XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income        
Loans and leases $ 186,049 $ 180,349 $ 530,398 $ 534,521
Securities 40,078 44,182 125,563 133,118
Due from banks - interest-bearing 403 163 674 429
Federal funds sold and securities purchased under resale agreements 1,563 74 4,253 181
Total interest income 228,093 224,768 660,888 668,249
Interest expense        
Deposits 2,927 3,316 8,856 10,914
Federal funds purchased and securities sold under repurchase agreements 1 9 401 42
Subordinated debt 6,129 6,125 18,352 14,494
Other long-term debt 4,765 5,396 14,467 15,685
Other short-term borrowings     549  
Total interest expense 13,822 14,846 42,625 41,135
Net interest income 214,271 209,922 618,263 627,114
Provision for credit losses on loans and leases, excluding covered loans   2,000   3,000
Provision for losses on covered loans 2,496 18,089 461 38,848
Net interest income after provision 211,775 189,833 617,802 585,266
Noninterest income        
Trust and investment fees 49,430 43,477 145,913 111,198
Brokerage and mutual fund fees 7,307 9,059 23,480 19,380
Cash management and deposit transaction charges 12,263 11,526 38,152 34,169
International services 10,932 9,819 31,462 28,621
FDIC loss sharing (expense) income, net (20,992) 1,667 (51,821) (3,493)
Gain on disposal of assets 3,092 3,199 5,155 8,401
Gain on sale of securities 5,788 856 12,624 1,026
Other 21,207 27,693 59,981 58,640
Impairment loss on securities:        
Total other-than-temporary impairment loss on securities (144) (1,510) (326) (1,688)
Less: Portion of loss recognized in other comprehensive income 0 1,471 0 1,471
Net impairment loss recognized in earnings (144) (39) (326) (217)
Total noninterest income 88,883 107,257 264,620 257,725
Noninterest expense        
Salaries and employee benefits 129,049 120,210 384,412 355,490
Net occupancy of premises 16,074 16,238 48,268 43,980
Legal and professional fees 10,374 11,757 35,149 34,996
Information services 9,876 8,660 28,450 25,348
Depreciation and amortization 7,827 8,324 24,248 23,765
Amortization of intangibles 1,932 1,932 5,795 5,336
Marketing and advertising 8,244 7,141 25,204 21,554
Office services and equipment 4,821 4,673 14,801 13,113
Other real estate owned 5,196 8,749 14,831 28,384
FDIC assessments 3,776 4,616 12,920 13,618
Other operating 12,195 15,586 38,055 37,538
Total noninterest expense 209,364 207,886 632,133 603,122
Income before income taxes 91,294 89,204 250,289 239,869
Income taxes 27,052 29,052 73,735 78,042
Net income 64,242 60,152 176,554 161,827
Less: Net income attributable to noncontrolling interest 609 372 1,657 1,024
Net income attributable to City National Corporation 63,633 59,780 174,897 [1] 160,803 [1]
Less: Dividends on preferred stock 2,407   7,219  
Net income available to common shareholders $ 61,226 $ 59,780 $ 167,678 $ 160,803
Net income per common share, basic (in dollars per share) $ 1.12 $ 1.10 $ 3.07 $ 2.98
Net income per common share, diluted (in dollars per share) $ 1.10 $ 1.10 $ 3.04 $ 2.97
Weighted average common shares outstanding, basic (in shares) 54,274 53,425 54,039 53,092
Weighted average common shares outstanding, diluted (in shares) 54,820 53,711 54,464 53,376
Dividends per common share (in dollars per share) $ 0.25 $ 0.25 $ 0.50 $ 0.75
[1] Net income excludes net income attributable to redeemable noncontrolling interest of $1,657 and $1,024 for the nine month periods ended September 30, 2013 and 2012, respectively. Redeemable noncontrolling interest is reflected in the mezzanine section of the consolidated balance sheets. See Note 18 of the Notes to the Unaudited Consolidated Financial Statements.