City National Corp. (CYN, Financial) filed Quarterly Report for the period ended 2010-03-31.
City National Corp. has a market cap of $3.09 billion; its shares were traded at around $59.08 with a P/E ratio of 190.6 and P/S ratio of 3.1. The dividend yield of City National Corp. stocks is 0.6%.CYN is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Steven Cohen of SAC Capital Advisors, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Kenneth Fisher of Fisher Asset Management, LLC.
· For the quarter ended March 31, 2010, consolidated net income attributable to City National Corporation was $15.7 million and consolidated net income available to common shareholders was $10.0 million, or $0.19 per diluted common share. For the year-earlier quarter, consolidated net income attributable to City National Corporation was $7.5 million and consolidated net income available to common shareholders was $2.0 million, or $0.04 per diluted common share. The increase in net income available to common shareholders is primarily due to higher net interest income resulting from the Companys acquisition of Imperial Capital Bank (ICB), as well as a net securities gain in the first quarter of 2010 compared to a net securities loss in the year-earlier period, offset by increases in noninterest expense.
· Total assets were $20.07 billion at March 31, 2010, down 5 percent from $21.08 billion at December 31, 2009, and up 19 percent from $16.93 billion at March 31, 2009. The increase from the year-ago period largely reflected the Companys strong deposit growth as well as its acquisition of ICB on December 18, 2009. Total average assets increased to $20.27 billion for the first quarter of 2010 from $19.10 billion for the fourth quarter of 2009 and $16.41 billion for the first quarter of 2009.
· The Company recognized a provision for credit losses of $55.0 million for the first quarter of 2010 compared to $50.0 million in the year-ago period. Net loan charge-offs were $49.5 million, or 1.68 percent of average total loans and leases, excluding covered loans, on an annualized basis, for the first quarter of 2010, down from $58.7 million, or 1.93 percent, for the fourth quarter of 2009, and up from $33.6 million, or 1.10 percent, in the year-earlier quarter.
· Nonaccrual loans totaled $330.0 million at March 31, 2010, down from $388.7 million as of December 31, 2009, and up from $313.6 million at March 31, 2009. At March 31, 2010, nonperforming assets, excluding covered assets, were $388.0 million, compared to $442.0 million at December 31, 2009, and $326.3 million at March 31, 2009.
· Period end deposits at March 31, 2010 were $16.96 billion, down 2 percent from $17.38 billion at December 31, 2009 and up 24 percent from $13.69 billion at March 31, 2009. The decrease in period end deposits from December 31, 2009 was due to planned withdrawals of high-priced certificates of deposits that had been assumed in the ICB acquisition. Total ICB deposits were $919.7 million as of March 31, 2010 compared to $1.67 billion as of December 31, 2009. Average deposit balances for the first quarter of 2010 were $16.86 billion, up 7 percent from $15.73 billion for the fourth quarter of 2009 and up 31 percent from $12.84 billion for the first quarter of 2009. Average core deposits were up 37 percent from the year-ago period and 8 percent from the fourth quarter of 2009, reaching a record $15.63 billion or 93 percent of average deposits.
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City National Corp. has a market cap of $3.09 billion; its shares were traded at around $59.08 with a P/E ratio of 190.6 and P/S ratio of 3.1. The dividend yield of City National Corp. stocks is 0.6%.CYN is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Steven Cohen of SAC Capital Advisors, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
On March 3, 2010, the Corporation repurchased $200 million in TARP preferred securitiesthe remaining half of a $400 million investment made in the Company by the U.S. Treasury in November 2008. The transaction completed the Corporations repurchase of all preferred shares held by the federal government. The Corporation repurchased the first $200 million of these securities on December 30, 2009. On April 8, 2010, the Corporation repurchased its outstanding common stock warrant issued to the U.S. Treasury for $18.5 million.· For the quarter ended March 31, 2010, consolidated net income attributable to City National Corporation was $15.7 million and consolidated net income available to common shareholders was $10.0 million, or $0.19 per diluted common share. For the year-earlier quarter, consolidated net income attributable to City National Corporation was $7.5 million and consolidated net income available to common shareholders was $2.0 million, or $0.04 per diluted common share. The increase in net income available to common shareholders is primarily due to higher net interest income resulting from the Companys acquisition of Imperial Capital Bank (ICB), as well as a net securities gain in the first quarter of 2010 compared to a net securities loss in the year-earlier period, offset by increases in noninterest expense.
· Total assets were $20.07 billion at March 31, 2010, down 5 percent from $21.08 billion at December 31, 2009, and up 19 percent from $16.93 billion at March 31, 2009. The increase from the year-ago period largely reflected the Companys strong deposit growth as well as its acquisition of ICB on December 18, 2009. Total average assets increased to $20.27 billion for the first quarter of 2010 from $19.10 billion for the fourth quarter of 2009 and $16.41 billion for the first quarter of 2009.
· The Company recognized a provision for credit losses of $55.0 million for the first quarter of 2010 compared to $50.0 million in the year-ago period. Net loan charge-offs were $49.5 million, or 1.68 percent of average total loans and leases, excluding covered loans, on an annualized basis, for the first quarter of 2010, down from $58.7 million, or 1.93 percent, for the fourth quarter of 2009, and up from $33.6 million, or 1.10 percent, in the year-earlier quarter.
· Nonaccrual loans totaled $330.0 million at March 31, 2010, down from $388.7 million as of December 31, 2009, and up from $313.6 million at March 31, 2009. At March 31, 2010, nonperforming assets, excluding covered assets, were $388.0 million, compared to $442.0 million at December 31, 2009, and $326.3 million at March 31, 2009.
· Period end deposits at March 31, 2010 were $16.96 billion, down 2 percent from $17.38 billion at December 31, 2009 and up 24 percent from $13.69 billion at March 31, 2009. The decrease in period end deposits from December 31, 2009 was due to planned withdrawals of high-priced certificates of deposits that had been assumed in the ICB acquisition. Total ICB deposits were $919.7 million as of March 31, 2010 compared to $1.67 billion as of December 31, 2009. Average deposit balances for the first quarter of 2010 were $16.86 billion, up 7 percent from $15.73 billion for the fourth quarter of 2009 and up 31 percent from $12.84 billion for the first quarter of 2009. Average core deposits were up 37 percent from the year-ago period and 8 percent from the fourth quarter of 2009, reaching a record $15.63 billion or 93 percent of average deposits.
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