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City National Corp. (CYN) in Los Angeles has announced the pricing of a $100 million public offering.
October 31 -
City National Corp. (CYN) in Los Angeles boosted its quarterly earnings due to improvements in asset quality and increased lending income.
October 25 -
City National Bank customers in select cities will soon be able to withdraw cash from ATMs while leaving their debit cards at home, thanks to a pilot program by City National (CYN) and bank technology provider FIS.
October 4 -
City National Bank (CYN) in Los Angeles has combined two wealth management businesses into an investment advisory firm that manages $20 billion.
September 10 -
In a unique partnership announced Wednesday, City National Bank is working with cloud-based accounting software company Xero to integrate its online banking site for small-business customers with Xero's technology.
September 4
City National Corporation (CYN) of Beverly Hills, Calif.,
Earnings per share of 95 cents for the quarter missed the average estimate of analysts polled by Bloomberg by more than eleven cents. The $29.7 billion-asset company's earnings were weighed down by net securities losses of five cents a share.
"In spite of continuing margin pressure, as expected, from the runoff of covered assets, competitive pressures and the low-rate environment, the strong increase in net income reflects, in part, City National's continuing addition of new clients, a modest increase in loan demand across all sectors of the bank, and very sound and improving credit quality," City National Chairman and Chief Executive Russell Goldsmith said in a press release Thursday.
Net interest income climbed 1% to $211.2 million. The figure included $13.7 million from loans covered by a loss-sharing deal with the Federal Deposit Insurance Corp. that were repaid or charged off, down from $17.5 million a year earlier.
Non-interest income slipped 9% to $90.5 million, primarily due to higher FDIC loss-sharing expenses, which was partly offset by higher wealth management fee income.
Noninterest expenses were relatively steady, decreasing 1% to $219 million. The net interest margin tightened 30 basis points to 2.97%.
Total net charge-offs for the fourth quarter amounted to $14.7 million, a substantial increase from $2 million a year earlier.
