CVB Financial has strong quarter
Ontario-based CVB Financial Corp., the parent company of Citizens Business Bank, had a net income of $29.7 million for the third quarter.
That was an increase of $1.3 million compared with the second quarter and a $4.2 million increase year-over-year, according to the company’s third quarter report.
Earnings per share for the quarter were 27 cents, virtually unchanged from the second quarter but up four cents compared with one year earlier.
CVB Financial’s net income for the first nine months of this year was $86.6 million, an increase of $12.2 million – 16.4 percent – compared with the first nine months of 2016.
Earnings per share for the first nine months of 2017 was 79 cents, a 10-cent increase year-over-year.
“The third quarter was a solid and fundamental quarter for CVB Financial,’’ said Chris Myers, Citizens Business Bank’s president and chief executive officer, in a statement. “We consolidated three center locations and continued to focus on the quality of our deposit funding and earning assets. Our profit ratios improved as did asset quality.”