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CVB Financial reports earnings drop

CVB Financial reports sold first quarter

CVB Financial Corp. reported net income of $59.3 million for the first quarter of 2023, down from $66.2 million for the fourth quarter of 2022 but up from $45.6 million year-over-year, according to data released last week.

The Ontario-based financial institution also reported earnings of 42 cents per share for the quarter that ended March 31, up five cents from the previous quarter and 11 cents from the first quarter of 2022, CVB Financial reported.

The first quarter of 2023 included $1.5 million in provision for credit losses. That number was $2.5 million in the fourth quarter of 2022 and $2.5 million in the first quarter of 2022.

“We produced $59.3 million in net income in the first quarter of 2023,” said David Brager, president and chief executive office of Citizens Business Bank, a subsidiary of CVB Financial, in the statement. “These results reflect our continued focus on serving the comprehensive financial needs of our customers.”

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