City National Corporation Reports 16 Percent Increase in Earnings for the First Quarter of 1999.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 14, 1999-- City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) today reported rect income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share was $0.55 compared with $0.46 per share for the first quarter of 1998 and $0.52 per share for the 1998 fourth quarter. "For the 19th consecutive quarter, City National again delivered double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings growth," said Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. Goldsmith, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of City National Bank and City National Corporation. "Wits -- net of the effect of integration expenses related to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Trust Company -- was approximately $0.03 per diluted share. Cash earnings for the first quarter of 1999 were $27.6 million, an increase of 15 percent over the $ed in the year-ago quarter and 5 percent above ter and 17.91 percent for the fourth quarter of 1998. City National's total average assets rose to $6.1 billion for the first quarter of 1999, an increase of 14 percent over the $5.4 billion in average assets for the first quarter of 1998 and modestly higher than the fourth quarter of 1998. Average loans rose 12 percent during the first quarter over the prior year quarter and were up 2 percent from the 1998 fourth quarter. The year-over-year loan growth was driven primarily by significant increases in commed loans fell $96 million due to payoffs. 1998 and rose 3 percent from $77.6 million in tght increase over the 5.52 percent margin for th remained strong. Interest recovered was $3.5 me, excluding sales of securities and assets, was $17.8 million for the first quarter of 1999, up 16 percent ervices income, trust fees, international serviuarter 1998 and $53.1 million for fourth quarter 1998. The increase was due to increases in salaries and other benefits as all other expenses declined $1.2 million or 5 percent, compared with the first quarter of 1998 and $1.9 million, or 7 percent for the fourth quarter of 1998. The anding loans on December December: see month. 31, 1998. The allowance for credit losses as a percentage of nonaccrual loans was 596 percent on March 31,1999, compared with 373 percent aof $3.4 million in the first quarter of 1999 cogulatory minimum of 4.0 percent required for a "well-capitalized" institution. Under the company's currrchased during the first quarter of 1999 at a ctock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYN". The company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is Southern California's premier business and private bank. City National Bank has 39 offices throughocurities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 as to "fr 31, 1998, particularly the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Cautionary Statement for Purposes of the `Safe-Harbor' Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995" for a discussion of factors which could affect the Corporation's business and cause actual results to differ materially from those expressed in any forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made in this release. -0-
CITY NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEET (unaudited)
(Dollars in thousands, except pe$ 288,192 $ 374,584
(23)
Securities 1,107,755 855,192 30
0 and $137,043) 4,379,566 3,915,00sed and
securities sold under
repurchase agreements 552,583 327,050 69
Other short term borrowed funds 107,326 210,194 ( (1)
Other long-term debt 280y 559,025 538,039
For the three months ended
March 31,
1999 1998 % Change
Interest income $ 111,492 $ 103,448 8
Interest expense (33,812) (30,624) 10
Net interest income 77,680 72,824 7
Provision for credit losses -- -- N/M
Net interest income after
40,924 34,823 18
Inco7
Shares used to compute
per share net income (Dollars in thousands)
Period end March 31,
71 17
Residential first mortgage 1,032,383 1,008,592 2
Real estate - commercial mortgage 763,772 765,198 0
Real estate - construction 246,760 149,886 65
Installment 47,518 52,099 (9)
Total loans $4,518,276 $4,052,046 12
Nonaccrual loans and ORE
Nonaccrual loans 2,390 2,900 (18 accrual
status $ 1,881 e three months ended
March 31,
1999 1998 % Change
Average Balances
48,436 50,330 (4)
s' equity 564,294 530,094 6
CITY NATIONAL CORPORATION
SELECTED FINANCIAL INFORMATION
pt per share amounts)
56.27 59.20 (54
14.63 (7)
Tier 1 leverage ratio 8.06 8.79 (8)
Nonaccrual loans to total loans 0.51 0.91 (44)
Nnings and ratios (reported earnings
net of goo 0.60 0.51 18
Cash net income per share,
diluted 0.58 0.49 18
Cash return on average assets March 31,
Other 2,518 2,270
11
Subtotal 17,834 15,378 16
Gain (loss) on sale of loans rities 1,253 974 29
Tota 4,785 5,910(b) (1564 2,437 5
Depreciation 2,444 2,030 20
Office services 1,836 2,111 (13)
Amor 2,060 1,635(b) 26
Equipment
Total $55,et of applicable taxes. The
after-tax amounts fectively, for the three months ended March 31,
million
respectively, for the three months endto current year presentaton.
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