CVB Financial reports solid 2017
Ontario-base CVB Financial Corp., the parent company of Citizens Business Bank, had net income of $17.9 million for the fourth quarter of last year.
That figure – 16 cents per share – was down from $27.1 million compared with the fourth quarter of 2016, the company announced Wednesday.
However, that steep drop was due to a one-time $13.2 million charge caused by Trump Administration’s Tax Cuts and Jobs Act of 2017, which required a reassessment of CVB Financial’s net deferred tax asset.
“Excluding the non-recurring charge-to-tax expense, fourth quarter net income was $31.1 million, and year-end earnings were $117.6 million, both all-time highs for the bank,” said Chris Myers, president and chief executive officer of Citizens Business Bank, in a statement. “Twenty seventeen was truly an outstanding year.”
Also, when excluding the one-time charge, CVB Financial’s stock was worth 28 cents per share at the end of last year.
For the year, CVB Financial’s net income was $104.4 million, the highest in the financial institution’s history, according to its fourth quarter report.