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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

Stocks in this article: CYN

In the fourth quarter of 2012, noninterest income accounted for 33 percent of City National's total revenue, compared to 30 percent in the fourth quarter of 2011 and 34 percent in the third quarter of 2012.

Wealth Management

City National's assets under management totaled $38.2 billion as of December 31, 2012, up 22 percent from the same period of 2011 and 1 percent higher than the third quarter of 2012.

Trust and investment fees were $44.0 million, up 33 percent from the fourth quarter of 2011 and 1 percent higher than the third quarter of 2012. Full-year trust and investment fee income rose 10 percent from 2011.  The year-over-year increases were due primarily to the Rochdale acquisition, as well as higher sales and market appreciation.

Brokerage and mutual fund fees totaled $8.4 million, up 74 percent from the year-earlier period but down 7 percent from the third quarter of 2012. Brokerage and mutual fund fee income was $27.8 million for the full-year 2012, up 36 percent from 2011. The year-over-year increases in brokerage and mutual fund fees were due to the acquisition of Rochdale, as well as slightly higher short-term interest rates.

  At or for the    At or for the  
  three months ended   three months  
  December 31, % ended %
Dollars in millions 2012 2011 Change September 30, 2012 Change
Trust and Investment Fee Revenue  $ 44.0  $ 33.0 33  $ 43.5 1
Brokerage and Mutual Fund Fees  8.4  4.8 74  9.1 (7)
Assets Under Management (1)  38,239.8  31,326.3 22  38,043.1 1
Assets Under Management          
or Administration (1)(2)  56,680.3  46,490.3 22  56,671.8 0
           
(1) Excludes $21.7 billion, $19.8 billion and $16.0 billion of assets under management for asset managers in which City National held a noncontrolling ownership interest as of December 31, 2012, September 30, 2012 and December 31, 2011, respectively.
(2) Assets under administration have been revised to exclude City National's investments that were held in custody and serviced by the company's wealth management business. Prior period balances have been reclassified to conform to current period presentation. 

Other Noninterest Income

Fourth-quarter income from cash management and deposit transaction fees was $11.5 million, up 7 percent from the fourth quarter of 2011 but virtually unchanged from the third quarter of 2012. Full-year 2012 cash management and deposit transaction fee income was $45.6 million, up 3 percent from 2011. The year-over-year increases were due to new product sales and growth in transaction volumes.

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