CVB Financial reports $41.6 million in quarterly income

By on July 27, 2020

Ontario-based CVB Financial Corp., the holding company for Citizens Business Bank, reported a net income of $41.6 million for the quarter ended that ended June 30.

That was an improvement from the second quarter of 2019 when the company’s net income was $38 million, but a significant drop from the $54.5 million of this year’s first quarter, according to data released Thursday.

Earnings per share were 31 cents for the second quarter, down four cents from the first quarter and eight cents year-over-year. 

Also during the second quarter, CVB Financial originated, under the Small Business Administration Paycheck Protection Program, roughly 4,100 loans, of which $1.1 billion were outstanding at the quarters end on June 30.

“Citizens Business Bank remains well positioned to succeed with strong capital, consistent earnings, solid credit, and excellent liquidity,” said David Brager, chief executive officer, in a statement.  “I am exceptionally proud of the commitment and effort of our associates who have provided outstanding service to our customers during these unprecedented times.”