City National Corp. reported a 6 percent increase in first-quarter net income, but Los Angeles's largest locally based bank still missed Wall Street forecasts by 4 cents a share.
After the markets closed on Thursday, the holding company for City National Bank reported net income of $54.5 million (90 cents a share), compared with $51.5 million (90 cents) in the same period last year. (More shares were outstanding than a year ago.)
Analysts surveyed by Thomson Reuters expected 94 cents a share.
Net-interest income of $206 million was unchanged from last year. Non-interest income rose 8 percent to $101 million.
"This year is off to a good start," Chief Executive Russell Goldsmith said in a statement. "I'm pleased that first-quarter net income grew 6 percent despite low interest rates and the run-off of covered assets. This growth underscores the fact that the fundamentals and momentum of our businesses remain positive."
Shares on Friday closed down $1.35, or nearly 2 percent, to $73.84 on the New York Stock Exchange.
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