City National Bank (CNB), Florida’s premier private and commercial bank, announced its financial results for the third quarter of 2017, with significant gains in income, deposits and loans propelling the bank over $9 billion in assets.
Net income for the third quarter of 2017 increased 32 percent to $23 million, an increase of $5.6 million compared to the third quarter of 2016. Net income for the first nine months of the year increased 43 percent to more than $66 million, compared to $46 million in the first nine months of 2016. This includes a one-time after tax gain of $6.5 million.
In addition, the bank’s assets have grown significantly in the third quarter to $9.84 billion, a $2.09 billion increase over the third quarter of last year.
“City National Bank continued its strong financial performance as the marketplace continues to embrace our value proposition as the big bank alternative in Florida,” CNB President and CEO Jorge Gonzalez said. “It is truly a testament to our team and our laser focus on delivering an exceptional client experience based on personal relationships and local decision-making.”
City National Bank closed more than $1.7 billion in new loan and lease commitments in the first nine months of 2017. The bank has grown loans and leases by more than $1.4 billion, or 28.15 percent, in the last twelve months to $6.37 billion in loans and leases outstanding. Commercial lending is up 41.7 percent compared to last year, which highlights the bank’s dedication to supporting local businesses.
Deposits increased by $2.2 billion during the past 12 months to $7.3 billion at the end of the third quarter, compared to $5.1 billion at the end of the third quarter of 2016.
“For the past year, CNB has leveraged its position as an employer of choice to recruit and retain top talent, launch and expand business units and enter new markets,” Gonzalez said. “We are also uniquely positioned as a community bank with global reach thanks to the backing of our parent company.”
In the third quarter of 2017, City National Bank was named “Best Bank To Work For” for the second year in a row by American Banker magazine. The program identifies, recognizes and honors the best banks to work for in the nation. City National was the largest bank in Florida to make the list and the third-largest bank nationwide.
“As we grow it is important to remain focused on our people and developing the culture that will allow CNB to continue delivering a differentiated client experience,” Gonzalez said. “This is a people business and by recruiting, retaining and motivating the best talent we are able to deliver on our brand promises and service commitments.”
City National Bank continued its streak of accolades and recognition in the second quarter 2017, receiving the coveted five-star “Superior” rating – the highest possible ranking – from BauerFinancial, the leading bank ratings firm, for the 21st consecutive quarter. BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983.
Third Quarter 2017 Third Quarter 2016
Net interest income………..… $66.4 million $54.9 million
Net income before taxes…… $36.4 million $27.7 million
Net income……………………… $23 million $17.4 million
Total Loans and Leases (Net)….. $6.37 billion $4.97 billion
Total Deposits ………………… $7.3 billion $5.1 billion
City National Bank’s strong capital position also continued to improve. Tier 1 capital grew to $974.9 million, an increase of about $86 million over September 2016.
· Tier 1 Leverage Capital 10.52% 5% is considered well capitalized
· Tier 1 Risk Based Capital Ratio 13.57% 8% is considered well capitalized
CNB continues to be one of the most liquid banks in Florida with excess liquidity of nearly $3 billion.
· Non-accrual loans to total loans remain at a very low 0.35%
· Non-performing loans to capital remain at a very low 2.29%
About City National Bank of Florida
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for 70 years. With more than $9 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision making. City National Bank is one of the most liquid and best capitalized banks in Florida and is rated 5 stars "Superior" by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review for the past four years. The South Florida Business Journal named it Business of the Year in 2013 and Community Bank of the Year in 2013 and 2011. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to Central Florida.