City National Bank of Florida on Thursday reported record earnings for 2012, owing in large part to a one-time $136 million tax credit.
The Miami-based bank reported fourth quarter net income of $158 million, up from $4.3 million during the same quarter of 2011. For the full year, City National earned $190.2 million, compared to $34.4 million for 2011.
The bank said it received the tax credit during the fourth quarter as a result of the release of deferred tax assets. “They were released due to sustained excellent financial performance, superior asset quality and effective management,” the bank said.
Even without that one-time benefit, the bank said its $69.9 million in pre-tax, pre-amortization income, compared to $50 million in 2011, gave it a record year. City National attributed its financial performance in part to more than $1 billion in new lending.
City National has 26 branches, from Miami-Dade County to the greater Orlando area.
INA PAIVA CORDLE