City National reports net income up 14 percent
City National Corp., parent company of wholly owned City National Bank, on Thursday reported first-quarter 2015 net income of $61.6 million, up 14 percent from $53.8 million in the year-ago period.
Earnings per share were $1.01, compared to 89 cents per share in the first quarter of 2014.
First-quarter deposit balances averaged $27.8 billion, up 10 percent from the first quarter of 2014. Average core deposits, which equal 98 percent of total balances, were up 10 percent from the first quarter of 2014. Period-end deposit balances totaled $28.5 billion at March 31, 2015.
Trust and investment fee income totaled $55.5 million, up 4 percent from the first quarter of 2014. City National’s assets under management totaled $48.4 billion, up 4 percent from the first quarter of 2014.
Excluding FDIC-covered loans, first-quarter 2015 results included no provision for loan and lease losses. City National recorded no provisions in the first quarter of 2014. City National remains appropriately reserved at 1.48 percent of total loans excluding those covered by the FDIC.
City National also announced that its board of directors has maintained and approved a quarterly common stock cash dividend of 35 cents per share, payable on May 20 to stockholders of record on May 6.
“City National closed the first quarter of 2015 with year-over-year, double-digit growth in assets, net income, loans and deposits,” Chairman and CEO Russell Goldsmith said in a statement. “The company has now been profitable in every quarter for 22 consecutive years.
