Loan balances grow 21 percent to a record $16.6 billion Deposits reach all-time high of $25.2 billion Assets exceed $29 billion for the first time LOS ANGELES, Oct. 24, 2013 (GLOBE NEWSWIRE) -- City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, today reported third-quarter 2013 net income of $63.6 million, up 6 percent from $59.8 million in the year-ago period. Earnings per share were $1.10, compared with $1.10 per share in the third quarter of 2012. Third-quarter 2013 earnings reflect the payment of $2.4 million, or $0.05 per share, for dividends on preferred stock. (The company issued its preferred stock in the fourth quarter of 2012.) Year-to-date, City National's net income totaled $174.9 million, up 9 percent from $160.8 million in the first nine months of 2012. Earnings per share were $3.04, up 2 percent from $2.97 in the first nine months of last year. 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 November 20, 2013 to stockholders of record on November 6, 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 November 13, 2013 to shareholders of record on November 4, 2013. THIRD-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 $16.6 billion, up 21 percent from September 30, 2012 and up 5 percent from June 30, 2013. Average third-quarter loan and lease balances, excluding FDIC-covered loans, grew to $16.0 billion, up 18 percent from the third quarter of last year. Average commercial loans were up 23 percent from the same period in 2012.
- Third-quarter deposit balances averaged $24.3 billion, up 11 percent from the third quarter of 2012. Average core deposits, which equal 98 percent of total balances, were up 12 percent from the third quarter of last year. Period-end deposit balances grew to a new record of $25.2 billion at September 30, 2013.
- Trust and investment fee income grew to $49.4 million, up 14 percent from the third quarter of 2012. Year to date, it is up 31 percent, to $145.9 million. City National's assets under management or administration grew to $61.5 billion for the first time, up 7 percent from the third quarter of 2012.
- Net loan recoveries in the third quarter of 2013 totaled $6.8 million, compared to net recoveries of $7.5 million in the second quarter of this year. Excluding FDIC-covered loans, third-quarter 2013 results included no provision for loan and lease losses. City National recorded a $2.0 million provision in the third quarter of 2012. The company remains appropriately reserved at 1.79 percent of total loans, excluding FDIC-covered loans.
- Noninterest expense fell 1 percent from the second quarter of 2013, but was up 1 percent from the third quarter of 2012.
|For the three months ended||For the three|
|Dollars in millions,||September 30,||months ended|
|except per share data||2013||2012||% Change||June 30, 2013||% Change|
|Earnings Per Common Share||$ 1.10||$ 1.10||--||$ 1.04||6|
|Net Income Attributable to CNC||63.6||59.8||6||59.7||7|
|Net Income Available to Common Shareholders||61.2||59.8||2||57.3||7|
|Average Assets||$ 28,061.1||$ 25,654.6||9||$ 27,469.6||2|
|Return on Average Assets||0.90%||0.93%||(3)||0.87%||3|
|Return on Average Common Equity||10.12%||10.35%||(2)||9.53%||6|
|Return on Average Tangible Common Equity||14.43%||15.05%||(4)||13.60%||6|