IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp., the holding company for Citizens Business Bank, reported net income of $28.6 million for the quarter that ended Dec. 31, an increase of $3 million year-over-year.
Earnings per share during the fourth quarter of last year were 27 cents, up three cents compared with the last quarter of 2014, CVB Financial announced Wednesday.
For all of 2015, CVB Financial reported net income of $99.1 million, or 93 cents a share. That was a drop of 4.69 percent, or nearly $5 million, compared with 2014.
Total loans and leases were up by nearly $195 million, or 5.1 percent, and non-interest bearing deposits added up to $3.25 billion. That was approximately 55 percent of the financial institution’s total deposits, according to its quarterly report.
“We are pleased with our financial results for the fourth quarter and 2015 as a whole,” said Chris Myers, president and chief executive officer of Citizens Business Bank, in a statement. “We experienced significant loan growth during the fourth quarter as new business production was strong and loan prepayment pressure moderated.
Citizens Business Bank is “well-positioned” to compete in the current economic environment, Myers said.
