City National Corp.: The Beverly Hills parent...

City National Corp.: The Beverly Hills parent of City National Bank said first-quarter net income fell 65% to $5 million. The 1990 period included non-recurring income of $300,000. There was no non-recurring income during the first quarter of this year. The firm said the slowing economy, combined with today’s cautious regulatory climate, dictated that it increase its normal loss provision by an additional $11.5 million in the quarter. Earnings were also adversely affected by continued narrowing of its interest rate margin, a 62% increase in deposit insurance premiums and the impact of reserving interest on non-accrual loans.