IE Business Daily Business news for the Inland Empire.
CVB Financial Corp. reported record first-quarter earnings this year.
The parent company of Ontario-based Citizens Business Bank recorded a net income of $28.7 million for the quarter that ended March 31, up from $21.6 million for the first quarter of 2013, according to a statement released Wednesday.
That was a year-over-year increase of 32.6 percent. Earnings per share were 27 cents for the first quarter of 2014, up from 21 cents from the first quarter of last year, according to the statement.
CVB Financial’s total assets during the first quarter of this year were $6.9 billion.
Better credit, more deposits and a greater ability to recover load funds accounted for much of the solid earnings, said Chris Myers, CVB Financial’s president and chief executive officer.
During the first quarter, CVB Financial put greater emphasis on collecting non-performing and other bad loans, allowing it to release $7.5 million in loan-loss reserves, Myers said.
“Although loan demand for the first quarter was slow, I am somewhat encouraged by the strengthening of our current loan pipeline,” Myers said in a statement. “Our funding remains strong as we continue to organically grow core deposits.”
