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City National Corporation Grows First-Quarter 2013 Net Income To $51.5 Million, Up 11 Percent From First-Quarter 2012

In the first quarter of 2013, noninterest income accounted for 32 percent of City National's total revenue, compared to 27 percent in the first quarter of 2012 and 33 percent in the fourth quarter of 2012.

Wealth Management

City National's assets under management or administration totaled $59.0 billion as of March 31, 2013, up 18 percent from the same period of 2012 and 4 percent higher than 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. The year-over-year increase was due primarily to the Rochdale acquisition, as well as higher sales and market appreciation.

Brokerage and mutual fund fees totaled $8.1 million, up 60 percent from the year-earlier period but down 4 percent from the fourth quarter of 2012. The year-over-year increase in brokerage and mutual fund fees was 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  
  March 31, % ended %
Dollars in millions 2013 2012 Change December 31, 2012 Change
Trust and Investment Fee Revenue  $ 46.7  $ 33.7 39  $ 44.0 6
Brokerage and Mutual Fund Fees  8.1  5.0 60  8.4 (4)
Assets Under Management (1)  39,693.5  32,535.0 22  38,239.8 4
Assets Under Management or Administration (1)(2)  59,040.8  50,042.0 18  56,680.3 4
           
(1) Excludes $24.8 billion, $21.7 billion and $18.5 billion of assets under management for asset managers in which City National held a noncontrolling ownership interest as of March 31, 2013, December 31, 2012 and March 31, 2012, respectively.
(2) Assets under administration were revised to exclude City National's investments that were held in custody and serviced by the company's wealth management business. Prior period balances were reclassified to conform to current period presentation. 

Other Noninterest Income

First-quarter income from cash management and deposit transaction fees was $13.0 million, up 16 percent from the first quarter of 2012 and up 13 percent from the fourth quarter of last year. The increases were due to higher sales volume.

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