Welcome!

News Feed Item

City National Bank Reports First Quarter 2014 Results; Earnings Rise on Lending and Deposit Growth

CNB Surpasses $5 Billion Asset Mark

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.

Asset Quality

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
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 smart...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...