City National 2011 net income up 37 percent
City National Corporation (NYSE:CYN), the parent company of wholly owned City National Bank, which has a branch in Minden, has reported fourth-quarter 2011 net income of $43.9 million, or $0.82 per share, up 10 percent from $39.7 million, or $0.74 per share, in the fourth quarter of 2010.
Full-year 2011 net income available to common shareholders totaled $172.4 million, or $3.21 per share, up 37 percent from $125.5 million, or $2.36 per share, in 2010.
City National also announced today that its board of directors has approved an increase in the quarterly common stock cash dividend to $0.25 per share, up from $0.20 per share. The quarterly dividend is payable on Feb. 15 to stockholders of record on Feb. 1.
Corporate officials highlighted many successes in the fourth quarter and year-end results.
Fully taxable-equivalent net interest income amounted to $206.0 million in the fourth quarter of 2011, up 1 percent from the third quarter of 2011 and 9 percent from the year-earlier period. Fully taxable-equivalent net interest income for the full year amounted to $790.3 million, up 6 percent from 2010.
Average deposit balances grew to a record $20.5 billion in the fourth quarter of 2011, up 4 percent from $19.7 billion in the third quarter of 2011 and 10 percent from $18.7 billion in the fourth quarter of 2010.
Average core deposits grew 5 percent from the third quarter of 2011 and 12 percent from the fourth quarter of 2010.
They account for 96 percent of average deposit balances. Average deposits for the full year amounted to $19.3 billion, up 8 percent from 2010.
Average fourth-quarter loan balances were $12.2 billion, up 4 percent from the third quarter of 2011 and 7 percent from the fourth quarter of 2010, excluding loans covered by City National’s acquisition-related loss-sharing agreements with the Federal Deposit Insurance Corp.
Average fourth-quarter commercial loan balances grew 6 percent from the third quarter of 2011 and 18 percent from the year-earlier period. Average loans for the full year were $11.7 billion, up 1 percent from 2010.
For more information, visit http://www.cnb.com.
Papa Murphy’s International, which has a location in Gardnerville, recently announced it has joined the 2012 American Cancer Society Relay For Life National Team Program.
Employees and franchise owners will come together this year to raise money and awareness in the fight against cancer.
All funds raised will support the American Cancer Society’s efforts to save lives by helping people stay well, get well, find cures, and fight back against a disease that has taken far too much from too many.
“Papa Murphy’s is proud to be a part of the American Cancer Society Relay For Life National Corporate Team Program,” said Ken Calwell, Papa Murphy’s CEO. “Our commitment will help raise funds to save lives and create a world with less cancer and more birthdays.”
Relay For Life National Corporate Team Program members commit to forming 50 or more relay teams throughout the country and in every major office or location.
Papa Murphy’s is one of 51 companies participating in the program in 2012. The fifth largest pizza chain now boasts over 1,300 locations in 37 states and Canada, all of which have a nearby Relay For Life event.
To learn more about the American Cancer Society, call 1-800-227-2345 or visit cancer.org.
Papa Murphy’s is the fifth-largest pizza chain in the country and a revolutionary of the take-and-bake pizza segment. Papa Murphy’s operates more than 1,300 franchised and corporate-owned locations in 37 states and Canada.
Willy Webb, owner of the Genoa Bar, said his historic establishment has adopted a no-smoking policy in the bar during the winter months.
“It was just getting way to smoky in here with the doors closed,” he said in an email. “Our smoke evacuation system couldn’t keep up.”
Webb also announced increased attention to designated drivers.
“The Genoa Bar would like to remind everyone to use a designated driver,” he said. “And we will put our money where our mouth is by announcing again that if you are a designated driver, simply tell our bartender and all non-alcohol drinks will be complimentary. No minimum.”
For more information, call (775) 790-1234.