City National Bank of Florida released its third-quarter earnings results this week, reporting that it surpassed $4 billion in loans.
The Miami-based bank — which was recently acquired by Banco de Crédito e Inversiones, of Chile, in a long-awaited $946.9 million deal — said it had net income of $11.8 million for the quarter that ended Sept. 30, compared to $9.5 million for the same quarter last year.
Loans grew $740 million year-over-year to $4 billion, with much of the growth coming from loans to local businesses, the bank said. City National also had $4.6 billion in deposits for the quarter. It is the fourth-largest bank headquartered in South Florida, according to the Federal Deposit Insurance Corporation, and has a 5-star rating from Bauer Financial.
“The third quarter of 2015 saw the bank’s strategic plan continue to come together, as evidenced by our superior results,” said bank president and CEO Jorge Gonzalez, in a statement. “Of particular note is the increased commercial lending, which is a result of the continuously strengthening state economy.”