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City National: Safe, Sound, Strong
& Well-Capitalized
On July 22, City National Corporation recorded its 69th consecutive quarter of profitability, earning $41.3 million on revenue of $304.5 million. In the second quarter:
- Revenue grew 39% from the second quarter of 2009.
- Total assets increased 20% to $21.2 billion, making City National the nation’s 26th largest bank.
- Average deposits grew 26% to a new record of $17.6 billion, reflecting the continuing confidence of our depositors and the recent FDIC-assisted acquisitions of 1st Pacific Bank of California and Sun West Bank.
- Credit quality continued to improve for the third consecutive quarter.
City National's financial condition is strong, and we continue to invest in our capabilities, services, products and people. As a result, the company is extremely well-positioned for economic recovery.
Capital
One key measure of a bank's financial strength is its capital ratios. A strong capital position can enable a bank to withstand the kinds of economic challenges we continue to see today.
At June 30, 2010, City National Corporation had $1.9 billion in total equity and capital ratios that easily exceeded regulatory standards.
The company's ratio of Tier 1 common shareholders' equity to risk-based assets was 9.7% at the end of the second quarter, up from 9.4% at March 31, 2010.
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