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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

Fourth-quarter average loan balances, excluding FDIC-covered loans, were $14.0 billion, up 14 percent from the fourth quarter of 2011 and up 3 percent from the third quarter of 2012. Excluding leases obtained in the company's second-quarter 2012 acquisition of First American, fourth-quarter average loan and lease balances increased 12 percent from the year-ago period.

Full-year 2012 average loans, excluding FDIC-covered loans, were $13.3 billion, up 14 percent from 2011. Excluding leases obtained in the First American acquisition, full-year 2012 average loan and lease balances increased 12 percent from the prior year.

Fourth-quarter average commercial loans were up 23 percent from the same period in 2011 and 4 percent higher than the third quarter of 2012.  The year-over-year increase was primarily due to organic loan growth, as well as the acquisition of First American.

Average balances for commercial real estate mortgages were up 24 percent from the fourth quarter of 2011, and they increased 4 percent from the third quarter of 2012. Average balances for commercial real estate construction loans were down 28 percent from the fourth quarter of 2011, and they declined 11 percent from the third quarter of 2012.

Average balances for single-family residential mortgage loans, nearly all of which are made to City National's private banking and entertainment industry clients, were up 5 percent from the year-ago period and 2 percent higher than the third quarter of 2012.

Average securities for the fourth quarter of 2012 totaled $9.7 billion, up 26 percent from the fourth quarter of 2011 and up 12 percent from the third quarter of 2012. The average duration of total securities at December 31, 2012 was 2.9, compared to 2.4 at December 31, 2011 and 2.8 at the end of the third quarter of 2012.

City National's net interest margin in the fourth quarter of 2012 averaged 3.27 percent, compared with 3.70 percent in the fourth quarter of 2011 and 3.58 percent in the third quarter of 2012. For the full-year 2012, City National's net interest margin averaged 3.61 percent, compared with 3.79 percent in the previous year. The declines were due primarily to strong deposit growth and lower yields on loans and securities. The company continued to invest a large share of its growing deposits in securities and other liquid assets.

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