Borrowed Funds (Tables)

6 Months Ended

Jun. 30, 2011

Borrowed Funds

Schedule of subordinated and long-term debt

	June 30,		December 31,		June 30,
(in thousands) (1)	2011		2010		2010
Short-term borrowings
Current portion of subordinated debt:
City National Bank - 6.75% Subordinated Notes Due September 2011	$	149,091	$	152,824	$	—
Federal funds purchased	—		—		2,700
Other short-term borrowings	680		620		700
Total short-term borrowings	$	149,771	$	153,444	$	3,400
Long-term debt
Senior notes:
City National Corporation - 5.125% Senior Notes Due February 2013	$	220,086	$	223,416	$	224,978
City National Corporation - 5.25% Senior Notes Due September 2020	297,155		297,003		—
Subordinated debt:
City National Bank - 6.75% Subordinated Notes Due September 2011	—		—		158,325
City National Bank - 9.00% Subordinated Notes Due July 2019 (2)	49,699		49,680		49,662
City National Bank - 9.00% Subordinated Notes Due August 2019	74,849		74,839		74,830
City National Bank - Fixed and Floating Subordinated Notes due August 2019 (3)	54,889		54,882		54,875
Junior subordinated debt:
Floating Rate Business Bancorp Capital Trust I Securities
Due November 2034 (4)	5,151		5,151		5,151
9.625% City National Capital Trust I Securities Due February 2040	—		—		243,153
Securities sold under repurchase agreements	—		—		175,000
Total long-term debt	$	701,829	$	704,971	$	985,974

(1)	The carrying value of certain borrowed funds is net of discount and issuance costs, which are 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 600 basis points or to prime plus 500 basis points.
(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.
(4)	These floating rate securities pay interest of three-month LIBOR plus 1.965 percent and is reset quarterly. As of June 30, 2011, the interest rate was approximately 2.22 percent.