Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2012

Parent Company Only Condensed Financial Statements

Parent Company Only Condensed Financial Statements

Note 23. Parent Company Only Condensed Financial Statements

        Condensed Parent Company financial statements, which include transactions with subsidiaries, follow:

CONDENSED BALANCE SHEETS

	December 31,
(in thousands)	2012		2011
Assets
Cash	$	295,314	$	58,671
Securities		61,250		76,723
Other assets		71,885		81,339
Investment in City National Bank		2,407,500		2,260,564
Investment in non-bank subsidiaries		194,973		198,486
Total assets	$	3,030,922	$	2,675,783
Liabilities
Short-term borrowings	$	206,581	$	—
Long-term debt		302,765		518,307
Other liabilities		16,258		12,627
Total liabilities		525,604		530,934
Total shareholders' equity		2,505,318		2,144,849
Total liabilities and shareholders' equity	$	3,030,922	$	2,675,783

CONDENSED STATEMENTS OF INCOME

	For the year ended December 31,
(in thousands)	2012			2011			2010
Income
Dividends from Bank and non-bank subsidiaries	$	89,000		$	30,000		$	—
Interest and dividend income and other income		20,308			14,171			6,209
Gain (loss) on sale of securities		930			3,170			(509	)
Total income		110,238			47,341			5,700
Expense
Interest on other borrowings		18,779			18,533			26,567
Other expenses		10,631			5,804			4,097
Total expenses		29,410			24,337			30,664
Income (loss) before taxes and equity in undistributed income of Bank and non-bank subsidiaries		80,828			23,004			(24,964	)
Income tax benefit		(3,424	)		(8,059	)		(15,942	)
Income (loss) before equity in undistributed income of Bank and non-bank subsidiaries		84,252			31,063			(9,022	)
Equity in undistributed income of Bank and non-bank subsidiaries		123,797			141,358			139,486
Net income	$	208,049		$	172,421		$	130,464
Less: Net loss attributable to noncontrolling interest		—			—			(713	)
Net income attributable to City National Corporation	$	208,049		$	172,421		$	131,177
Less: Dividends and accretion on preferred stock		—			—			5,702
Net income available to common shareholders	$	208,049		$	172,421		$	125,475

CONDENSED STATEMENTS OF CASH FLOWS

	For the year ended December 31,
(in thousands)	2012			2011			2010
Cash Flows From Operating Activities
Net income	$	208,049		$	172,421		$	130,464
Adjustments to net income:
Equity in undistributed income of Bank and non-bank subsidiaries		(123,797	)		(141,358	)		(139,486	)
Other, net		13,199			20,382			13,127
Net cash provided by operating activities		97,451			51,445			4,105
Cash Flows From Investing Activities
Purchase of securities available-for-sale		—			(65,019	)		(352,133	)
Sales and paydowns of securities available-for-sale		16,516			77,779			304,694
Net advances to subsidiaries		(1,335	)		—			(8,265	)
Cash paid for acquisition		—			—			(6,140	)
Other, net		11,641			11,036			2,520
Net cash provided by (used in) investing activities		26,822			23,796			(59,324	)
Cash Flows For Financing Activities
Net (decrease) increase in other borrowings		(1,875	)		(757	)		50,000
Cash dividends		(80,380	)		(42,489	)		(24,012	)
Issuance (redemption) of preferred stock		169,108			—			(200,000	)
Repurchase of common stock warrant		—			—			(18,500	)
Proceeds from exercise of stock options		22,428			5,089			23,764
Other, net		3,089			1,999			470
Net cash provided by (used in) financing activities		112,370			(36,158	)		(168,278	)
Net increase (decrease) in cash and cash equivalents		236,643			39,083			(223,497	)
Cash and cash equivalents at beginning of year		58,671			19,588			243,085
Cash and cash equivalents at end of year	$	295,314		$	58,671		$	19,588