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TheStreet Open House

City National Corporation Grows 2012 Net Income To $208.0 Million, Up 21 Percent From 2011; Fourth Quarter 2012 Net Income Totals $47.2 Million, Or $0.87 Per Share

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.

"2012 was a very strong year of growth in earnings, assets, clients and capabilities for City National," said President and CEO Russell Goldsmith.  "Net income and revenue were up significantly, loan production set new records, deposits grew at double-digit rates, credit quality remained strong, and assets reached a new record of $28.6 billion.

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