Loans and deposits grow at double-digit rates to record levels Assets surpass $28 billion for the first time
LOS ANGELES, Jan. 24, 2013 (GLOBE NEWSWIRE) -- City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, today reported full-year 2012 net income of $208.0 million, or $3.83 per share, up 21 percent from $172.4 million, or $3.21 per share, in 2011.
Fourth-quarter 2012 net income totaled $47.2 million, or $0.87 per share, up 8 percent from $43.9 million, or $0.82 per share in the fourth quarter of 2011.FOURTH-QUARTER 2012 HIGHLIGHTS
- Average fourth-quarter loan and lease balances were $14.0 billion, up 14 percent from the fourth quarter of 2011 and 3 percent higher than the third quarter of 2012, excluding loans covered by City National's acquisition-related loss-sharing agreements with the Federal Deposit Insurance Corporation (FDIC). Fourth-quarter loans and leases grew $1.1 billion, or 8 percent, from September 30, 2012 to a record of $14.8 billion, excluding FDIC-covered loans. These results reflect strong loan growth across all business segments, with nearly two-thirds coming from commercial and industrial lending.
- Average deposit balances grew to a record $23.4 billion in the fourth quarter of 2012, up 14 percent from the fourth quarter of 2011 and 7 percent higher than the third quarter of 2012. Average core deposits, which equal 97 percent of total balances, were up 15 percent from the fourth quarter of 2011 and up 7 percent from the third quarter of 2012. Period-end deposits reached a record of $23.5 billion.
- Fourth-quarter results included a provision for loan and lease losses of $7.0 million, up from $2.0 million in the third quarter of 2012. Total provisions, excluding FDIC-covered loans, were $10.0 million in 2012, compared with $12.5 million in 2011.
- On November 5, 2012, City National issued $175 million of 5.50 percent non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. Net proceeds will be used to support the company's future growth and for general corporate purposes, including debt repayment.
- City National announced on November 15, 2012, that its Board of Directors had declared an accelerated quarterly common stock cash dividend of $0.25 per share and a special common stock cash dividend of $0.25 per share. The quarterly and special dividends were payable on December 18, 2012 to stockholders of record on December 3, 2012, in addition to the regular $0.25 per share dividend paid in November. The company announced today that its Board of Directors has authorized a quarterly cash dividend of $13.75 per share on the 5.50 percent non-cumulative perpetual preferred stock, Series C (equivalent to $0.34375 per related depositary share), which is payable on February 13, 2013 to shareholders of record on January 29, 2013.