This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

City National's CEO Presents At UBS Financial Services Conference (Transcript)

Okay, I guess we should get to City National and talk about what’s going on there. We think we have a really good story that is still not quite recognized, so I’ll flip to our first slide. This is just some highlights on our company – the 26 th largest commercial bank; 79 offices including 16 regional offices, and one of the things we’ll talk about later is our wealth management business which is one of the distinguishing features of our company.

These are six themes that I’m going to cover today, but one of the themes that I’d like to talk about a little bit, without dredging up the past too much – I’m not going to go back to the whole financial downturn – but one of the things that I think City National did different than many of the regional banks is, for regional banks that were in difficult markets which we were, we came out of the market earlier and we’ve made a substantial amount of investments in our company whether it’s hiring more salespeople or opening more offices. And I do think that we are, and we started seeing it late last year and continue to see it this year, the benefits of adding more salespeople and more offices and more capabilities. So we’re seeing that in numbers.

We’re not surprised that we had a strong Q1 and I think that’s a little bit of a takeaway I’d like you all to have about our company, that we have invested, we are focused on the long term, trying to always do well in the short run but our overall focus is long term. So with that we can look at the results.

We’re always happy when earnings grow 16%, and the highlights in the quarter were clearly very strong loan growth, good quality loan growth. We’re not getting outside and doing anything new that from a credit quality standpoint is going to cause us a problem later. We’re sticking to our knitting, and our credit quality, the other really clear bright spot in the quarter was fabulous – and I guess I shouldn’t take away from the fact that we continue to grow core deposits at a high rate. We’ve been doing that for so long maybe we take it for granted. But we had a fabulous Q1 and we expect to have a very solid year.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,800.63 -12.76 -0.07%
S&P 500 2,091.73 +2.86 0.14%
NASDAQ 5,130.8050 +14.6620 0.29%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs