IE Business Daily Business news for the Inland Empire.
Ontario-based CVB Financial Corp. and its subsidiary, Citizens Business Bank, reported net income of $28.5 million for the first quarter of this year.
That’s an increase of $1.4 million from the fourth quarter of 2016 and a $5.1 million increase year-over-year, according to a statement released Tuesday by CVB Financial.
Earnings per share were 26 cents for the first quarter, essentially unchanged from the previous quarter but up three cents per share compared with the first quarter of 2016.
Much of CVB Financial’s strong quarter can be attributed to its acquisition of Valley Commerce Bancorp in Visalia, the holding company for Valley Business Bank.
When that transaction became official on March 10, Citizens Business Bank acquired $309.7 million in loans, assumed $172.5 million in non interest-bearing deposits and $361.8 million in total deposits, according to the statement.
