IE Business Daily Business news for the Inland Empire.
CVB Financial Corp., the holding company of Citizens Business Bank, reported net income of $25.4 million for the third quarter, a drop of $2.5 million from the third quarter of 2015, the company has announced.
Earnings per share for this year’s third quarter was 23 cents. That was the same as the second quarter but down three cents year over year, the Ontario-based financial institution stated in its latest quarterly report, which was released Wednesday.
Net income for the nine months that ended Sept. 30 was $74.4 million, an increase of $3.8 million, or 5.4 percent, compared with the same period in 2015.
Last month, CVB Financial announced it plans to merge with Valley Commerce Bancorp, which operates four branches in the San Joaquin Valley – three in Tulare County, one in Fresno County – and has assets of approximately $416 million.
That merger is expected to close during the first quarter of 2017, according to the report.
