City National Bank of Florida Reports $8.5 Million Third Quarter Net Income

MIAMI, Oct. 26, 2011 /PRNewswire/ -- City National Bank of Florida (CNB) announced 2011 third quarter net income of $8.5 million and core earnings of $15.8 million, continuing a strong record of profitability and improved asset quality.

The earnings extend City National Bank's solid performance this year. The third quarter profit increased CNB's year-to-date net income to $30.1 million, and year-to-date core earnings of $42.5 million. CNB closed the third quarter with $3.92 billion in assets, $2.83 billion in deposits and $1.84 billion in loans.

The strong financial performance is the result of a carefully executed strategy to build on the bank's best-in-class service level and personal connection to clients and to focus on meeting the needs of small and mid-sized businesses.  

"The quality of our well-balanced loan portfolio continues to drive outstanding performance," said CNB President and Chief Executive Officer Jorge Gonzalez. "City National's asset quality has improved significantly and steadily since the beginning of the year and we are on the cusp of surpassing the $4 billion asset threshold."

CNB's asset quality improvement includes non-accrual loans decreasing more than 5 percent from the quarter ending Sept. 30, 2010, and loan-loss reserves covering more than 210 percent of non-accruals.

"Our continued strong performance, which includes our highest quarterly core earnings to-date this year, reinforces that CNB continues to be one of the most liquid, best capitalized and highest performing banks in Florida," said Gonzalez.

City National Bank's key performance ratios and metrics include:   

"We look forward to capping a stellar 2011 with a strong final three months," Gonzalez said. "Heading into 2012, we expect a continued strengthening of City National's status as the premier community bank in Florida."

About City National Bank of Florida

Headquartered in Miami, City National Bank of Florida (CNB) is the financial institution to which Floridians have turned for more than 65 years. The sixth-largest financial institution in the state, City National Bank of Florida is backed by Caja Madrid, founded more than 300 years ago and one of Spain's largest financial institutions. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to the greater Orlando area. 

SOURCE City National Bank of Florida