As South Florida’s economy strengthens, City National Bank of Florida (CNB) is well positioned to continue helping individuals, families, professionals and businesses with their renewed lending needs, from purchasing new homes, to expanding operations or launching new endeavors.
“City National Bank has experienced three consecutive years of increased earnings, strong loan growth and superior asset quality, a clear indication that our strategy is working,” said CNB President and CEO Jorge Gonzalez, in announcing the bank’s latest financial returns. “The marketplace has clearly realized the value of a community bank like ours that delivers personal service and local decision- making, and has the scale to deliver a broad range of services.”
CNB recently announced solid increases in its earnings, loans and deposits for 2013. The bank’s pre-tax, pre-amortization income for 2013 was $75.7 million, setting a new record for the bank and eclipsing the $69.9 million high mark posted in 2012.
The bank’s core earnings were $59.4 million in 2013, up from $57.8 million, an increase of $1.6 million. Core earnings for the fourth quarter were $17.3 million, up from $17.2 million in the fourth quarter of 2012.
Gonzalez said improvements in the economy have helped the bank’s financial performance, while CNB’s growth has been fueled by several segments, including business lending, residential mortgages and commercial real estate lending.
Overall, CNB closed more than $1 billion in new loan commitments in 2013, while deposits increased by more than $145 million to $3.9 billion. “This success is driven by the dedicated CNB team and by our loyal clients,” Gonzalez said.
In the fourth quarter, CNB launched new small business lending products, increasing the bank’s array of business offerings. “City National Bank can now cater to the needs of Florida businesses of all sizes from firms with a handful of employees to the largest corporations,” Gonzalez said. “There are very few banks in Florida that are positioned like CNB to deliver on our value proposition.”
Noting that the new lending products open up new opportunities for the bank’s continued growth, Gonzalez said, “With small businesses making up the backbone of our state’s economy, this also provides an avenue for CNB to continue to have a positive impact in our community.”
In keeping with its growth strategy, City National Bank opened a new banking center in Boca Raton in January, helping to raise CNB’s profile in Palm Beach County and offers expanded services, including business banking and private banking offerings. The center is located in the newly named City National Bank Office Building at the corner of Powerline and Palmetto Park Road.
Gonzalez also noted that City National Bank has continued to attract top talent as it continues to grow organically. “We work hard every day to be the employer of choice in the marketplace, so we can continue to attract the best bankers to CNB,” Gonzalez said. “This is a people-centered business, and success depends on being able to attract and keep the best people.”