This Day On The Street
Continue to site
ADVERTISEMENT
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 Discusses F2Q12 Results - Earnings Call Transcript

That brings year to date originations to $1.6 billion, also an all-time high for City National. Total net loans - not just originations - are up 16% for the first half of the year, including the First American portfolio.

As you saw, City National recorded a very modest second quarter loan loss provision of just $1 million. That’s primarily a reflection of loan growth and also the fact that we had a net pickup of $2.7 million from loan recoveries. At quarter end, the company remained well-reserved, at 2% of the higher number of total loans.

Deposits also continued to grow, increasing to another new record of $21 billion, up 12% from the same period last year. Non-interest-bearing deposits actually decreased 33%. Our strong deposit base and growth reflects our growing client base, as well as our focused business strategy and value proposition as a premiere private and business bank.

Turning to our wealth management business, second quarter income from trust, investment, mutual fund, and brokerage fees totaled $39 million, up 2% from the first quarter of the year. In this quarter, as I mentioned, City National took a significant step to improve and grow our wealth management business for the future, with the addition of Rochdale Investment Management. That will bring our total client investment assets that our various wealth management companies manage or administer to more than $63 billion.

Rochdale, which is headquartered in Manhattan, manages almost $5 billion in assets for affluent and high net worth clients with their financial advisors in New York, California, and across the nation. Early next year, we will combine Rochdale with one of our key wealth management companies, City National Asset Management, to create a stronger and more diversified national wealth management company, City National Rochdale Investments, under the leadership of Rochdale’s excellent CEO, Garrett D’Alessandro.

Read the rest of this transcript for free on seekingalpha.com

3 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs