IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the holding company for Citizens Business Bank, has reported second quarter net income of $25.5 million.
That represented an increase of $2.1 million compared with the first quarter of 2016 but a decrease of $1.3 million year-over-year, according to a statement released Wednesday.
Earnings per share were 23 cents, up one cent from the first quarter but down two cents per share compared with the second quarter of 2015, CVB stated in its second quarter earnings report.
During the second quarter, CVB Financial completed its merger with County Commerce Bank in Oxnard, and its loan production remained solid, with total loans up $65 million for the quarter, according to the report.
However, the company is still experiencing “heightened loan repayment pressure” because of low interest rates, CVB Financial President and Chief Executive Officer Chris Myers said in a statement.
