City National Q2 Profit Rises - Quick Facts

(RTTNews) - City National Corp. (CYN), the parent company of wholly owned City National Bank, reported second-quarter net income to company of $59.7 million, up 9 percent from $54.8 million in the year-ago period. Net income available to common shareholders increased to $57 million from $55 million prior year.

Earnings per share were $1.04, compared to $1.01 per share in the second quarter of 2012. On average, 23 analysts polled by Thomson Reuters expected the company to report profit of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Fully taxable-equivalent net interest income was $208.4 million in the second quarter of 2013, down 6 percent from the same period of 2012. Noninterest income was $82.2 million in the second quarter of 2013, up 10 percent from the second quarter of 2012.

Total revenue decreased to $285 million from $291 million last year. Analysts expected revenue of $296.26 million for the quarter.

"City National delivered another solid performance in the second quarter - its 81st consecutive profitable quarter - achieving double-digit growth in assets, loans, deposits, and wealth management fee income, while strategically investing in, expanding, and benefiting from new talent, offices, products and technologies to better serve our clients and grow our business," said President and CEO of City National Corp., Russell Goldsmith.

City National also announced its Board has maintained and approved a quarterly common stock cash dividend of $0.25 per share, payable on August 21, 2013 to stockholders of record on August 7, 2013.