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First-quarter earnings surge from year ago for City National

City National Corp. of Los Angeles on Thursday said its first-quarter net income more than doubled from a year ago.

The holding company for City National Bank, which has 12 branches in Nevada, earned $39.7 million, or 74 cents per share, in the three months ended March 31, up from earnings of $10 million, or 19 cents per share, a year earlier.

Revenue rose 9.1 percent to $275 million from $252 million.

“City National delivered another solid performance for the first quarter of 2011,” Chief Executive Russell Goldsmith said in a statement. “Credit quality was stronger than it has been in several years.”

Total assets increased 8 percent over the last year to $21.6 billion. The banking company said it expects increased profitability, moderate economic growth and limited loan demand this year.

City National shares fell 13 cents, or 0.23 percent, Thursday to close at $56.11 on the New York Stock Exchange.

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.

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