City National Bank of Florida on Wednesday reported net income of $37.8 million for 2013, compared to $190.2 million in 2012, due to a one-time tax gain of more than $136 million at the end of 2012.
The Miami bank said its pre-tax, pre-amortization income for 2013 was $75.7 million, setting a new record for the bank, up from $69.9 million posted in 2012.
As the economy has improved, City National said its growth has been fueled by such segments as business lending, residential mortgages, construction and commercial real estate lending. The bank said its loans grew by more than $339 million to $2.8 billion in 2013, a 14 percent increase over 2012.
City National Bank has 26 banking centers from Miami-Dade County to the greater Orlando area. The bank announced in May that Banco de Credito e Inversiones of Chile, has agreed to acquire the bank. The purchase, which will represent the largest investment by a Chilean company in the United States, is expected to close by the end of the first quarter.