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Deposits and Borrowed Funds
 12 Months Ended
Dec. 31, 2013
Deposits and Borrowed Funds  
Deposits and Borrowed Funds

Note 11. Deposits and Borrowed Funds

        Total deposits were $25.68 billion at December 31, 2013, and were comprised of non-interest bearing deposits of $16.06 billion and interest-bearing deposits of $9.62 billion. In 2012, total deposits were $23.50 billion, and consisted of noninterest-bearing deposits of $14.26 billion and interest-bearing deposits of $9.24 billion.

        Total time deposits were $688.6 million and $767.9 million at December 31, 2013 and 2012, respectively. The following table sets forth the maturity distribution of time deposits as of December 31, 2013:

(in millions)
  2014   2015   2016   2017   2018   Thereafter   Total  

Time deposits, $100,000 and over

   $ 418.8   $ 36.2   $ 28.4   $ 20.0   $ 7.3   $ 1.4   $ 512.1  

Other time deposits

     154.9     10.3     5.1     3.1     2.8     0.3     176.5  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total time deposits

   $ 573.7   $ 46.5   $ 33.5   $ 23.1   $ 10.1   $ 1.7   $ 688.6  
                               
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        Short-term borrowings consist of funds with remaining maturities of one year or less, and long-term debt consists of borrowings with remaining maturities greater than one year. The components of short-term borrowings and long-term debt as of December 31, 2013 and 2012 are provided below:

(in thousands) (1)
  December 31,
2013		   December 31,
2012		  

Short-term borrowings

              

Current portion of senior notes:

              

City National Corporation—5.125% Senior Notes Due February 2013

   $ —   $ 206,581  

Federal funds purchased

     —     1,214,200  

Current portion of nonrecourse debt (5)

     3,889     3,017  
           
​ ​ ​ ​ ​ ​ ​ ​

Total short-term borrowings

   $ 3,889   $ 1,423,798  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Long-term debt

              

Senior notes:

              

City National Corporation—5.25% Senior Notes Due September 2020

     299,463     297,613  

Subordinated debt:

              

City National Bank—9.00% Subordinated Notes Due July 2019 (2)

     50,000     49,755  

City National Bank—9.00% Subordinated Notes Due August 2019

     75,000     74,876  

City National Bank—Fixed and Floating Subordinated Notes due August 2019 (3)

     55,000     54,909  

City National Bank—5.375% Subordinated Notes Due July 2022

     149,994     148,642  

Junior subordinated debt:

              

Floating Rate Business Bancorp Capital Trust I Securities due November 2034 (4)

     5,155     5,152  

Nonrecourse debt (5)

     91,388     75,104  

Other long-term debt (6)

     9,968     —  
           
​ ​ ​ ​ ​ ​ ​ ​

Total long-term debt

   $ 735,968   $ 706,051  
           
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(1)
The carrying value of certain borrowed funds is net of discount which is being amortized into interest expense, as well as the impact of fair value hedge accounting, if applicable.

(2)
These notes bear a fixed interest rate of 9 percent for the initial five years from the date of issuance (July 15, 2009) and thereafter the rate is reset at the Bank's option to either LIBOR plus 6 percent or to prime plus 5 percent. These notes are callable by the Bank, subject to any prior approval requirements of the Office of the Comptroller of the Currency ("OCC"), on or after July 2014.

(3)
These notes bear a fixed interest rate of 9 percent for the initial five years from the date of issuance (August 12, 2009) and thereafter bear an interest rate equal to the three-month LIBOR rate plus 6 percent. The rate is reset quarterly and is subject to an interest rate cap of 10 percent throughout the term of the notes. These notes are callable by the Bank, subject to any prior approval requirements of the OCC, on or after August 2014.

(4)
These floating rate securities pay interest of three-month LIBOR plus 1.965 percent which is reset quarterly. As of December 31, 2013, the interest rate was approximately 2.20 percent.

(5)
Nonrecourse debt bears interest at an average rate of 3.83 percent as of December 31, 2013 and has maturity dates ranging from January 2014 to December 2019.

(6)
Other long-term debt includes a note payable that bears a fixed interest rate of 5.64 percent and is scheduled to mature on June 2017.

        The Company holds debt affiliated with FAEF, its wholly-owned equipment finance subsidiary. FAEF assigns the future rentals of certain lease financing loans to financial institutions on a nonrecourse basis at fixed interest rates. In return for future minimum lease rentals assigned, FAEF receives a discounted cash payment. Proceeds from discounting are reflected in the table above as nonrecourse debt.

        Details regarding federal funds purchased, securities sold under repurchase agreements and other short-term borrowings for the year ended December 31, 2013, 2012 and 2011 follow:

 
   2013   2012   2011  
(in thousands)
  Balances at
Year-end		   Average
Balance		   Average
Rate		   Balances at
Year-end		   Average
Balance		   Average
Rate		   Balances at
Year-end		   Average
Balance		   Average
Rate		  

Federal funds purchased

   $ —   $ 301,086     0.13 % $ 1,214,200   $ 52,051     0.09 % $ 50,000   $ 3,145     0.07 %

Other short-term borrowings

     —     213,014     0.26     —     —     —     —     694     —  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ —   $ 514,100     0.18 % $ 1,214,200   $ 52,051     0.09 % $ 50,000   $ 3,839     0.06 %
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Maximum month-end balance

                                                        

Federal funds purchased

   $ 943,000               $ 1,214,200               $ 100,000              

Other short-term borrowings

     950,000                 —                 720              

        The following table provides the maturity distribution of long-term debt as of December 31, 2013:

(in millions)
  2014   2015   2016   2017   2018   Thereafter   Total  

Senior notes

   $ —   $ —   $ —   $ —   $ —   $ 299.5   $ 299.5  

Subordinated and junior subordinated debt

     —     —     —     —     —     335.1     335.1  

Nonrecourse debt

     —     14.0     32.3     27.8     16.3     1.0     91.4  

Other long-term debt

     —     —     —     10.0     —     —     10.0  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total long-term debt

   $ —   $ 14.0   $ 32.3   $ 37.8   $ 16.3   $ 635.6   $ 736.0  
                               
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        The Company has a remaining borrowing capacity of $5.22 billion as of December 31, 2013, secured by collateral, with the FHLB, of which the Bank is a member.