This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

City National Corporation's Net Income Grows To $63.6 Million In The Third Quarter Of 2013 And $174.9 Million Year To Date

Stocks in this article: CYN

Fee income from foreign exchange services and letters of credit totaled $10.9 million in the third quarter of 2013, up 11 percent from the third quarter of 2012 but virtually unchanged from the second quarter of 2013. Year-to-date 2013 foreign exchange services and letters of credit fee income totaled $31.5 million, up 10 percent from the same period last year. The increases from the year-ago periods were due primarily to increased client activity and the addition of new clients.

Other income was $21.2 million in the third quarter of 2013, down 23 percent from the third quarter of 2012 but 4 percent higher than the second quarter of 2013.  The decrease from the third quarter of 2012 was due primarily to lower distribution income from investments. Other income in the first nine months of this year was $60.0 million, up 2 percent from the year-ago period.


City National's third-quarter 2013 noninterest expense amounted to $209.4 million, up 1 percent from the third quarter of 2012 but down 1 percent from the second quarter of 2013.

Noninterest expense for the first nine months of 2013 amounted to $632.1 million, up 5 percent from the same period of last year.  Excluding the company's 2012 acquisitions of Rochdale and First American Equipment Finance, noninterest expense was virtually unchanged from the first nine months of 2012. 1


The following credit quality information excludes loans subject to loss-sharing agreements involving City National's FDIC-assisted transactions:

Net recoveries in the third quarter of 2013 totaled $6.8 million, or 0.17 percent of total loans and leases on an annualized basis. The company realized net charge-offs of $2.2 million, or 0.06 percent, in the third quarter of 2012 and net recoveries of $7.5 million, or 0.20 percent, in the second quarter of 2013. Net recoveries for the first nine months of 2013 were $19.1 million, or 0.17 percent of total loans and leases. This compares with net recoveries of $5.0 million, or 0.05 percent, in the first nine months of last year.

7 of 13

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs