City National Bank of Florida Announces First Quarter 2008 Results

Business Wire, April 29, 2008

MIAMI -- City National Bank of Florida today announced continued record earnings of $15.8 million for first quarter 2008. This represents an increase of $0.5 million from the same period in 2007. First quarter 2007 net income of $21.9 million included a gain of $6.6 million from the sale of real estate.

Leonard Abess, Chairman and CEO of City National, commented: "We are very pleased to continue to report record earnings in a difficult market, where many other banks are experiencing significant declines and losses. Our Central Florida branch is now open and our Treasure Coast branch is under construction. We are continuing with our plans to expand the bank in new markets in other regions of the state. We feel we are well-positioned for continuing opportunities to provide our existing and new clients with top quality bank services."

Return on assets for the period was 2.29% and return on equity was 18.73%. Period-end capital totaled more than $350 million providing a Tier 1 risk-based capital ratio of 15.13%. The Federal Reserve defines a "well-capitalized bank" as one having at least a 6% Tier 1 risk-based capital-to-asset ratio. The bank's efficiency ratio was 48.98%, among the most efficient banks nationwide. Non-accrual loans as a percentage of total loans was a low 0.16%, and included a loan that was subsequently repaid immediately after quarter end. Past due loans were a low 0.21%.

"We are committed to a culture that focuses on conservative banking practices, operational efficiency and paying careful attention to our customers," said Abess.

These accomplishments have been recognized by many rating agencies for the banking industry who have recently given City National Bank their highest rating.

Earlier this month, City National Bancshares, the bank's parent company, announced an agreement, subject to regulatory approval, to sell 83% of its stock to Caja Madrid, the fourth largest financial institution in Spain.

Founded in Miami Beach in 1946, City National Bank (CNB) is privately owned. With assets of $2.87 billion, CNB has offices throughout Florida including Miami-Dade, Broward, Palm Beach, the Treasure Coast and the Orlando area. Corporate offices are located at 25 West Flagler St. in Miami. For more information, visit www.citynational.com.