Wednesday , April 17 2024

CVB Financial reports nearly $50 million in profits

CVB Financial reports nearly $50 million in assets

CVB Financial Corp., the parent company of Citizens Business Bank, has reported a net income of $49.8 million for the quarter that ended Sept. 30.

That was a slight decline from the second quarter [$51.2 million] and a slight increase from the third quarter of 2020 [$47.5 million], the Ontario-based financial institution announced last week.

Earnings per share were 37 cents for the third quarter, compared to 38 cents for the prior quarter and 35 cents year-over-year.

Net income totaled $164.8 million for the nine months ended September 30. This represented a $37.7 million – 29.68 percent –  increase compared with 2020.

“Citizens Business Bank remains well-positioned to take advantage of the improving economic environment in California,” said David Brager, the company’s chief executive officer, in a statement.  “We are seeing the steady improvement in our loan pipelines from previous quarters translate into solid loan growth. We are also excited about our announced acquisition of Suncrest Bank and the opportunities it provides to expand into the Sacramento market.”

Ontario-based CVB Financial is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in assets, according to the statement.

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