City National Bank reports higher second quarter profits

City National Bank reported a profitable second quarter driven by increased lending and deposits.

The Miami-based bank had net income of $12.8 million for the second quarter of 2015, up from $11.3 million in the first quarter of 2015 and $11.7 million in the second quarter of 2014.

“The strengthening economy has driven continued growth in commercial lending and deposits,” City National president and CEO Jorge Gonzalez said in a statement.

The bank passed the $6 billion total asset mark in the quarter that ended June 30. Also during the second quarter, deposits hit $4.6 billion (up 21 percent year-over-year) and loans totaled $3.9 billion (up 23 percent year-over-year).

Meanwhile, the long-awaited sale of City National to Chile’s Banco de Credito e Inversiones SA could come in the next few weeks, according to financial news website SNL.

José Sevilla, CEO of current owner Bankia SA, of Spain, said on a conference call earlier this week that he expected the Federal Reserve to approve the deal soon, SNL reported. The deal was first negotiated in 2013.

City National, which received a five-star rating from Bauer Financial, has 26 branches in South and Central Florida.

This story was originally published July 29, 2015 at 5:55 PM with the headline "City National Bank reports higher second quarter profits."