City National Bank of Florida Reports $12.3 Million Second Quarter Net Income

MIAMI, July 21, 2011 /PRNewswire/ -- City National Bank of Florida (CNB) announced 2011 second quarter net income of $12.3 million as a result of the implementation of its growth and retention strategy.

CNB's second quarter net income is 30 percent higher than its 2011 first quarter figure and is CNB's highest since 2008. Net income for the first half of 2011 totaled $21.6 million and core earnings were $26.7 million.

"Our diversification strategy continues to gain momentum," said CNB President and Chief Executive Officer Jorge Gonzalez. "We closed more than $400 million in new loan commitments through June 30 in a well-balanced portfolio of residential, small business, corporate banking and real estate loans."

The bank also continued to significantly improve asset quality. As of June 30, 2011, compared to the same date in 2010, non-accrual loans decreased more than 70 percent to $37.4 million and the percentage of non-accrual loans to total loans dropped nearly five points to 1.91 percent. The current reserve covers non-accruals by more than 200 percent.

"Our performance in the first half of 2011 reinforces that we continue to be one of the most liquid, best capitalized and highest performing banks in Florida. We expect to sustain this distinction throughout 2011 and well into the future," said Gonzalez.

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

"We continue to invest in our people, technology and overall expansion.  These are the keys to providing our clients with a best-in-class banking experience," Gonzalez said. "At a time when many community banks are stagnant, City National Bank continues to grow."

Gonzalez credited the bank's staff for their commitment to superior, personalized service, which resulted in client satisfaction and retention and contributed to the solid second quarter performance.

Large enough to provide clients what they want but small enough to deliver it the way clients want it, City National Bank continued its positive momentum and growth in the second quarter. In May, CNB opened a new banking center at 9696 Bird Road in west Miami-Dade County, the bank's 26th branch in Florida. A South Miami branch is scheduled to open in early 2012 and additional expansion is planned in western Miami-Dade, Broward and Palm Beach counties to complement the current banking network.  

In June, CNB expanded its corporate operations to the 1450 Brickell tower in the heart of Miami's renowned financial district.  City National Bank services the Downtown and Brickell communities with four banking centers.

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 26 convenient banking centers from Miami-Dade County to the greater Orlando area. 

SOURCE City National Bank of Florida