City National Corp. Reports 2010 Fourth-Quarter Net Income Of $39.7 Million, Up 37 Percent From Fourth Quarter of 2009; Full-Year Net Income Totals $131.2 Million
LOS ANGELES – City National Corporation (NYSE: CYN), the parent company of wholly owned City National Bank, today reported fourth-quarter 2010 net income and net income available to common shareholders of $39.7 million, or $0.74 per share. In the fourth quarter of 2009, net income was $29.1 million, while net income available to common shareholders was $19.7 million, or $0.38 per share. Full-year 2010 net income totaled $131.2 million, up 156 percent from 2009. Net income available to common shareholders amounted to $125.5 million, or $2.36 per share. In 2009, the company earned net income of $51.3 million, while net income available to common shareholders amounted to $25.4 million, or $0.50 per share. Fourth-quarter 2010 net income included an after-tax charge of $3.9 million for the redemption of trust preferred securities and a $3.4 million non-cash charge related to one of the company’s affiliated investment advisors. Excluding these items, fourth-quarter net income tota...