City National Bank of Florida’s first quarter earnings jump

City National Bank of Florida reported a 20 percent increase in first quarter net income to $11.6 million, compared to $9.5 million for the first quarter of 2013.

The Miami bank said its loan portfolio grew by $406 million, almost 17 percent, since the first quarter of 2013. The loan growth was spearheaded by business and real estate lending, the bank said.

Meanwhile, non-accrual loans dropped to $14.5 million, from $19.5 million a year ago.

Deposits also increased by $395 million during the previous 12 months, to $3.9 billion at the end of the first quarter.

City National Bank has 26 branches and $5.1 billion in assets. The bank’s purchase by Banco de Credito e Inversiones (Bci), the third largest bank in Chile, is pending approval of the Federal Reserve.

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