IE Business Daily Business news for the Inland Empire.
CVB Financial Corp., the parent company of Ontario-based Citizens Business Bank Arena, have announced record earnings for 2013.
Net income for the year was $95.6 million, or 91 cents per diluted share, the highest in CVB Financial’s history, according to the company’s earnings report for the year, which was released Tuesday.
Of that, $25.3 million was earned during the fourth quarter, making that the strongest quarter in the company’s history. Also during the fourth quarter, total loans grew by $105.2 million, or 3.05 percent, according to the report
“Two thousand and thirteen was the most profitable year in CVBF history,” said Chris Myers, the company’s president and chief executive officer, in a statement. “We are pleased with fourth-quarter loan growth, which exceeded $100 million. Credit quality continued to show improvement, which allowed us to release an additional $6.8 million in loan loss reserves for the fourth quarter.”
Non-interest bearing deposits for the year totaled $2.5 billion, and non-interest bearing income was $25.3 million, up from $15.9 million in 2012, according to the report.
