MIAMI, FL--(Marketwired - October 28, 2013) - City National Bank of Florida (CNB) announced its financial results for the third quarter of 2013, with gains in net income, core earnings and pre-tax income.
For the quarter ended September 30, 2013, net income was $10.3 million compared to $9.8 million for the previous quarter. Pre-tax income in the third quarter was $16.8 million, compared to $16 million in the second quarter of 2013.
Core earnings without securities gain for the first nine months of the year were $41.2 million, compared to $37.4 million for the first nine months of last year.
"City National Bank continues to excel, with metrics that prove our strategy of growth and diversification is effective," CNB President and CEO Jorge Gonzalez said. "Our excellent financial performance is the result of the hard work and dedication of the CNB team to the delivery of a best-in-class client experience based on personal relationships and local decision-making."
As part of its diversification efforts, the bank will soon launch additional small business lending products to continue expanding its commercial offerings and support this vital segment of the Florida business community. The bank has expanded its Business Banking team as it continues to invest in people to expand.
"Supporting small businesses is a key part of our growth and diversification strategy," Gonzalez said. "This is not only good for our business, but is also helps drive continued growth in this key segment that is so important to the communities we serve."
CNB has grown assets by $479 million in the last twelve months to $4.8 billion. In addition, the bank closed more than $639 million in new loan commitments this year.
CNB's loan portfolio has grown by $429 million in the past twelve months. Commercial loans increased 57.4%, commercial mortgages grew 20.9% and residential mortgages showed a 14.5% gain.
Deposits increased by $378 million during the previous 12 months. Deposits totaled $3.5 billion at the end of the third quarter, compared to $3.1 billion at the end of the third quarter last year.
City National Bank's superior asset quality continued to improve as non-accrual loans dropped to $17.9 million.
As of September 30, Total Risk Based Capital stood at $557 million and Total Tier 1 Capital was $520.7 million. CNB continues to be one of the most liquid banks in Florida with excess liquidity of more than $1.1 billion.
City National Bank announced in May that Banco de Credito e Inversiones (Bci) has agreed to acquire the Miami-based bank for $882.8 million. Bci, the third-largest private bank in Chile, has one of the region's best credit ratings. It becomes the first bank from Chile to purchase a U.S. bank. The acquisition, which requires regulatory approval, also represents the largest investment by a Chilean company in the United States.
City National Bank continues to be recognized for its strong financial performance, dedication to client service and innovation. In June, CNB received another five-star "Superior" rating, the highest rating possible, from BauerFinancial, the leading bank ratings firm. This was the bank's sixth consecutive quarter receiving this coveted rating.
Earlier this year, the South Florida Business Journal named City National Bank as "Business of the Year" and the readers of the Daily Business Review voted CNB as the "Best Business Bank."
|YTD 2012||YTD 2013|
|•Pre-tax Income:||$32.2 million||$48.4 million|
|•Core Earnings without Securities gains||$37.4 million||$41.2 million|
- Assets increased by $479 million in the last twelve months
- Deposits increased $378 million in the last twelve months
- New loan commitments for 2013 stand at $639 million
CNB's capital position continued to strengthen in the third quarter of 2013, with Tier 1 capital of $520.7 million, compared to $502.3 million in the second quarter of 2013.
|• Tier 1 Leverage Capital||11.89%||5% is considered well capitalized|
|• Tier 1 Risk Based Capital Ratio||18.29%||6% is considered well capitalized|
|• Total Risk Based Capital Ratio||19.55%||10% is considered well capitalized|
The bank's superior asset quality continued to improve in the third quarter of 2013 with non-accrual loans dropping to $17.9 million, down from $25.1 million in September 2012.
|• Allowance to total loans||2.09%||Among the highest in the state|
|• Allowance to Non-Accrual Loans||310%||One of the highest in the industry|
Other key indicators of asset quality:
- Non-accrual loans to total loans declined to 0.67%, down from 1.13% in September 2012
- Non-performing loans to capital declined to 3.11%
About City National Bank of Florida
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for more than 65 years. The fifth-largest financial institution in the state, City National Bank is one of the most liquid and best capitalized banks in Florida and is rated 5 stars "Superior" by BauerFinancial. CNB was named Business of the Year by the South Florida Business Journal, and voted the Best Business Bank by the readers of the Daily Business Review. The bank was also named the South Florida Business Journal's Local/Community Bank of the Year in 2011. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to the greater Orlando area.