Profile: City National Corp (CYN.N)
18 Dec 2013
City National Corporation (the Corporation) is a bank holding company and a financial holding company. The Corporation provides a range of banking, investing and trust services to its clients through its wholly owned banking subsidiary, City National Bank (the Bank). The Bank is a national banking association and operating through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay area, Nevada and New York City. The Bank's principal client base consists of small to mid-sized businesses, entrepreneurs, professionals, and affluent individuals. As of December 31, 2011, it had five consolidated asset management affiliates, in which it held a majority ownership interest. It also had one unconsolidated subsidiaries, Business Bancorp Capital Trust I, as of December 31, 2011. The Corporation has three segments: Commercial and Private Banking, Wealth Management, and Other. On April 8, 2011, the Bank acquired the banking operations of Nevada Commerce Bank (NCB). On February 11, 2011, the Company purchased a branch banking office in San Jose, California. In July 2012, the Bank acquired Rochdale Investment Management, a New York City-based investment firm.
The Bank's wealth management division and the Corporation's asset management subsidiaries make available the investment advisory and wealth management resources, which include investment management and advisory services and brokerage services, including portfolio management, securities trading and asset management; personal and business trust and investment services, including employee benefit trust services, 401(k) and defined benefit plans, and estate and financial planning and custodial services. The Bank also advises and makes available mutual funds under the name of CNI Charter Funds. The Corporation's asset management subsidiaries and the Bank's wealth management division provide products to offer a range of asset classes and investment styles, including fixed-income instruments, mutual funds, domestic and international equities and alternative investments, such as hedge funds. Investment services are provided to institutional, as well as individual clients.
Loan and Lease Portfolio
The Company's loan portfolio consists primarily of loans for business and real estate purposes. Its loans include commercial, commercial real estate mortgages, residential mortgages, real estate construction, equity lines of credit, and installment loans. During the year ended December 31, 2011, the commercial loans, including lease financing accounted to 42.6 of the loan portfolio. Commercial real estate mortgages represented 17.1% of the loan portfolio. Residential mortgage loans consisted of 30.6% of total loans, excluding covered loans. The real estate construction portfolio includes land loans and loans to develop or construct and sell residential and commercial properties. These loans represent 2.6% of the Company's portfolio. The real estate construction portfolio includes approximately $48.8 million loans to borrowers in the for-sale housing industry. Equity lines of credit consisted of 6.0% of total loans as of December 31, 2011. Installment loans consisted primarily of loans to individuals for personal purchases. As of December 31, 2011, installment loans consisted of 1.1% of total loans. Covered loans represented loans acquired from the FDIC that are subject to loss-sharing agreements and were $1.48 billion, at December 31, 2011.
Deposits and Borrowed Funds
Core deposits, which include non interest-bearing deposits and interest-bearing deposits excluding time deposits of $100,000 and over provide a stable source of low cost funding. Deposits totaled $20.39 billion as of December 31, 2011. The Banks deposits included certificates of deposits, foreign deposits and treasury services deposit. Short-term borrowings consisted of funds with remaining maturities of one year or less. Short-term borrowings were $50.0 million at December 31, 2011. Long-term debt consists of borrowings with remaining maturities greater than one year and is primarily comprised of senior notes, subordinated debt and junior subordinated debt. Long-term debt was $697.8 million at December 31, 2011.
City National Corp
City National Plaza
555 South Flower Street
LOS ANGELES CA 90071