IE Business Daily Business news for the Inland Empire.
CVB Financial Corp. enjoyed a strong third quarter, with net earnings and diluted shares at near-record levels.
The Ontario-based financial institution, the holding company of Citizens Business Bank, reported earnings of $27.9 million for quarter that ended Sept. 30, according to the company’s third quarter report, which was released Wednesday.
That was a year-over-year increase of $3.6 million, or 14.78 percent. Diluted earnings per share for the third quarter were 26 cents, up from 23 cents during the third quarter of 2014.
Overall, that was the second-strongest quarter in the history of CVB Financial, according to the report.
CVB Financial officials are pleased with their most recent quarterly report, although not all of the data in it is positive, said Chris Myers, president and chief executive officer of Citizens Business Bank.
“We experienced strong new business productivity for both loans and deposits, but overall loan growth was slowed by higher pre-payment volume,” Myers said in a statement. “The low interest rate environment continued to put pressure on both profit margins and loan retention.”
Myers noted that CVB Financial announced last week a merger agreement with County Commerce Bank in Oxnard, and hinted that CVB Financial might be announcing more mergers and acquisitions in the future.
“This is a good economic environment for our bank to expand geographically,” Myers said in the statement.
