Loan Balances Exceed $15 Billion for the First Time
Assets and Deposits Grow at Double-Digit Rates Year-Over-Year
LOS ANGELES, April 18, 2013 (GLOBE NEWSWIRE) -- City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, today reported first-quarter 2013 net income of $51.5 million, up 11 percent from $46.3 million in the year-ago period. Earnings per share were $0.90, compared with $0.86 per share in the first quarter of 2012.City National also announced today that its Board of Directors has maintained and approved a quarterly common stock cash dividend of $0.25 per share, payable on May 15, 2013 to stockholders of record on May 1, 2013. The Board has also 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), payable on May 13, 2013 to shareholders of record on April 29, 2013. FIRST-QUARTER 2013 HIGHLIGHTS
- Period-end loans and leases, excluding loans covered by City National's acquisition-related loss-sharing agreements with the Federal Deposit Insurance Corporation (FDIC), reached a record $15.2 billion, up 19 percent from March 31, 2012 and up 3 percent from December 31, 2012. Average first-quarter loan and lease balances, excluding FDIC-covered loans, grew to $14.8 billion, up 19 percent from the first quarter of last year.
- First-quarter deposit balances averaged $22.4 billion, up 11 percent from the first quarter of 2012. Average core deposits, which equal 97 percent of total balances, were up 12 percent from the first quarter of 2012.
- Revenue for the first quarter of 2013 reached $294.6 million, up 7 percent from the year-ago period but down 3 percent from the fourth quarter of 2012.
- Excluding FDIC-covered loans, first-quarter 2013 results included no provision for loan and lease losses. City National recorded no provision in the first quarter of 2012 and a $7.0 million provision in the fourth quarter of 2012. The company remains appropriately reserved at 1.86 percent of total loans, excluding FDIC-covered loans.
- City National's assets under management or administration grew to $59.0 billion, up 18 percent from the first quarter of 2012 and 4 percent from the fourth quarter of 2012. Trust and investment fees were $46.7 million, up 39 percent from the first quarter of 2012 and 6 percent higher than the fourth quarter of 2012.