City National Bank of Florida Reports $9.2 Million First Quarter Earnings

MIAMI, April 20, 2011 /PRNewswire/ -- City National Bank of Florida (CNB) began 2011 with strong results, reporting robust first quarter net income of $9.2 million, up from $2.9 million for the same period in 2010.

The results validate CNB's improved credit quality and are reflective of its superior capitalization and liquidity among Florida banks. This confirms President and Chief Executive Officer Jorge Gonzalez's commitment to continue emphasizing CNB's successful history and personalized client experience.

"The first quarter earnings are an affirmation of our employees' commitment and an indication that City National Bank is dedicated to building upon a sterling 65-year banking heritage," Gonzalez said. "Our asset quality continues to improve such that we did not require a loan loss provision and we have seen evidence that property values have begun to stabilize."

City National Bank's other key performance ratios and metrics continue to improve and be among the best in the industry, including:

The financial institution's strong first quarter performance highlights new growth to begin 2011. CNB opened two new banking centers during that period, expanding its presence in Broward County with the January opening of a Coral Springs location at 9750 W. Atlantic Blvd. A month later, CNB opened its 1450 Brickell Ave. banking center, in the heart of Miami's renowned financial district, where CNB has had a presence for more than 20 years. These are in addition to the five new banking centers opened since 2009 in Kendall, Pompano, Young Circle (Hollywood), Winter Park and Orlando.

"Our expansion and diversification strategy is gaining traction and our client and employee retention is exceptional. We will continue investing in our people and technology to better serve our clients and community."

CNB plans to open two more banking centers in the near future – a west Miami location in June 2011 and South Miami branch in early 2012. Additional expansion is planned in western Miami-Dade, Broward and Palm Beach counties to complement the current banking network.  

In addition to the branch expansion, City National Bank has added more than 80 new employees in the last eighteen months to augment its corporate banking, residential lending, business banking, and banking center teams.

CNB's expansion strategy also includes internal and external technology upgrades that will be completed in 2011. CNB's market share has steadily grown and the bank continues to invest in the community.

Gonzalez stressed that, to maintain the positive momentum generated in the first quarter, employees will remain committed to the bank's core values and continue to emphasize the "back-to-basics" banking for which CNB has always been known.

"We continue to differentiate ourselves from our competitors through access to local decision makers, relationship banking, and high-touch client service," Gonzalez said. "The market continues to seek institutions like CNB that can deliver service and relationship banking, something that is difficult to consistently find in a consolidating industry. Our strategy continues to emphasize that CNB is large enough to provide clients with what they want and small enough to deliver it the way they want it."

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 65 years.  The fourth-largest financial institution in the state with more than $3.8 billion in assets, $2.8 billion in deposits and $1.8 billion in loans, City National Bank of Florida is backed by Caja Madrid, one of Spain's largest financial institutions, founded more than 300 years ago.  CNB offers a diversified portfolio of financial products and services at more than two dozen convenient banking centers from Miami-Dade County to the greater Orlando area.  

SOURCE City National Bank of Florida