IE Business Daily Business news for the Inland Empire.
CVB Financial Corp. reported net earnings of $63.9 million for the first quarter of 2021, up from $50 million in the fourth quarter of 2010.
That was up from $38 million in the first quarter of 2020, when the economic fallout from COVID-19 began, the Ontario-based financial institution said in its first quarter financial report, released this week.
Earnings per share were 47 cents, up 10 cents from the previous quarter and 20 cents year-over-year. CVB Financial recovered $19.5 million in credit losses during the first quarter, mostly because of the economy’s partial recovery from the pandemic.
The company previously reported $23.5 million in credit losses in 2020, the result of a decline in economic forecasts caused by the pandemic.
“Our first quarter results were greatly impacted by the release of most of the reserves for credit losses that were built up in 2020, as the forecasted impact of COVID-19 on the economy has significantly improved since last year,” said David Brager, chief executive officer, in the statement.
CVB Financial is the holding company for Citizens Business Bank.
