CVB Financial has record quarter

By on July 30, 2019

CVB Financial Corp. reported net earnings of $54.5 million for the quarter ending June 30, up from $35.4 million year over year, according to a statement.

The Ontario-based financial institution also reported earnings per share of 39 cents, five cents more than it reported for the second quarter of 2018.

“We continued to execute on generating superior returns for our shareholders, as reflected in our record earnings both on a quarterly and year to date basis,” said Chris Myers, CVB Financial’s president and chief executive officer, in the statement. “We are now fully realizing the economic synergies of the Community Bank acquisition as we have completed all banking center and office consolidations.”

CVB Financial, the parent company of Citizens Business Bank, merged with Pasadena-based Community Bank early last year. The transaction left Citizens Business Bank worth approximately $12 billion.

CVB Financial also reported net earnings of $106.1 million for the first half of 2019, or 76 cents per share. The quarterly and six-month net earnings figures were both records for the company, according to the statement.