|By Marketwired .||
|January 24, 2013 10:18 AM EST||
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."
- 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
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.
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
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.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 20, 2017 02:15 PM EST Reads: 543
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,221
"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. 20, 2017 01:30 PM EST Reads: 5,720
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 20, 2017 12:30 PM EST Reads: 4,343
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.
Jan. 20, 2017 12:30 PM EST Reads: 3,180
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 20, 2017 12:30 PM EST Reads: 1,640
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 20, 2017 12:15 PM EST Reads: 5,827
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, 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. @ThingsExpo New York Call for Papers is now open.
Jan. 20, 2017 10:45 AM EST Reads: 3,698
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Jan. 20, 2017 10:45 AM EST Reads: 6,080
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 20, 2017 09:45 AM EST Reads: 2,925
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 20, 2017 08:30 AM EST Reads: 4,753
"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.
Jan. 20, 2017 08:15 AM EST Reads: 4,716
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 20, 2017 08:15 AM EST Reads: 4,943
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 20, 2017 07:15 AM EST Reads: 2,976
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Jan. 20, 2017 07:00 AM EST Reads: 9,078
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jan. 20, 2017 07:00 AM EST Reads: 6,867
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.
Jan. 20, 2017 03:00 AM EST Reads: 904
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 20, 2017 02:30 AM EST Reads: 5,035
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 20, 2017 02:00 AM EST Reads: 6,586
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Jan. 20, 2017 01:45 AM EST Reads: 4,274