SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO-FEE REQUIRED] |
For the calendar year ended December 31,
2023
OR
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
For the transition period from to
Commission file number
CITY NATIONAL BANK PROFIT SHARING PLAN
555 South Flower Street, Eighteenth Floor
Los Angeles, California 90071
(Full title of the plan and the address of the
plan)
CITY NATIONAL BANK
555 South Flower Street, Eighteenth Floor
Los Angeles, California 90071
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
REQUIRED INFORMATION
Item 1. |
Not Applicable |
|
|
Item 2. |
Not Applicable |
|
|
Item 3. |
Not Applicable |
|
|
Item 4. |
In lieu of the requirements of Items 1-3 above, plan financial statements and supplemental information prepared in accordance with the financial reporting requirements of ERISA are attached. |
CITY NATIONAL BANK
PROFIT SHARING PLAN
Financial Statements and Supplemental Information
December 31, 2023 and 2022
(With Report of Independent Registered Public Accounting
Firm Thereon)
CITY NATIONAL BANK
PROFIT SHARING PLAN
Table of Contents
All other supplemental information omitted are not applicable or are
not required based on disclosure requirements of the Employee Retirement Income Security Act of 1974 and regulations issued by the Department
of Labor.
Report of Independent Registered Public Accounting
Firm
The Benefits Committee and Participants
City National Bank Profit Sharing Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the City National Bank Profit Sharing Plan (the “Plan”) as of December 31, 2023 and 2022, the related
statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred
to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits
for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit
of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Opinion on the Supplemental Information
The supplemental information included in Schedule H, Line 4(i) –
Schedule of Assets (Held at End of Year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction
with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management.
Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying
accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented
in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether
the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information
in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Moss Adams LLP
Campbell, California
June 28, 2024
We have served as the Plan’s auditor since 2016.
CITY NATIONAL BANK
PROFIT SHARING PLAN
Statements of Net Assets Available for Benefits
December 31, 2023 and 2022
| |
2023 | | |
2022 | |
Assets: | |
| | |
| |
Participant directed investments, at fair value: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 16,743,565 | | |
$ | 118,756,009 | |
U.S.Government securities | |
| 996,653 | | |
| 4,464,946 | |
Corporate debt | |
| 440,896 | | |
| 1,374,703 | |
Preferred stock | |
| 462,346 | | |
| 777,588 | |
Common stock | |
| 123,736,743 | | |
| 123,709,438 | |
Partnerships | |
| 58,510 | | |
| 106,808 | |
Common collective trust | |
| 693,743,405 | | |
| 445,311,417 | |
Mutual funds | |
| 664,170,820 | | |
| 576,888,584 | |
Total investments | |
| 1,500,352,938 | | |
| 1,271,389,493 | |
Receivables: | |
| | | |
| | |
Employer contribution | |
| 1,913 | | |
| 1,094 | |
Participant contribution | |
| 2,862 | | |
| 2,122 | |
Other | |
| 625 | | |
| — | |
Notes receivable from participants | |
| 18,484,143 | | |
| 15,612,078 | |
Total receivables | |
| 18,489,543 | | |
| 15,615,294 | |
Noninterest-bearing cash | |
| — | | |
| 77,826 | |
Net assets available for benefits | |
$ | 1,518,842,481 | | |
$ | 1,287,082,613 | |
See accompanying notes to financial statements.
CITY NATIONAL BANK
PROFIT SHARING PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2023 and 2022
| |
2023 | | |
2022 | |
Additions (reductions) to net assets attributable to: | |
| | | |
| | |
Investment (loss) income: | |
| | | |
| | |
Interest | |
$ | 1,052,114 | | |
$ | 796,018 | |
Dividends | |
| 29,114,955 | | |
| 33,387,190 | |
Net appreciation (depreciation) in fair
value of investments | |
| 198,780,228 | | |
| (289,130,327 | ) |
| |
| 228,947,297 | | |
| (254,947,119 | ) |
Contributions: | |
| | | |
| | |
Employer | |
| 30,775,200 | | |
| 55,992,307 | |
Participants | |
| 97,683,594 | | |
| 74,635,042 | |
Total net additions (reductions) | |
| 357,406,091 | | |
| (124,319,770 | ) |
Deductions from net assets attributable to: | |
| | | |
| | |
Benefits paid to participants | |
| 125,052,091 | | |
| 90,435,445 | |
Administrative expenses | |
| 594,132 | | |
| 641,023 | |
Total deductions | |
| 125,646,223 | | |
| 91,076,468 | |
Net increase (decrease) | |
| 231,759,868 | | |
| (215,396,238 | ) |
Transfer from this plan | |
| — | | |
| (21,872,142 | ) |
Net assets available for benefits: | |
| | | |
| | |
Beginning of year | |
| 1,287,082,613 | | |
| 1,524,350,993 | |
End of year | |
$ | 1,518,842,481 | | |
$ | 1,287,082,613 | |
See accompanying notes to financial statements.
CITY NATIONAL BANK
PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2023 and 2022
(1) |
Description of the Plan |
The following description of the City National Bank Profit
Sharing Plan (the Plan) provides only general information. Participants should refer to the Plan’s Summary Plan Description
for a detailed description of the Plan’s provisions.
The Plan is a defined contribution profit sharing plan with
a 401(k) component, which provides retirement benefits for eligible employees of City National Bank (CNB) and its subsidiaries and
certain affiliates (the Company) that have agreed to participate in the Plan. The Plan is administered by City National Bank (the Plan
Sponsor) who acts by and through its administrative committee, the Benefits Committee. The Benefits Committee comprises officers of the
Plan Sponsor, CNB, an indirect, wholly owned subsidiary of Royal Bank of Canada (RBC). The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended.
Prior to March 1, 2023, OneAmerica Retirement Services,
LLC was the record keeper for the Plan, and Matrix Trust Company was the directed trustee and custodian for the Plan. Effective March
1, 2023, Empower Retirement Services is the record keeper for the Plan, and Empower Trust Company, LLC is the directed trustee and custodian
for the Plan.
Effective December 31, 2021, LMCG Investments, LLC (LMCG)
exercised its right as a Participating Employer to cease participation in the Plan and transferred assets of its employees to a new 401(k)
plan established effective January 1, 2022. On January 18, 2022, Plan assets of approximately $21,872,142, on behalf of 54 LMCG participants,
transferred to a newly established LMCG 401(k) plan.
Effective March 31, 2022, Mid-Continent Capital (MCC) ceased
to be a Participating Employer under the Plan. Account balances of participating MCC employees remain an asset of the Plan.
Employees of the Company who are entitled to paid vacation
time and have completed one hour of service are eligible to participate in the Plan as of their hire date. Company profit sharing contributions
to the Plan (referenced as “Employer Discretionary Contributions” in the Plan) for eligible employees of CNB and First American
Equipment Finance, a subsidiary of CNB, are equal to a percentage of employee eligible compensation based on the change in Net Profit
(as defined by the Plan) over the prior fiscal year, subject to an overall maximum Company contribution of 8.7% of consolidated net profit
reduced by matching contributions made for such fiscal year (which are not made by forfeitures). For Plan years 2023 and 2022, a profit
sharing contribution of 0% and 4.29%, respectively, of each participant’s eligible compensation was made by the Company. Participants
direct the investment of their contributions into various investment options offered by the Plan. Company contributions are invested at
the participant’s discretion in the same manner as the salary reduction contributions described below.
Under the 401(k) feature of the Plan,
participants can contribute up to 50% of their eligible compensation as defined, but not to exceed the dollar amount allowed by law,
which was $22,500 for year ended December 31, 2023 and $20,500 for year ended December 31, 2022. For the years ended December
31, 2023 and 2022, the Company matched employee deferrals 75% of the first 6% of eligible compensation contributed to the Plan each
payroll period. Participants age 50 and over may make unmatched “catch-up” deferrals in accordance with Internal Revenue
Code (IRC) regulations and limitations, not to exceed the dollar amount allowed by law, which was $7,500 for year ended
December 31, 2023 and $6,500 for year ended December 31, 2022. Participants may also contribute amounts representing
distributions (rollovers) from other tax-favored plans.
Each participant account is credited with the participant’s
contributions, allocations of the Company’s matching contribution and profit sharing contribution (if any), earnings or losses and
administrative expenses as applicable. Earnings of the various funds are allocated to the participant balances according to the ratio
that a participant’s account balance or shares held in a given fund bears to the total of all account balances or shares held in
the fund.
Participant contributions and the Company’s matching
contributions are immediately fully vested. A participant shall become fully vested in his or her entire accrued benefit upon the participant’s
Normal Retirement Date, death, or Total Disability as defined by the Plan. Except for any protected vesting provision on account of plan
merger, the Company’s profit sharing contributions, for participants whose employment terminates prior to his or her Normal Retirement
Date for reasons other than death or total disability shall vest in accordance with the following schedule:
|
| |
Vested | |
Years of service |
| |
percentage | |
Less than 2 years |
| |
| 0 | % |
2 |
| |
| 25 | |
3 |
| |
| 50 | |
4 |
| |
| 75 | |
5 or more |
| |
| 100 | |
Any non-vested amounts in a terminated participant’s
account will be forfeited in accordance with Plan provisions and used in the following sequence: first, to make any Plan contributions
due to participants that have returned from qualified military service that are consistent with applicable law and the terms of the Plan;
second, to make any Plan contributions required to correct administrative errors; third, to reduce matching contributions otherwise payable
by the Company in the year that the forfeiture first becomes available; fourth, to restore previously forfeited account balances, if any;
and fifth, to reduce matching contributions in the following year. During 2023 and 2022, forfeitures in the amounts of $2,507,036 and
$1,462,012, respectively, were used in accordance with plan provisions as summarized above. As of December 31, 2023 and 2022, forfeited
non-vested accounts totaled $1,125,644 and $27,212, respectively.
In accordance with Plan provisions, a participant may elect
to receive a distribution of his or her entire vested accrued benefit upon the participant’s separation of service or attainment
of age 59 ½. Under certain other conditions, such as for financial hardships defined by the Plan, a participant may request a distribution
of his or her contributions. Effective January 1, 2022, the plan was amended to expand permitted reasons for financial hardship withdrawal
to include expenses incurred on account of disasters declared by FEMA.
In general, for distributions other than for financial
hardship or withdrawal of employee after-tax contributions, the method of payment shall be based on the participant’s election
and may be made in the form of a single sum payment (cash or direct transfer to an Individual Retirement Account (IRA) or
tax-favored plan that accepts the transfer), installments, or partial distribution (if vested account exceeds $5,000). A participant
may also elect a combination of cash lump-sum payment and direct transfer. Distributions shall be made in cash or in-kind in
accordance with the participant’s election and Plan provisions. Effective January 1, 2022, the plan was amended to modify the
partial distribution option upon termination of employment for improved participant flexibility.
|
(f) |
Notes Receivable from Participants |
In accordance with provisions of the Plan’s Loan Program,
loans to participants may be made in an amount not less than $1,000 and not to exceed the lesser of 50% of the participant’s vested
account balance, or $50,000 reduced by the highest outstanding balance during the previous 12 months. Participants may only have
one loan outstanding at a time. Such loans are collateralized by the participant’s vested balance in the Plan and bear the prevailing
interest rate used by lending institutions for loans made under similar circumstances. Interest rates ranged from 4.25% to 9.50% and maturity
dates ranged from January 2024 to December 2038 as of December 31, 2023. The terms of these loans cannot exceed five years
except that if the loan is used to purchase the principal residence of the participant, the loan term may be extended for up to a period
of 15 years. Principal and interest are paid ratably through payroll deductions.
The Company has not expressed any intent to terminate the
Plan; however, it may do so at any time, subject to the provisions of ERISA. In the event of Plan termination, participants automatically
become fully vested in their accrued benefits.
(2) |
Significant Accounting Policies |
|
(a) |
Basis of Presentation |
The financial statements of the Plan have been prepared
on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (U.S. GAAP).
The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the
statements of net assets available for benefits and the additions and deductions in the statements of changes in net assets available
for benefits, as well as the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could
differ from those estimates.
|
(c) |
Investment Valuation and Income Recognition |
Investment securities are carried at fair value. Refer to
Note 3 for a discussion of fair value measurements. Purchases and sales of investments are recorded on a settlement-date basis, which
does not materially differ from trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date. Net appreciation or depreciation in fair value of investments includes both realized and unrealized gains and losses.
|
(d) |
Notes Receivable from Participants |
Notes receivable from participants are measured at their
unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. If a participant ceases
to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced
and a benefit payment is recorded.
|
(e) |
Payment of Participant Benefits |
Participant benefits are recorded when paid.
|
(f) |
Administrative Expenses |
A portion of the administrative expenses of the Plan are
paid by participants, and a portion is paid by the Company. A participant’s share of the administrative expense is charged on a
per capita basis and allocated quarterly.
|
(g) |
Risks and Uncertainties |
The Plan provides for various investment options in money
market funds, mutual funds, common stocks, corporate debt, and government securities. Investment securities are exposed to various risks
such as interest rate, market, and credit. Due to the level of uncertainty related to changes in the value of investment securities, it
is at least reasonably possible that changes in the various risk factors, in the near term, could materially affect participants’
account balances and the amounts reported in the financial statements.
Investment in the common stock of RBC comprises 6.3% and
7.8% of the Plan’s investments as of December 31, 2023 and 2022, respectively.
(3) |
Fair Value Measurements |
Accounting guidance defines fair value as the price that would
be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Plan considers
the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when
pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The inputs used in valuation
techniques are prioritized as follows:
|
● |
Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. |
|
● |
Level 2: Inputs to the valuation methodology include: |
|
● |
Quoted prices for similar assets or liabilities in active markets |
|
● |
Quoted prices for identical or similar assets or liabilities in inactive markets |
|
● |
Inputs other than quoted prices that are observable for the asset or liability |
|
● |
Inputs that are derived principally from or corroborated by observable market data by correlation or other means |
If the asset or liability has a specified (contractual)
term, the Level 2 input must be observable for substantially the full term of the asset or liability.
|
● |
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
If the determination of fair value measurement for a particular
asset or liability is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within
which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in
its entirety. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies
used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2023 and 2022.
Mutual funds and cash equivalents: Valued at the quoted net
asset value (NAV) of shares held by the Plan at year-end.
U.S. Government securities: Valued using quoted prices and
other inputs directly or indirectly observable for the asset. Prices for securities without market feeds are obtained through a third-party
valuation source.
Common and preferred stock: Valued at the closing prices reported
in active markets on which the individual securities are traded. Prices for securities without market feeds are obtained through a third-party
valuation source using quoted prices.
Corporate debt: Valued using pricing models maximizing the
use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of
issuers with similar credit ratings.
Partnerships: Valued at the closing prices reported in active
markets on which the individual securities are traded.
Common collective trust fund: Valued at the NAV of units of
the collective trust. The NAV, as provided by the trustee of the common collective trust fund, is used as a practical expedient to estimate
fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient
is not used when it is determined to be probable that the fund will sell the investments for an amount different than the reported NAV.
Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of a collective trust, the issuer
reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out
in an orderly business manner.
The methods described above may produce a fair value calculation
that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation
methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine
the fair values of certain financial instruments could result in a different fair value measurement at the reporting date.
As of December 31, 2023 and 2022, the Plan’s investments
measured at fair value on a recurring basis consisted of the following instruments and classifications within the fair value hierarchy:
| |
Fair value measurement as of | | |
| |
| |
December 31, 2023 | | |
| |
Asset Type | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 12,851,297 | | |
$ | 3,892,268 | | |
| — | | |
$ | 16,743,565 | |
U.S. Government securities | |
| — | | |
| 996,653 | | |
| — | | |
| 996,653 | |
Mutual funds | |
| 664,170,820 | | |
| — | | |
| — | | |
| 664,170,820 | |
Common stock | |
| 123,736,743 | | |
| — | | |
| — | | |
| 123,736,743 | |
Preferred stock | |
| 462,346 | | |
| — | | |
| — | | |
| 462,346 | |
Corporate debt | |
| — | | |
| 440,896 | | |
| — | | |
| 440,896 | |
Partnerships | |
| 58,510 | | |
| — | | |
| — | | |
| 58,510 | |
Total assets in the fair value hierarchy | |
| 801,279,716 | | |
| 5,329,817 | | |
| — | | |
| 806,609,533 | |
Investments measured at net asset value (1) | |
| — | | |
| — | | |
| — | | |
| 693,743,405 | |
Total investments, at fair value | |
$ | 801,729,716 | | |
$ | 5,329,817 | | |
| — | | |
$ | 1,500,352,938 | |
| |
Fair value measurement as of | | |
| |
| |
December 31, 2022 | | |
| |
Asset Type | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 117,808,976 | | |
$ | 947,033 | | |
$ | — | | |
$ | 118,756,009 | |
U.S. Government securities | |
| — | | |
| 4,464,946 | | |
| — | | |
| 4,464,946 | |
Mutual funds | |
| 576,888,584 | | |
| — | | |
| — | | |
| 576,888,584 | |
Common stock | |
| 123,694,668 | | |
| 14,770 | | |
| | | |
| 123,709,438 | |
Preferred stock | |
| 777,588 | | |
| — | | |
| — | | |
| 777,588 | |
Corporate debt | |
| — | | |
| 1,374,703 | | |
| — | | |
| 1,374,703 | |
Partnerships | |
| 97,801 | | |
| 9,007 | | |
| — | | |
| 106,808 | |
Total assets in the fair value hierarchy | |
| 819,267,617 | | |
| 6,810,459 | | |
| — | | |
| 826,078,076 | |
Investments measured at net asset value (1) | |
| — | | |
| — | | |
| — | | |
| 445,311,417 | |
Total investments, at fair value | |
$ | 819,267,617 | | |
$ | 6,810,459 | | |
$ | | | |
$ | 1,271,389,493 | |
| (1) | Investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the
fair value hierarchy. |
(4) |
Party-in-Interest Transactions |
Certain Plan investments are shares of City National Rochdale
(CNR) Mutual Funds managed by CNR and shares of common stock of RBC. CNR is a wholly owned subsidiary of CNB, which is an indirect, wholly-owned
subsidiary of RBC, and thus, these are party-in-interest transactions. As of December 31, 2023 and 2022, the Plan held the following:
| |
2023 | | |
2022 | |
Number of Common Shares | |
| 940,059 | | |
| 1,059,276 | |
Fair Market Value of Common Shares | |
$ | 95,068,161 | | |
$ | 99,593,138 | |
Cost of Common Shares | |
| 70,890,469 | | |
| 67,672,514 | |
The Company received a favorable tax determination letter
on May 8, 2017 from the IRS stating that the Plan is qualified under IRC Section 401(a) and that the Trust is exempt from
federal income taxes under provisions of Section 501(a). Although the determination received in 2017 did not include Plan amendments
executed after January 7, 2016, the Plan administrator believes that the Plan is designed and is currently being operated in compliance
with the applicable requirements of the IRC.
Effective January 1, 2022, the Plan was amended and restated
to incorporate all prior plan amendments and for mandated changes in accordance with the SECURE Act (e.g., change to the required minimum
distribution beginning date) and for two (2) provisions of the CARES Act that were previously approved by the Plan’s Benefits Committee.
U.S. GAAP requires plan management to evaluate tax
positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than
not would not be sustained upon examination by the IRS. The Plan administrator has concluded that as of December 31, 2023 and 2022,
there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure
in the financial statements. The Plan may be subject to audits by taxing jurisdictions; however, there are currently no audits for any
tax periods in progress.
The Plan has evaluated subsequent events through June
28, 2024, the date the financial statements were available to be issued.
CITY NATIONAL BANK
PROFIT SHARING PLAN
EIN: 95-1780067 PN:001
Attachment to 2023
Form 5500
Schedule H Part IV,
Line 4(i) - Schedule of Assets (Held at End of Year)
December 31, 2023
(A) |
| |
(B) | |
|
(C) | |
(D) | |
(E) | |
|
| |
Identity of Issuer, Borrower, Lessor or Similar Party | |
|
Description of Asset | |
Cost ** | |
Current Value | |
|
| |
VANGUARD FEDERAL MONEY MARKET INV | |
|
VANGUARD FEDERAL MONEY MARKET INV | |
^ | |
| 30,776 | |
|
| |
THE VANGUARD TARGET RETIRE 2070 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2070 TRUST II | |
^ | |
| 585,465 | |
|
| |
VANGUARD FEDERAL MONEY MARKET INV | |
|
VANGUARD FEDERAL MONEY MARKET INV | |
^ | |
| 1,094,838 | |
|
| |
THE VANGUARD TARGET RETIRE 2065 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2065 TRUST II | |
^ | |
| 5,941,410 | |
|
| |
THE VANGUARD TARGET RETIRE 2060 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2060 TRUST II | |
^ | |
| 17,532,919 | |
|
| |
THE VANGUARD TARGET RETIRE INCM TRUST II | |
|
THE VANGUARD TARGET RETIRE INCM TRUST II | |
^ | |
| 17,916,969 | |
|
| |
FEDERATED HERMES INSTL HIGH YIELD BD IS | |
|
FEDERATED HERMES INSTL HIGH YIELD BD IS | |
^ | |
| 25,646,425 | |
|
| |
AMERICAN FUNDS NEW WORLD R6 | |
|
AMERICAN FUNDS NEW WORLD R6 | |
^ | |
| 29,820,353 | |
|
| |
THE VANGUARD TARGET RETIRE 2020 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2020 TRUST II | |
^ | |
| 30,866,625 | |
|
| |
PRUDENTIAL CORE PLUS BOND FUND 5 | |
|
PRUDENTIAL CORE PLUS BOND FUND 5 | |
^ | |
| 31,971,283 | |
|
| |
VANGUARD TOTAL INTL STOCK INDEX INSTL | |
|
VANGUARD TOTAL INTL STOCK INDEX INSTL | |
^ | |
| 32,621,044 | |
|
| |
THE VANGUARD TARGET RETIRE 2055 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2055 TRUST II | |
^ | |
| 32,972,178 | |
|
| |
AMERICAN FUNDS EUROPACIFIC GR R6 | |
|
AMERICAN FUNDS EUROPACIFIC GR R6 | |
^ | |
| 35,439,072 | |
|
| |
VANGUARD TOTAL BOND MARKET INDEX INST | |
|
VANGUARD TOTAL BOND MARKET INDEX INST | |
^ | |
| 36,565,831 | |
|
| |
AB DISCOVERY VALUE Z | |
|
AB DISCOVERY VALUE Z | |
^ | |
| 36,649,893 | |
|
| |
ALLSPRING DIS SMID CAP GROWTH CIT E2 | |
|
ALLSPRING DIS SMID CAP GROWTH CIT E2 | |
^ | |
| 53,111,766 | |
|
| |
T. ROWE PRICE LARGE CAP VALUE | |
|
T. ROWE PRICE LARGE CAP VALUE | |
^ | |
| 59,771,922 | |
|
| |
THE VANGUARD TARGET RETIRE 2050 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2050 TRUST II | |
^ | |
| 63,284,544 | |
|
| |
VANGUARD EXTENDED MARKET IDX INSTL | |
|
VANGUARD EXTENDED MARKET IDX INSTL | |
^ | |
| 66,041,742 | |
|
| |
THE VANGUARD TARGET RETIRE 2040 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2040 TRUST II | |
^ | |
| 66,230,271 | |
|
| |
THE VANGUARD TARGET RETIRE 2045 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2045 TRUST II | |
^ | |
| 69,981,383 | |
|
| |
THE VANGUARD TARGET RETIRE 2030 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2030 TRUST II | |
^ | |
| 74,563,153 | |
|
| |
THE VANGUARD TARGET RETIRE 2025 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2025 TRUST II | |
^ | |
| 75,294,305 | |
|
| |
LOOMIS SAYLES LARGE CAP GROWTH TRUST C | |
|
LOOMIS SAYLES LARGE CAP GROWTH TRUST C | |
^ | |
| 75,469,931 | |
|
| |
THE VANGUARD TARGET RETIRE 2035 TRUST II | |
|
THE VANGUARD TARGET RETIRE 2035 TRUST II | |
^ | |
| 78,021,203 | |
* |
| |
ROYAL BANK OF CANADA | |
|
ROYAL BANK OF CANADA | |
^ | |
| 95,072,666 | |
|
| |
VANGUARD FEDERAL MONEY MARKET INV | |
|
VANGUARD FEDERAL MONEY MARKET INV | |
^ | |
| 111,126,046 | |
|
| |
VANGUARD INSTITUTIONAL INDEX INSTL PL | |
|
VANGUARD INSTITUTIONAL INDEX INSTL PL | |
^ | |
| 215,407,515 | |
* |
| |
SCHWAB SDB ROTH | |
|
SCHWAB SDB ROTH | |
^ | |
| 2,083,597 | |
* |
| |
SCHWAB SDB | |
|
SCHWAB SDB | |
^ | |
| 59,237,813 | |
|
| |
| |
|
| |
| |
| | |
* |
| |
CNB PARTICIPANT LOANS | |
|
PARTICIPANT LOANS -- 1,876 Participant loans, bearing interest at 4.25% to 9.50% and maturities through December 2038 | |
- | |
| 18,484,143 | |
|
| |
| |
|
| |
| |
| | |
|
| |
| |
|
TOTAL ASSETS | |
| |
| 1,518,837,081 | |
* Party in Interest
^ Not required for participant directed accounts
Index to Exhibits
SIGNATURES
The Plan. Pursuant to
the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
City National Bank Profit Sharing Plan |
|
|
|
|
By: |
City National Bank |
|
|
|
Date: June 28, 2024 |
By: |
/s/ Michael Nunnelee |
|
|
Senior Vice President |
Exhibit 23.1
Consent of Independent Registered Public Accounting
Firm
We consent to the incorporation by reference in the Registration Statement
(No. 333-207748) on Form S-8 of Royal Bank of Canada of our report dated June 28, 2024, relating to the statements of net assets
available for benefits of City National Bank Profit Sharing Plan as of December 31, 2023 and 2022, the related statements of changes
in net assets available for benefits for the years then ended, and the related supplemental information as of December 31, 2023,
appearing in this Annual Report on Form 11-K of City National Bank Profit Sharing Plan for the year ended December 31, 2023.
/s/ Moss Adams LLP
Campbell, California
June 28, 2024
Grafico Azioni Royal Bank (PK) (USOTC:RYBPF)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Royal Bank (PK) (USOTC:RYBPF)
Storico
Da Lug 2023 a Lug 2024