Exhibit 99.1
City National Corp. Reports Record
Earnings for 2005; Net Income Reached $235 Million, or $4.60 Per
Share; EPS Grew 14 Percent Year Over Year; Board Increases Annual
Dividend 14 Percent to $1.64 Per Share
LOS ANGELES--(BUSINESS WIRE)--Jan. 19, 2006--Announcing its 10th
straight year of record earnings, City National Corporation (NYSE:
CYN), the parent company of wholly owned City National Bank, today
reported 2005 net income of $235 million, or $4.60 per share. Net
income and earnings per share both grew 14 percent from 2004.
City National also announced that its Board of Directors has
increased the company's annual common stock cash dividend to $1.64 per
share, up 14 percent from the $1.44 per share previously paid. A
dividend of $0.41 per share will be payable on February 15, 2006, to
stockholders of record on February 1, 2006.
This is the 12th consecutive year in which City National
Corporation has increased its dividend.
2005 FINANCIAL HIGHLIGHTS
-- Revenue increased 12 percent from 2004.
-- Average loan balances grew 9 percent to $8.9 billion.
-- Average deposits totaled $11.8 billion, up 4 percent from
2004.
-- City National's net interest margin averaged 4.79 percent in
2005, increasing from 4.54 percent the previous year.
-- Credit quality continued to improve. Nonaccrual loans fell 58
percent year over year to 0.16 percent of the total loan
portfolio. The company required no provision for credit
losses, remaining adequately reserved at 1.66 percent of total
loans.
"Strong loan growth, sound asset quality, an exceptional deposit
base and an expanding net interest margin and wealth management
business contributed to another record performance in 2005," said
Chief Executive Officer Russell Goldsmith. "Reflecting the
effectiveness of our 2,500 colleagues and the loyalty of our growing
client base, for the first time in its 52-year history, City National
finished the year with $9.3 billion in loans, $12.1 billion in
deposits and more than $39 billion in client investment assets under
management or administration.
"At the same time, we continued to invest in the talent,
resources, facilities, capabilities and risk management infrastructure
that enable City National to continue to improve its performance and
potential as California's Premier Private and Business Bank(R)."
For the 12 months
ended
Dollars in millions, December 31, %
---------------------
except per share 2005 2004 Change
- ----------------------------------------- ---------- ---------- ------
Earnings Per Share $4.60 $4.04 14
Net Income 234.7 206.3 14
Average Assets 14,161.3 13,396.0 6
Return on Average Assets 1.66% 1.54% 8
Return on Average Equity 16.89 16.34 3
ASSETS
Total assets at December 31, 2005 reached $14.6 billion, up 2
percent from the end of 2004 and 1 percent from the third quarter of
2005.
REVENUES
Revenues (net interest income plus noninterest income) grew to
$821 million, a 12 percent increase over 2004.
NET INTEREST INCOME
Fully taxable-equivalent net interest income of $625 million was
up 12 percent from 2004, due primarily to increasing loan volume and
higher interest rates.
Average loan balances grew 9 percent in 2005, led by a 16 percent
increase in residential mortgage loans and a 9 percent rise in
commercial lending. Commercial real estate mortgages increased 2
percent, and construction lending was flat.
City National's net interest margin averaged 4.79 percent in 2005,
up from 4.54 percent in the previous year. The increase was
attributable to a 200-basis-point increase in the bank's prime rate,
which was offset partly by higher deposit costs.
City National's prime rate was 7.25 percent on December 31, 2005,
up from 6.75 percent on September 30, 2005 and 5.25 percent at the end
of 2004.
Dollars in millions 2005 2004 Change
- -------------------------- -------------- -------------- --------
Average Loans $8,875.4 $8,106.7 9
Average Securities 4,075.9 3,689.0 10
Average Deposits 11,778.8 11,275.0 4
Average Core Deposits 10,765.3 10,425.5 3
Fully Taxable-Equivalent
Net Interest Income 624.8 559.5 12
Net Interest Margin 4.79% 4.54% 6
Average deposits grew 4 percent in 2005, reaching $11.8 billion.
Average securities totaled $4.1 billion in 2005, a 10 percent
increase from the previous year. At December 31, 2005 the average
duration of total available-for-sale securities was 3.0 years. It also
was 3.0 years at the end of 2004.
NONINTEREST INCOME
Noninterest income reached $208 million in 2005, up 13 percent
from the previous year. It now accounts for 25 percent of City
National's total revenue. The increase last year was due largely to
the continued growth of City National's wealth management business and
international services fees.
Wealth Management
Trust and investment fees grew 15 percent last year, while fees
for brokerage and mutual fund services went up 11 percent. Assets
under management increased 19 percent from 2004, due to 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
12 months ended
December 31, %
-------------------
Dollars in millions 2005 2004 Change
- ------------------------------------------- --------- --------- ------
Trust and Investment Fee Revenue $78.6 $68.4 15
Brokerage and Mutual Fund Fees 41.9 37.7 11
Assets Under Management (1) 19,256.2 16,185.2 19
Assets Under Management
or Administration (1) 39,589.0 35,092.7 13
(1) Excludes $7.2 billion and $4.2 billion of assets under management
for the CCM minority owned asset managers as of December 31, 2005
and December 31, 2004, respectively.
Other Noninterest Income
International service fees grew 11 percent in 2005, reflecting
increased demand for both foreign exchange and letters of credit.
Other service charges and fees were 30 percent higher last year than
they were in 2004.
Cash management and deposit transaction fees fell 18 percent year
over year, due largely to a higher earnings credit for clients who
maintain deposit balances to pay for services.
City National recorded $2.4 million in gains on the sale of assets
and securities in 2005. In 2004, the company posted a $5.9 million
loss due primarily to a write-down of GSE securities.
NONINTEREST EXPENSE
Expenses grew 11 percent in 2005, due in part to higher staffing
and occupancy costs. In addition to opening four new banking offices,
relocating two others and further expanding City National Plaza, the
company added personnel for sales, business development, compliance
and risk management. Expenses also reflect an increase in legal and
professional fees for services needed to further strengthen the
company's regulatory compliance capabilities.
The company's efficiency ratio in 2005 was 53.30, compared with
53.89 in 2004.
CREDIT QUALITY
Asset quality continued to improve. Nonaccrual loans totaled $14.4
million at December 31, 2005, down 58 percent from the end of 2004.
They now amount to 16 basis points of total loans. Net loan recoveries
amounted to $9.3 million in 2005.
The company made no provision for credit losses in 2005. This was
attributable to management's assessment of asset quality, loan growth
and improving economic conditions. At December 31, 2005 the allowance
for loan losses was $154 million or 1.66 percent of total loans. The
reserve for unfunded credit commitments was $15.6 million.
INCOME TAXES
City National's effective tax rate was 37.7 percent for the year.
That compares with a 37.4 percent rate in 2004.
FOURTH-QUARTER 2005 HIGHLIGHTS
-- Net income in the fourth quarter of 2005 totaled $61.8
million. Earnings per share grew to $1.21 per share, up 25
percent from the fourth quarter of 2004. (Results for 2004
included an after-tax non-cash charge of $4.8 million, or
$0.09 per share, for the write-down of perpetual fixed-rate
preferred securities.)
-- Fourth-quarter revenue was up 14 percent from the same period
in 2004.
-- Net interest income grew 10 percent from the fourth quarter of
2004 and 2 percent from the third quarter of 2005. The
company's net interest margin averaged 4.85 percent in the
fourth quarter of 2005, compared with 4.80 percent for the
previous quarter.
-- Average loan balances reached an all-time high of $9.2
billion, up 10 percent from the same period of 2004.
-- Average deposits increased to $12 billion for the first time
in the fourth quarter, growing 1 percent from the same period
of 2004.
-- Noninterest income totaled $53 million. It was up 27 percent
from the same period in 2004 but down 1 percent from the third
quarter of 2005.
-- Noninterest expense was up 6 percent from the fourth quarter
of 2004 and 1 percent from the third quarter of 2005.
2006 OUTLOOK
Management currently expects earnings per share to grow at a rate
of between 9 percent and 12 percent in 2006. (This guidance reflects
the estimated 7-cent-per-share impact of expensing stock options.)
Average loans are expected to grow at a higher rate than they did
in 2005, while average deposits are expected to grow at a rate similar
to last year. The average net interest margin for 2006 may show some
modest expansion. Noninterest income and noninterest expense are
expected to grow at lower rates than 2005. Management expects to make
a provision for loan losses in 2006. It also expects the company's
effective tax rate to be slightly higher than in 2005.
CAPITAL LEVELS
The company remains well-capitalized. The total risk-based capital
and Tier 1 risk-based capital ratios at December 31, 2005 were 15.55
percent and 12.34 percent, respectively, compared with the minimum
regulatory standards of 10 percent and 6 percent for
"well-capitalized" institutions. City National's Tier 1 leverage ratio
at December 31, 2005 was 8.82 percent, well above the regulatory
minimum ratio of 5 percent.
At September 30, 2005 the total risk-based capital, Tier 1
risk-based capital and Tier 1 leverage ratios were 15.70 percent,
12.19 percent and 8.58 percent, respectively.
The period-end ratio of shareholders' equity to total assets at
December 31, 2005 was 10.00 percent, compared with 9.48 percent at the
same time in 2004 and 9.82 percent at September 30, 2005.
STOCK REPURCHASE
In 2005, City National repurchased 630,500 shares at an average
cost of $69.45. The company is currently authorized to buy back an
additional 379,000 shares.
CONFERENCE CALL
City National Corporation will host a conference call this
afternoon to discuss 2005 financial results. The call will begin at
2:00 p.m. PST. Analysts and investors may dial in and participate in
the question/answer session. To access the call, please dial
866.713.8567 and enter pass code 40769116. A listen-only live
broadcast of the call also will be available on the investor relations
page of the company's Website at www.cnb.com. There, it will be
archived and available for 12 months.
ABOUT CITY NATIONAL
City National Corporation's wholly owned subsidiary, City National
Bank, is California's Premier Private and Business Bank(R). It
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. The company opened four
new offices in 2005. City National and its affiliates manage or
administer approximately $39.6 billion in client trust and investment
assets, including $19.3 billion under direct management.
For more information about City National, visit the company's
Website at www.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 September
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."
Conference Call:
Today 2:00 p.m. PST
866.713.8567
Pass Code: 40769116
CITY NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(unaudited)
Three Months Twelve Months
------------------------ ---------------------------
For The Period
Ended December % %
31, 2005 2004 Change 2005 2004 Change
- ----------------- ------------------------ ---------------------------
Per Common Share
Net Income
Basic $1.25 $1.01 24 $4.77 $4.21 13
Diluted 1.21 0.97 25 4.60 4.04 14
Dividends 0.36 0.32 13 1.44 1.28 13
Book value 29.55 27.39 8
Results of
Operations:
(In millions)
Interest income $192 $163 18 $719 $604 19
Interest
expense 32 18 81 106 58 82
------- ------- --------- --------
Net interest
income 160 145 10 612 546 12
Net interest
income (Fully
tax-equivalent) 163 149 9 625 560 12
Total revenue 213 187 14 821 730 12
Provision for
credit losses - - - - - -
Net income 62 50 24 235 206 14
Financial Ratios:
Performance
Ratios:
Return on
average
assets 1.69 % 1.40 % 1.66 % 1.54 %
Return on
average
shareholders'
equity 17.15 14.87 16.89 16.34
Period-end
shareholders'
equity to
period-end
assets 10.00 9.48
Net interest
margin 4.85 4.54 4.79 4.54
Efficiency
ratio 52.86 56.69 53.30 53.89
Capital
Adequacy
Ratios (Period end):
Shareholders' equity to total assets 10.00 9.48
Tier 1 leverage 8.82 7.83
Tier 1 risk-based capital 12.34 11.51
Total risk-based capital 15.55 15.11
Asset Quality Ratios:
Allowance for loan losses to:
Total loans 1.66 % 1.75 %
Nonaccrual loans 1,069.33 428.92
Nonperforming assets to:
Total loans and nonperforming assets 0.16 0.41
Total assets 0.10 0.24
Net (charge-offs)
/recoveries to
Average total
loans
(annualized) 0.09 % (0.00)% 0.10 (0.07)
Average Balances: (In millions)
Loans $9,210 $8,345 10 $8,875 $8,107 9
Interest-
earning assets 13,328 13,028 2 13,048 12,323 6
Assets 14,468 14,121 2 14,161 13,396 6
Core deposits 10,864 11,075 (2) 10,766 10,426 3
Deposits 12,000 11,939 1 11,779 11,275 4
Interest-
bearing
liabilities 6,636 6,694 (1) 6,592 6,485 2
Shareholders'
equity 1,429 1,331 7 1,390 1,263 10
Period-End Balances : (In millions)
Loans $9,266 $8,481 9
Assets 14,582 14,232 2
Core deposits 11,081 11,054 -
Deposits 12,138 11,987 1
Shareholders' equity 1,458 1,349 8
Wealth
Management: (In millions) (1)
Assets under management $19,256 $16,185 19
Assets under management and
administration 39,589 35,093 13
(1) Excludes $7,202 and $4,227 million of assets under management for
the Convergent Capital Management minority-owned asset managers as
of December 31, 2005 and December 31, 2004, respectively.
CITY NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended Twelve Months Ended
(Dollars in December 31, December 31,
thousands
---------------------------- -------------------------
except per % %
share data) 2005 2004 Change 2005 2004 Change
- --------------- ------------------------------------------------------
Interest income $191,927 $162,919 18 $718,552 $604,325 19
Interest
expense 31,886 17,619 81 106,125 58,437 82
--------- --------- --------- ---------
Net Interest
Income 160,041 145,300 10 612,427 545,888 12
Provision for
Credit Losses - - - - - -
Noninterest
Income
Trust and
investment
fees 19,717 19,264 2 78,642 68,366 15
Brokerage and
mutual fund
fees 11,149 9,909 13 41,855 37,677 11
Cash
management
and
deposit
transaction
fees 7,842 9,024 (13) 34,096 41,386 (18)
International
services 6,256 5,425 15 23,159 20,784 11
Bank-owned
life
insurance 670 678 (1) 3,203 2,812 14
Other service
charges and
fees 7,261 5,204 40 24,880 19,119 30
Gain (loss) on
sale of
assets 81 - n/m 1,067 9 n/m
Gain (loss) on
sale of
securities (53) (7,715) (99) 1,287 (5,888) (122)
--------- --------- --------- ---------
Total
noninterest
income 52,923 41,789 27 208,189 184,265 13
Noninterest
Expense
Salaries and
employee
benefits 66,460 60,926 9 263,398 239,583 10
Net occupancy
of premises 10,074 9,454 7 35,083 30,629 15
Legal and
professional
fees 11,419 11,938 (4) 41,596 34,262 21
Information
services 5,469 5,170 6 21,137 18,802 12
Depreciation 3,608 3,503 3 14,293 13,619 5
Amortization
of
intangibles 1,865 1,798 4 6,595 7,080 (7)
Marketing and
advertising 4,472 4,513 (1) 16,171 15,498 4
Office
services 2,942 2,955 - 10,697 10,305 4
Equipment 582 581 - 2,355 2,460 (4)
Minority
interest
expense 571 584 (2) 5,675 4,992 14
Other 6,690 6,625 1 27,060 23,172 17
--------- --------- --------- ---------
Total
noninterest
expense 114,152 108,047 6 444,060 400,402 11
--------- --------- --------- ---------
Income Before
Taxes 98,812 79,042 25 376,556 329,751 14
Applicable
Income Taxes 37,055 29,296 26 141,821 123,429 15
--------- --------- --------- ---------
Net Income $61,757 $49,746 24 $234,735 $206,322 14
========= ========= ========= =========
Other Data:
Earnings per
common share
- basic $1.25 $1.01 24 $4.77 $4.21 13
Earnings per
common share
- diluted $1.21 $0.97 25 $4.60 $4.04 14
Dividends paid
per common
share $0.36 $0.32 13 $1.44 $1.28 13
Dividend
payout ratio 27.65 % 31.81 % (13) 30.03 % 30.50 % (2)
Return on
average
assets 1.69 % 1.40 % 21 1.66 % 1.54 % 8
Return on
average
shareholders'
equity 17.15 % 14.87 % 15 16.89 % 16.34 % 3
Net interest
margin (Fully
taxable-
equivalent) 4.85 % 4.54 % 7 4.79 % 4.54 % 6
Full-time
equivalent
employees 2,539 2,397 6
CITY NATIONAL CORPORATION
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(unaudited)
2005
(Dollars in -------------------------------------------------
thousands except Fourth Third Second First Year to
per share data) Quarter Quarter Quarter Quarter Date
- ------------------- --------- --------- --------- --------- ---------
Interest Income $191,927 $184,710 $174,265 $167,650 $718,552
Interest Expense 31,886 28,396 24,619 21,224 106,125
--------- --------- --------- --------- ---------
Net Interest
Income 160,041 156,314 149,646 146,426 612,427
Provision for
Credit Losses - - - - -
Noninterest Income
Trust and
investment fees 19,717 19,856 19,632 19,437 78,642
Brokerage and
mutual fund fees 11,149 10,910 9,928 9,868 41,855
Cash management
deposit
transaction fees 7,842 8,370 8,874 9,010 34,096
International
services 6,256 6,107 5,908 4,888 23,159
Bank-owned life
insurance 670 1,017 652 864 3,203
Other service
charges and fees 7,261 6,247 5,359 6,013 24,880
Gain (loss) on
sale of assets 81 801 162 23 1,067
Gain (loss) on
sale of
securities (53) 241 844 255 1,287
--------- --------- --------- --------- ---------
Total noninterest
income 52,923 53,549 51,359 50,358 208,189
Noninterest Expense
Salaries and
employee benefits 66,460 66,467 63,839 66,632 263,398
Net occupancy of
premises 10,074 8,666 8,727 7,616 35,083
Legal and
professional fees 11,419 10,672 10,791 8,714 41,596
Information
services 5,469 5,492 5,010 5,166 21,137
Depreciation 3,608 3,530 3,540 3,615 14,293
Amortization of
intangibles 1,865 1,852 1,441 1,441 6,595
Marketing and
advertising 4,472 4,182 3,943 3,574 16,171
Office services 2,942 2,578 2,688 2,489 10,697
Equipment 582 578 646 549 2,355
Minority interest
expense 571 1,761 1,532 1,811 5,675
Other 6,690 6,862 6,796 6,708 27,060
--------- --------- --------- --------- ---------
Total noninterest
expense 114,152 112,640 108,953 108,315 444,060
Income Before Taxes 98,812 97,223 92,052 88,469 376,556
Applicable Income
Taxes 37,055 37,413 34,345 33,008 141,821
--------- --------- --------- --------- ---------
Net Income $61,757 $59,810 $57,707 $55,461 $234,735
========= ========= ========= ========= =========
Other Data:
Earnings per
common share -
basic $1.25 $1.22 $1.18 $1.13 $4.77
Earnings per
common share -
diluted $1.21 $1.17 $1.13 $1.09 $4.60
Dividends paid per
common share $0.36 $0.36 $0.36 $0.36 $1.44
Dividend payout
ratio 27.65 % 29.83 % 30.85 % 32.02 % 30.03 %
Return on average
assets 1.69 % 1.66 % 1.65 % 1.62 % 1.66 %
Return on average
shareholders'
equity 17.15 % 16.74 % 17.03 % 16.63 % 16.89 %
Net interest
margin (Fully
taxable-
equivalent) 4.85 % 4.80 % 4.74 % 4.75 % 4.79 %
Full-time
equivalent
employees 2,539 2,516 2,477 2,445
CITY NATIONAL CORPORATION
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(unaudited)
2004
(Dollars in -------------------------------------------------
thousands except Fourth Third Second First Year to
per share data) Quarter Quarter Quarter Quarter Date
- ------------------- --------- --------- --------- --------- ---------
Interest Income $162,919 $152,431 $145,178 $143,797 $604,325
Interest Expense 17,619 15,090 12,903 12,825 58,437
--------- --------- --------- --------- ---------
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 2,397 2,348 2,346 2,341
CITY NATIONAL CORPORATION
CONSOLIDATED PERIOD END BALANCE SHEET
(unaudited)
2005
---------------------------------------------------
Fourth Third Second First
(In thousands) Quarter Quarter Quarter Quarter
- ------------------ ------------ ------------ ------------ ------------
Assets
Cash and due
from banks $365,217 $438,786 $406,709 $386,999
Federal funds
sold 157,000 185,000 400,000 190,000
Due from banks -
interest-
bearing 40,803 39,485 34,676 36,982
Securities-
available-for-
sale 3,999,261 4,030,296 4,057,267 4,018,969
Trading account
securities 59,344 42,634 22,337 37,490
Loans:
Commercial 3,544,504 3,392,487 3,320,836 3,082,663
Commercial
Real estate
mortgages 1,821,334 1,816,231 1,816,602 1,848,512
Residential
mortgages 2,629,396 2,560,999 2,474,212 2,395,155
Real estate
construction 721,890 711,755 724,895 759,090
Equity lines
of credit 333,548 317,703 310,101 274,735
Installment 214,930 205,706 223,029 212,398
------------ ------------ ------------ ------------
Total loans 9,265,602 9,004,881 8,869,675 8,572,553
Allowance
for loan
losses (153,983) (152,920) (147,930) (147,607)
------------ ------------ ------------ ------------
Net loans 9,111,619 8,851,961 8,721,745 8,424,946
Premises and
equipment, net 82,868 76,754 73,169 68,354
Goodwill 247,708 248,373 251,494 251,494
Other assets 518,040 516,155 508,201 502,804
------------ ------------ ------------ ------------
Total assets $14,581,860 $14,429,444 $14,475,598 $13,918,038
============ ============ ============ ============
Liabilities:
Deposits:
Noninterest-
bearing $6,562,038 $6,345,907 $6,468,339 $6,069,061
Interest-
bearing 5,576,434 5,769,807 5,683,869 5,693,563
------------ ------------ ------------ ------------
Total
deposits 12,138,472 12,115,714 12,152,208 11,762,624
Federal funds
purchased and
securities sold
under
repurchase
agreement 190,190 191,036 204,052 155,645
Other short-term
borrowed funds 100,000 26,197 27,678 125
Subordinated
debt 275,682 278,076 285,771 280,068
Other long-term
debt 219,445 221,168 233,290 224,829
Minority
Interest 24,351 24,856 25,400 25,525
Other
liabilities 175,712 155,220 146,311 149,039
------------ ------------ ------------ ------------
Total
liabilities 13,123,852 13,012,267 13,074,710 12,597,855
Shareholders'
Equity
Common stock 50,601 50,601 50,640 50,712
Additional paid-
in capital 411,389 414,073 415,802 419,505
Retained
earnings 1,121,474 1,077,561 1,035,589 995,688
Accumulated
other
comprehensive
loss (51,551) (36,879) (12,948) (43,288)
Deferred equity
compensation (14,730) (15,784) (16,821) (19,893)
Treasury shares (59,175) (72,395) (71,374) (82,541)
------------ ------------ ------------ ------------
Total
shareholders'
equity 1,458,008 1,417,177 1,400,888 1,320,183
------------ ------------ ------------ ------------
Total
liabilities
and
shareholders'
equity $14,581,860 $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 1,841,974 1,799,729 1,785,805 1,757,292
Residential
mortgages 2,299,591 2,220,366 2,171,486 2,028,251
Real estate
construction 834,454 785,598 772,509 729,383
Equity lines
of credit 255,194 242,050 214,533 197,269
Installment 219,701 202,180 189,431 156,883
------------ ------------ ------------ ------------
Total loans 8,481,277 8,162,626 8,115,570 7,955,385
Allowance
for loan
losses (148,568) (148,056) (153,271) (154,498)
------------ ------------ ------------ ------------
Net loans 8,332,709 8,014,570 7,962,299 7,800,887
Premises and
equipment, net 68,624 63,097 60,488 60,175
Goodwill 253,740 253,817 253,736 253,737
Other assets 482,410 480,830 504,475 438,466
------------ ------------ ------------ ------------
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
-------------------------------------------------
(Dollars in Fourth Third Second First Year To
thousands) Quarter Quarter Quarter Quarter Date
- ------------------- --------- --------- --------- --------- ---------
Allowance for Loan
Losses
Balance at
beginning of
period $152,920 $147,930 $147,607 $148,568 $148,568
Net (charge-
offs)/recoveries:
Commercial 2,085 4,213 1,067 2,117 9,482
Commercial real
estate mortgages 7 324 7 (1,893) (1,555)
Residential
mortgages - - 1 2 3
Real estate
construction 15 1,192 71 23 1,301
Equity lines of
credit - - 39 1 40
Installment (11) 13 5 (18) (11)
--------- --------- --------- --------- ---------
Total net
(charge-
offs)/recoveries 2,096 5,742 1,190 232 9,260
Provision charged
to expense - - - - -
Provision allocated
(to) from reserve
for off-balance
sheet commitments (1,033) (752) (867) (1,193) (3,845)
--------- --------- --------- --------- ---------
Balance at end of
period $153,983 $152,920 $147,930 $147,607 $153,983
========= ========= ========= ========= =========
Net (Charge-
Offs)/Recoveries
to Average Total
Loans:
(annualized)
Commercial 0.23 % 0.49 % 0.13 % 0.28 % 0.29 %
Commercial real
estate mortgages 0.00 % 0.07 % 0.00 % (0.41)% (0.09)%
Residential
mortgage 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Real estate
construction 0.01 % 0.65 % 0.04 % 0.01 % 0.17 %
Equity lines of
credit 0.00 % 0.00 % 0.05 % 0.00 % 0.01 %
Installment (0.02)% 0.02 % 0.01 % (0.03)% (0.01)%
Total loans 0.09 % 0.25 % 0.05 % 0.01 % 0.10 %
Reserve for Off-
Balance Sheet
Credit Commitments
Balance at
beginning of
period $14,563 $13,811 $12,944 $11,751 $11,751
Provision for
credit losses 1,033 752 867 1,193 3,845
--------- --------- --------- --------- ---------
Balance at end of
period $15,596 $14,563 $13,811 $12,944 $15,596
========= ========= ========= ========= =========
CITY NATIONAL CORPORATION
CREDIT LOSS EXPERIENCE
(unaudited)
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
------------------------------------
Fourth Third Second First
(Dollars in thousands) Quarter Quarter Quarter Quarter
- -------------------------------- --------- -------- -------- --------
Nonaccrual Loans
Commercial $5,141 $14,917 $17,982 $25,117
Commercial real estate
mortgages 923 955 1,543 1,945
Residential mortgages 294 2,259 1,990 1,990
Real estate construction 7,650 - - -
Equity lines of credit 21 22 22 212
Installment 371 401 624 654
--------- -------- -------- --------
Total nonaccrual loans 14,400 18,554 22,161 29,918
Other Nonperforming Assets - - - -
--------- -------- -------- --------
Total nonperforming assets $14,400 $18,554 $22,161 $29,918
========= ======== ======== ========
Loans 90 Days or More Past Due
on Accrual Status $234 $- $103 $807
Allowance for loan losses as a
percentage of:
Nonaccrual loans 1,069.33 % 824.19 % 667.52 % 493.37 %
Total nonperforming assets 1,069.33 % 824.19 % 667.52 % 493.37 %
Total loans 1.66 % 1.70 % 1.67 % 1.72 %
Nonaccrual loans as a percentage
of total loans 0.16 % 0.21 % 0.25 % 0.35 %
Nonperforming assets as a
percentage of:
Total loans and other
nonperforming assets 0.16 % 0.21 % 0.25 % 0.35 %
Total Assets 0.10 % 0.13 % 0.15 % 0.21 %
CITY NATIONAL CORPORATION
NONPERFORMING ASSETS
(unaudited)
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 % 0.52 % 0.54 %
Nonperforming assets as a
percentage of:
Total loans and other
nonperforming assets 0.41 % 0.43 % 0.52 % 0.54 %
Total Assets 0.24 % 0.25 % 0.31 % 0.32 %
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2005
--------------------------------------------------
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 $3,556 6.49 % $3,401 6.21 % $3,225 6.06 %
Commercial real
estate
mortgages 1,810 7.30 1,804 7.50 1,846 7.02
Residential
mortgages 2,591 5.22 2,508 5.24 2,433 5.18
Real estate
construction 727 8.36 725 7.98 728 7.37
Equity lines of
credit 322 6.77 310 6.10 297 5.70
Installment 204 7.09 215 7.05 219 6.39
-------- -------- --------
Total loans 9,210 6.45 8,963 6.34 8,748 6.13
Due from banks -
interest-bearing 44 1.63 41 1.45 37 1.24
Federal funds
sold and
securities
purchased under
resale
agreements 23 4.23 65 3.70 80 2.76
Securities
available-for-
sale 4,012 4.37 4,030 4.26 4,034 4.25
Trading account
securities 39 5.13 37 3.95 37 3.25
-------- -------- --------
Total interest-
earning assets 13,328 5.80 13,136 5.67 12,936 5.50
Allowance for
loan losses (153) (151) (148)
Cash and due from
banks 451 441 443
Other non-earning
assets 842 830 810
-------- -------- --------
Total assets $14,468 $14,256 $14,041
======== ======== ========
Liabilities and
Shareholders'
Equity
Interest-bearing
deposits
Interest checking
accounts $813 0.11 $795 0.14 $849 0.08
Money market
accounts 3,471 1.49 3,507 1.30 3,568 1.15
Savings deposits 186 0.74 196 0.29 199 0.28
Time deposits -
under $100,000 189 2.65 183 2.64 181 2.38
Time deposits -
$100,000 and
over 1,136 2.78 1,074 2.76 897 2.56
-------- -------- --------
Total interest-
bearing
deposits 5,795 1.56 5,755 1.42 5,694 1.22
Federal funds
purchased and
securities
sold under
repurchase
agreements 289 3.79 256 3.25 315 2.88
Other borrowings 552 4.55 545 4.13 518 3.85
-------- -------- --------
Total interest-
bearing
liabilities 6,636 1.91 6,556 1.72 6,527 1.51
Noninterest-
bearing deposits 6,205 6,104 5,985
Other liabilities 198 178 170
Shareholders'
equity 1,429 1,418 1,359
-------- -------- --------
Total
liabilities and
shareholders'
equity $14,468 $14,256 $14,041
======== ======== ========
Net interest spread 3.89 % 3.95 % 3.99 %
====== ====== ======
Net interest margin 4.85 % 4.80 % 4.74 %
====== ====== ======
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2005
----------------------------------
First Quarter Year to Date
---------------- ----------------
Average Average Average Average
(Dollars in millions) Balance Rate Balance Rate
- ------------------------------------ -------- ------- -------- -------
Assets
Interest-earning assets
Loans
Commercial $3,112 5.75 % $3,325 6.13 %
Commercial real estate mortgages 1,818 7.02 1,819 7.21
Residential mortgages 2,344 5.17 2,470 5.20
Real estate construction 817 6.74 749 7.59
Equity lines of credit 265 5.42 299 6.03
Installment 216 6.29 213 6.87
-------- --------
Total loans 8,572 5.98 8,875 6.23
Due from banks - interest-bearing 65 1.34 47 1.42
Federal funds sold and securities
purchased under resale agreements 33 2.59 50 3.22
Securities available-for-sale 4,078 4.38 4,038 4.32
Trading account securities 38 2.40 38 3.71
-------- --------
Total interest-earning assets 12,786 5.43 13,048 5.60
Allowance for loan losses (149) (150)
Cash and due from banks 441 444
Other non-earning assets 795 819
-------- --------
Total assets $13,873 $14,161
======== ========
Liabilities and Shareholders' Equity
Interest-bearing deposits
Interest checking accounts $858 0.09 $828 0.13
Money market accounts 3,690 1.00 3,558 1.23
Savings deposits 205 0.24 197 0.27
Time deposits - under $100,000 182 2.07 184 2.44
Time deposits - $100,000 and over 944 2.11 1,013 2.57
-------- --------
Total interest-bearing deposits 5,879 1.05 5,780 1.32
Federal funds purchased and
securities
sold under repurchase agreements 254 2.33 278 3.08
Other borrowings 519 3.53 534 4.03
-------- --------
Total interest-bearing
liabilities 6,652 1.29 6,592 1.61
Noninterest-bearing deposits 5,694 5,999
Other liabilities 175 180
Shareholders' equity 1,352 1,390
-------- --------
Total liabilities and
shareholders' equity $13,873 $14,161
======== ========
Net interest spread 4.14 % 3.99 %
====== ======
Net interest margin 4.75 % 4.79 %
====== ======
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2004
--------------------------------------------------
Fourth Quarter Third Quarter Second Quarter
---------------- ---------------- ----------------
Average Average Average Average Average Average
(Dollars in Balance Rate Balance Rate Balance Rate
millions)
- ------------------- -------- ------- -------- ------- -------- -------
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 814 6.10 776 5.54 767 5.18
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 8,345 5.69 8,163 5.55 8,042 5.38
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 13,028 5.08 12,538 4.95 12,125 4.93
Allowance for
loan losses (149) (153) (155)
Cash and due from
banks 446 432 446
Other non-earning
assets 796 795 807
-------- -------- --------
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 % 4.04 % 4.12 %
====== ====== ======
Net interest margin 4.54 % 4.47 % 4.50 %
====== ====== ======
CITY NATIONAL CORPORATION
AVERAGE BALANCES AND RATES
(unaudited)
2004
-------------------------------------
First Quarter Full 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 1,777 6.31
Residential mortgages 2,001 5.45 2,132 5.38
Real estate construction 666 5.17 756 5.52
Equity lines of credit 194 4.17 216 4.46
Installment 150 6.24 184 6.13
-------- --------
Total loans 7,874 5.47 8,107 5.53
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 11,590 5.11 12,323 5.01
Allowance for loan losses (156) (153)
Cash and due from banks 447 443
Other non-earning assets 736 783
-------- --------
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 4.28 % 4.11 %
===== =====
Net interest margin 4.66 % 4.54 %
===== =====
CITY NATIONAL CORPORATION
CAPITAL AND CREDIT RATING DATA
(unaudited)
2005
----------------------------------------
Fourth Third Second First Year To
Quarter Quarter Quarter Quarter Date
-------- ------- ------- ------- -------
Per Common Share:
- ----------------------------
Shares Outstanding (in
thousands):
Average - Basic 49,238 49,198 49,090 49,162 49,159
Average - Diluted 51,053 51,123 51,043 51,030 51,062
Period-End 49,347 49,117 49,145 48,958
Book Value $29.55 $28.85 $28.51 $26.97
Price:
High $75.12 $76.10 $72.90 $71.35 $76.10
Low 66.39 68.42 66.84 67.49 66.39
Period-end 72.44 70.09 71.71 69.82
Capital Ratios (Dollars in
millions):
- ----------------------------
Risk-based capital
Risk-adjusted assets $10,139 $9,802 $9,663 $9,410
Tier I capital $1,251 $1,195 $1,151 $1,100
Percentage of risk
adjusted assets 12.34 12.19 % 11.91 % 11.69 %
Total capital $1,576 $1,539 $1,493 $1,437
Percentage of risk
adjusted assets 15.55 15.70 % 15.45 % 15.27 %
Tier I leverage ratio 8.82 8.58 % 8.39 % 8.12 %
Period-end shareholders'
equity
to total period-end assets 10.00 9.82 % 9.68 % 9.49 %
Period-end tangible
shareholders' equity
to total period-end
tangible assets 8.21 8.00 % 7.83 % 7.55 %
Average shareholders'
equity
to total average assets 9.88 9.94 % 9.68 % 9.75 % 9.81 %
Average tangible
shareholders' equity
to total average tangible
assets 8.07 8.08 % 7.77 % 7.80 % 7.93 %
CITY NATIONAL CORPORATION
CAPITAL AND CREDIT RATING DATA
(unaudited)
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
Christopher J. Carey, 310-888-6777 (Financial/Investors)
Chris.Carey@cnb.com
Cary Walker, 213-833-4715 (Media)
Cary.Walker@cnb.com