City National Corp. reported first-quarter earnings that beat analyst estimates, pointing to improved credit quality that enabled City National Bank to avoid making provisions for loan losses.

After the Thursday markets closed, the holding company for Los Angeles County’s largest local bank reported net income of $39.7 million (74 cents per share), compared with $10 million (19 cents) a year earlier.

Revenue rose 9 percent to $275 million. Net interest income rose 3 percent to $181 million and non-interest income was up 22 percent to nearly $94 million. The bank did need to set aside any money to cover potential bad loans, compared with the $55 million provision it took in the same period last year.

Analysts surveyed by Thomson Reuters on average expected per-share profit of 70 cents on total revenue of about $256 million.

The company approved a quarterly common stock cash dividend of 20 cents per share, to be payable on May 18 to stockholders of record on May 4.

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

Shares earlier closed down 13 cents, or less than a percent, to $56.11 on the New York Stock Exchange and were unchanged in after-hours trading.