City National Bank of Florida reports higher second quarter earnings

07/30/2014 3:51 PM

07/30/2014 3:52 PM

City National Bank of Florida on Wednesday reported $11.7 million in second quarter earnings, up from $9.8 million for the same period of 2013.

The bank said its asset quality improved, as non-accrual loans dropped to $13 million from $19.1 million a year ago. Non-accrual loans to total loans dropped to 0.41 percent in the second quarter from 0.74 percent in June 2013.

City National’s loan portfolio grew $574 million or 22 percent over the past year, to $3.2 billion in loans outstanding. Lending growth is being fueled by business, real estate and residential lending, as the economy improves, the bank said.

Banco de Credito e Inversiones (Bci), the third largest bank in Chile, has received all the necessary approvals to acquire the City National, but is still awaiting approval from the Federal Reserve. With $5.1 billion in assets, City National has 26 branches from Miami-Dade County to the greater Orlando area.

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