Exhibit 99.1
City National Corporation Reports Record Third-Quarter
Earnings Of $59.8 Million, or $1.17 Per Share;
Revenue and Earnings Per Share Grow 13 Percent
LOS ANGELES--(BUSINESS WIRE)--Oct. 19, 2005--City National
Corporation (NYSE:CYN), parent company of wholly owned City National
Bank, today reported third-quarter net income of $59.8 million, an
increase of 12 percent from the same period last year and 4 percent
from the second quarter of 2005.
Earnings per share reached $1.17, up 13 percent from the third
quarter of 2004 and 4 percent from the second quarter of this year.
Year to date, City National has earned net income of $173 million,
or $3.39 per share. Earnings per share are up 10 percent from the
first nine months of 2004.
HIGHLIGHTS
-- Third-quarter revenue rose 13 percent over the same period
last year.
-- Average loans grew to a record $9 billion, up 10 percent from
the third quarter of 2004.
-- Credit quality remained strong. Nonaccrual loans fell to $18.6
million, a 47 percent decline from September 30, 2004. The
company required no provision for credit losses, remaining
adequately reserved at 1.69 percent of total loans.
-- Average deposits for the third quarter reached $11.9 billion,
up 3 percent from the same period last year.
Fully taxable-equivalent net interest income rose 13 percent from
the third quarter of last year. The third-quarter net interest margin
grew to 4.80 percent, compared with 4.46 percent for the same period
last year, and 4.73 percent for the second quarter of 2005.
"Double-digit growth in revenue, loans and both net interest and
noninterest income, along with strong credit quality and margin
expansion, generated another quarter of record earnings," said
President and Chief Executive Officer Russell Goldsmith. "In
particular, increases in average commercial and residential lending
helped drive net interest income higher, while wealth management
assets grew along with fee income.
"In this quarter, we also made noteworthy investments by opening
three important new banking offices in Anaheim, Newport Beach and
downtown Los Angeles to better serve the robust Southern California
economy. In addition, City National's exceptional client service
earned six business banking awards in a nationwide survey by the
renowned consulting firm Greenwich Associates."
For the three months For the
ended three months
Dollars in September 30, ended
millions, --------------------- % June 30, %
except per share 2005 2004 Change 2005 Change
- ------------------- ---------- ---------- -------- ---------- --------
Earnings Per Share $1.17 $1.04 13 $1.13 4
Net Income 59.8 53.5 12 57.7 4
Average Assets 14,255.7 13,612.4 5 14,040.6 2
Return on Average
Assets 1.66 % 1.56 % 6 1.65 % 1
Return on Average
Equity 16.74 16.80 0 17.03 (2)
OUTLOOK
In January, management announced its expectation that 2005
earnings per share would grow between 11 percent and 14 percent from
2004. Based on current economic and business conditions, management
now expects per share earnings growth to be at the upper end of that
range.
ASSETS
Total assets at September 30, 2005 reached $14.4 billion, up 3
percent from the third quarter of last year. They fell slightly from
the second quarter of 2005 as higher period-end loan balances were
offset by a decline in federal funds sold.
REVENUE
Third-quarter revenue (net interest income plus noninterest
income) grew to $209.9 million, up 13 percent from the third quarter
of 2004 and 4 percent from the second quarter of this year.
NET INTEREST INCOME
Fully taxable-equivalent net interest income reached $159.3
million, a 13 percent increase over the third quarter of 2004, and 4
percent higher than the second quarter of this year.
City National's net interest income increased approximately $6.7
million from the second quarter of this year. The company's net
interest margin widened 7 basis points, primarily because of higher
interest rates and loan prepayment fees, offset partly by higher
deposit costs.
The bank's prime rate was 6.75 percent on September 30, 2005, up
from 4.75 percent at the same time last year and 6.25 percent on June
30, 2005.
For the
For the three months three
ended months
September 30, ended
--------------------- % June 30, %
Dollars in millions 2005 2004 Change 2005 Change
- ------------------- ---------- ---------- -------- ---------- --------
Average Loans $8,982.6 $8,173.9 10 $8,762.4 3
Average Securities 4,066.6 3,677.0 11 4,071.5 0
Average Earning
Assets 13,155.0 12,549.2 5 12,950.3 2
Average Deposits 11,858.5 11,496.7 3 11,678.5 2
Average Core
Deposits 10,784.5 10,685.8 1 10,781.6 0
Fully Taxable-
Equivalent
Net Interest Income 159.3 140.8 13 152.7 4
Net Interest Margin 4.80 % 4.46 % 8 4.73 % 1
Third-quarter average loan balances increased 10 percent over the
same period last year. Commercial lending grew 14 percent over the
third quarter of 2004 and 5 percent from the second quarter of 2005.
Residential mortgage loans grew 15 percent from the third quarter of
last year. Commercial real estate mortgage loans rose 1 percent, but
real estate construction loans declined 5 percent, primarily as the
result of accelerated repayments due to the fast pace of new home
sales and early refinancing by income property developers taking
advantage of low long-term interest rates.
Year to date, the company's average loan balances increased 9
percent over the first nine months of 2004. Total loan balances at
September 30, 2005 were $140.6 million higher than they were at June
30, 2005, reflecting the strong growth of commercial borrowing and
residential mortgage lending.
Average securities totaled $4 billion, up 11 percent from the
third quarter of 2004 and flat from the second quarter of this year.
The average duration of total available-for-sale securities at
September 30 of this year was 3 years. It was 3.1 years at the same
time last year and at June 30, 2005.
City National's average deposits reached $11.9 billion in the
third quarter, up 3 percent from the same period last year and 2
percent from the second quarter of 2005. Year to date, the company's
average deposits are up 6 percent over the first nine months of 2004.
Period-end deposits totaled $12.1 billion, down $36.5 million from
June 30 of this year.
As part of its long-standing asset-liability management strategy,
the company uses "plain-vanilla" interest-rate swaps to hedge loans,
deposits and borrowings. The notional value of these swaps was $1.5
billion at September 30, 2005, up from $1.4 billion in the second
quarter of this year.
NONINTEREST INCOME
Third-quarter 2005 noninterest income of $54 million was 12
percent higher than the same period last year, due primarily to trust
and investment fees. Noninterest income was 26 percent of total
revenue in the third quarter of 2005, unchanged from the third quarter
of 2004 and the second quarter of this year.
Wealth Management
Trust and investment fees increased 18 percent over the third
quarter of 2004, due primarily to an increase in balances under
management or administration. Assets under direct management grew 22
percent from the same period last year, largely as the result of new
business, a strong relative investment performance and higher market
values. Increases in market values are reflected in fee income
primarily on a trailing-quarter basis.
At or for
the
At or for the three
three months ended months
September 30, ended
------------------- % June 30, %
Dollars in millions 2005 2004 Change 2005 Change
- ------------------------- --------- --------- ------ --------- ------
Trust and Investment Fee
Revenue $19.9 $16.9 18 $19.6 2
Brokerage and Mutual Fund
Fees 10.9 9.7 13 9.9 10
Assets Under
Management (1) 18,365.6 15,101.1 22 17,257.5 6
Assets Under
Management (1)
and Administration 38,784.0 33,171.1 17 36,972.9 5
(1) Excludes $6,543, $3,603, and $5,539 million of assets under
management for the CCM minority-owned asset managers as of
September 30, 2005, September 30, 2004, and June 30, 2005,
respectively
Other Noninterest Income
Third-quarter cash management and deposit transaction fees fell 19
percent from the same period last year and 6 percent from the second
quarter of 2005, due largely to a higher earnings credit for clients
who maintain deposit balances to pay for services.
International service fees grew 18 percent from the third quarter
of 2004 and 3 percent from the second quarter of this year. Higher
volume reflected additional demand for both foreign exchange and
letters of credit. Pricing pressure also eased slightly.
Other service charges and fees were 34 percent higher in the third
quarter of 2005 than they were during the same period last year, and
they grew 17 percent from the second quarter of 2005.
In the third quarter of 2005, the company recorded $1 million in
gains on the sale of assets and securities, compared with gains of
$0.3 million for the third quarter of 2004 and $1 million for the
second quarter of this year.
NONINTEREST EXPENSE
Third-quarter noninterest expense amounted to $112.6 million, up
13 percent from the same period last year and 3 percent from the
second quarter of 2005.
Legal and professional fees increased 30 percent from the third
quarter of 2004. However, they fell 1 percent from the second quarter
of this year. The higher year-over-year costs reflect the company's
efforts to further strengthen compliance with the Bank Secrecy Act and
the USA Patriot Act.
Third-quarter staffing expenses were 11 percent higher than they
were one year ago, due to the addition of new sales, business
development, regulatory compliance and risk management personnel.
These expenses grew 4 percent from the second quarter of 2005.
The company's third-quarter efficiency ratio was 52.90, compared
with 52.68 for the third quarter of 2004 and 53.39 percent in the
second quarter of this year.
CREDIT QUALITY
For the ninth consecutive quarter, City National made no provision
for credit losses. This decision reflected management's assessment of
the loan portfolio, loan growth and the improving economic
environment. Net loan recoveries in the third quarter amounted to $5.7
million, compared with net charge-offs of $4.8 million in the third
quarter of 2004 and net recoveries of $1.2 million for the second
quarter of this year. Nonaccrual loans at September 30, 2005 were
$18.6 million, down 47 percent from September 30, 2004 and 16 percent
from June 30, 2005. They now amount to 21 basis points of total loans.
At September 30, 2005 the allowance for loan losses was $152.9
million or 1.69 percent of total loans. The reserve for unfunded
credit commitments was $14.6 million.
INCOME TAXES
City National's effective tax rate for the third quarter was 38.5
percent, compared with 37.3 percent for the first two quarters of this
year. This higher tax rate was due to the company's decision to
restructure one of its investments. The company expects its tax rate
for the fourth quarter to be about 37.5 percent.
CAPITAL LEVELS
The company remains well-capitalized. Total risk-based capital and
Tier 1 risk-based capital ratios at September 30, 2005 were 15.70
percent and 12.19 percent, compared with the minimum regulatory
standards of 10 percent and 6 percent, respectively, for
"well-capitalized" institutions. The company's Tier 1 leverage ratio
at September 30, 2005 was 8.58 percent, well above the regulatory
minimum ratio of 5 percent.
At June 30, 2005 total risk-based capital, Tier 1 risk-based
capital and the Tier 1 leverage ratios were 15.45 percent, 11.91
percent and 8.39 percent, respectively.
Shareholders' equity to assets at September 30, 2005 was 9.94
percent, compared with 9.31 percent at the same time last year and
9.68 percent at June 30 of this year.
STOCK REPURCHASE
During the third quarter of 2005, the company repurchased 135,000
of its outstanding shares at an average cost of $69.79. Year to date,
it has bought back 630,500 shares at an average cost of $69.45. The
company has authority to repurchase an additional 379,000 shares.
CONFERENCE CALL
City National Corporation will host a conference call this
afternoon to discuss results for the third quarter of 2005. The call
will begin at 2:00 p.m. PDT. Analysts and investors may dial in and
participate in the question/answer session. To access the call, please
dial (800) 320-2978 and enter pass code 27822614. A listen-only live
broadcast of the call also will be available on the investor relations
page of the company's Website at cnb.com. There, it will be archived
and available for 12 months.
ABOUT CITY NATIONAL
City National Corporation is a financial services company with
$14.4 billion in total assets. Its wholly owned subsidiary, City
National Bank, is California's Premier Private and Business Bank(R).
The bank provides banking, investment, and trust services through 55
offices, including 12 full-service regional centers, in Southern
California, the San Francisco Bay Area and New York City. City
National and its affiliates manage or administer approximately $38.8
billion in client trust and investment assets, including more than
$18.3 billion under direct management.
For more information about City National, visit the company's
Website at cnb.com.
SAFE-HARBOR LANGUAGE
This news release contains forward-looking statements about the
company, for which the company claims the protection of the safe
harbor provisions contained in the Private Securities Litigation
Reform Act of 1995.
Forward-looking statements are based on management's knowledge and
belief as of today and include information concerning the company's
possible or assumed future financial condition, and its results of
operations, business and earnings outlook. These forward-looking
statements are subject to risks and uncertainties. A number of
factors, some of which are beyond the company's ability to control or
predict, could cause future results to differ materially from those
contemplated by such forward-looking statements. These factors include
(1) changes in interest rates, (2) significant changes in banking laws
or regulations, (3) increased competition in the company's markets,
(4) other-than-expected credit losses due to real estate cycles or
other economic events, (5) earthquake or other natural disasters
affecting the condition of real estate collateral, (6) the effect of
acquisitions and integration of acquired businesses, and (7) the
impact of changes in regulatory, judicial, or legislative tax
treatment of business transactions. Management cannot predict at this
time the extent of the economic recovery, and a slowing or reversal
could adversely affect our performance in a number of ways including
decreased demand for our products and services and increased credit
losses. Likewise, changes in deposit interest rates, among other
things, could slow the rate of growth or put pressure on current
deposit levels. Forward-looking statements speak only as of the date
they are made, and the company does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the statements are made, or to update earnings
guidance including the factors that influence earnings.
For a more complete discussion of these risks and uncertainties,
see the company's report on Form 10-Q for the quarter ended June 30,
2005, and its Annual Report on Form 10-K for the year ended December
31, 2004 and particularly the section of Management's Discussion and
Analysis therein titled "Cautionary Statement for Purposes of the
'Safe Harbor' Provisions of the Private Securities Litigation Reform
Act of 1995."
CITY NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(unaudited)
Three Months Nine Months
------------------------ --------------------------
For The Period
Ended % %
September 30, 2005 2004 Change 2005 2004 Change
- ------------------ ------------------------ --------------------------
Per Common Share
Net Income
Basic $1.22 $1.09 12 $3.52 $3.20 10
Diluted 1.17 1.04 13 3.39 3.07 10
Dividends 0.36 0.32 13 1.08 0.96 13
Book value 28.85 26.73 8
Results of
Operations: (In
millions)
Net interest
income $156 $137 14 $452 $401 13
Net interest
income (Fully
tax-equivalent) 159 141 13 462 411 12
Total revenue 210 185 13 608 543 12
Provision for
credit losses - - - - - -
Net income 60 53 12 173 157 10
Financial Ratios:
Performance
Ratios:
Return on
average
assets 1.66 % 1.56 % 1.65 % 1.59 %
Return on
average
shareholders'
equity 16.74 16.80 16.80 16.87
Average
shareholders'
equity to
average
assets 9.94 9.31 9.79 9.42
Net interest
margin 4.80 4.46 4.76 4.54
Efficiency
ratio 52.90 52.68 53.46 52.92
Capital Adequacy
Ratios (Period
end):
Shareholders'
equity to total
assets 9.82 9.39
Tier 1 leverage 8.58 7.80
Tier 1 risk-based
capital 12.19 11.35
Total risk-based
capital 15.70 14.99
Asset Quality Ratios:
Allowance for
loan losses to:
Total loans 1.69 % 1.81 %
Nonaccrual loans 824.19 419.79
Nonperforming assets to:
Total loans and
nonperforming
assets 0.21 0.43
Total assets 0.13 0.25
Net (charge-offs)/
recoveries to
Average total
loans
(annualized) 0.25 % (0.23)% 0.11 (0.09)
Average Balances:
(In millions)
Loans $8,983 $8,174 10 $8,778 $8,039 9
Interest-earning
assets 13,155 12,549 5 12,970 12,098 7
Assets 14,256 13,612 5 14,058 13,153 7
Core deposits 10,785 10,685 1 10,733 10,208 5
Deposits 11,859 11,496 3 11,705 11,052 6
Interest-bearing
liabilities 6,556 6,611 (1) 6,578 6,415 3
Shareholders'
equity 1,418 1,267 12 1,377 1,240 11
Period-End Balances:
(In millions)
Loans $9,027 $8,174 10
Assets 14,429 13,981 3
Core deposits 10,891 11,006 (1)
Deposits 12,116 11,866 2
Shareholders' equity 1,417 1,313 8
Wealth Management:
(In millions) (1)
Assets under management $18,366 $15,101 22
Assets under management
and administration 38,784 33,171 17
(1) Excludes $6,543 and $3,603 million of assets under management for
the Convergent Capital Management minority-owned asset managers as
of September 30, 2005 and September 30, 2004, respectively
CITY NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
September 30,
(Dollars in thousands -----------------------------
except per share data) 2005 2004 % Change
- ---------------------------------------- --------- --------- ---------
Net Interest Income $156,314 $137,341 14
Provision for Credit Losses - - -
Noninterest Income
Trust and investment fees 19,856 16,850 18
Brokerage and mutual fund fees 10,910 9,675 13
Cash management and
deposit transaction fees 8,370 10,322 (19)
International services 6,107 5,191 18
Bank-owned life insurance 1,017 588 73
Other service charges and fees 6,247 4,678 34
Gain (loss) on sale of assets 801 9 n/m
Gain (loss) on sale of securities 241 327 (26)
--------- ---------
Total noninterest income 53,549 47,640 12
Noninterest Expense
Salaries and employee benefits 66,467 59,675 11
Net occupancy of premises 8,666 7,513 15
Legal and professional fees 10,672 8,193 30
Information services 5,492 4,522 21
Depreciation 3,530 3,614 (2)
Amortization of intangibles 1,445 1,763 (18)
Marketing and advertising 4,182 3,666 14
Office services 2,578 2,444 5
Equipment 578 478 21
Minority interest expense 1,761 1,502 17
Other 7,269 5,893 23
--------- ---------
Total noninterest expense 112,640 99,263 13
--------- ---------
Income Before Taxes 97,223 85,718 13
Applicable Income Taxes 37,413 32,240 16
--------- ---------
Net Income $59,810 $53,478 12
========= =========
Other Data:
Earnings per common share - basic $1.22 $1.09 12
Earnings per common share - diluted $1.17 $1.04 13
Dividends paid per common share $0.36 $0.32 13
Dividend payout ratio 29.83 % 29.51 % 1
Return on average assets 1.66 % 1.56 % 6
Return on average shareholders' equity 16.74 % 16.80 % -
Net interest margin (Fully taxable-
equivalent) 4.80 % 4.46 % 8
Full-time equivalent employees 2,516 2,346 7
Nine Months Ended
September 30,
(Dollars in thousands -----------------------------
except per share data) 2005 2004 % Change
- ---------------------------------------- --------- --------- ---------
Net Interest Income $452,386 $400,588 13
Provision for Credit Losses - - -
Noninterest Income
Trust and investment fees 58,925 49,102 20
Brokerage and mutual fund fees 30,706 27,768 11
Cash management and
deposit transaction fees 26,254 32,362 (19)
International services 16,903 15,359 10
Bank-owned life insurance 2,533 2,134 19
Other service charges and fees 17,619 13,915 27
Gain (loss) on sale of assets 986 9 n/m
Gain (loss) on sale of securities 1,340 1,827 (27)
--------- ---------
Total noninterest income 155,266 142,476 9
Noninterest Expense
Salaries and employee benefits 196,938 178,657 10
Net occupancy of premises 25,009 21,175 18
Legal and professional fees 30,177 22,324 35
Information services 15,668 13,632 15
Depreciation 10,685 10,116 6
Amortization of intangibles 4,327 5,282 (18)
Marketing and advertising 11,699 10,985 6
Office services 7,755 7,350 6
Equipment 1,773 1,879 (6)
Minority interest expense 5,104 4,408 16
Other 20,773 16,547 26
--------- ---------
Total noninterest expense 329,908 292,355 13
--------- ---------
Income Before Taxes 277,744 250,709 11
Applicable Income Taxes 104,766 94,133 11
--------- ---------
Net Income $172,978 $156,576 10
========= =========
Other Data:
Earnings per common share - basic $3.52 $3.20 10
Earnings per common share - diluted $3.39 $3.07 10
Dividends paid per common share $1.08 $0.96 13
Dividend payout ratio 30.87 % 30.08 % 3
Return on average assets 1.65 % 1.59 % 4
Return on average shareholders' equity 16.80 % 16.87 % -
Net interest margin (Fully taxable-
equivalent) 4.76 % 4.54 % 5
Full-time equivalent employees
CITY NATIONAL CORPORATION
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(unaudited)
2005
---------------------------------------
(Dollars in thousands Third Second First Year to
except per share data) Quarter Quarter Quarter Date
- ----------------------------- --------- --------- --------- ---------
Net Interest Income $156,314 $149,646 $146,426 $452,386
Provision for Credit Losses - - - -
Noninterest Income
Trust and investment fees 19,856 19,632 19,437 58,925
Brokerage and mutual fund
fees 10,910 9,928 9,868 30,706
Cash management
deposit transaction fees 8,370 8,874 9,010 26,254
International services 6,107 5,908 4,888 16,903
Bank-owned life insurance 1,017 652 864 2,533
Other service charges and
fees 6,247 5,359 6,013 17,619
Gain (loss) on sale of
assets 801 162 23 986
Gain (loss) on sale of
securities 241 844 255 1,340
--------- --------- --------- ---------
Total noninterest income 53,549 51,359 50,358 155,266
Noninterest Expense
Salaries and employee
benefits 66,467 63,839 66,632 196,938
Net occupancy of premises 8,666 8,727 7,616 25,009
Legal and professional fees 10,672 10,791 8,714 30,177
Information services 5,492 5,010 5,166 15,668
Depreciation 3,530 3,540 3,615 10,685
Amortization of intangibles 1,445 1,441 1,441 4,327
Marketing and advertising 4,182 3,943 3,574 11,699
Office services 2,578 2,688 2,489 7,755
Equipment 578 646 549 1,773
Minority interest expense 1,761 1,532 1,811 5,104
Other 7,269 6,796 6,708 20,773
--------- --------- --------- ---------
Total noninterest expense 112,640 108,953 108,315 329,908
Income Before Taxes 97,223 92,052 88,469 277,744
Applicable Income Taxes 37,413 34,345 33,008 104,766
--------- --------- --------- ---------
Net Income $59,810 $57,707 $55,461 $172,978
========= ========= ========= =========
Other Data:
Earnings per common share -
basic $1.22 $1.18 $1.13 $3.52
Earnings per common share -
diluted $1.17 $1.13 $1.09 $3.39
Dividends paid per common
share $0.36 $0.36 $0.36 $1.08
Dividend payout ratio 29.83 % 30.85 % 32.02 % 30.87 %
Return on average assets 1.66 % 1.65 % 1.62 % 1.65 %
Return on average
shareholders' equity 16.74 % 17.03 % 16.63 % 16.80 %
Net interest margin (Fully
taxable-equivalent) 4.80 % 4.73 % 4.75 % 4.76 %
Full-time equivalent
employees 2,516 2,477 2,445
CITY NATIONAL CORPORATION
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(unaudited)
2004
(Dollars in --------------------------------------------------
thousands except Fourth Third Second First Full
per share data) Quarter Quarter Quarter Quarter Year
- ------------------- --------- --------- --------- --------- ----------
Net Interest Income $145,300 $137,341 $132,275 $130,972 $545,888
Provision for
Credit Losses - - - - -
Noninterest Income
Trust and
investment fees 19,264 16,850 16,664 15,588 68,366
Brokerage and
mutual fund fees 9,909 9,675 9,367 8,726 37,677
Cash management
deposit
transaction
fees 9,024 10,322 10,942 11,098 41,386
International
services 5,425 5,191 5,042 5,126 20,784
Bank-owned life
insurance 678 588 715 831 2,812
Other service
charges and fees 5,204 4,678 4,665 4,572 19,119
Gain (loss) on
sale of assets - 9 - - 9
Gain (loss) on
sale of
securities (7,715) 327 871 629 (5,888)
--------- --------- --------- --------- ---------
Total
noninterest
income 41,789 47,640 48,266 46,570 184,265
Noninterest Expense
Salaries and
employee
benefits 60,926 59,675 59,306 59,676 239,583
Net occupancy of
premises 9,454 7,513 7,020 6,642 30,629
Legal and
professional
fees 11,938 8,193 7,359 6,772 34,262
Information
services 5,170 4,522 4,588 4,522 18,802
Depreciation 3,503 3,614 3,274 3,228 13,619
Amortization of
intangibles 1,798 1,763 1,760 1,759 7,080
Marketing and
advertising 4,513 3,666 3,812 3,507 15,498
Office services 2,955 2,444 2,487 2,419 10,305
Equipment 581 478 636 765 2,460
Minority interest
expense 584 1,502 1,306 1,600 4,992
Other 6,625 5,893 5,413 5,241 23,172
--------- --------- --------- --------- ---------
Total
noninterest
expense 108,047 99,263 96,961 96,131 400,402
--------- --------- --------- --------- ---------
Income Before Taxes 79,042 85,718 83,580 81,411 329,751
Applicable Income
Taxes 29,296 32,240 31,380 30,513 123,429
--------- --------- --------- --------- ---------
Net Income $49,746 $53,478 $52,200 $50,898 $206,322
========= ========= ========= ========= =========
Other Data:
Earnings per
common share -
basic $1.01 $1.09 $1.07 $1.04 $4.21
Earnings per
common share -
diluted $0.97 $1.04 $1.03 $1.00 $4.04
Dividends paid
per common share $0.32 $0.32 $0.32 $0.32 $1.28
Dividend payout
ratio 31.81 % 29.51 % 30.06 % 30.71 % 30.50 %
Return on average
assets 1.40 % 1.56 % 1.59 % 1.62 % 1.54 %
Return on average
shareholders'
equity 14.87 % 16.80 % 17.07 % 16.75 % 16.34 %
Net interest
margin (Fully
taxable-
equivalent) 4.54 % 4.46 % 4.49 % 4.66 % 4.54 %
Full-time
equivalent
employees 2,347 2,348 2,346 2,341
CITY NATIONAL CORPORATION
CONSOLIDATED PERIOD END BALANCE SHEET
(unaudited)
2005
--------------------------------------
Third Second First
(In thousands) Quarter Quarter Quarter
- ------------------------------- ------------ ------------ ------------
Assets
Cash and due from banks $438,786 $406,709 $386,999
Federal funds sold 185,000 400,000 190,000
Due from banks - interest-
bearing 39,485 34,676 36,982
Securities-available-for-sale 4,030,296 4,057,267 4,018,969
Trading account securities 42,634 22,337 37,490
Loans:
Commercial 3,392,487 3,320,836 3,082,663
Commercial Real estate
mortgages 1,816,231 1,892,187 1,919,788
Residential mortgages 2,560,999 2,398,627 2,323,879
Real estate construction 733,779 741,486 772,000
Equity lines of credit 317,703 310,101 274,735
Installment 205,706 223,029 212,398
------------ ------------ ------------
Total loans 9,026,905 8,886,266 8,585,463
Allowance for loan
losses (152,920) (147,930) (147,607)
------------ ------------ ------------
Net loans 8,873,985 8,738,336 8,437,856
Premises and equipment, net 76,754 73,169 68,354
Goodwill 248,373 251,494 251,494
Other assets 494,131 491,610 489,894
------------ ------------ ------------
Total assets $14,429,444 $14,475,598 $13,918,038
============ ============ ============
Liabilities:
Deposits:
Noninterest-bearing $6,345,907 $6,468,339 $6,069,061
Interest-bearing 5,769,807 5,683,869 5,693,563
------------ ------------ ------------
Total deposits 12,115,714 12,152,208 11,762,624
Federal funds purchased and
securities sold under
repurchase agreement 191,036 204,052 155,645
Other short-term borrowed
funds 26,197 27,678 125
Subordinated debt 278,076 285,771 280,068
Other long-term debt 221,168 233,290 224,829
Minority Interest 24,856 25,400 25,525
Other liabilities 155,220 146,311 149,039
------------ ------------ ------------
Total liabilities 13,012,267 13,074,710 12,597,855
Shareholders' Equity
Common stock 50,601 50,640 50,712
Additional paid-in capital 414,073 415,802 419,505
Retained earnings 1,077,561 1,035,589 995,688
Accumulated other
comprehensive loss (36,879) (12,948) (43,288)
Deferred equity compensation (15,784) (16,821) (19,893)
Treasury shares (72,395) (71,374) (82,541)
------------ ------------ ------------
Total shareholders' equity 1,417,177 1,400,888 1,320,183
------------ ------------ ------------
Total liabilities and
shareholders' equity $14,429,444 $14,475,598 $13,918,038
============ ============ ============
CITY NATIONAL CORPORATION
CONSOLIDATED PERIOD END BALANCE SHEET
(unaudited)
2004
---------------------------------------------------
Fourth Third Second First
(In thousands) Quarter Quarter Quarter Quarter
- ------------------ ------------ ------------ ------------ ------------
Assets
Cash and due from
banks $240,492 $410,694 $485,208 $472,541
Federal funds
sold 427,000 890,000 595,000 519,000
Due from banks -
interest-bearing 236,362 37,890 76,890 34,570
Securities-
available-for-
sale 4,114,298 3,780,750 3,518,757 3,612,173
Trading account
securities 75,878 49,752 28,893 39,549
Loans:
Commercial 3,030,363 2,912,703 2,981,806 3,086,307
Commercial Real
estate
mortgages 2,248,742 1,852,472 1,842,956 1,807,591
Residential
mortgages 1,892,823 2,167,623 2,114,335 1,977,952
Real estate
construction 847,364 797,109 782,435 741,637
Equity lines of
credit 255,194 242,050 214,533 197,269
Installment 219,701 202,180 189,431 156,883
------------ ------------ ------------ ------------
Total loans 8,494,187 8,174,137 8,125,496 7,967,639
Allowance
for loan
losses (148,568) (148,056) (153,271) (154,498)
------------ ------------ ------------ ------------
Net loans 8,345,619 8,026,081 7,972,225 7,813,141
Premises and
equipment, net 68,624 63,097 60,488 60,175
Goodwill 253,740 253,817 253,736 253,737
Other assets 469,500 469,319 494,549 426,212
------------ ------------ ------------ ------------
Total assets $14,231,513 $13,981,400 $13,485,746 $13,231,098
============ ============ ============ ============
Liabilities:
Deposits:
Noninterest-
bearing $6,026,428 $5,922,689 $5,809,241 $5,525,627
Interest-
bearing 5,960,487 5,942,864 5,645,678 5,609,050
------------ ------------ ------------ ------------
Total
deposits 11,986,915 11,865,553 11,454,919 11,134,677
Federal funds
purchased and
securities sold
under repurchase
agreement 204,654 71,570 94,898 88,063
Other short-term
borrowed funds 125 50,125 50,125 50,125
Subordinated debt 288,934 291,073 286,896 300,758
Other long-term
debt 230,416 231,882 224,488 239,804
Minority Interest 26,362 27,180 27,180 27,180
Other liabilities 145,572 130,790 119,431 150,561
------------ ------------ ------------ ------------
Total
liabilities 12,882,978 12,668,173 12,257,937 11,991,168
Shareholders' Equity
Common stock 50,589 50,585 50,578 50,583
Additional paid-
in capital 410,216 409,597 408,463 409,235
Retained earnings 957,987 924,066 886,367 849,859
Accumulated other
comprehensive
income (loss) (1,352) 3,683 (38,418) 32,237
Deferred equity
compensation (12,262) (13,355) (13,343) (14,343)
Treasury shares (56,643) (61,349) (65,838) (87,641)
------------ ------------ ------------ ------------
Total
shareholders'
equity 1,348,535 1,313,227 1,227,809 1,239,930
------------ ------------ ------------ ------------
Total
liabilities
and
shareholders'
equity $14,231,513 $13,981,400 $13,485,746 $13,231,098
============ ============ ============ ============
CITY NATIONAL CORPORATION
CREDIT LOSS EXPERIENCE
(unaudited)
2005
----------------------------------------
Third Second First Year To
(Dollars in thousands) Quarter Quarter Quarter Date
- ----------------------------- --------- --------- --------- ---------
Allowance for Loan Losses
Balance at beginning of
period $147,930 $147,607 $148,568 $148,568
Net (charge-offs)/recoveries:
Commercial 4,213 1,067 2,117 7,397
Commercial real estate
mortgages 1,516 7 (1,893) (370)
Residential mortgages - 1 2 3
Real estate construction - 71 23 94
Equity lines of credit - 39 1 40
Installment 13 5 (18) -
--------- --------- --------- ---------
Total net (charge-
offs)/recoveries 5,742 1,190 232 7,164
Provision charged to expense - - - -
Provision allocated (to) from
reserve for off-balance
sheet commitments (752) (867) (1,193) (2,812)
--------- --------- --------- ---------
Balance at end of period $152,920 $147,930 $147,607 $152,920
========= ========= ========= =========
Net (Charge-Offs)/Recoveries to Average Total
Loans: (annualized)
Commercial 0.49 % 0.13 % 0.28 % 0.30 %
Commercial real estate
mortgages 0.33 % 0.00 % (0.41)% (0.03)%
Residential mortgage 0.00 % 0.00 % 0.00 % 0.00 %
Real estate construction 0.00 % 0.04 % 0.01 % 0.02 %
Equity lines of credit 0.00 % 0.05 % 0.00 % 0.02 %
Installment 0.02 % 0.01 % (0.03)% 0.00 %
Total loans 0.25 % 0.05 % 0.01 % 0.11 %
Reserve for Off-Balance Sheet
Credit Commitments
Balance at beginning of
period $13,811 $12,944 $11,751 $11,751
Provision for credit
losses 752 867 1,193 2,812
--------- --------- --------- ---------
Balance at end of period $14,563 $13,811 $12,944 $14,563
========= ========= ========= =========
2004
--------------------------------------------------
(Dollars in Fourth Third Second First Full
thousands) Quarter Quarter Quarter Quarter Year
- ------------------- --------- --------- --------- --------- ----------
Allowance for Loan
Losses
Balance at
beginning of
period $148,056 $153,271 $154,498 $156,015 $156,015
Net (charge-offs)/
recoveries:
Commercial 1,280 (3,030) (955) 68 (2,637)
Commercial real
estate mortgages (1,274) (1,705) 975 (870) (2,874)
Residential
mortgages (3) 14 - - 11
Real estate
construction 34 19 18 29 100
Equity lines of
credit 1 - 1 1 3
Installment (70) (64) 6 (142) (270)
--------- --------- --------- --------- ---------
Total net
(charge-offs)/
recoveries (32) (4,766) 45 (914) (5,667)
Provision charged
to expense - - - - -
Provision allocated
(to) from reserve
for off-balance
sheet commitments 544 (449) (1,272) (603) (1,780)
--------- --------- --------- --------- ---------
Balance at end of
period $148,568 $148,056 $153,271 $154,498 $148,568
========= ========= ========= ========= =========
Net (Charge-Offs)/Recoveries to Average Total
Loans: (annualized)
Commercial 0.16 % (0.39)% (0.12)% 0.01 % (0.09)%
Commercial real
estate mortgages (0.28)% (0.37)% 0.22 % (0.19)% (0.16)%
Residential
mortgage (0.00)% 0.00 % 0.00 % 0.00 % 0.00 %
Real estate
construction 0.02 % 0.01 % 0.01 % 0.02 % 0.01 %
Equity lines of
credit 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Installment (0.30)% (0.28)% 0.03 % (0.70)% (0.15)%
Total loans (0.00)% (0.23)% 0.00 % (0.05)% (0.07)%
Reserve for Off-Balance Sheet
Credit Commitments
Balance at
beginning of
period $12,295 $11,846 $10,574 $9,971 $9,971
Provision for
credit losses (544) 449 1,272 603 1,780
--------- --------- --------- --------- ---------
Balance at end of
period $11,751 $12,295 $11,846 $10,574 $11,751
========= ========= ========= ========= =========
CITY NATIONAL CORPORATION
NONPERFORMING ASSETS
(unaudited)
2005
--------------------------
Third Second First
(Dollars in thousands) Quarter Quarter Quarter
- ------------------------------------------ -------- -------- --------
Nonaccrual Loans
Commercial $14,917 $17,982 $25,117
Commercial real estate mortgages 955 1,543 1,945
Residential mortgages 2,259 1,990 1,990
Real estate construction - - -
Equity lines of credit 22 22 212
Installment 401 624 654
-------- -------- --------
Total nonaccrual loans 18,554 22,161 29,918
Other Nonperforming Assets - - -
-------- -------- --------
Total nonperforming assets $18,554 $22,161 $29,918
======== ======== ========
Loans 90 Days or More Past Due
on Accrual Status $- $103 $807
Allowance for loan losses as a percentage
of:
Nonaccrual loans 824.19 % 667.52 % 493.37 %
Total nonperforming assets 824.19 % 667.52 % 493.37 %
Total loans 1.69 % 1.66 % 1.72 %
Nonaccrual loans as a percentage of total
loans 0.21 % 0.25 % 0.35 %
Nonperforming assets as a percentage of:
Total loans and other nonperforming
assets 0.21 % 0.25 % 0.35 %
Total Assets 0.13 % 0.15 % 0.21 %
2004
-----------------------------------
Fourth Third Second First
(Dollars in thousands) Quarter Quarter Quarter Quarter
- --------------------------------- -------- -------- -------- --------
Nonaccrual Loans
Commercial $30,334 $28,127 $34,651 $37,457
Commercial real estate mortgages 2,255 4,032 3,238 4,811
Residential mortgages 94 1,193 2,371 11
Real estate construction 790 1,163 1,168 -
Equity lines of credit 380 384 25 25
Installment 785 370 380 429
-------- -------- -------- --------
Total nonaccrual loans 34,638 35,269 41,833 42,733
Other Nonperforming Assets - - - -
-------- -------- -------- --------
Total nonperforming assets $34,638 $35,269 $41,833 $42,733
======== ======== ======== ========
Loans 90 Days or More Past Due
on Accrual Status $142 $3,586 $153 $5,057
Allowance for loan losses as a
percentage of:
Nonaccrual loans 428.92 % 419.79 % 366.39 % 361.54 %
Total nonperforming assets 428.92 % 419.79 % 366.39 % 361.54 %
Total loans 1.75 % 1.81 % 1.89 % 1.94 %
Nonaccrual loans as a percentage
of total loans 0.41 % 0.43 % 0.51 % 0.54 %
Nonperforming assets as a
percentage of:
Total loans and other
nonperforming assets 0.41 % 0.43 % 0.51 % 0.54 %
Total Assets 0.24 % 0.25 % 0.31 % 0.32 %
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2005
---------------------------------
Third Quarter Second Quarter
---------------- ----------------
Average Average Average Average
(Dollars in millions) Balance Rate Balance Rate
- ------------------------------------ -------- ------- -------- -------
Assets
Interest-earning assets
Loans
Commercial $3,401 6.21 % $3,225 6.06 %
Commercial real estate mortgages 1,804 6.90 1,846 6.70
Residential mortgages 2,509 5.67 2,433 5.43
Real estate construction 744 7.77 742 7.23
Equity lines of credit 310 6.10 297 5.70
Installment 215 7.05 218 6.39
-------- --------
Total loans 8,983 6.33 8,762 6.12
Due from banks - interest-bearing 41 1.45 37 1.24
Federal funds sold and securities
purchased under resale agreements 64 3.70 80 2.76
Securities available-for-sale 4,030 4.26 4,034 4.25
Trading account securities 37 3.95 37 3.25
-------- --------
Total interest-earning assets 13,155 5.66 12,950 5.49
Allowance for loan losses (151) (148)
Cash and due from banks 441 443
Other non-earning assets 811 796
-------- --------
Total assets $14,256 $14,041
======== ========
Liabilities and Shareholders' Equity
Interest-bearing deposits
Interest checking accounts $795 0.14 $849 0.08
Money market accounts 3,507 1.30 3,568 1.15
Savings deposits 196 0.29 199 0.28
Time deposits - under $100,000 183 2.64 181 2.38
Time deposits - $100,000 and over 1,074 2.76 897 2.56
-------- --------
Total interest-bearing deposits 5,755 1.42 5,694 1.22
Federal funds purchased and
securities sold under
repurchase agreements 256 3.25 315 2.88
Other borrowings 545 4.13 518 3.85
-------- --------
Total interest-bearing
liabilities 6,556 1.72 6,527 1.51
Noninterest-bearing deposits 6,104 5,985
Other liabilities 178 170
Shareholders' equity 1,418 1,359
-------- --------
Total liabilities and
shareholders' equity $14,256 $14,041
======== ========
Net interest spread 3.94 % 3.98 %
====== ======
Net interest margin 4.80 % 4.73 %
====== ======
2005
----------------------------------
First Year to
Quarter Date
---------------- ----------------
Average Average Average Average
(Dollars in millions) Balance Rate Balance Rate
- ------------------------------------ -------- ------- -------- -------
Assets
Interest-earning assets
Loans
Commercial $3,112 5.75 % $3,247 6.00 %
Commercial real estate mortgages 1,818 6.64 1,823 6.75
Residential mortgages 2,344 5.46 2,429 5.52
Real estate construction 830 6.63 772 7.19
Equity lines of credit 265 5.42 291 5.76
Installment 216 6.29 216 6.80
-------- --------
Total loans 8,585 5.97 8,778 6.14
Due from banks - interest-bearing 65 1.34 48 1.35
Federal funds sold and securities
purchased under resale agreements 33 2.59 60 3.08
Securities available-for-sale 4,078 4.38 4,047 4.30
Trading account securities 38 2.40 37 3.21
-------- --------
Total interest-earning assets 12,799 5.42 12,970 5.53
Allowance for loan losses (149) (149)
Cash and due from banks 441 441
Other non-earning assets 782 796
-------- --------
Total assets $13,873 $14,058
======== ========
Liabilities and Shareholders' Equity
Interest-bearing deposits
Interest checking accounts $858 0.09 $834 0.10
Money market accounts 3,690 1.00 3,588 1.15
Savings deposits 205 0.24 200 0.27
Time deposits - under $100,000 182 2.07 182 2.36
Time deposits - $100,000 and over 944 2.11 972 2.49
-------- --------
Total interest-bearing deposits 5,879 1.05 5,776 1.23
Federal funds purchased and
securities sold under
repurchase agreements 254 2.33 274 2.83
Other borrowings 519 3.53 528 3.84
-------- --------
Total interest-bearing
liabilities 6,652 1.29 6,578 1.51
Noninterest-bearing deposits 5,694 5,929
Other liabilities 175 174
Shareholders' equity 1,352 1,377
-------- --------
Total liabilities and
shareholders' equity $13,873 $14,058
======== ========
Net interest spread 4.13 % 4.02 %
====== ======
Net interest margin 4.75 % 4.76 %
====== ======
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2004
--------------------------------------------------
Fourth Quarter Third Quarter Second Quarter
---------------- ---------------- ----------------
(Dollars in Average Average Average Average Average Average
millions) Balance Rate Balance Rate Balance Rate
- ------------------- -------- ------- -------- ------- -------- -------
Assets
Interest-earning
assets
Loans
Commercial $3,028 5.47 % $2,997 5.30 % $3,042 5.00 %
Commercial real
estate
mortgages 1,798 6.40 1,785 6.26 1,762 6.16
Residential
mortgages 2,250 5.33 2,188 5.39 2,087 5.34
Real estate
construction 826 6.01 787 5.46 779 5.10
Equity lines of
credit 246 5.32 221 4.43 204 4.54
Installment 209 5.96 196 6.20 180 6.13
-------- -------- --------
Total loans 8,357 5.68 8,174 5.54 8,054 5.37
Due from banks -
interest-bearing 92 1.84 39 0.86 43 0.86
Federal funds
sold and
securities
purchased under
resale
agreements 579 1.98 659 1.48 439 1.02
Securities
available-for-
sale 3,980 4.36 3,641 4.30 3,569 4.47
Trading account
securities 32 2.06 36 0.98 32 0.48
-------- -------- --------
Total interest-
earning assets 13,040 5.08 12,549 4.94 12,137 4.92
Allowance for
loan losses (149) (153) (155)
Cash and due from
banks 446 432 446
Other non-earning
assets 784 784 795
-------- -------- --------
Total assets $14,121 $13,612 $13,223
======== ======== ========
Liabilities and
Shareholders' Equity
Interest-bearing deposits
Interest checking
accounts $858 0.08 $834 0.08 $825 0.08
Money market
accounts 3,910 0.84 3,879 0.76 3,649 0.68
Savings deposits 206 0.25 208 0.25 212 0.27
Time deposits -
under $100,000 184 1.76 189 1.50 194 1.39
Time deposits -
$100,000 and
over 864 1.76 811 1.48 811 1.33
-------- -------- --------
Total interest-
bearing
deposits 6,022 0.87 5,921 5,691 0.70
Federal funds
purchased and
securities
sold under
repurchase
agreements 115 1.73 129 1.27 121 0.89
Other borrowings 557 2.77 561 2.30 590 1.91
-------- -------- --------
Total interest-
bearing
liabilities 6,694 1.05 6,611 0.91 6,402 0.81
Noninterest-
bearing deposits 5,917 5,575 5,431
Other liabilities 179 159 160
Shareholders'
equity 1,331 1,267 1,230
-------- -------- --------
Total
liabilities and
shareholders'
equity $14,121 $13,612 $13,223
======== ======== ========
Net interest spread 4.03 % 4.03 % 4.11 %
====== ====== ======
Net interest margin 4.54 % 4.46 % 4.49 %
====== ====== ======
2004
----------------------------------
First Full
Quarter Year
---------------- ----------------
Average Average Average Average
(Dollars in millions) Balance Rate Balance Rate
- ------------------------------------ -------- ------- -------- -------
Assets
Interest-earning assets
Loans
Commercial $3,104 5.09 % $3,042 5.21 %
Commercial real estate mortgages 1,759 6.35 1,776 6.31
Residential mortgages 2,001 5.45 2,132 5.38
Real estate construction 678 5.08 768 5.44
Equity lines of credit 194 4.17 216 4.46
Installment 150 6.24 184 6.13
-------- --------
Total loans 7,886 5.47 8,118 5.52
Due from banks - interest-bearing 78 0.72 63 1.17
Federal funds sold and securities
purchased under resale agreements 175 0.99 464 1.48
Securities available-for-sale 3,433 4.62 3,657 4.43
Trading account securities 30 0.52 32 1.02
-------- --------
Total interest-earning assets 11,602 5.10 12,334 5.01
Allowance for loan losses (156) (153)
Cash and due from banks 447 443
Other non-earning assets 724 772
-------- --------
Total assets $12,617 $13,396
======== ========
Liabilities and Shareholders' Equity
Interest-bearing deposits
Interest checking accounts $802 0.08 $792 0.09
Money market accounts 3,421 0.68 3,712 0.75
Savings deposits 205 0.26 249 0.21
Time deposits - under $100,000 198 1.45 191 1.52
Time deposits - $100,000 and over 912 1.29 850 1.47
-------- --------
Total interest-bearing deposits 5,538 0.71 5,794 0.76
Federal funds purchased and
securities
sold under repurchase agreements 112 0.88 119 1.19
Other borrowings 579 1.97 572 2.23
-------- --------
Total interest-bearing
liabilities 6,229 0.83 6,485 0.90
Noninterest-bearing deposits 4,995 5,481
Other liabilities 171 167
Shareholders' equity 1,222 1,263
-------- --------
Total liabilities and
shareholders' equity $12,617 $13,396
======== ========
Net interest spread 4.27 % 4.11 %
====== ======
Net interest margin 4.66 % 4.54 %
====== ======
CITY NATIONAL CORPORATION
CAPITAL AND CREDIT RATING DATA
(unaudited)
2005
--------------------------------
Third Second First Year To
Quarter Quarter Quarter Date
------- ------- -------- -------
Per Common Share:
- ------------------------------------
Shares Outstanding (in thousands):
Average - Basic 49,198 49,090 49,162 49,134
Average - Diluted 51,123 51,043 51,030 51,066
Period-End 49,117 49,145 48,958
Book Value $28.85 $28.51 $26.97
Price:
High $76.10 $72.90 $71.35 $76.10
Low 68.42 66.84 67.49 66.84
Period-end 70.09 71.71 69.82
Capital Ratios (Dollars in millions):
- ------------------------------------
Risk-based capital
Risk-adjusted assets $9,802 $9,663 $9,410
Tier I capital $1,195 $1,151 $1,100
Percentage of risk adjusted assets 12.19 % 11.91 % 11.69 %
Total capital $1,539 $1,493 $1,437
Percentage of risk adjusted assets 15.70 % 15.45 % 15.27 %
Tier I leverage ratio 8.58 % 8.39 % 8.12 %
Period-end shareholders' equity
to total period-end assets 9.82 % 9.68 % 9.49 %
Period-end tangible shareholders'
equity to total period-end
tangible assets 8.00 % 7.83 % 7.55 %
Average shareholders' equity
to total average assets 9.94 % 9.68 % 9.75 % 9.79 %
Average tangible shareholders'
equity to total average tangible
assets 8.08 % 7.77 % 7.80 % 7.88 %
Senior Debt Credit Ratings
- ------------------------------------
For The Period Ended Standard
September 30, 2005 &
Moody's Fitch Poor's DBRS
------- ------- -------- -------
City National Bank A2 A- A- A
City National Corporation A3 A- BBB+ A(low)
2004
---------------------------------------
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
------- ------- ------- ------- -------
Per Common Share:
- ------------------------------
Shares Outstanding (in
thousands):
Average - Basic 49,195 49,076 48,796 48,732 48,950
Average - Diluted 51,385 51,182 50,925 50,679 51,074
Period-End 49,238 49,127 49,015 48,553
Book Value $27.39 $26.73 $25.05 $25.54
Price:
High $70.99 $68.65 $65.95 $63.55 $70.99
Low 64.34 61.87 57.36 57.36 57.36
Period-end 70.65 64.95 65.70 59.90
Capital Ratios (Dollars in
millions):
- ------------------------------
Risk-based capital
Risk-adjusted assets $9,383 $9,129 $8,947 $8,777
Tier I capital $1,080 $1,036 $991 $935
Percentage of risk adjusted
assets 11.51 % 11.35 % 11.08 % 10.65 %
Total capital $1,418 $1,369 $1,321 $1,265
Percentage of risk adjusted
assets 15.11 % 14.99 % 14.77 % 14.41 %
Tier I leverage ratio 7.83 % 7.80 % 7.68 % 7.60 %
Period-end shareholders'
equity to total period-end
assets 9.48 % 9.39 % 9.10 % 9.37 %
Period-end tangible
shareholders' equity
to total period-end tangible
assets 7.56 % 7.43 % 7.05 % 7.24 %
Average shareholders' equity
to total average assets 9.42 % 9.31 % 9.30 % 9.69 % 9.42 %
Average tangible
shareholders' equity
to total average tangible
assets 7.48 % 7.28 % 7.20 % 7.46 % 7.36 %
CONTACT: City National Corporation
Financial/Investors:
Christopher J. Carey, 310-888-6777
Chris.Carey@cnb.com
or
Media:
Cary Walker, 213-833-4715
Cary.Walker@cnb.com
or
Conference Call:
Today 2:00 p.m. PDT
800-320-2978
Pass Code 27822614