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CVB Financial releases second quarter earnings

Ontario-bases CVB Financial Corp., and its subsidiary, Citizens Business Bank, have announced a net income of $51.2 million for the quarter that ended June 30.

That was compared to $63.9 million and $41.6 million for the second quarter of 2020, according to a statement.

Earnings per share were 38 cents for the second quarter, compared to 47 cents for the previous quarter and 31 cents for the same period last year.

“Despite the ongoing impact of the COVID-19 pandemic and the continuing low-interest-rate environment, our pre-tax, pre-provision earnings remain strong,” said David Brager, Citizens Business Bank’s chief executive officer, in the statement. “However, the significant liquidity within the economy continues to impact our balance sheet and weigh on our loan growth, with lower than normal utilization rates on lines of credit.

“Nevertheless, we are seeing positive signs with increased new loan pipelines, and we remain committed to our customer acquisition strategy of seeking to bank the top businesses in our local markets.”

CVB Financial Corp. is the holding company for Citizens Business Bank. It is one of the 10 largest bank holding companies based in California, with more than $15 billion in assets, according to the statement.

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