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City National Bank of Florida's loan portfolio grew by 25 percent over the past 12 months.
City National Bank of Florida generated higher income and boosted its loans by about $90 million in the second quarter as it seeks to close its sale to a Chilean bank.
Bankia, the Spanish parent of the Miami-based bank, previously agreed to sell City National Bank for $882.8 million to Banco de Credito e Inversiones (BCI). The deal is pending regulatory approval.
Meanwhile, City National Bank has continued gaining market share. Its loans reached $2.54 billion on June 30, up from $2.45 billion on March 31. Over the past 12 months, it loan portfolio has grown by 25 percent.
The bank said it would launch more small business lending products soon.
City National Bank earned $9.8 million in the second quarter, up from earnings of $9.5 million in the first quarter.
"City National Bank's excellent financial performance is the result of our ongoing growth and diversification strategy that continues to drive robust loan and deposit growth," stated President and CEO Jorge Gonzalez in a news release.
The bank had $19.1 million in loans not accruing interest, or 0.74 percent of total loans, on June 30. That's down from $19.5 million, 0.78 percent, on March 31. The bank held a reserve for future loan losses well in excess of its problem loans.
City National Bank was the fourth-largest bank based in South Florida on March 31 with $4.7 billion in assets. By June 30 it was up to $4.9 billion in assets.
The bank grew its deposits to $3.71 billion on June 30, up from $3.48 billion on March 31.
Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.
