IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the holding company for Citizens Business Bank, reported a net income of $23.4 million for the first quarter of this year.
That was a year-over-year increase $7.6 million, or 47.4 percent, according to the company’s first quarter earnings report, which was released.
Earnings per share were 22 cents for the first three months of 2016, up from 15 cents per share compared with the first three months of 2016.
One reason CVB Financial did so well during the first quarter was that on Feb. 29 it completed its purchase of County Commerce Bank in Ventura County, meaning its quarterly numbers include 31 days of that bank’s activities.
As of March 31, Citizens Business Bank had $168 million worth of loans, $80.6 million in non-interest bearing deposits and had $224.2 million in total deposits, according to the statement.
