|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.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 10, 2016 07:00 PM EST Reads: 4,120
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 10, 2016 06:45 PM EST Reads: 1,071
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 10, 2016 06:30 PM EST Reads: 1,936
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 10, 2016 06:30 PM EST Reads: 1,515
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 10, 2016 06:30 PM EST Reads: 996
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 10, 2016 06:15 PM EST Reads: 1,043
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 05:30 PM EST Reads: 974
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 10, 2016 05:15 PM EST Reads: 2,352
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 10, 2016 05:15 PM EST Reads: 1,391
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 10, 2016 04:30 PM EST Reads: 1,811
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 10, 2016 04:30 PM EST Reads: 1,900
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 10, 2016 04:30 PM EST Reads: 1,347
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 10, 2016 03:45 PM EST Reads: 1,316
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Dec. 10, 2016 03:45 PM EST Reads: 901
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 03:30 PM EST Reads: 916