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City National Bank Reports Earnings for 2012 Fourth Quarter; Bank Announces Strongest Year in History

MIAMI, FL--(Marketwire - January 24, 2013) -  City National Bank of Florida (CNB) announced financial results for the fourth quarter and full-year 2012.

The quarter ending December 31, 2012 completed a record year for CNB. The bank reported net income of $158.0 million, compared to net income of $4.3 million for the fourth quarter of 2011. Net income for 2012 was $190.2 million, compared to $34.4 million for 2011, capping a banner year for 2012 -- the strongest in the bank's history.

The fourth quarter earnings included a one-time $136 million tax credit as a result of the release of deferred tax assets. They were released due to sustained excellent financial performance, superior asset quality and effective management.

Even without that one-time benefit, CNB had a record year with $69.9 million in pre-tax, pre-amortization income, compared to $50 million in 2011. The previous record was set in 2007, when the bank posted $68.5 million in pre-tax, pre-amortization income.

In the fourth quarter, core earnings before securities gains were $15.7 million, compared to $8.9 million during the same quarter last year. Core earnings were $53.6 million for 2012, compared to $41.8 million for 2011.

"Our earnings demonstrate the continued strength and stability of City National Bank and are the result of our commitment to delivering best-in-class service to clients and executing our diversification and growth strategy," CNB President and Chief Executive Officer Jorge Gonzalez said.

CNB has consistently demonstrated extraordinary strength and stability. Its outstanding capital ratios, and overall excellent financial results were recognized by BauerFinancial when the leading bank ratings firm reported that City National Bank had once again received a five-star "Superior" rating, the highest rating possible.

The record financial performance was driven in part by more than $1 billion in new lending, excellent client retention and acquisition, and continued asset quality excellence.

"I am proud of every member of the CNB team as everyone here plays a vital role in our success. It's with their drive and determination that we've been able to excel in a difficult economic environment," Gonzalez added. "These results have been consistent for many months, and we have solid momentum going into 2013."

Loan production continued to grow in 2012, with more than $1 billion in new loan commitments, a 24.4 percent increase during the twelve months ending December 31. CNB's loan portfolio grew by $488 million in 2012. City National Bank has experienced 20 consecutive months of loan growth.

Deposits grew by more than $613 million to $3.53 billion at the end of 2012, from $2.92 billion at the end of 2011.

Assets grew by $833 million since the beginning of 2012, elevating the bank's asset total to $4.81 billion at the end of the year.

City National Bank remains one of the most liquid and best capitalized banks in Florida, making it one of the safest and soundest institutions in the state.

"2012 has proven to be an extremely successful year for City National Bank, and we are excited about the promise of 2013 with such strong momentum behind us," Gonzalez said. "Our investments in people, technology and growth reflect our confidence in the opportunities that lie ahead."

Financial Highlights

  • Net interest income increased $7.06 million over 2011
  • Assets increased by $833 million in 2012
  • Loans grew by $488 million (24.4 percent) during 2012
  • Deposits increased by more than $613 million (21 percent) during 2012
  • Core earnings before securities gains were $53.6 million in 2012, compared to $41.8 million in 2011

City National Bank's key performance metrics include: 

                                                2012               2011     
                                           --------------     --------------
Net Income                                 $190.2 million     $34.4 million 
                                                                            
Gross Loans                                $2.47 billion      $1.98 billion 
                                                                            
New Loan Commitments                       $1 billion         $760 million  
                                                                            
Total Deposits                             $3.53 billion      $2.92 billion 

Loan Growth

At the end of 2012 loans totaled $2.47 billion, an increase of 24.4 percent compared to last year. City National Bank has closed more than $1 billion in new loans during 2012, an increase of 31 percent.

Commercial loans were up 45 percent, residential loans increased 29 percent and commercial real estate loans grew 6.9 percent during 2012.

New residential mortgages closed totaled $252 million for the year, growing the residential portfolio more than 29 percent for a total of $702 million.

Capital Ratios

CNB's capital position continued to strengthen in the final quarter of 2012 with total risk based capital of $501 million.

Total risk based capital ratio              19.17 percent 
                                                          
Tier 1 leverage ratio                       11.81 percent 

Asset Quality

The bank's already superior asset quality continued to improve in the final quarter of 2012 with non-accrual loans dropping to $23.6 million, down from $28.6 million in 2011. Non-accrual loans to total loans dropped to .95 percent.

                                             2012            2011           
                                             --------------- ---------------
Non-Accrual Loans                            $23.6 million   $28.6 million  
                                                                            
Non-Accruals to Total Loans                  0.96 percent    1.44 percent   
                                                                            
Allowance to Non-Performing Loans            255 percent     259 percent    

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 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.

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