IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp. reported net income of $57.9 million for the third quarter, a year-over-year decline of $6.7 million, according to data released Nov. 7.
Earnings were 40 cents per share for the quarter that ended Sept. 30, six cents below the third quarter of 2022, the financial institution and parent company of Citizens Business Bank reported.
Between the second and third quarters of this year, CVB Financial’s net income fell $2.1 million while earnings per share rose by two cents.
Still, the third quarter was more positive than negative, according to David Brager, CVB Financial’s president and chief executive officer.
“We reported $57.9 million of net income in the third quarter of 2023,” Brager said in a statement. “Our focus on banking the best privately held small to medium-sized businesses, and building meaningful long-term relationships, continues to produce solid results.”
CVB Financial has an estimated $16 billion in assets and is one of the largest bank holding companies based in California, with more than 60 branch offices statewide, according to the company’s website.
