Due in part to a sharp uptick in commercial loans and residential mortgages, City National Bank reported 2012 as the strongest year for the financial institution founded in 1946.
Net income for the year was $190 million, up from $34.4 million for 2011. For the fourth quarter ended Dec. 31, net income was $158 million, up from $4.3 million a year before, according to a release from the Miami-based subsidiary of Spain’s nationalized lender Bankia.
Quarterly earnings included a one-time tax credit of $136 million from the release of deferred tax assets. But even without that one-time benefit, CNB had a record year with $69.9 million in pre-tax, pre-amortization income compared to $50 million in 2011.
CNB had more than $1 billion in new loan commitments last year for a 24.4 percent increase. Its loan portfolio grew by $488 million in 2012, capping 20 consecutive months of growth.
“These results have been consistent for many months, and we have solid momentum going into 2013,” CNB president and chief executive officer Jorge Gonzalez said in a statement.
Commercial loans were up 45 percent, residential loans increased 29 percent, and commercial real estate loans grew 6.9 percent in 2012.
By the end of 2012, deposits stood at $3.53 billion and assets hit $4.81 billion. The fifith-largest financial institution based in Florida, CNB has 26 branches from Miami-Dade County to the Orlando area.