"We increased our capabilities for clients with the acquisitions of Rochdale Investment Management and First American Equipment Finance, as well as with selected investments in people, products and technology. During the fourth quarter, the company took advantage of favorable market conditions to issue preferred stock, further enhancing its strong capital ratios and expanding its capacity and flexibility for future growth. We expanded our technology banking business to better serve the technology and life science industries, announced plans for new offices in both the San Francisco Bay Area and New York City, and added a strong mortgage warehouse lending team.
"These new capabilities, colleagues and resources, along with the strong momentum the whole company generated in the fourth quarter, strengthened City National's position and ability to serve its clients and grow its increasingly diversified businesses in 2013."
|For the three months ended||For the three|
|Dollars in millions,||December 31,||%||months ended||%|
|except per share data||2012||2011||Change||September 30, 2012||Change|
|Earnings Per Common Share||$ 0.87||$ 0.82||6||$ 1.10||(21)|
|Net Income Attributable to CNC||47.2||43.9||8||59.8||(21)|
|Average Assets||$ 27,255.9||$ 23,694.2||15||$ 25,654.6||6|
|Return on Average Assets||0.69%||0.73%||(5)||0.93%||(26)|
|Return on Average Common|
Total assets at December 31, 2012 grew to a record $28.6 billion, up 21 percent from the fourth quarter of 2011 and 9 percent from the third quarter of 2012. The year-over-year increase largely reflects strong loan growth and an increase in the company's securities portfolio due to strong deposit growth.