City National Bank of Florida on Thursday reported lower third quarter net income of $9.5 million, compared to $10.3 million for the third quarter of 2013, a period which included the release of $5.5 million in loan loss provisions.
The Miami-based bank said its non-accrual loans dropped to $12.8 million at the end of the third quarter, from $17.9 million a year ago. Non-accrual loans to total loans dropped to 0.39 percent in the third quarter 2014, down from 0.67 percent in September2013.
Deposits increased by $490 million during the previous 12 months, a 14.9 percent increase. Loans totaled $3.3 billion at the end of the third quarter, growing by $611 million, or 22.9 percent, over the previous 12 months. Commercial loans grew by 19 percent, commercial mortgages expanded by 44 percent and residential loans by more than 25 percent, the bank said.
City National has $5.1 billion in assets, and 26 banking centers from Miami-Dade County to the greater Orlando area. The bank plans to be acquired by Banco de Credito e Inversiones (Bci), the third-largest bank in Chile. Bci has received all the necessary approvals in Chile, but is still awaiting approval from the Federal Reserve.