 million, or 0.95 percent, at September 30, 2012 and $96.3 million, or 0.61 percent, at June 30, 2013.

Nonaccrual loans at September 30, 2013 were $69.6 million, compared to $103.5 million at September 30, 2012 and $76.7 million at June 30, 2013. Classified loans declined from the second quarter of 2013, and overall credit trends remain favorable.

  As of As of As of
  September 30, 2013 June 30, 2013 September 30, 2012
Period-end Loans (in millions) Total Nonaccrual Total Nonaccrual Total Nonaccrual
Commercial $ 7,856.2 $ 10.1 $ 7,497.1 $ 11.7 $ 6,264.6 $ 18.8
Commercial Real Estate Mortgages  3,217.7  19.0  3,101.2  22.4  2,463.7  36.6
Residential Mortgages  4,418.2  9.7  4,153.1  10.6  3,897.7  11.7
Real Estate Construction  240.0  25.5  217.8  25.7  242.1  29.0
Home Equity Loans and Lines of Credit  681.9  5.3  700.7  6.3  719.0  6.9
Other Loans  152.1  0.0  149.4  0.0  137.6  0.5
 Total Loans (1) $ 16,566.1 $ 69.6 $ 15,819.3 $ 76.7 $ 13,724.7 $ 103.5
             
Other Real Estate Owned (1)    18.9    19.6    27.0
Total Nonperforming Assets, excluding            
 Covered Assets   $ 88.5   $ 96.3   $ 130.5
(1) Excludes covered loans, net of allowance, of $754.2 million, $843.6 million and $1.1 billion at September 30, 2013, June 30, 2013 and September 30, 2012, respectively, and covered other real estate owned of $29.8 million, $41.8 million and $83.6 million at September 30, 2013, June 30, 2013 and September 30, 2012, respectively.

In light of strong and improving credit quality, the company recorded no provision for credit losses in the third quarter of 2013. The company recorded a $2.0 million provision in the third quarter of 2012 and no provision in the second quarter of 2013.

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