City National Bank has record earnings for 2014.
Core earnings grew 24 percent to $73.9 million in 2014, up from $59.38 million last year. Loans increased 20 percent to $3.4 billion this year and assets were up 11 percent to $5.4 billion.
The bank also posted $42.9 million in net income for 2014 after reporting a loss of $63.1 million the year before when it was acquired by Banco de Credito e Inversiones de Chile. The bank said it would have posted a net profit of of $37.8 million for 2013 but for a goodwill impairment related to its acquisition.
“This was a pivotal year for City National Bank as we deployed the next phase of our strategic growth plan focused on business lending just as the economy began to gain momentum,” president Jorge Gonzalez said in a statement.
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The bank is headquartered in Miami.