City National Corp. (CYN) posted third quarter net income of $8.0 million, compared to $16.6 million in the third quarter last year. After the dividend paid on preferred stock under the United States Treasury Department's Capital Purchase Program, third-quarter net income available to common shareholders was $2.5 million, or $0.05 per share, compared to $16.6 million or $0.34 per share in the year-ago period.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share. Analysts' estimates typically exclude special items.
Revenue for the third quarter of 2009 was $230.2 million, compared to $203 million in the preceding year period. Twelve Wall Street analysts expected revenues of $224.92 million.
Further, the company said it continues to expect to remain modestly profitable in 2009.
In addition, the company's Board of Directors declared a 2009 quarterly common stock cash dividend of $0.10 per share, payable on November 18, 2009 to stockholders of record on November 4, 2009.
For comments and feedback: editorial@rttnews.com