|By Marketwired .||
|April 29, 2014 09:02 AM EDT||
MIAMI, FL--(Marketwired - April 29, 2014) - City National Bank of Florida (CNB) announced strong financial results for the first quarter of 2014, driven by robust lending and deposit growth.
For the quarter ending March 31, 2014, pre-tax income was $18.9 million, compared to $15.5 million in the first quarter of last year. The bank reported net income of $11.6 million for the first quarter, up from $9.5 million for the first quarter of 2013. Core earnings were $17.9 million in the first quarter, compared to $14.4 million in the same quarter a year ago.
"Our continued strong financial performance confirms that we are providing our clients and the marketplace with the services and value they desire," CNB President and CEO Jorge Gonzalez said. "City National Bank's unique commitment to service, relationship banking and local decision-making continues to be well received by the marketplace."
Assets grew by $378 million to $5.1 billion as the bank surpassed the $5 billion asset benchmark, continuing a path of steady, disciplined growth.
"Our commitment to supporting our clients is our number one priority," Gonzalez said. "This outstanding financial performance and sustainable growth is a testament to that philosophy."
CNB's asset quality and capital levels remained among the best in the industry. Non-accrual loans dropped to $14.5 million, from $19.5 million a year ago. Non-accrual loans to total loans dropped to 0.48 percent in the first quarter from 0.78 percent in March 2013. As of March 31, the company had total Tier 1 Capital of $559.5 million. CNB's Tier 1 Leverage Capital Ratio was 12.43 percent and Total Risk Based Capital Ratio was 19.28 percent.
The bank's loan portfolio grew by $406 million, almost 17 percent, since the first quarter of 2013. The loan growth was spearheaded by business and real estate lending.
City National Bank also remains focused on serving the needs of condominium and homeowner associations, a potential growth segment for the bank. The bank has been active in the association segment for decades, meeting the depository and lending needs of associations throughout the communities it serves.
CNB is also actively pursuing expanded lending opportunities for small businesses, the core of our state's economy. The bank has already seen success with new SBA lending products launched earlier this year.
"As the economy continues to strengthen, City National Bank is here to help our clients with their business expansion needs that will continue to fuel economic growth in our community," Gonzalez said. "We are uniquely positioned as a locally-based community bank with size and scale that uniquely positions us to deploy technology, recruit and retain top talent, and deliver new product offerings in line with the needs of our clients."
Deposits also increased by $395 million during the previous 12 months. Deposits totaled $3.9 billion at the end of the first quarter, compared to $3.15 billion at the end of the first quarter of 2013.
1Q Financial Highlights
- Assets increased by $378 million in the last 12 months.
- New loan commitments totaled $265 million in the first quarter.
- Loans grew by $406 million in the last 12 months.
- Core earnings before securities gains were $17.7 million in the first quarter, compared to $13.4 million in the same year-ago quarter.
Banco de Credito e Inversiones (Bci), the third largest bank in Chile, has agreed to acquire the Miami-based bank. The acquisition recently received approval of the Superintendency of Banks and Financial Institutions of Chile and the Central Bank of Chile. The purchase is set to close pending approval of the Federal Reserve.
The bank's financial strength and stability was recently recognized with another 5-star "Superior" rating, the highest possible, from BauerFinancial, the leading bank ratings firm. City National Bank has earned this distinction for eight consecutive quarters.
The bank has also received a number of honors recently, including the Best Business Bank, Best Community Bank, Best Bank for Jumbo Loans and Best Bank for Commercial Real Estate Lending by the readers of the Daily Business Review. CNB also received the South Florida Business Journal's Business of the Year Award as well as the Community Bank of the Year Award.
City National Bank's key financial performance metrics include:
First Quarter 2014 First Quarter 2013 --------------------------------------------- Pre-tax Income $18.9 million $15.5 million Gross Loans $2.93 billion $2.52 billion Total Deposits $3.9 billion $3.5 billion
Capital Ratios and Liquidity
CNB's capital position continued to strengthen in the first quarter of 2014 with $559.5 million, compared to $488.1 million in the first quarter of 2013.
Tier 1 Leverage Capital Ratio 12.43% 5% is considered well capitalized Tier 1 Risk Based Capital Ratio 18.02% 6% is considered well capitalized Total Risk Based Capital Ratio 19.28% 10% is considered well capitalized
CNB continues to be one of the most liquid banks in Florida with excess liquidity of $1.3 billion.
The bank's superior asset quality continued to improve in the first quarter of 2014 with non-accrual loans dropping to $14 million, down from $19.5 million in March 2013.
Allowance to total loans 1.83% Among the highest in the state Allowance to Non-Accrual Loans 382% One of the highest in the industry
Other key indicators of asset quality:
- Non-accrual loans to total loans declined to 0.48%
- Non-performing loans to capital declined to 2.29%
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. With more than $5.1 billion in assets, CNB is the fifth-largest financial institution based 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 voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans and a top private bank by the readers of the Daily Business Review. The South Florida Business Journal named it Business of the Year in 2013 and Community Bank of the Year in 2013 and 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.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 16, 2017 08:00 PM EST Reads: 516
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 16, 2017 06:45 PM EST Reads: 3,481
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 16, 2017 06:00 PM EST Reads: 343
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 16, 2017 05:00 PM EST Reads: 3,996
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 16, 2017 03:30 PM EST Reads: 4,815
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 16, 2017 03:15 PM EST Reads: 329
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 16, 2017 02:30 PM EST Reads: 1,544
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 16, 2017 02:15 PM EST Reads: 5,259
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,590
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 16, 2017 01:30 PM EST Reads: 3,305
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 16, 2017 01:00 PM EST Reads: 1,025
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jan. 16, 2017 01:00 PM EST Reads: 3,636
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 16, 2017 12:30 PM EST Reads: 3,354
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 16, 2017 12:30 PM EST Reads: 836
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 16, 2017 12:30 PM EST Reads: 5,470