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City National Corporation (CYN) of Beverly Hills, Calif., posted net income of $55.1 million for the fourth quarter, up 17% from the same quarter a year earlier.
January 23 -
City National Bank (CYN) in Los Angeles has combined two wealth management businesses into an investment advisory firm that manages $20 billion.
September 10
Aided by strong growth in loans and income from trust services, City National (CYN) in Los Angeles reported net income $54.5 million the first quarter, up 6% from the same period last year.
Earnings per share of 90 cents, though unchanged year over year, fell 5 cents shy of estimates of analysts polled by Bloomberg.
Loan balances at March 31 hit a record $17.8 billion, thanks largely to a 20% in commercial loans year over year. However, the bank's net interest income and grew only modestly and its net interest margin fell 19 basis points, to 3.02%, as persistently low interest rates suppressed loan yields.
Noninterest income rose 8% year over year, to $101.2 million. The $29.7 billion-asset company attributed the growth largely to a 14% increase in fees from trust and investment services.
City National reported earnings after the markets closed Thursday. Its shares closed at $75.19, down 1.7% for the day.
In a news release, the company said it expects profits to grow modestly the rest of this year. Loan growth is expected to be solid, but low short-term interest rates will continue to put pressure on the net interest margin, the company said.
