· CNB posts 2011 net income of $34.4 million
· Strong capital ratios among the best in Florida
· Financial strength reflected in Bank’s $1.1 billion in liquidity
· CNB continues its strong growth, approaching $4 billion in assets
· New loan commitments in 2011 exceed $750 million
MIAMI – (Jan. 20, 2012) – City National Bank of Florida (CNB) announced 2011 fourth quarter net income of $4.3 million and core earnings of $8.2 million, continuing a strong record of profitability and improved asset quality.
The earnings extend City National Bank’s solid performance in 2011. The fourth quarter profit increased CNB’s year-to-date net income to $34.4 million and year-to-date core earnings to $50.7 million. CNB closed the year with $3.97 billion in assets; $2.92 billion in deposits and $1.98 billion in loans. Loans are up $143 million from the previous quarter.
The strong financial performance is the result of a carefully executed strategy to build on the bank’s best-in-class service level and personal connection to clients and to focus on meeting the needs of small and mid-sized businesses.
In 2011, CNB, the fourth-largest bank in Florida, closed more than $759 million in new loan commitments and funded $528 million in new loans as it grew its branch network and its diversification strategy took hold. This growth and lending activity was cited by the South Florida Business Journal in recognizing CNB as the Community Bank of the Year.
“The quality of our well-balanced loan portfolio continues to drive outstanding performance,” said CNB President and Chief Executive Officer Jorge Gonzalez. “City National’s asset quality has improved significantly and steadily since the beginning of the year and we are on the cusp of surpassing the $4 billion asset threshold.”
City National Bank remains one of the most liquid and best capitalized banks in Florida.
CNB’s asset quality continues to improve with non-accrual loans decreasing by 62 percent to a very low 1.44 percent of total loans. CNB’s loan-loss reserves cover more than 259 percent of non-accruals, among the best coverage in the industry.
“Our continued strong performance reinforces that CNB is one of the most liquid, best capitalized and highest performing banks in Florida,” Gonzalez said.
City National Bank’s key performance ratios and metrics include:
Year Ended Year Ended
Non-Accrual Loans ………………....………$28.8 million $56.6 million
Non-Accruals to Total Loans ……………….1.44 percent 3.11 percent
Allowance to Non-Accrual Loans ………….259 percent 104 percent
“We had a very solid 2011” Gonzalez said. “In 2012, we expect continued strengthening of City National’s status as the premier community bank in Florida.”
About City National Bank of Florida
Headquartered in Miami, City National Bank of Florida (CNB) is the financial institution to which Floridians have turned for more than 65 years. The fourth-largest financial institution in the state, City National Bank of Florida was named the South Florida Business Journal’s Community Bank of the Year in 2011. CNB is backed by Caja Madrid, founded more than 300 years ago and one of Spain’s largest financial institutions. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to the greater Orlando area.
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