8-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  January 14, 2003

CITY NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 1-10521
(Commission file number) 95-2568550
(IRS employer identification no.)

City National Center 400 North Roxbury Drive, Beverly Hills, California (Address of principal executive offices)	90210 (Zip code)
(310) 888-6000 Registrant's telephone number, including area code
Not applicable (former name or former address, if changed since last report)

ITEM 5. OTHER EVENTS.

        On January 14, 2003, City National Corporation issued a press release reporting its financial results for the quarter and twelve months ended December 31, 2002.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c)

Exhibits.



99.1

Press release dated January 14, 2003 reporting financial results for the quarter and twelve months ended December 31, 2002.

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CITY NATIONAL CORPORATION
January 15, 2003
	/s/  FRANK P. PEKNY Frank P. Pekny Executive Vice President and Chief Financial Officer/Treasurer (Authorized Officer and Principal Financial Officer)

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ITEM 5. OTHER EVENTS.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

SIGNATURES

EX-99.1

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Exhibit 99.1

[CITY NATIONAL CORPORATION LETTERHEAD]

January 14, 2003

NOTE: City National Corporation will host a conference call this afternoon to discuss results for the fourth quarter and year-2002. The call will begin at 2:00 p.m. PST. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial (877) 313-6466. A listen-only live broadcast of the call also will be available on the investor relations page of the company's website at www.cnb.com. There, it will be archived and available for two weeks.

Contacts
Financial/Investors
Frank Pekny (City National) 310-888-6700
Ian Campbell (Abernathy MacGregor Group) 213-630-6550

Media
Cary Walker (City National) 213-833-4715

FOR IMMEDIATE RELEASE

City National Corporation Reports Record Net Income of
$183.1 Million and EPS of $3.56 for the Year 2002

Full-Year Net Income Increases 15 Percent On A Comparable Basis

LOS ANGELES—City National Corporation (NYSE: CYN), parent company of wholly owned City National Bank, today reported its seventh consecutive year of record net income. Net income totaled $183.1 million in 2002, or $3.56 per share, compared with reported net income of $146.2 million in 2001, or $2.96 per share.

        The company's 2002 net income of $183.1 million was up 15.1 percent from $159.0 million a year earlier, this latter amount having been adjusted to reflect the new accounting standards for goodwill amortization ("New GAAP"). Net income per diluted common share of $3.56 increased 10.6 percent over $3.22 on a comparable basis. Results for 2002 include the operations of Civic BanCorp ("Civic") from February 28, 2002, the date that the acquisition was completed.

        Fourth-quarter 2002 net income was $44.4 million, or $0.87 per share, compared with reported net income of $38.8 million, or $0.78 per share for the prior-year fourth quarter and $48.7 million, or $0.94 per share for the third quarter of 2002. Third-quarter 2002 results included approximately $4.6 million, or $0.09 a share in income tax benefits relating to the two previous quarters and a state tax law change. Additionally, 1.2 million common shares were repurchased in the open market and affected earnings per share for the current quarter. Fourth-quarter 2002 net income increased 5.8 percent from $42.0 million a year earlier on a comparable basis. Net income per diluted common share of $0.87 increased 2.4 percent over $0.85 on a comparable basis.

        "For the seventh consecutive year, City National achieved record net income and double-digit growth in assets, loans, noninterest income and, most dramatically, a 21 percent increase in deposits," said Chief Executive Officer Russell Goldsmith. "We also continued to invest in our business, completing the Civic Bank acquisition in the San Francisco Bay Area, opening our first office in New York City, and continuing to enhance our private client and wealth management capabilities, our technology and our outstanding personnel.

        "In sum, as City National begins its 50^th year in banking, it has further strengthened its position as California's premier private and business bank," Goldsmith added.

RETURN ON ASSETS/RETURN ON EQUITY

        The company's return on average assets in 2002 was 1.68 percent, compared with, on an adjusted basis, 1.70 percent in 2001. The return on average shareholders' equity was 17.45 percent, compared with, on an adjusted basis, 19.27 percent for the prior year. For the fourth quarter of 2002, the return on average assets was 1.56 percent and the return on average shareholders' equity was 15.90 percent, compared with, on an adjusted basis, a 1.69 percent return on average assets and an 18.65 percent return on average shareholders' equity for the fourth quarter of 2001. The adjustment makes the 2001

data comparable with New GAAP. The lower return on average shareholders' equity in the current period compared with a year ago is due primarily to a higher level of shareholders' equity from increased unrealized gains on available-for-sale securities, retained net income, the shares issued for the Civic acquisition and from the exercise of stock options, net of treasury share repurchases.

ASSETS

        Total average assets reached $10.9 billion in 2002, an increase of 17 percent over $9.3 billion in 2001. For the fourth quarter of 2002, total average assets increased 15 percent to $11.3 billion, compared with $9.8 billion for the fourth quarter of 2001. Total assets at December 31, 2002 increased 17 percent to $11.9 billion from $10.2 billion at December 31, 2001.

        Total average interest-earning assets were $10.0 billion in 2002, an increase of 17 percent over $8.5 billion in 2001. Fourth-quarter 2002 total average interest-earning assets increased 15 percent to $10.4 billion, compared with $9.0 billion for the fourth quarter of 2001, and increased slightly from the third quarter of 2002.

LOANS

        Average loans rose to $7.8 billion in 2002, an increase of 17 percent over the prior year, reflecting continuing internally-generated loan growth and the acquisition of Civic. Compared with the prior-year averages, commercial loans rose 14 percent to $3.6 billion from $3.1 billion. Residential first mortgage loans rose 20 percent to $1.7 billion from $1.4 billion. Real estate mortgage loans rose 16 percent to $1.8 billion from $1.6 billion, and real estate construction loans rose 24 percent to $0.6 billion from $0.5 billion.

        Average loans for the fourth quarter of 2002 increased 13 percent to $8.0 billion from $7.0 billion for the same period in 2001. Commercial loans rose 13 percent to $3.6 billion from $3.2 billion. Residential first mortgage loans rose 11 percent to $1.7 billion from $1.6 billion. Real estate mortgage loans rose 18 percent to $1.9 billion from $1.6 billion and real estate construction loans rose 9 percent to $0.7 billion from $0.6 billion.

        Fourth-quarter 2002 average loans were essentially flat compared with the preceding quarter in 2002 in light of economic conditions and continued emphasis on credit quality and portfolio management.

        Total loans at December 31, 2002 reached $8.0 billion, an increase of 12 percent, compared with $7.2 billion at December 31, 2001, and increased slightly from September 30, 2002. Subsequent to September 30, 2002, management split its media and telecommunication portfolio into purchased syndicated and originated middle-market portfolios. The company's December 31, 2002 purchased syndicated media and telecommunication loan portfolio contains 21 loans with commitment and outstanding balances of $108.1 million and $71.3 million, respectively, or just slightly less than 1 percent of the loan portfolio. These balances were down from the comparable balances of $112.1 million and $78.5 million, respectively, as of September 30, 2002. At December 31, 2002 the originated middle-market media and telecommunication portfolio had commitments of $54.2 million and outstanding balances of $36.4 million, compared with comparable commitments of $49.9 million and outstanding balances of $33.4 million as of September 30, 2002. In addition, two remaining media and telecommunication available-for-sale loans with commitment and outstanding balances of $23.8 million and $17.7 million, respectively, as of December 31, 2002 are included in other assets.

        In light of the current condition of the economy and continued emphasis on credit quality and portfolio management, average loan growth for 2003 is currently expected to be in the range of 6 percent to 8 percent.

DEPOSITS

        Average deposits were $8.6 billion in 2002, an increase of 22 percent over 2001. During the fourth quarter of 2002, average deposits increased 23 percent to $9.3 billion, compared with $7.6 billion for the same period a year ago, and increased 6 percent over the third quarter of 2002.

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        During 2002, average core deposits, which include all deposits except time deposits of $100,000 or more, rose to $7.4 billion, an increase of 32 percent over the $5.6 billion reported in 2001. For the fourth quarter of 2002, average core deposits increased 33 percent to $8.2 billion over the $6.2 billion reported for the same period in 2001, and increased 8 percent over the third quarter of 2002. Average core deposits represented 86 percent and 88 percent of the total average deposit base for the year and fourth quarter 2002, respectively, compared with 79 percent and 82 percent for the year and fourth quarter of 2001. New clients, the acquisition of Civic, and higher existing client balances maintained as deposits to pay for services, contributed to the growth of deposits.

        Deposits totaled $9.8 billion at December 31, 2002, compared with $8.1 billion at December 31, 2001 and $9.1 billion at September 30, 2002, increases of 21 percent and 8 percent, respectively. Historically the company's deposits experience a seasonal increase at year-end.

        In light of the extraordinary growth in average deposits in 2002 and economic conditions anticipated for 2003, management currently expects growth in average deposits year-over-year to be in the range of 5 percent to 7 percent for 2003.

NET INTEREST INCOME

        Fully taxable-equivalent net interest income for the year 2002 was $530.1 million, an increase of 18 percent over $447.8 million for the year 2001. For the fourth quarter 2002, fully taxable-equivalent net interest income increased 16 percent to $135.2 million over the $116.6 million reported for the fourth quarter of 2001. Interest income recovered on nonaccrual and charged-off loans included above was $2.3 million and $0.9 million for the year and fourth quarter of 2002, respectively, compared with $4.3 million and $0.7 million for the year and fourth quarter of 2001.

        As part of the company's long standing asset liability management strategy, its "plain vanilla" interest rate swaps hedging loans, deposits and borrowings added $32.2 million to net interest income in 2002, compared with $15.0 million in 2001. These amounts included $14.4 million and $6.0 million, respectively, for interest swaps qualifying as fair-value hedges. For the fourth quarter 2002, interest rate swaps added $7.6 million to net interest income, compared with $6.5 million in the fourth quarter of 2001 and $8.2 million for the third quarter of 2002. This included $3.8 million, $2.1 million and $3.7 million for the fourth quarter of 2002 and 2001 and the third quarter of 2002, respectively, for interest rate swaps qualifying as fair-value hedges. Income from swaps qualifying as cash-flow hedges was $17.8 million for 2002 and $3.8 million for the fourth quarter. These amounts compare to $9.0 million for 2001 and $4.4 million and $4.5 million for the fourth quarter of 2001 and the third quarter of 2002. Income from existing swaps qualifying as cash flow hedges of loans expected to be recorded in net interest income within the next 12 months is $8.5 million.

        The fully taxable-equivalent net interest margin in 2002 was 5.30 percent, compared with 5.26 percent for 2001. The fully taxable-equivalent net interest margin for the fourth quarter of 2002 was 5.17 percent, compared with 5.12 percent for the fourth quarter of 2001 and 5.35 for the third quarter of 2002. The increases over the same periods in 2001 are primarily due to a more stable interest rate environment in 2002. The Federal Reserve lowered rates 11 times during 2001, compared with once in 2002. The Bank's prime rate was 4.25 percent as of December 31, 2002, compared with 4.75 percent a year earlier. The 18 basis points decline in the margin from the third quarter to the fourth quarter of 2002 is primarily attributable to the 50 basis points decline in the prime rate on November 7, 2002 and higher Federal funds sold during the fourth quarter.

        Based on expectations for loan and deposit growth, and economic conditions anticipated for 2003, management currently expects the net interest margin for 2003 to be in the range of 5.15 percent to 5.25 percent.

NONINTEREST INCOME

        Core noninterest income, which excludes gain on sale of securities and gain (loss) on sale of loans and assets/debt repurchase, increased 13 percent to $144.9 million for the year 2002 compared with $127.6 million for 2001. For the fourth quarter 2002, core noninterest income increased 7 percent to $37.3 million, compared with $34.9 million for the fourth quarter of 2001, and increased 2 percent from the $36.7 million for the third quarter of 2002.

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        Assets under administration at December 31, 2002 totaled $19.5 billion, including $7.4 billion under management, compared with $18.8 billion and $7.7 billion, respectively, at December 31, 2001. This year-over-prior-year increase in assets under administration is due to continued strong new sales. The reduction in assets under management is primarily attributable to lower balances in money market accounts. New business in all other categories, aided by overall positive relative investment performance, offset the decline in asset values caused by lower market values. Trust and investment fee revenues for the year and the fourth quarter of 2002 rose 5 percent compared with the prior-year periods.

        Cash management and deposit transaction fees for the year 2002 increased 32 percent over 2001 as the result of strong growth in deposits, higher sales of cash management products, and the impact on fees of a reduction in the earnings credit on analyzed deposit accounts. Cash management and deposit transaction fees for the fourth quarter of 2002 were higher than the third quarter, reflecting the accrual for annual fees billed in arrears. The increase in international services over the prior year and prior-year quarter was partially attributable to additional entertainment and middle-market commercial international business.

        Gains (losses) on the sale of loans, assets and the repurchase of debt and gains on the sale of securities for the year and fourth quarter of 2002 amounted to a $1.4 million gain and $0.1 million gain, respectively, compared with a $4.8 million gain and $1.0 million gain for the same periods in 2001.

        Noninterest income for the year was 22 percent of total revenues, compared with 23 percent for 2001, largely as a result of net interest income growth exceeding noninterest income growth.

        Management currently expects growth in noninterest income to be in the range of 6 percent to 8 percent for 2003.

NONINTEREST EXPENSE

        After excluding amortization of goodwill from prior-year reported periods, noninterest expense in 2002 increased 11 percent to $332.6 million, compared with $300.5 million for 2001. On a comparable basis, noninterest expense for the fourth quarter of 2002 was $88.5 million, an increase of 15 percent from $77.2 million for the fourth quarter of 2001 and 7 percent from $82.4 million for the third quarter of 2002. The increase over the prior-year periods was primarily the result of the company's growth, including the acquisition of Civic, and costs associated with additional colleagues. The increase from the third quarter to the fourth quarter of 2002 was primarily attributable to collection activities, the opening of the new office in New York City, and the upgrading of facilities and technological systems.

        The company's efficiency ratio in 2002 was 49.20 percent, compared with 51.86 percent for 2001 on a comparable basis. The improvement over the prior-year period was driven by both increased revenues and the company's ongoing efforts to improve efficiency and productivity.

        Consistent with management's commitment to disciplined expense control while prudently investing in the company's long term growth, it is currently anticipated that 2003 noninterest expense will increase in the range of 4 percent to 6 percent over 2002.

INCOME TAXES

        The 2002 effective tax rate was 30.1 percent, compared with 33.0 percent for 2001. The lower effective tax rates in 2002 reflect the conversion of the company's former regulated investment company to a real estate investment trust, a $1.6 million benefit from a change in state tax law concerning the tax treatment of loan loss reserves, and the realization of a capital loss resulting from the issuance and subsequent sale of an additional series of preferred stock by one of the company's real estate investment trust subsidiaries.

        Management currently anticipates the company's effective tax rate for 2003 to be within a range of 31 percent to 33 percent due to the absence in 2003 of certain tax benefits recorded in 2002.

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CREDIT QUALITY

        Net loan charge-offs were $54.1 million and $27.6 million for the years 2002 and 2001, respectively. Net loan charge-offs for the fourth quarter of 2002 and 2001 were $12.2 million and $5.4 million, respectively. As a percentage of average loans, net charge-offs were 0.69 percent and 0.41 percent for the years 2002 and 2001, respectively.

        Total nonperforming assets (nonaccrual loans and ORE) were $72.0 million, or 0.90 percent of total loans and ORE, at December 31, 2002, compared with $38.6 million, or 0.54 percent, at December 31, 2001 and $50.6 million, or 0.64 percent, at September 30, 2002. Purchased syndicated media and telecommunication loans on nonaccrual status consisted of 5 loans totaling $15.9 million at December 31, 2002, compared with 4 loans totaling $13.6 million at September 30, 2002.

        The company recorded a provision for credit losses of $67.0 million and $17.5 million for the year and fourth quarter of 2002, respectively, compared with $35.0 million and $11.0 million for the same periods in 2001. The provision for credit losses in the third quarter of 2002 was $20.5 million. The provision for credit losses primarily reflects management's ongoing assessment of the credit quality of the portfolio and the general economic environment during this period. Additional factors affecting the provision include net loan charge-offs, nonaccrual loans and growth in the portfolio.

        The allowance for credit losses at December 31, 2002 totaled $164.5 million, or 2.06 percent of outstanding loans. This compares with an allowance of $142.9 million, or 2.00 percent at December 31, 2001 and an allowance of $159.2 million, or 2.00 percent at September 30, 2002. The allowance for credit losses as a percentage of nonaccrual loans was 231 percent at December 31, 2002, compared with 370 percent at December 31, 2001 and 317 percent at September 30, 2002. Management believes the allowance for credit losses is adequate to cover risks in the portfolio at December 31, 2002.

        The provision for credit losses to be taken in 2003 will reflect management's assessment of the above factors, as well as changes in the economic environment during this period. Based on its assessment of credit quality and economic indicators, management currently anticipates that a provision for credit losses for all of 2003 to be within the $60.0 million to $75.0 million range.

OUTLOOK

        Management currently expects net income per diluted common share for 2003 to be in the range of approximately 8 percent to 10 percent higher than net income per diluted common share for 2002 in light of the business indicators discussed above.

CAPITAL LEVELS

        Total risk-based capital and Tier 1 risk-based capital ratios at December 31, 2002 were 14.26 percent and 9.87 percent, compared with the minimum "well-capitalized" capital ratios of 10 percent and 6 percent, respectively. The company's Tier 1 leverage ratio of 7.55 percent exceeded the regulatory minimum of 4 percent required for a "well-capitalized" institution. Total risk-based capital, Tier 1 risk-based capital and the Tier 1 leverage ratios at September 30, 2002 were 14.61 percent, 10.16 percent and 7.88 percent, respectively. The capital ratios benefited from the issuance of $17.3 million in 2002 of 8.5 percent preferred stock by real estate investment trust subsidiaries of the bank. The stock qualifies as Tier 1 capital.

STOCK REPURCHASE

        Under the modified October 26, 2000 stock buyback program of 2 million shares, 1,213,500 shares were repurchased during the fourth quarter at an average price of $43.59 per share bringing the total buyback to 1,707,500 shares at an average price of $41.83 per share. The shares purchased under the buyback program will be reissued for acquisitions, upon the exercise of stock options, and for other general corporate purposes. There were 1,299,312 treasury shares at December 31, 2002.

ABOUT CITY NATIONAL

        City National Corporation (NYSE: CYN) is a financial services company with $11.9 billion in total assets. Its wholly owned subsidiary, City National Bank, is the second largest independent bank

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headquartered in California. As California's Premier Private and Business Bank^SM, City National provides banking, investment and trust services through 55 offices, including 11 full-service regional centers, in Southern California, the San Francisco Bay Area and in New York City. The company has more than $19 billion in investment and trust assets under management or administration.

        For more information about City National, visit the company's Web site at cnb.com http://www.cnb.com/.

        This news release contains forward-looking statements about the company for which the company claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

        Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the company's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the company's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company's market, (4) higher-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) unanticipated changes in regulatory, judicial, or legislative tax treatment of business transactions, (8) unknown economic impacts caused by the State of California's budget shortfall, and (9) economic uncertainty created by increasing unrest in other parts of the world. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on our specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in deposit interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings.

        For a more complete discussion of these risks and uncertainties, see the company's Quarterly Report on Form 10-Q for the quarter-ended September 30, 2002, and particularly the section of Management's Discussion and Analysis therein titled "Cautionary Statement for Purposes of the "Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995."

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CITY NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEET (unaudited)
(Dollars in thousands, except per share amount)

			December 31,
			2002		2001		% Change
Assets
	Cash and due from banks		$	497,273	$	328,018	52
	Federal funds sold			460,000		395,000	16
	Securities			2,398,867		1,893,105	27
	Loans (net of allowance for credit losses of $164,502 and $142,862)			7,834,968		7,016,344	12
	Other assets			679,285		543,849	25
		Total assets	$	11,870,393	$	10,176,316	17
Liabilities and Shareholders' Equity
	Noninterest-bearing deposits		$	4,764,234	$	3,846,789	24
	Interest-bearing deposits			5,075,464		4,284,413	18
		Total deposits		9,839,698		8,131,202	21
	Federal funds purchased and securities sold under repurchase agreements			266,727		171,531	55
	Other short-term borrowed funds			125,125		415,125	(70	)
	Subordinated debt			303,795		272,236	12
	Other long-term debt			65,265		194,671	(66	)
	Other liabilities			159,823		100,974	58
		Total liabilities		10,760,433		9,285,739	16
	Shareholders' equity			1,109,960		890,577	25
		Total liabilities and shareholders' equity	$	11,870,393	$	10,176,316	17
	Book value per share		$	22.66	$	18.50	23
	Number of shares at period end			48,983,431		48,149,998	2

CITY NATIONAL CORPORATION
CONSOLIDATED STATEMENT OF INCOME (unaudited)
(Dollars in thousands, except per share amount)

	For the three months ended December 31,								For the twelve months ended December 31,
	2002			2001			% Change		2002			2001			% Change
Interest income	$	151,215		$	148,050		2		$	609,700		$	625,248		(2	)
Interest expense		(19,752	)		(34,991	)	(44	)		(94,444	)		(191,094	)	(51	)
Net interest income		131,463			113,059		16			515,256			434,154		19
Provision for credit losses		(17,500	)		(11,000	)	59			(67,000	)		(35,000	)	91
Net interest income after provision for credit losses		113,963			102,059		12			448,256			399,154		12
Noninterest income		37,434			35,947		4			146,293			132,384		11
Noninterest expense		(88,487	)		(80,450	)	10			(332,591	)		(313,395	)	6
Income before taxes		62,910			57,556		9			261,958			218,143		20
Income taxes		(18,491	)		(18,805	)	(2	)		(78,858	)		(71,973	)	10
Net income		44,419			38,751		15			183,100			146,170		25
Amortization of goodwill		—			3,221		(100	)		—			12,868		(100	)
Net income—new GAAP	$	44,419		$	41,972		6		$	183,100		$	159,038		15
Net income per share, basic	$	0.90		$	0.81		11		$	3.69		$	3.05		21
Net income per share, diluted	$	0.87		$	0.78		12		$	3.56		$	2.96		20
Net income—new GAAP per share, diluted	$	0.87		$	0.85		2		$	3.56		$	3.22		11
Dividends paid per share	$	0.20		$	0.19		5		$	0.78		$	0.74		5
Shares used to compute per share net income, basic		49,489,632			48,117,183					49,562,552			47,896,091
Shares used to compute per share net income, diluted		50,773,446			49,648,577					51,389,475			49,376,423

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CITY NATIONAL CORPORATION
SELECTED FINANCIAL INFORMATION (unaudited)
(Dollars in thousands)

			December 31,
Period end			2002		2001		% Change
Loans
	Commercial		$	3,609,053	$	3,247,320	11
	Residential first mortgage			1,738,909		1,587,303	10
	Real estate mortgage			1,934,409		1,668,114	16
	Real estate construction			640,861		586,066	9
	Installment			76,238		70,403	8
		Total loans	$	7,999,470	$	7,159,206	12
Deposits
	Noninterest-bearing		$	4,764,234	$	3,846,789	24
	Interest-bearing, core			4,038,497		2,940,053	37
		Total core deposits		8,802,731		6,786,842	30
	Time deposits—$100,000 and over			1,036,967		1,344,360	(23	)
		Total deposits	$	9,839,698	$	8,131,202	21
Credit Quality
	Nonaccrual loans and ORE
		Nonaccrual loans	$	71,357	$	38,563	85
		ORE		670		10	N/M
	Total nonaccrual loans and ORE		$	72,027	$	38,573	87
	Total nonaccrual loans and ORE to total loans and ORE			0.90		0.54	67
	Loans past due 90 days or more on accrual status		$	6,156	$	3,615	70

			For the three months ended December 31,								For the twelve months ended December 31,
Allowance for Credit Losses			2002			2001			% Change		2002			2001			% Change
Beginning balance			$	159,173		$	137,239		16		$	142,862		$	135,435		5
	Additions from acquisition			—			—		—			8,787			—		N/M
	Provision for credit losses			17,500			11,000		59			67,000			35,000		91
	Charge-offs			(16,590	)		(11,148	)	49			(64,015	)		(42,579	)	50
	Recoveries			4,419			5,771		(23	)		9,868			15,006		(34	)
		Net charge-offs		(12,171	)		(5,377	)	126			(54,147	)		(27,573	)	96
Ending Balance			$	164,502		$	142,862		15		$	164,502		$	142,862		15
Total net charge-offs to average loans (annualized)				(0.61	)		(0.30	)	103			(0.69	)		(0.41	)	68
Allowance for credit losses to total loans												2.06			2.00		3
Allowance for credit losses to nonaccrual loans												230.53			370.46		(38	)

8

CITY NATIONAL CORPORATION
SELECTED FINANCIAL INFORMATION (unaudited)
(Dollars in thousands)

					For the three months ended December 31,								For the twelve months ended December 31,
					2002			2001			% Change		2002			2001			% Change
Average Balances
Loans
	Commercial				$	3,599,985		$	3,184,942		13		$	3,580,293		$	3,127,252		14
	Residential first mortgage					1,731,487			1,553,762		11			1,704,571			1,417,443		20
	Real estate mortgage					1,911,839			1,623,813		18			1,831,125			1,582,853		16
	Real estate construction					651,386			595,645		9			634,074			513,184		24
	Installment					76,177			69,945		9			72,590			72,583		—
		Total loans			$	7,970,874		$	7,028,107		13		$	7,822,653		$	6,713,315		17
Securities					$	2,117,873		$	1,764,794		20		$	2,002,536		$	1,699,680		18
Interest-earning assets						10,375,595			9,028,587		15			9,996,998			8,520,242		17
Assets						11,312,332			9,831,716		15			10,891,575			9,328,512		17
Core deposits						8,175,534			6,168,871		33			7,399,970			5,598,110		32
Deposits						9,284,335			7,555,753		23			8,639,546			7,067,984		22
Shareholders' equity						1,108,090			892,712		24			1,049,393			825,344		27
Noninterest income
	Trust and investment fee revenue				$	15,980		$	15,248		5		$	61,277		$	58,596		5
	Cash management and deposit transaction fees					10,399			8,712		19			40,722			30,911		32
	International services					5,034			3,862		30			18,291			15,017		22
	Bank owned life insurance					731			725		1			2,860			2,860		—
	Other					5,170			6,370		(19	)		21,702			20,245		7
		Subtotal—core				37,314			34,917		7			144,852			127,629		13
	Gain (loss) on sale of loans and assets/debt repurchase					(833	)		120		(794	)		(1,590	)		1,413		(213	)
	Gain on sale of securities					953			910		5			3,031			3,342		(9	)
		Total			$	37,434		$	35,947		4		$	146,293		$	132,384		11
Total revenue					$	168,897		$	149,006		13		$	661,549		$	566,538		17
Noninterest expense
	Salaries and employee benefits				$	49,431		$	42,403		17		$	195,652		$	170,364		15
	All Other
		Professional				8,791			6,309		39			24,620			24,634		—
		Net occupancy of premises				8,109			6,969		16			27,621			26,375		5
		Information services				4,991			4,595		9			18,212			16,623		10
		Marketing and advertising				3,718			3,821		(3	)		13,076			12,093		8
		Depreciation				3,195			3,488		(8	)		13,191			13,748		(4	)
		Office services				2,692			2,603		3			9,752			9,396		4
		Amortization of core deposit intangibles				1,976			1,404		41			7,523			5,618		34
		Equipment				593			649		(9	)		2,463			2,245		10
		Acquisition integration				164			—		N/M			1,464			—		NM
		Amortization of goodwill				—			3,221		(100	)		—			12,868		(100	)
		Other operating				4,827			4,988		(3	)		19,017			19,431		(2	)
			Total all other			39,056			38,047		3			136,939			143,031		(4	)
				Total		88,487			80,450		10			332,591			313,395		6
		Less amortization of goodwill				—			(3,221	)	(100	)		—			(12,868	)	(100	)
			Adjusted total		$	88,487		$	77,229		15		$	332,591		$	300,527		11
Selected Ratios
	For the Period
		Return on average assets				1.56	%		1.56	%	—			1.68	%		1.57	%	7
		Return on average shareholders' equity				15.90			17.22		(8	)		17.45			17.71		(1	)
		Return on average assets—new GAAP				1.56			1.69		(8	)		1.68			1.70		(1	)
		Return on average shareholders' equity—new GAAP				15.90			18.65		(15	)		17.45			19.27		(9	)
		Net interest margin				5.17			5.12		1			5.30			5.26		1
		Efficiency ratio				51.28			52.69		(3	)		49.20			54.08		(9	)
		Efficiency ratio—new GAAP				51.28			50.58		1			49.20			51.86		(5	)
		Dividend payout ratio				21.87			22.97		(5	)		21.10			24.26		(13	)
	Period End
		Tier 1 risk-based capital ratio												9.87			9.32		6
		Total risk-based capital ratio												14.26			14.08		1
		Tier 1 leverage ratio												7.55			7.26		4
			(Released to Business Wire this date)

9

QuickLinks

Exhibit 99.1

CONSOLIDATED BALANCE SHEET
CONSOLIDATED STATEMENT OF INCOME
SELECTED FINANCIAL INFORMATION