CVB Financial Corp. reported net earnings of $45.6 million – 31 cents per share – during the first quarter, according to data released today.
That was down from $47.7 million in earnings from the fourth quarter of 2021, and down from $63.9 million year-over-year, the Ontario financial institution reported.
Loans grew eight percent from the fourth quarter and the first quarter, while assets totaled $17.5 billion.
CVB Financial’s assets were boosted by its $237 million merger with Suncrest Bank in Visalia, which was completed in early January.
“The [numbers] demonstrate our ongoing commitment to our customers in the face of rising interest rates, labor constraints and geopolitical turmoil,” said David Brager, CVB Financial’s president and chief executive officer, in the statement.
CVB Financial Corp. is the holding company for Citizens Business Bank. It is one of the 10 largest bank holding companies headquartered in California.