City National Corp. late Thursday reported significantly higher fourth quarter earnings, boosted both by its acquisition of the assets of Imperial Capital Bank and a rise in net interest income.

After the markets closed, the Los Angeles holding company for City National Bank reported net income of $19.7 million (38 cents a share), compared with $6.5 million (13 cents) a year earlier. Results included an after-tax gain of $21.1 million (41 cents) related to the bank acquisition.

Noninterest income jumped 98 percent to $110 million, also largely due to the acquisition. Net interest rose 9 percent to $166.5 million. The company doubled its provision for credit losses to $80 million.

Analysts surveyed by Thomson Reuters on average had expected the company to earn 4 cents a share.

“To have completed its 17th consecutive profitable year in spite of the significant costs and challenges posed by this recession is testimony to the quality and strength of City National’s capital base and its colleagues, capabilities and value proposition,” said Chief Executive Officer Russell Goldsmith in a press release.

Shares earlier closed down 19 cents, or 1 percent to $50.01 Thursday on the New York Stock Exchange.