LOS ANGELES, Oct 19, 2005 (BUSINESS WIRE) - City National Corporation (NYSE:CYN), parent company ofwholly owned City National Bank, today reported third-quarter netincome of $59.8 million, an increase of 12 percent from the sameperiod last year and 4 percent from the second quarter of 2005.

Earnings per share reached $1.17, up 13 percent from the thirdquarter of 2004 and 4 percent from the second quarter of this year.

Year to date, City National has earned net income of $173 million,or $3.39 per share. Earnings per share are up 10 percent from thefirst nine months of 2004.

HIGHLIGHTS

-- Third-quarter revenue rose 13 percent over the same period last year.

-- Average loans grew to a record $9 billion, up 10 percent from the third quarter of 2004.

-- Credit quality remained strong. Nonaccrual loans fell to $18.6 million, a 47 percent decline from September 30, 2004. The company required no provision for credit losses, remaining adequately reserved at 1.69 percent of total loans.

-- Average deposits for the third quarter reached $11.9 billion, up 3 percent from the same period last year.

Fully taxable-equivalent net interest income rose 13 percent fromthe third quarter of last year. The third-quarter net interest margingrew to 4.80 percent, compared with 4.46 percent for the same periodlast year, and 4.73 percent for the second quarter of 2005.

"Double-digit growth in revenue, loans and both net interest andnoninterest income, along with strong credit quality and marginexpansion, generated another quarter of record earnings," saidPresident and Chief Executive Officer Russell Goldsmith. "Inparticular, increases in average commercial and residential lendinghelped drive net interest income higher, while wealth managementassets grew along with fee income.

"In this quarter, we also made noteworthy investments by openingthree important new banking offices in Anaheim, Newport Beach anddowntown Los Angeles to better serve the robust Southern Californiaeconomy. In addition, City National's exceptional client serviceearned six business banking awards in a nationwide survey by therenowned consulting firm Greenwich Associates."

For the three months For the ended three monthsDollars in September 30, ended millions, --------------------- % June 30, % except per share 2005 2004 Change 2005 Change------------------- ---------- ---------- -------- ---------- --------Earnings Per Share $1.17 $1.04 13 $1.13 4Net Income 59.8 53.5 12 57.7 4Average Assets 14,255.7 13,612.4 5 14,040.6 2Return on Average Assets 1.66 % 1.56 % 6 1.65 % 1Return on Average Equity 16.74 16.80 0 17.03 (2)

OUTLOOK

In January, management announced its expectation that 2005earnings per share would grow between 11 percent and 14 percent from2004. Based on current economic and business conditions, managementnow expects per share earnings growth to be at the upper end of thatrange.

ASSETS

Total assets at September 30, 2005 reached $14.4 billion, up 3percent from the third quarter of last year. They fell slightly fromthe second quarter of 2005 as higher period-end loan balances wereoffset by a decline in federal funds sold.

REVENUE

Third-quarter revenue (net interest income plus noninterestincome) grew to $209.9 million, up 13 percent from the third quarterof 2004 and 4 percent from the second quarter of this year.

NET INTEREST INCOME

Fully taxable-equivalent net interest income reached $159.3million, a 13 percent increase over the third quarter of 2004, and 4percent higher than the second quarter of this year.

City National's net interest income increased approximately $6.7million from the second quarter of this year. The company's netinterest margin widened 7 basis points, primarily because of higherinterest rates and loan prepayment fees, offset partly by higherdeposit costs.

The bank's prime rate was 6.75 percent on September 30, 2005, upfrom 4.75 percent at the same time last year and 6.25 percent on June30, 2005.

For the For the three months three ended months September 30, ended --------------------- % June 30, %Dollars in millions 2005 2004 Change 2005 Change------------------- ---------- ---------- -------- ---------- --------Average Loans $8,982.6 $8,173.9 10 $8,762.4 3Average Securities 4,066.6 3,677.0 11 4,071.5 0Average Earning Assets 13,155.0 12,549.2 5 12,950.3 2Average Deposits 11,858.5 11,496.7 3 11,678.5 2Average Core Deposits 10,784.5 10,685.8 1 10,781.6 0Fully Taxable- EquivalentNet Interest Income 159.3 140.8 13 152.7 4Net Interest Margin 4.80 % 4.46 % 8 4.73 % 1

Third-quarter average loan balances increased 10 percent over thesame period last year. Commercial lending grew 14 percent over thethird quarter of 2004 and 5 percent from the second quarter of 2005.Residential mortgage loans grew 15 percent from the third quarter oflast year. Commercial real estate mortgage loans rose 1 percent, butreal estate construction loans declined 5 percent, primarily as theresult of accelerated repayments due to the fast pace of new homesales and early refinancing by income property developers takingadvantage of low long-term interest rates.

Year to date, the company's average loan balances increased 9percent over the first nine months of 2004. Total loan balances atSeptember 30, 2005 were $140.6 million higher than they were at June30, 2005, reflecting the strong growth of commercial borrowing andresidential mortgage lending.

Average securities totaled $4 billion, up 11 percent from thethird quarter of 2004 and flat from the second quarter of this year.The average duration of total available-for-sale securities atSeptember 30 of this year was 3 years. It was 3.1 years at the sametime last year and at June 30, 2005.

City National's average deposits reached $11.9 billion in thethird quarter, up 3 percent from the same period last year and 2percent from the second quarter of 2005. Year to date, the company'saverage deposits are up 6 percent over the first nine months of 2004.Period-end deposits totaled $12.1 billion, down $36.5 million fromJune 30 of this year.

As part of its long-standing asset-liability management strategy,the company uses "plain-vanilla" interest-rate swaps to hedge loans,deposits and borrowings. The notional value of these swaps was $1.5billion at September 30, 2005, up from $1.4 billion in the secondquarter of this year.

NONINTEREST INCOME

Third-quarter 2005 noninterest income of $54 million was 12percent higher than the same period last year, due primarily to trustand investment fees. Noninterest income was 26 percent of totalrevenue in the third quarter of 2005, unchanged from the third quarterof 2004 and the second quarter of this year.

Wealth Management

Trust and investment fees increased 18 percent over the thirdquarter of 2004, due primarily to an increase in balances undermanagement or administration. Assets under direct management grew 22percent from the same period last year, largely as the result of newbusiness, a strong relative investment performance and higher marketvalues. Increases in market values are reflected in fee incomeprimarily on a trailing-quarter basis.

At or for the At or for the three three months ended months September 30, ended ------------------- % June 30, %Dollars in millions 2005 2004 Change 2005 Change------------------------- --------- --------- ------ --------- ------Trust and Investment Fee Revenue $19.9 $16.9 18 $19.6 2Brokerage and Mutual Fund Fees 10.9 9.7 13 9.9 10Assets Under Management (1) 18,365.6 15,101.1 22 17,257.5 6Assets Under Management (1) and Administration 38,784.0 33,171.1 17 36,972.9 5(1) Excludes $6,543, $3,603, and $5,539 million of assets under management for the CCM minority-owned asset managers as of September 30, 2005, September 30, 2004, and June 30, 2005, respectively

Other Noninterest Income

Third-quarter cash management and deposit transaction fees fell 19percent from the same period last year and 6 percent from the secondquarter of 2005, due largely to a higher earnings credit for clientswho maintain deposit balances to pay for services.

International service fees grew 18 percent from the third quarterof 2004 and 3 percent from the second quarter of this year. Highervolume reflected additional demand for both foreign exchange andletters of credit. Pricing pressure also eased slightly.

Other service charges and fees were 34 percent higher in the thirdquarter of 2005 than they were during the same period last year, andthey grew 17 percent from the second quarter of 2005.

In the third quarter of 2005, the company recorded $1 million ingains on the sale of assets and securities, compared with gains of$0.3 million for the third quarter of 2004 and $1 million for thesecond quarter of this year.

NONINTEREST EXPENSE

Third-quarter noninterest expense amounted to $112.6 million, up13 percent from the same period last year and 3 percent from thesecond quarter of 2005.

Legal and professional fees increased 30 percent from the thirdquarter of 2004. However, they fell 1 percent from the second quarterof this year. The higher year-over-year costs reflect the company'sefforts to further strengthen compliance with the Bank Secrecy Act andthe USA Patriot Act.

Third-quarter staffing expenses were 11 percent higher than theywere one year ago, due to the addition of new sales, businessdevelopment, regulatory compliance and risk management personnel.These expenses grew 4 percent from the second quarter of 2005.

The company's third-quarter efficiency ratio was 52.90, comparedwith 52.68 for the third quarter of 2004 and 53.39 percent in thesecond quarter of this year.

CREDIT QUALITY

For the ninth consecutive quarter, City National made no provisionfor credit losses. This decision reflected management's assessment ofthe loan portfolio, loan growth and the improving economicenvironment. Net loan recoveries in the third quarter amounted to $5.7million, compared with net charge-offs of $4.8 million in the thirdquarter of 2004 and net recoveries of $1.2 million for the secondquarter of this year. Nonaccrual loans at September 30, 2005 were$18.6 million, down 47 percent from September 30, 2004 and 16 percentfrom June 30, 2005. They now amount to 21 basis points of total loans.

At September 30, 2005 the allowance for loan losses was $152.9million or 1.69 percent of total loans. The reserve for unfundedcredit commitments was $14.6 million.

INCOME TAXES

City National's effective tax rate for the third quarter was 38.5percent, compared with 37.3 percent for the first two quarters of thisyear. This higher tax rate was due to the company's decision torestructure one of its investments. The company expects its tax ratefor the fourth quarter to be about 37.5 percent.

CAPITAL LEVELS

The company remains well-capitalized. Total risk-based capital andTier 1 risk-based capital ratios at September 30, 2005 were 15.70percent and 12.19 percent, compared with the minimum regulatorystandards of 10 percent and 6 percent, respectively, for"well-capitalized" institutions. The company's Tier 1 leverage ratioat September 30, 2005 was 8.58 percent, well above the regulatoryminimum ratio of 5 percent.

At June 30, 2005 total risk-based capital, Tier 1 risk-basedcapital and the Tier 1 leverage ratios were 15.45 percent, 11.91percent and 8.39 percent, respectively.

Shareholders' equity to assets at September 30, 2005 was 9.94percent, compared with 9.31 percent at the same time last year and9.68 percent at June 30 of this year.

STOCK REPURCHASE

During the third quarter of 2005, the company repurchased 135,000of its outstanding shares at an average cost of $69.79. Year to date,it has bought back 630,500 shares at an average cost of $69.45. Thecompany has authority to repurchase an additional 379,000 shares.

CONFERENCE CALL

City National Corporation will host a conference call thisafternoon to discuss results for the third quarter of 2005. The callwill begin at 2:00 p.m. PDT. Analysts and investors may dial in andparticipate in the question/answer session. To access the call, pleasedial (800) 320-2978 and enter pass code 27822614. A listen-only livebroadcast of the call also will be available on the investor relationspage of the company's Website at cnb.com. There, it will be archivedand available for 12 months.

ABOUT CITY NATIONAL

City National Corporation is a financial services company with$14.4 billion in total assets. Its wholly owned subsidiary, CityNational Bank, is California's Premier Private and Business Bank(R).The bank provides banking, investment, and trust services through 55offices, including 12 full-service regional centers, in SouthernCalifornia, the San Francisco Bay Area and New York City. CityNational and its affiliates manage or administer approximately $38.8billion in client trust and investment assets, including more than$18.3 billion under direct management.

For more information about City National, visit the company'sWebsite at cnb.com.

SAFE-HARBOR LANGUAGE

This news release contains forward-looking statements about thecompany, for which the company claims the protection of the safeharbor provisions contained in the Private Securities LitigationReform Act of 1995.

Forward-looking statements are based on management's knowledge andbelief as of today and include information concerning the company'spossible or assumed future financial condition, and its results ofoperations, business and earnings outlook. These forward-lookingstatements are subject to risks and uncertainties. A number offactors, some of which are beyond the company's ability to control orpredict, could cause future results to differ materially from thosecontemplated by such forward-looking statements. These factors include(1) changes in interest rates, (2) significant changes in banking lawsor regulations, (3) increased competition in the company's markets,(4) other-than-expected credit losses due to real estate cycles orother economic events, (5) earthquake or other natural disastersaffecting the condition of real estate collateral, (6) the effect ofacquisitions and integration of acquired businesses, and (7) theimpact of changes in regulatory, judicial, or legislative taxtreatment of business transactions. Management cannot predict at thistime the extent of the economic recovery, and a slowing or reversalcould adversely affect our performance in a number of ways includingdecreased demand for our products and services and increased creditlosses. Likewise, changes in deposit interest rates, among otherthings, could slow the rate of growth or put pressure on currentdeposit levels. Forward-looking statements speak only as of the datethey are made, and the company does not undertake to updateforward-looking statements to reflect circumstances or events thatoccur after the date the statements are made, or to update earningsguidance including the factors that influence earnings.

For a more complete discussion of these risks and uncertainties,see the company's report on Form 10-Q for the quarter ended June 30,2005, and its Annual Report on Form 10-K for the year ended December31, 2004 and particularly the section of Management's Discussion andAnalysis therein titled "Cautionary Statement for Purposes of the'Safe Harbor' Provisions of the Private Securities Litigation ReformAct of 1995."

CITY NATIONAL CORPORATIONFINANCIAL HIGHLIGHTS(unaudited) Three Months Nine Months ------------------------ --------------------------For The Period Ended % % September 30, 2005 2004 Change 2005 2004 Change------------------ ------------------------ --------------------------Per Common Share Net Income Basic $1.22 $1.09 12 $3.52 $3.20 10 Diluted 1.17 1.04 13 3.39 3.07 10 Dividends 0.36 0.32 13 1.08 0.96 13 Book value 28.85 26.73 8Results of Operations: (In millions) Net interest income $156 $137 14 $452 $401 13 Net interest income (Fully tax-equivalent) 159 141 13 462 411 12 Total revenue 210 185 13 608 543 12 Provision for credit losses - - - - - - Net income 60 53 12 173 157 10Financial Ratios: Performance Ratios: Return on average assets 1.66 % 1.56 % 1.65 % 1.59 % Return on average shareholders' equity 16.74 16.80 16.80 16.87 Average shareholders' equity to average assets 9.94 9.31 9.79 9.42 Net interest margin 4.80 4.46 4.76 4.54 Efficiency ratio 52.90 52.68 53.46 52.92 Capital Adequacy Ratios (Period end): Shareholders' equity to total assets 9.82 9.39 Tier 1 leverage 8.58 7.80 Tier 1 risk-based capital 12.19 11.35 Total risk-based capital 15.70 14.99Asset Quality Ratios: Allowance for loan losses to: Total loans 1.69 % 1.81 % Nonaccrual loans 824.19 419.79 Nonperforming assets to: Total loans and nonperforming assets 0.21 0.43 Total assets 0.13 0.25 Net (charge-offs)/ recoveries to Average total loans (annualized) 0.25 % (0.23)% 0.11 (0.09)Average Balances: (In millions) Loans $8,983 $8,174 10 $8,778 $8,039 9 Interest-earning assets 13,155 12,549 5 12,970 12,098 7 Assets 14,256 13,612 5 14,058 13,153 7 Core deposits 10,785 10,685 1 10,733 10,208 5 Deposits 11,859 11,496 3 11,705 11,052 6 Interest-bearing liabilities 6,556 6,611 (1) 6,578 6,415 3 Shareholders' equity 1,418 1,267 12 1,377 1,240 11Period-End Balances: (In millions) Loans $9,027 $8,174 10 Assets 14,429 13,981 3 Core deposits 10,891 11,006 (1) Deposits 12,116 11,866 2 Shareholders' equity 1,417 1,313 8Wealth Management: (In millions) (1) Assets under management $18,366 $15,101 22 Assets under management and administration 38,784 33,171 17(1) Excludes $6,543 and $3,603 million of assets under management for the Convergent Capital Management minority-owned asset managers as of September 30, 2005 and September 30, 2004, respectively
CITY NATIONAL CORPORATIONCONSOLIDATED STATEMENTS OF INCOME(unaudited) Three Months Ended September 30, (Dollars in thousands ----------------------------- except per share data) 2005 2004 % Change---------------------------------------- --------- --------- ---------Net Interest Income $156,314 $137,341 14Provision for Credit Losses - - -Noninterest Income Trust and investment fees 19,856 16,850 18 Brokerage and mutual fund fees 10,910 9,675 13 Cash management and deposit transaction fees 8,370 10,322 (19) International services 6,107 5,191 18 Bank-owned life insurance 1,017 588 73 Other service charges and fees 6,247 4,678 34 Gain (loss) on sale of assets 801 9 n/m Gain (loss) on sale of securities 241 327 (26) --------- --------- Total noninterest income 53,549 47,640 12Noninterest Expense Salaries and employee benefits 66,467 59,675 11 Net occupancy of premises 8,666 7,513 15 Legal and professional fees 10,672 8,193 30 Information services 5,492 4,522 21 Depreciation 3,530 3,614 (2) Amortization of intangibles 1,445 1,763 (18) Marketing and advertising 4,182 3,666 14 Office services 2,578 2,444 5 Equipment 578 478 21 Minority interest expense 1,761 1,502 17 Other 7,269 5,893 23 --------- --------- Total noninterest expense 112,640 99,263 13 --------- ---------Income Before Taxes 97,223 85,718 13Applicable Income Taxes 37,413 32,240 16 --------- ---------Net Income $59,810 $53,478 12 ========= =========Other Data: Earnings per common share - basic $1.22 $1.09 12 Earnings per common share - diluted $1.17 $1.04 13 Dividends paid per common share $0.36 $0.32 13 Dividend payout ratio 29.83 % 29.51 % 1 Return on average assets 1.66 % 1.56 % 6 Return on average shareholders' equity 16.74 % 16.80 % - Net interest margin (Fully taxable- equivalent) 4.80 % 4.46 % 8 Full-time equivalent employees 2,516 2,346 7 Nine Months Ended September 30, (Dollars in thousands ----------------------------- except per share data) 2005 2004 % Change---------------------------------------- --------- --------- ---------Net Interest Income $452,386 $400,588 13Provision for Credit Losses - - -Noninterest Income Trust and investment fees 58,925 49,102 20 Brokerage and mutual fund fees 30,706 27,768 11 Cash management and deposit transaction fees 26,254 32,362 (19) International services 16,903 15,359 10 Bank-owned life insurance 2,533 2,134 19 Other service charges and fees 17,619 13,915 27 Gain (loss) on sale of assets 986 9 n/m Gain (loss) on sale of securities 1,340 1,827 (27) --------- --------- Total noninterest income 155,266 142,476 9Noninterest Expense Salaries and employee benefits 196,938 178,657 10 Net occupancy of premises 25,009 21,175 18 Legal and professional fees 30,177 22,324 35 Information services 15,668 13,632 15 Depreciation 10,685 10,116 6 Amortization of intangibles 4,327 5,282 (18) Marketing and advertising 11,699 10,985 6 Office services 7,755 7,350 6 Equipment 1,773 1,879 (6) Minority interest expense 5,104 4,408 16 Other 20,773 16,547 26 --------- --------- Total noninterest expense 329,908 292,355 13 --------- ---------Income Before Taxes 277,744 250,709 11Applicable Income Taxes 104,766 94,133 11 --------- ---------Net Income $172,978 $156,576 10 ========= =========Other Data: Earnings per common share - basic $3.52 $3.20 10 Earnings per common share - diluted $3.39 $3.07 10 Dividends paid per common share $1.08 $0.96 13 Dividend payout ratio 30.87 % 30.08 % 3 Return on average assets 1.65 % 1.59 % 4 Return on average shareholders' equity 16.80 % 16.87 % - Net interest margin (Fully taxable- equivalent) 4.76 % 4.54 % 5 Full-time equivalent employees
CITY NATIONAL CORPORATIONCONSOLIDATED QUARTERLY STATEMENTS OF INCOME(unaudited) 2005 ---------------------------------------(Dollars in thousands Third Second First Year to except per share data) Quarter Quarter Quarter Date----------------------------- --------- --------- --------- ---------Net Interest Income $156,314 $149,646 $146,426 $452,386Provision for Credit Losses - - - -Noninterest Income Trust and investment fees 19,856 19,632 19,437 58,925 Brokerage and mutual fund fees 10,910 9,928 9,868 30,706 Cash management deposit transaction fees 8,370 8,874 9,010 26,254 International services 6,107 5,908 4,888 16,903 Bank-owned life insurance 1,017 652 864 2,533 Other service charges and fees 6,247 5,359 6,013 17,619 Gain (loss) on sale of assets 801 162 23 986 Gain (loss) on sale of securities 241 844 255 1,340 --------- --------- --------- --------- Total noninterest income 53,549 51,359 50,358 155,266Noninterest Expense Salaries and employee benefits 66,467 63,839 66,632 196,938 Net occupancy of premises 8,666 8,727 7,616 25,009 Legal and professional fees 10,672 10,791 8,714 30,177 Information services 5,492 5,010 5,166 15,668 Depreciation 3,530 3,540 3,615 10,685 Amortization of intangibles 1,445 1,441 1,441 4,327 Marketing and advertising 4,182 3,943 3,574 11,699 Office services 2,578 2,688 2,489 7,755 Equipment 578 646 549 1,773 Minority interest expense 1,761 1,532 1,811 5,104 Other 7,269 6,796 6,708 20,773 --------- --------- --------- --------- Total noninterest expense 112,640 108,953 108,315 329,908Income Before Taxes 97,223 92,052 88,469 277,744Applicable Income Taxes 37,413 34,345 33,008 104,766 --------- --------- --------- ---------Net Income $59,810 $57,707 $55,461 $172,978 ========= ========= ========= =========Other Data: Earnings per common share - basic $1.22 $1.18 $1.13 $3.52 Earnings per common share - diluted $1.17 $1.13 $1.09 $3.39 Dividends paid per common share $0.36 $0.36 $0.36 $1.08 Dividend payout ratio 29.83 % 30.85 % 32.02 % 30.87 % Return on average assets 1.66 % 1.65 % 1.62 % 1.65 % Return on average shareholders' equity 16.74 % 17.03 % 16.63 % 16.80 % Net interest margin (Fully taxable-equivalent) 4.80 % 4.73 % 4.75 % 4.76 % Full-time equivalent employees 2,516 2,477 2,445
CITY NATIONAL CORPORATIONCONSOLIDATED QUARTERLY STATEMENTS OF INCOME(unaudited) 2004(Dollars in -------------------------------------------------- thousands except Fourth Third Second First Full per share data) Quarter Quarter Quarter Quarter Year------------------- --------- --------- --------- --------- ----------Net Interest Income $145,300 $137,341 $132,275 $130,972 $545,888Provision for Credit Losses - - - - -Noninterest Income Trust and investment fees 19,264 16,850 16,664 15,588 68,366 Brokerage and mutual fund fees 9,909 9,675 9,367 8,726 37,677 Cash management deposit transaction fees 9,024 10,322 10,942 11,098 41,386 International services 5,425 5,191 5,042 5,126 20,784 Bank-owned life insurance 678 588 715 831 2,812 Other service charges and fees 5,204 4,678 4,665 4,572 19,119 Gain (loss) on sale of assets - 9 - - 9 Gain (loss) on sale of securities (7,715) 327 871 629 (5,888) --------- --------- --------- --------- --------- Total noninterest income 41,789 47,640 48,266 46,570 184,265Noninterest Expense Salaries and employee benefits 60,926 59,675 59,306 59,676 239,583 Net occupancy of premises 9,454 7,513 7,020 6,642 30,629 Legal and professional fees 11,938 8,193 7,359 6,772 34,262 Information services 5,170 4,522 4,588 4,522 18,802 Depreciation 3,503 3,614 3,274 3,228 13,619 Amortization of intangibles 1,798 1,763 1,760 1,759 7,080 Marketing and advertising 4,513 3,666 3,812 3,507 15,498 Office services 2,955 2,444 2,487 2,419 10,305 Equipment 581 478 636 765 2,460 Minority interest expense 584 1,502 1,306 1,600 4,992 Other 6,625 5,893 5,413 5,241 23,172 --------- --------- --------- --------- --------- Total noninterest expense 108,047 99,263 96,961 96,131 400,402 --------- --------- --------- --------- ---------Income Before Taxes 79,042 85,718 83,580 81,411 329,751Applicable Income Taxes 29,296 32,240 31,380 30,513 123,429 --------- --------- --------- --------- ---------Net Income $49,746 $53,478 $52,200 $50,898 $206,322 ========= ========= ========= ========= =========Other Data: Earnings per common share - basic $1.01 $1.09 $1.07 $1.04 $4.21 Earnings per common share - diluted $0.97 $1.04 $1.03 $1.00 $4.04 Dividends paid per common share $0.32 $0.32 $0.32 $0.32 $1.28 Dividend payout ratio 31.81 % 29.51 % 30.06 % 30.71 % 30.50 % Return on average assets 1.40 % 1.56 % 1.59 % 1.62 % 1.54 % Return on average shareholders' equity 14.87 % 16.80 % 17.07 % 16.75 % 16.34 % Net interest margin (Fully taxable- equivalent) 4.54 % 4.46 % 4.49 % 4.66 % 4.54 % Full-time equivalent employees 2,347 2,348 2,346 2,341
CITY NATIONAL CORPORATIONCONSOLIDATED PERIOD END BALANCE SHEET(unaudited) 2005 -------------------------------------- Third Second First(In thousands) Quarter Quarter Quarter------------------------------- ------------ ------------ ------------Assets Cash and due from banks $438,786 $406,709 $386,999 Federal funds sold 185,000 400,000 190,000 Due from banks - interest- bearing 39,485 34,676 36,982 Securities-available-for-sale 4,030,296 4,057,267 4,018,969 Trading account securities 42,634 22,337 37,490 Loans: Commercial 3,392,487 3,320,836 3,082,663 Commercial Real estate mortgages 1,816,231 1,892,187 1,919,788 Residential mortgages 2,560,999 2,398,627 2,323,879 Real estate construction 733,779 741,486 772,000 Equity lines of credit 317,703 310,101 274,735 Installment 205,706 223,029 212,398 ------------ ------------ ------------ Total loans 9,026,905 8,886,266 8,585,463 Allowance for loan losses (152,920) (147,930) (147,607) ------------ ------------ ------------ Net loans 8,873,985 8,738,336 8,437,856 Premises and equipment, net 76,754 73,169 68,354 Goodwill 248,373 251,494 251,494 Other assets 494,131 491,610 489,894 ------------ ------------ ------------ Total assets $14,429,444 $14,475,598 $13,918,038 ============ ============ ============Liabilities: Deposits: Noninterest-bearing $6,345,907 $6,468,339 $6,069,061 Interest-bearing 5,769,807 5,683,869 5,693,563 ------------ ------------ ------------ Total deposits 12,115,714 12,152,208 11,762,624 Federal funds purchased and securities sold under repurchase agreement 191,036 204,052 155,645 Other short-term borrowed funds 26,197 27,678 125 Subordinated debt 278,076 285,771 280,068 Other long-term debt 221,168 233,290 224,829 Minority Interest 24,856 25,400 25,525 Other liabilities 155,220 146,311 149,039 ------------ ------------ ------------ Total liabilities 13,012,267 13,074,710 12,597,855Shareholders' Equity Common stock 50,601 50,640 50,712 Additional paid-in capital 414,073 415,802 419,505 Retained earnings 1,077,561 1,035,589 995,688 Accumulated other comprehensive loss (36,879) (12,948) (43,288) Deferred equity compensation (15,784) (16,821) (19,893) Treasury shares (72,395) (71,374) (82,541) ------------ ------------ ------------ Total shareholders' equity 1,417,177 1,400,888 1,320,183 ------------ ------------ ------------ Total liabilities and shareholders' equity $14,429,444 $14,475,598 $13,918,038 ============ ============ ============
CITY NATIONAL CORPORATIONCONSOLIDATED PERIOD END BALANCE SHEET(unaudited) 2004 --------------------------------------------------- Fourth Third Second First(In thousands) Quarter Quarter Quarter Quarter------------------ ------------ ------------ ------------ ------------Assets Cash and due from banks $240,492 $410,694 $485,208 $472,541 Federal funds sold 427,000 890,000 595,000 519,000 Due from banks - interest-bearing 236,362 37,890 76,890 34,570 Securities- available-for- sale 4,114,298 3,780,750 3,518,757 3,612,173 Trading account securities 75,878 49,752 28,893 39,549 Loans: Commercial 3,030,363 2,912,703 2,981,806 3,086,307 Commercial Real estate mortgages 2,248,742 1,852,472 1,842,956 1,807,591 Residential mortgages 1,892,823 2,167,623 2,114,335 1,977,952 Real estate construction 847,364 797,109 782,435 741,637 Equity lines of credit 255,194 242,050 214,533 197,269 Installment 219,701 202,180 189,431 156,883 ------------ ------------ ------------ ------------ Total loans 8,494,187 8,174,137 8,125,496 7,967,639 Allowance for loan losses (148,568) (148,056) (153,271) (154,498) ------------ ------------ ------------ ------------ Net loans 8,345,619 8,026,081 7,972,225 7,813,141 Premises and equipment, net 68,624 63,097 60,488 60,175 Goodwill 253,740 253,817 253,736 253,737 Other assets 469,500 469,319 494,549 426,212 ------------ ------------ ------------ ------------ Total assets $14,231,513 $13,981,400 $13,485,746 $13,231,098 ============ ============ ============ ============Liabilities: Deposits: Noninterest- bearing $6,026,428 $5,922,689 $5,809,241 $5,525,627 Interest- bearing 5,960,487 5,942,864 5,645,678 5,609,050 ------------ ------------ ------------ ------------ Total deposits 11,986,915 11,865,553 11,454,919 11,134,677 Federal funds purchased and securities sold under repurchase agreement 204,654 71,570 94,898 88,063 Other short-term borrowed funds 125 50,125 50,125 50,125 Subordinated debt 288,934 291,073 286,896 300,758 Other long-term debt 230,416 231,882 224,488 239,804 Minority Interest 26,362 27,180 27,180 27,180 Other liabilities 145,572 130,790 119,431 150,561 ------------ ------------ ------------ ------------ Total liabilities 12,882,978 12,668,173 12,257,937 11,991,168Shareholders' Equity Common stock 50,589 50,585 50,578 50,583 Additional paid- in capital 410,216 409,597 408,463 409,235 Retained earnings 957,987 924,066 886,367 849,859 Accumulated other comprehensive income (loss) (1,352) 3,683 (38,418) 32,237 Deferred equity compensation (12,262) (13,355) (13,343) (14,343) Treasury shares (56,643) (61,349) (65,838) (87,641) ------------ ------------ ------------ ------------ Total shareholders' equity 1,348,535 1,313,227 1,227,809 1,239,930 ------------ ------------ ------------ ------------ Total liabilities and shareholders' equity $14,231,513 $13,981,400 $13,485,746 $13,231,098 ============ ============ ============ ============
CITY NATIONAL CORPORATIONCREDIT LOSS EXPERIENCE(unaudited) 2005 ---------------------------------------- Third Second First Year To(Dollars in thousands) Quarter Quarter Quarter Date----------------------------- --------- --------- --------- ---------Allowance for Loan LossesBalance at beginning of period $147,930 $147,607 $148,568 $148,568Net (charge-offs)/recoveries: Commercial 4,213 1,067 2,117 7,397 Commercial real estate mortgages 1,516 7 (1,893) (370) Residential mortgages - 1 2 3 Real estate construction - 71 23 94 Equity lines of credit - 39 1 40 Installment 13 5 (18) - --------- --------- --------- --------- Total net (charge- offs)/recoveries 5,742 1,190 232 7,164Provision charged to expense - - - -Provision allocated (to) from reserve for off-balance sheet commitments (752) (867) (1,193) (2,812) --------- --------- --------- ---------Balance at end of period $152,920 $147,930 $147,607 $152,920 ========= ========= ========= =========Net (Charge-Offs)/Recoveries to Average Total Loans: (annualized) Commercial 0.49 % 0.13 % 0.28 % 0.30 % Commercial real estate mortgages 0.33 % 0.00 % (0.41)% (0.03)% Residential mortgage 0.00 % 0.00 % 0.00 % 0.00 % Real estate construction 0.00 % 0.04 % 0.01 % 0.02 % Equity lines of credit 0.00 % 0.05 % 0.00 % 0.02 % Installment 0.02 % 0.01 % (0.03)% 0.00 % Total loans 0.25 % 0.05 % 0.01 % 0.11 %Reserve for Off-Balance Sheet Credit CommitmentsBalance at beginning of period $13,811 $12,944 $11,751 $11,751 Provision for credit losses 752 867 1,193 2,812 --------- --------- --------- ---------Balance at end of period $14,563 $13,811 $12,944 $14,563 ========= ========= ========= ========= 2004 --------------------------------------------------(Dollars in Fourth Third Second First Full thousands) Quarter Quarter Quarter Quarter Year------------------- --------- --------- --------- --------- ----------Allowance for Loan LossesBalance at beginning of period $148,056 $153,271 $154,498 $156,015 $156,015Net (charge-offs)/ recoveries: Commercial 1,280 (3,030) (955) 68 (2,637) Commercial real estate mortgages (1,274) (1,705) 975 (870) (2,874) Residential mortgages (3) 14 - - 11 Real estate construction 34 19 18 29 100 Equity lines of credit 1 - 1 1 3 Installment (70) (64) 6 (142) (270) --------- --------- --------- --------- --------- Total net (charge-offs)/ recoveries (32) (4,766) 45 (914) (5,667)Provision charged to expense - - - - -Provision allocated (to) from reserve for off-balance sheet commitments 544 (449) (1,272) (603) (1,780) --------- --------- --------- --------- ---------Balance at end of period $148,568 $148,056 $153,271 $154,498 $148,568 ========= ========= ========= ========= =========Net (Charge-Offs)/Recoveries to Average Total Loans: (annualized) Commercial 0.16 % (0.39)% (0.12)% 0.01 % (0.09)% Commercial real estate mortgages (0.28)% (0.37)% 0.22 % (0.19)% (0.16)% Residential mortgage (0.00)% 0.00 % 0.00 % 0.00 % 0.00 % Real estate construction 0.02 % 0.01 % 0.01 % 0.02 % 0.01 % Equity lines of credit 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Installment (0.30)% (0.28)% 0.03 % (0.70)% (0.15)% Total loans (0.00)% (0.23)% 0.00 % (0.05)% (0.07)%Reserve for Off-Balance Sheet Credit CommitmentsBalance at beginning of period $12,295 $11,846 $10,574 $9,971 $9,971 Provision for credit losses (544) 449 1,272 603 1,780 --------- --------- --------- --------- ---------Balance at end of period $11,751 $12,295 $11,846 $10,574 $11,751 ========= ========= ========= ========= =========
CITY NATIONAL CORPORATIONNONPERFORMING ASSETS(unaudited) 2005 -------------------------- Third Second First(Dollars in thousands) Quarter Quarter Quarter------------------------------------------ -------- -------- --------Nonaccrual Loans Commercial $14,917 $17,982 $25,117 Commercial real estate mortgages 955 1,543 1,945 Residential mortgages 2,259 1,990 1,990 Real estate construction - - - Equity lines of credit 22 22 212 Installment 401 624 654 -------- -------- -------- Total nonaccrual loans 18,554 22,161 29,918Other Nonperforming Assets - - - -------- -------- -------- Total nonperforming assets $18,554 $22,161 $29,918 ======== ======== ========Loans 90 Days or More Past Due on Accrual Status $- $103 $807Allowance for loan losses as a percentage of: Nonaccrual loans 824.19 % 667.52 % 493.37 % Total nonperforming assets 824.19 % 667.52 % 493.37 % Total loans 1.69 % 1.66 % 1.72 %Nonaccrual loans as a percentage of total loans 0.21 % 0.25 % 0.35 %Nonperforming assets as a percentage of: Total loans and other nonperforming assets 0.21 % 0.25 % 0.35 % Total Assets 0.13 % 0.15 % 0.21 % 2004 ----------------------------------- Fourth Third Second First(Dollars in thousands) Quarter Quarter Quarter Quarter--------------------------------- -------- -------- -------- --------Nonaccrual Loans Commercial $30,334 $28,127 $34,651 $37,457 Commercial real estate mortgages 2,255 4,032 3,238 4,811 Residential mortgages 94 1,193 2,371 11 Real estate construction 790 1,163 1,168 - Equity lines of credit 380 384 25 25 Installment 785 370 380 429 -------- -------- -------- -------- Total nonaccrual loans 34,638 35,269 41,833 42,733Other Nonperforming Assets - - - - -------- -------- -------- -------- Total nonperforming assets $34,638 $35,269 $41,833 $42,733 ======== ======== ======== ========Loans 90 Days or More Past Due on Accrual Status $142 $3,586 $153 $5,057Allowance for loan losses as a percentage of: Nonaccrual loans 428.92 % 419.79 % 366.39 % 361.54 % Total nonperforming assets 428.92 % 419.79 % 366.39 % 361.54 % Total loans 1.75 % 1.81 % 1.89 % 1.94 %Nonaccrual loans as a percentage of total loans 0.41 % 0.43 % 0.51 % 0.54 %Nonperforming assets as a percentage of: Total loans and other nonperforming assets 0.41 % 0.43 % 0.51 % 0.54 % Total Assets 0.24 % 0.25 % 0.31 % 0.32 %
CITY NATIONAL CORPORATIONAVERAGE BALANCES AND RATES(unaudited) 2005 --------------------------------- Third Quarter Second Quarter ---------------- ---------------- Average Average Average Average(Dollars in millions) Balance Rate Balance Rate------------------------------------ -------- ------- -------- -------Assets Interest-earning assets Loans Commercial $3,401 6.21 % $3,225 6.06 % Commercial real estate mortgages 1,804 6.90 1,846 6.70 Residential mortgages 2,509 5.67 2,433 5.43 Real estate construction 744 7.77 742 7.23 Equity lines of credit 310 6.10 297 5.70 Installment 215 7.05 218 6.39 -------- -------- Total loans 8,983 6.33 8,762 6.12 Due from banks - interest-bearing 41 1.45 37 1.24 Federal funds sold and securities purchased under resale agreements 64 3.70 80 2.76 Securities available-for-sale 4,030 4.26 4,034 4.25 Trading account securities 37 3.95 37 3.25 -------- -------- Total interest-earning assets 13,155 5.66 12,950 5.49 Allowance for loan losses (151) (148) Cash and due from banks 441 443 Other non-earning assets 811 796 -------- -------- Total assets $14,256 $14,041 ======== ========Liabilities and Shareholders' Equity Interest-bearing deposits Interest checking accounts $795 0.14 $849 0.08 Money market accounts 3,507 1.30 3,568 1.15 Savings deposits 196 0.29 199 0.28 Time deposits - under $100,000 183 2.64 181 2.38 Time deposits - $100,000 and over 1,074 2.76 897 2.56 -------- -------- Total interest-bearing deposits 5,755 1.42 5,694 1.22 Federal funds purchased and securities sold under repurchase agreements 256 3.25 315 2.88 Other borrowings 545 4.13 518 3.85 -------- -------- Total interest-bearing liabilities 6,556 1.72 6,527 1.51 Noninterest-bearing deposits 6,104 5,985 Other liabilities 178 170 Shareholders' equity 1,418 1,359 -------- -------- Total liabilities and shareholders' equity $14,256 $14,041 ======== ========Net interest spread 3.94 % 3.98 % ====== ======Net interest margin 4.80 % 4.73 % ====== ====== 2005 ---------------------------------- First Year to Quarter Date ---------------- ---------------- Average Average Average Average(Dollars in millions) Balance Rate Balance Rate------------------------------------ -------- ------- -------- -------Assets Interest-earning assets Loans Commercial $3,112 5.75 % $3,247 6.00 % Commercial real estate mortgages 1,818 6.64 1,823 6.75 Residential mortgages 2,344 5.46 2,429 5.52 Real estate construction 830 6.63 772 7.19 Equity lines of credit 265 5.42 291 5.76 Installment 216 6.29 216 6.80 -------- -------- Total loans 8,585 5.97 8,778 6.14 Due from banks - interest-bearing 65 1.34 48 1.35 Federal funds sold and securities purchased under resale agreements 33 2.59 60 3.08 Securities available-for-sale 4,078 4.38 4,047 4.30 Trading account securities 38 2.40 37 3.21 -------- -------- Total interest-earning assets 12,799 5.42 12,970 5.53 Allowance for loan losses (149) (149) Cash and due from banks 441 441 Other non-earning assets 782 796 -------- -------- Total assets $13,873 $14,058 ======== ========Liabilities and Shareholders' Equity Interest-bearing deposits Interest checking accounts $858 0.09 $834 0.10 Money market accounts 3,690 1.00 3,588 1.15 Savings deposits 205 0.24 200 0.27 Time deposits - under $100,000 182 2.07 182 2.36 Time deposits - $100,000 and over 944 2.11 972 2.49 -------- -------- Total interest-bearing deposits 5,879 1.05 5,776 1.23 Federal funds purchased and securities sold under repurchase agreements 254 2.33 274 2.83 Other borrowings 519 3.53 528 3.84 -------- -------- Total interest-bearing liabilities 6,652 1.29 6,578 1.51 Noninterest-bearing deposits 5,694 5,929 Other liabilities 175 174 Shareholders' equity 1,352 1,377 -------- -------- Total liabilities and shareholders' equity $13,873 $14,058 ======== ========Net interest spread 4.13 % 4.02 % ====== ======Net interest margin 4.75 % 4.76 % ====== ======
CITY NATIONAL CORPORATIONAVERAGE BALANCES AND RATES(unaudited) 2004 -------------------------------------------------- Fourth Quarter Third Quarter Second Quarter ---------------- ---------------- ----------------(Dollars in Average Average Average Average Average Average millions) Balance Rate Balance Rate Balance Rate------------------- -------- ------- -------- ------- -------- -------Assets Interest-earning assets Loans Commercial $3,028 5.47 % $2,997 5.30 % $3,042 5.00 % Commercial real estate mortgages 1,798 6.40 1,785 6.26 1,762 6.16 Residential mortgages 2,250 5.33 2,188 5.39 2,087 5.34 Real estate construction 826 6.01 787 5.46 779 5.10 Equity lines of credit 246 5.32 221 4.43 204 4.54 Installment 209 5.96 196 6.20 180 6.13 -------- -------- -------- Total loans 8,357 5.68 8,174 5.54 8,054 5.37 Due from banks - interest-bearing 92 1.84 39 0.86 43 0.86 Federal funds sold and securities purchased under resale agreements 579 1.98 659 1.48 439 1.02 Securities available-for- sale 3,980 4.36 3,641 4.30 3,569 4.47 Trading account securities 32 2.06 36 0.98 32 0.48 -------- -------- -------- Total interest- earning assets 13,040 5.08 12,549 4.94 12,137 4.92 Allowance for loan losses (149) (153) (155) Cash and due from banks 446 432 446 Other non-earning assets 784 784 795 -------- -------- -------- Total assets $14,121 $13,612 $13,223 ======== ======== ========Liabilities and Shareholders' Equity Interest-bearing deposits Interest checking accounts $858 0.08 $834 0.08 $825 0.08 Money market accounts 3,910 0.84 3,879 0.76 3,649 0.68 Savings deposits 206 0.25 208 0.25 212 0.27 Time deposits - under $100,000 184 1.76 189 1.50 194 1.39 Time deposits - $100,000 and over 864 1.76 811 1.48 811 1.33 -------- -------- -------- Total interest- bearing deposits 6,022 0.87 5,921 5,691 0.70 Federal funds purchased and securities sold under repurchase agreements 115 1.73 129 1.27 121 0.89 Other borrowings 557 2.77 561 2.30 590 1.91 -------- -------- -------- Total interest- bearing liabilities 6,694 1.05 6,611 0.91 6,402 0.81 Noninterest- bearing deposits 5,917 5,575 5,431 Other liabilities 179 159 160 Shareholders' equity 1,331 1,267 1,230 -------- -------- -------- Total liabilities and shareholders' equity $14,121 $13,612 $13,223 ======== ======== ========Net interest spread 4.03 % 4.03 % 4.11 % ====== ====== ======Net interest margin 4.54 % 4.46 % 4.49 % ====== ====== ====== 2004 ---------------------------------- First Full Quarter Year ---------------- ---------------- Average Average Average Average(Dollars in millions) Balance Rate Balance Rate------------------------------------ -------- ------- -------- -------Assets Interest-earning assets Loans Commercial $3,104 5.09 % $3,042 5.21 % Commercial real estate mortgages 1,759 6.35 1,776 6.31 Residential mortgages 2,001 5.45 2,132 5.38 Real estate construction 678 5.08 768 5.44 Equity lines of credit 194 4.17 216 4.46 Installment 150 6.24 184 6.13 -------- -------- Total loans 7,886 5.47 8,118 5.52 Due from banks - interest-bearing 78 0.72 63 1.17 Federal funds sold and securities purchased under resale agreements 175 0.99 464 1.48 Securities available-for-sale 3,433 4.62 3,657 4.43 Trading account securities 30 0.52 32 1.02 -------- -------- Total interest-earning assets 11,602 5.10 12,334 5.01 Allowance for loan losses (156) (153) Cash and due from banks 447 443 Other non-earning assets 724 772 -------- -------- Total assets $12,617 $13,396 ======== ========Liabilities and Shareholders' Equity Interest-bearing deposits Interest checking accounts $802 0.08 $792 0.09 Money market accounts 3,421 0.68 3,712 0.75 Savings deposits 205 0.26 249 0.21 Time deposits - under $100,000 198 1.45 191 1.52 Time deposits - $100,000 and over 912 1.29 850 1.47 -------- -------- Total interest-bearing deposits 5,538 0.71 5,794 0.76 Federal funds purchased and securities sold under repurchase agreements 112 0.88 119 1.19 Other borrowings 579 1.97 572 2.23 -------- -------- Total interest-bearing liabilities 6,229 0.83 6,485 0.90 Noninterest-bearing deposits 4,995 5,481 Other liabilities 171 167 Shareholders' equity 1,222 1,263 -------- -------- Total liabilities and shareholders' equity $12,617 $13,396 ======== ========Net interest spread 4.27 % 4.11 % ====== ======Net interest margin 4.66 % 4.54 % ====== ======
CITY NATIONAL CORPORATIONCAPITAL AND CREDIT RATING DATA(unaudited) 2005 -------------------------------- Third Second First Year To Quarter Quarter Quarter Date ------- ------- -------- -------Per Common Share:------------------------------------ Shares Outstanding (in thousands): Average - Basic 49,198 49,090 49,162 49,134 Average - Diluted 51,123 51,043 51,030 51,066 Period-End 49,117 49,145 48,958Book Value $28.85 $28.51 $26.97Price: High $76.10 $72.90 $71.35 $76.10 Low 68.42 66.84 67.49 66.84 Period-end 70.09 71.71 69.82Capital Ratios (Dollars in millions):------------------------------------Risk-based capital Risk-adjusted assets $9,802 $9,663 $9,410 Tier I capital $1,195 $1,151 $1,100 Percentage of risk adjusted assets 12.19 % 11.91 % 11.69 % Total capital $1,539 $1,493 $1,437 Percentage of risk adjusted assets 15.70 % 15.45 % 15.27 % Tier I leverage ratio 8.58 % 8.39 % 8.12 % Period-end shareholders' equity to total period-end assets 9.82 % 9.68 % 9.49 % Period-end tangible shareholders' equity to total period-end tangible assets 8.00 % 7.83 % 7.55 % Average shareholders' equity to total average assets 9.94 % 9.68 % 9.75 % 9.79 % Average tangible shareholders' equity to total average tangible assets 8.08 % 7.77 % 7.80 % 7.88 %Senior Debt Credit Ratings------------------------------------ For The Period Ended Standard September 30, 2005 & Moody's Fitch Poor's DBRS ------- ------- -------- ------- City National Bank A2 A- A- A City National Corporation A3 A- BBB+ A(low) 2004 --------------------------------------- Fourth Third Second First Full Quarter Quarter Quarter Quarter Year ------- ------- ------- ------- -------Per Common Share:------------------------------ Shares Outstanding (in thousands): Average - Basic 49,195 49,076 48,796 48,732 48,950 Average - Diluted 51,385 51,182 50,925 50,679 51,074 Period-End 49,238 49,127 49,015 48,553Book Value $27.39 $26.73 $25.05 $25.54Price: High $70.99 $68.65 $65.95 $63.55 $70.99 Low 64.34 61.87 57.36 57.36 57.36 Period-end 70.65 64.95 65.70 59.90Capital Ratios (Dollars in millions):------------------------------Risk-based capital Risk-adjusted assets $9,383 $9,129 $8,947 $8,777 Tier I capital $1,080 $1,036 $991 $935 Percentage of risk adjusted assets 11.51 % 11.35 % 11.08 % 10.65 % Total capital $1,418 $1,369 $1,321 $1,265 Percentage of risk adjusted assets 15.11 % 14.99 % 14.77 % 14.41 % Tier I leverage ratio 7.83 % 7.80 % 7.68 % 7.60 % Period-end shareholders' equity to total period-end assets 9.48 % 9.39 % 9.10 % 9.37 % Period-end tangible shareholders' equity to total period-end tangible assets 7.56 % 7.43 % 7.05 % 7.24 % Average shareholders' equity to total average assets 9.42 % 9.31 % 9.30 % 9.69 % 9.42 % Average tangible shareholders' equity to total average tangible assets 7.48 % 7.28 % 7.20 % 7.46 % 7.36 %

SOURCE: City National Corporation


City National Corporation
Financial/Investors:
Christopher J. Carey,
310-888-6777
Chris.Carey@cnb.com
or

Media:
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213-833-4715
Cary.Walker@cnb.com
or

Conference Call:
Today 2:00 p.m. PDT
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