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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest Income        
Loans and leases $ 204,525 $ 186,999 $ 388,557 $ 356,696
Securities 41,196 43,471 83,268 85,046
Due from banks - interest-bearing 433 378 569 820
Federal funds sold and securities purchased under resale agreements 1,134 1,477 2,375 2,848
Total interest income 247,288 232,325 474,769 445,410
Interest Expense        
Deposits 1,880 2,060 3,800 4,194
Federal funds purchased and securities sold under repurchase agreements 8   79  
Subordinated debt 3,746 6,117 7,492 12,221
Other long-term debt 5,144 5,046 10,308 10,095
Total interest expense 10,778 13,223 21,679 26,510
Net interest income 236,510 219,102 453,090 418,900
(Reversal of) provision for credit losses on loans and leases, excluding covered loans 10,000 (1,000) 10,000 (1,000)
(Reversal of) provision for losses on covered loans 1,091 (1,461) 1,588 3,194
Net interest income after provision 225,419 221,563 441,502 416,706
Noninterest Income        
Trust and investment fees 58,487 54,599 114,008 107,905
Brokerage and mutual fund fees 11,424 14,240 22,022 24,282
Cash management and deposit transaction charges 12,861 12,128 25,494 24,161
International services 11,774 11,483 22,442 21,878
FDIC loss sharing expense, net (10,808) (24,161) (17,496) (31,244)
Gain on disposal of assets 1,538 6,838 1,648 9,664
Gain on sale of securities 1,924 5,367 5,300 7,489
Other 25,975 20,853 50,897 38,460
Impairment loss on securities:        
Total other-than-temporary impairment loss on securities (634) (565) (699) (565)
Less: Portion of loss recognized in other comprehensive income 363 317 363 317
Net impairment loss recognized in earnings (271) (248) (336) (248)
Total noninterest income 112,904 101,099 223,979 202,347
Noninterest Expense        
Salaries and employee benefits 144,681 138,859 289,249 275,692
Net occupancy of premises 16,179 16,595 32,252 32,689
Legal and professional fees 17,348 18,393 34,286 31,343
Information services 10,648 9,463 20,508 18,809
Depreciation and amortization 9,508 7,885 24,490 15,713
Amortization of intangibles 1,226 1,454 2,603 2,941
Marketing and advertising 8,938 8,982 17,768 18,757
Office services and equipment 5,102 5,287 10,238 10,197
Other real estate owned 1,094 2,372 3,825 3,805
FDIC assessments 5,276 2,765 10,370 4,156
Other operating 11,660 9,527 20,513 18,332
Total noninterest expense 231,660 221,582 466,102 432,434
Income before income taxes 106,663 101,080 199,379 186,619
Income taxes 37,684 35,109 68,281 66,119
Net income 68,979 65,971 131,098 120,500
Less: Net income attributable to noncontrolling interest 480 510 1,033 1,209
Net income attributable to City National Corporation 68,499 65,461 130,065 119,291
Less: Dividends on preferred stock 4,094 4,094 8,188 8,188
Net income available to common shareholders $ 64,405 $ 61,367 $ 121,877 $ 111,103
Net income per common share, basic (in dollars per share) $ 1.15 $ 1.11 $ 2.17 $ 2.01
Net income per common share, diluted (in dollars per share) $ 1.13 $ 1.09 $ 2.14 $ 1.98
Weighted-average common shares outstanding, basic (in shares) 55,748 54,957 55,586 54,824
Weighted-average common shares outstanding, diluted (in shares) 56,663 55,632 56,484 55,541
Dividends per common share (in dollars per share) $ 0.35 $ 0.33 $ 0.70 $ 0.66