Loan balances exceed $17 billion for the first time
Deposits grow to all-time high of $25.7 billion
Total assets reach a record $29.7 billionLOS ANGELES, Jan. 23, 2014 (GLOBE NEWSWIRE) -- City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, today reported full-year 2013 net income of $230.0 million, up 11 percent from $208.0 million in 2012. Earnings per share were $3.99, compared with $3.83 per share in 2012. Fourth-quarter 2013 net income totaled $55.1 million, up 17 percent from $47.2 million in the fourth quarter of 2012. Earnings per share were $0.95, up 9 percent from $0.87 per share in the year-ago period. Fourth-quarter results included net securities losses of $2.7 million after tax, or $0.05 per share. City National also announced today that its Board of Directors has increased the company's quarterly common stock cash dividend from $0.25 per share to $0.33 per share, payable on February 19, 2014 to stockholders of record on February 5, 2014. FOURTH-QUARTER 2013 HIGHLIGHTS
- Average fourth-quarter loans and leases, excluding those covered by City National's acquisition-related loss-sharing agreements with the Federal Deposit Insurance Corporation (FDIC), grew to $16.8 billion, up 20 percent from the fourth quarter of 2012. Average commercial loans were up 24 percent from the year-ago period. Period-end loan balances grew to a new record of $17.2 billion at December 31, 2013.
- Fourth-quarter deposit balances averaged $25.9 billion, up 11 percent from the fourth quarter of 2012. Average core deposits, which equal 98 percent of total balances, were up 12 percent from the fourth quarter of 2012. Period-end deposit balances grew to a new record of $25.7 billion at December 31, 2013.
- Trust and investment fee income grew to $50.6 million, up 15 percent from the fourth quarter of 2012. For the full year, it was up 27 percent, to $196.5 million. City National's assets under management or administration grew to $64.7 billion, up 13 percent from December 31, 2012.
- Net loan recoveries in the fourth quarter of 2013 totaled $14.7 million, compared to net recoveries of $6.8 million in the third quarter of 2013. Excluding FDIC-covered loans, fourth-quarter 2013 results included no provision for loan and lease losses. City National recorded a $7.0 million provision in the fourth quarter of 2012. The company remains appropriately reserved at 1.76 percent of total loans, excluding FDIC-covered loans.
- On November 7, 2013, City National issued $100 million of 6.75 percent fixed-to-floating rate non-cumulative preferred stock, Series D, which qualifies as Tier 1 capital.