Saturday , February 24 2024

CVB Financial reports solid 2017

Ontario-base CVB Financial Corp., the parent company of Citizens Business Bank, had net income of $17.9 million for the fourth quarter of last year.

That figure – 16 cents per share – was down from $27.1 million compared with the fourth quarter of 2016, the company announced Wednesday.

However, that steep drop was due to a one-time $13.2 million charge caused by Trump Administration’s Tax Cuts and Jobs Act of 2017, which required a reassessment of CVB Financial’s net deferred tax asset.

“Excluding the non-recurring charge-to-tax expense, fourth quarter net income was $31.1 million, and year-end earnings were $117.6 million, both all-time highs for the bank,” said Chris Myers, president and chief executive officer of Citizens Business Bank, in a statement. “Twenty seventeen was truly an outstanding year.”

Also, when excluding the one-time charge, CVB Financial’s stock was worth 28 cents per share at the end of last year.

For the year, CVB Financial’s net income was $104.4 million, the highest in the financial institution’s history, according to its fourth quarter report.

Check Also

CVB Financial reports earnings drop

CVB Financial reports earnings drop

CVB Financial Corp. has reported net earnings of $48.5 million for the fourth quarter of …