Tuesday , June 18 2024
Citizens Business Bank Posts Profits
Citizens Business Bank Posts Profits

CVB reports solid quarter

CVB Financial Corp., the parent company of Ontario-based Citizens Business Bank, reported net income of $26.8 million during the second quarter of this year.

That represents a $1.3 million increase compared with the second quarter of 2014, or 5.2 percent, according to CVB Financial’s second quarter earnings report, which was released Wednesday.

Diluted earnings per share were 25 cents during the second quarter, compared with last year’s second quarter at 24 cents.

Total loans and leases increased by $68.2 million for the quarter, or 1.84 percent, while the allowance for loan losses at the end of the second quarter was $59.6 million, or 1.57 percent of all loans issued by the bank, the report stated.

CVB officials are pleased with their second quarter results, said Chris Myers, president and chief executive officer of Citizens Business Bank.

“The lowest interest rate environment continues to put pressure on our profit margins and our ongoing ability to compete for, and retain, quality loans,” Myers said in a statement. “Our loan pipeline has been strengthened by the acquisition of banking teams in San Diego, Los Angeles and Ventura counties.

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