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Economy is Shaken by Legal Issues & Industrial.002
Economy is Shaken by Legal Issues & Industrial.002

Bank purchase boosts CVB earnings

CVB Financial Corp., the parent company of Citizens Business Bank in Ontario, has reported a net income of $25.5 million for the second quarter of this year.

That was about $1 million more than the second quarter of 2013, a 4.1 percent increase, according to the company’s recent earnings announcement.

Earnings per share were virtually unchanged year-over-year: 24 cents for the second quarter this year, down from 23 cents in 2013.

CVB Financial’s second quarter numbers include 45 days of operation by American Securities Bank, which CVB purchased in May.

When that deal closed, CVB Financial acquired $247 million in loans, $44 million in investment securities, nearly $194 million on non-interest-bearing deposits and $378 million worth of total deposits, according to the statement.

CVB Financial’s second quarter numbers were helped by the American Securities purchase and several other new business initiatives, said Chris Myers, CVB Financial’s president and chief executive officer.

“The acquisition of ASB and the opening of our first business financial center in San Diego are important steps in our expansion,” Myers said in a statement. “Our loan pipeline strengthened throughout the quarter [and] deposit growth remained robust.”

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